For investors seeking momentum, S&P 500 Growth Ishares ETF (IVW Quick QuoteIVW - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 38.12% from its 52-week low price of $58.82/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:

IVW in Focus

The underlying S&P 500 Growth Index measures the performance of the large-capitalization growth sector of the U.S. equity market. The ETF has a major tilt toward the information technology sector, with a share of 47.38% of the assets, followed by consumer discretionary (14.37%) and communication (12.64%). The product charges 18 bps in annual fees (See: All Large Cap Growth ETFs).

Why the Move?

The growth segment of the broader market, which tends to outperform during an uptrend, is becoming an attractive investment option, driven by Wall Street’s momentum and the S&P 500’s new record high last week.

The rally in the market — fueled by strong corporate earnings, moderating inflation levels, AI developments and a robust consumer base — led to strong returns in the segment.

More Gains Ahead?

Currently, IVW has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 33.10, which gives cues of a further rally.