For investors seeking momentum, Invesco S&P 500 Equal Weight Consumer Staples ETF is probably on radar. The fund just hit a 52-week high and is up about 43% from its 52-week low price of $108.85/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:

RHS in Focus

RHS focuses on the consumer staples segment of the U.S. market with equal-weight exposure across the securities. The fund has key holdings in food products, beverages, household products, and food & staples retailing. It charges investors 40 basis points a year in fees (see: all the Consumer Staples ETFs here).

Why the Move?

The consumer staples sector has been an area to watch out for lately given the return of volatility in the stock market due to rising yields, which took a toll on high-growth stocks. Additionally, the Fed declined to extend a temporary capital buffer relief put in place to ease the pandemic-led stress in the funding market that has pushed the bank stocks down. Amid such scenario, consumer staples act as a safe haven as it continued to see steady demand.

More Gains Ahead?

Currently, RHS has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments 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.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>