For investors seeking momentum, Invesco S&P 500 Pure Growth ETF (RPG Quick QuoteRPG - Free Report) is probably on radar. The fund just hit a 52-week high and is up 43.1% from its 52-week low price of $134.77 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:

RPG in Focus

This fund offers exposure to securities that exhibit strong growth characteristics in the S&P 500 Index. It has key holdings in information technology, healthcare and consumer discretionary. The fund charges 35 basis points in annual fees (see: all the Large-Cap Growth ETFs here).

Why the Move?

The growth corner of the broad U.S. stock market has been an area to watch lately given the earnings optimism, which is pushing the stock market to new highs. The picture emerging from the Q2 earnings season is one of all-round strength, with aggregate total quarterly earnings on track to reach a new all-time record and impressive momentum on the revenue side. In particular, growth stocks tend to outperform in a trending market (i.e. a market characterized by a prolonged uptrend).

More Gains Ahead?

urrently, RPG has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting continued outperformance in the months ahead. Further, 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.