For investors seeking momentum, Invesco S&P MidCap Quality ETF (XMHQ Quick QuoteXMHQ - Free Report) is probably on radar. The fund just hit a 52-week high and is up 40% from its 52-week low price of $68.69 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 on where it might be headed:

XMHQ in Focus

The underlying S&P MidCap 400 Quality Index is designed to provide equal-weighted exposure to approximately 800 securities of medium-sized companies in the larger US equity market. The fund charges 25 basis points in annual fees.

Why the Move?

The mid-cap space of the broad U.S. stock market has been an area to watch lately given the soaring stock market. However, overvaluation of the U.S. market is a concern. Meanwhile, the IMF has upped the global growth forecasts. Mid-caps offer exposure to both U.S. and global economy. Moreover, mid-cap funds offer the best of both worlds — small-cap’s growth and large-cap’s stability.

More Gains Ahead?

The fund has a Zacks Rank #3 (Hold) and a positive weighted alpha of 34.30. As a result, there is still some promise for aggressive investors who want to ride on this surging ETF.