For investors seeking momentum, iShares Morningstar Growth ETF (ILCG Quick QuoteILCG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 43% from its 52-week low of $50.37 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:

ILCG in Focus

iShares Morningstar Growth ETF offers exposure to U.S. companies whose earnings are expected to grow at an above-average rate relative to the market. It has key holdings in information technology and consumer discretionary. ILCG charges 4 bps in annual fees (see: all the Large-Cap Growth ETFs here).

Why the Move?

The large-cap growth corner of the broad investing world has been an area to watch lately, given the risk-on trading. Though the timing of the Fed rate cuts is delayed, a strong economy is bolstering investors’ confidence in the stock market. In particular, growth stocks tend to outperform in a trending market (i.e., a market characterized by a prolonged uptrend).

More Gains Ahead?

Currently, ILCG has a Zacks ETF Rank #2 (Buy), 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.