For investors seeking momentum, SPDR Dow Jones Industrial Average ETF (DIA Quick QuoteDIA - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 15% from its 52-week low price of $314.97 per share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

DIA in Focus

SPDR Dow Jones Industrial Average ETF is one of the largest and most popular ETFs in the large-cap space. It holds 30 blue-chip stocks, with key holdings in financials, healthcare, information technology, industrials and consumer discretionary that account for double-digit exposure each. DIA charges investors 16 basis points a year in fees (see: all the Large Cap Value ETFs here).

Why the Move?

The large-cap segment of the broad U.S. stock market has been an area to watch lately as the Dow Jones hit new highs. Cooling inflation data and strong Salesforce earnings, coupled with the optimism that the Fed is done with rate hikes, drove the index. Notably, the blue-chip index wrapped up the best month since October 2022 with an 8.9% gain, breaking its three-month losing streak.

More Gains Ahead?

Currently, DIA has a Zacks ETF Rank #1 (Strong Buy), with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. However, many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.