For investors seeking momentum, Invesco S&P 500 Pure Growth ETF (RPG Quick QuoteRPG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 14% from its 52-week low of $28.34 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:

RPG in Focus

Invesco S&P 500 Pure Growth ETF offers exposure to companies that exhibit strong growth characteristics in the S&P 500 Index. It has key holdings in information technology, consumer discretionary and industrials. Invesco S&P 500 Pure Growth ETF charges 35 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 persistent surge in the stock market. All three major indices are near 52-week highs on optimism over Fed rate cut talks. The Fed penciled in three rate cuts for 2024, spreading huge optimism in the stock market. In particular, growth stocks tend to outperform in a trending market (i.e., a market characterized by a prolonged uptrend).

More Gains Ahead?

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