For investors seeking momentum, iShares S&P 100 ETF (OEF Quick QuoteOEF - Free Report) is probably on the radar. The fund just hit a 52-week high and has moved up 33.6% from its 52-week low price of $232.57 per share. 

But are there 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:

OEF in Focus

iShares S&P 100 ETF offers exposure to the 101 largest U.S. companies. It has key holdings in Semiconductors & Semiconductor Equipment, Software & Services, and Media & Entertainment. OEF charges 20 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 the surge in the stock market. The S&P 500 is making new record highs lately and has now crossed the 6,300 milestone for the first time ever. The rally was propelled by a combination of resilient corporate earnings, a softer inflation backdrop and rising hopes for interest rate cuts by the Federal Reserve.

More Gains Ahead?

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