For investors seeking momentum, Invesco S&P 500 Pure Value ETF (RPV Quick QuoteRPV - Free Report) is probably on radar. The fund just hit a 52-week high and is up 35.3% from its 52-week low of $62.65 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.

RPV in Focus

Invesco S&P 500 Pure Value ETF provides exposure to U.S. large-cap companies that exhibit strong value characteristics in the S&P 500 Index. It has key holdings in financials, healthcare, and consumer discretionary. Invesco S&P 500 Pure Value ETF charges 35 basis points in fees (see: all the Large Cap Value ETFs here).

Why the Move?

The value corner of the broad investing world has been an area to watch lately as investors are rotating out of the high-growth areas into the low-valued stocks given inflationary pressures and Fed’s policy tightening. Additionally, improving economic growth is boosting consumer spending and in turn lifting value stocks.

More Gains Ahead?

Currently, RPV 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.