For investors seeking momentum, iShares Russell 2000 Growth (IWO Quick QuoteIWO - Free Report) is probably on radar now. The fund just hit a 52-week high, which is up roughly 35.7% from its 52-week low price of $111.51/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 on where it might be headed:

IWO in Focus

The fund focuses on small-cap growth stocks of the U.S. economy. It comprises 1,157 stocks. IWO charges investors 25 basis points a year in fees and has Microsemi Corp., Fair Isaac and Aspen Technology as the top holdings (see Small Cap ETFs here).

Why the Move?

With the Fed spreading cheer in the market with yet another no-rate-hike decision, small-cap growth stocks and related ETFs had every reason to soar. This is especially true in the light of an upbeat view on the U.S. economy provided by the Fed. Since small cap stocks are more closely tied to the domestic economy, the Fed’s latest words of optimism about the U.S. economy must have facilitated this capitalization.

More Gains Ahead?

The fund has a Zacks ETF Rank #3 (Hold) with a High risk outlook. However, the fund has a positive weighted alpha of 14.50. A positive weighted alpha hints at more gains.

Want more information on the world of ETFs? Make sure to check out the podcast below where we discuss the investing landscape with Kevin O’Leary and Connor O’Brien of O’Shares Investments:

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