For investors seeking momentum, iShares Core S&P U.S. Growth ETF (IUSG Quick QuoteIUSG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 39% from its 52-week low of $81.93 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:

IUSG in Focus

iShares Core S&P U.S. Growth ETF provides low-cost exposure to a broad range of U.S. growth stocks, whose earnings are expected to grow at an above-average rate relative to the market. It has key holdings in information technology, consumer discretionary and communication. iShares Core S&P U.S. Growth ETF 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. The S&P 500 Index crossed the 5,000 level for the first time in history, bolstering investors’ confidence in the stock market. The combination of factors, including a solid earnings season, a resilient economy and a technology surge, are powering the rally.  In particular, growth stocks tend to outperform in a trending market (i.e., a market characterized by a prolonged uptrend).

More Gains Ahead?

Currently, IUSG has a Zacks ETF Rank #2 (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.