For investors seeking momentum, Russell 1000 Growth ETF (VONG Quick QuoteVONG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 48% from its 52-week low of $65.85 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:

VONG in Focus

Russell 1000 Growth ETF targets the growth segment of the large-cap space. It is heavy on the information technology sector with a 55.2% allocation, while consumer discretionary and healthcare round off the next two spots. VONG charges 8 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 that the S&P 500 is hitting new all-time highs. Strong earnings growth outlook, optimism over potential interest rate cuts and the artificial intelligence craze have been driving 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, VONG 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.