For investors seeking momentum, SPDR S&P 500 ETF Trust (SPY Quick QuoteSPY - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 33% from its 52-week low of $409.21 per share.

But are more gains in store for this ETF? Let us 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:

SPY in Focus

SPDR S&P 500 ETF Trust tracks the S&P 500 Index with diversified exposure across various sectors. Information technology, financials, healthcare and consumer discretionary are the top four sectors, accounting for a double-digit allocation each. SPY charges 9 bps in annual fees (see: all the Large-Cap Blend ETFs here).

Why the Move?

The large-cap corner of the broad investing world has been an area to watch lately, given that the S&P 500 has made new record highs. The large-cap index wrapped up a solid first half of 2024, buoyed by the artificial intelligence craze. The S&P 500 posted its sixth-strongest first-half-year gain since 1990, according to the CFRA chief investment strategist.

More Gains Ahead?

Currently, SPY has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. However, many sectors 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.