For investors seeking momentum, Invesco S&P SmallCap Energy ETF (PSCE Quick QuotePSCE - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 64% from its 52-week low price of $5.57/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:

PSCE in Focus

Invesco S&P SmallCap Energy ETF offers exposure to the companies that are principally engaged in producing, distributing or servicing energy-related products, including oil and gas exploration and production, refining, oil services and pipelines. It charges investors 35 basis points a year in fees (see: all the Energy ETFs here).

Why the Move?

The energy sector has been an area to watch given an oil price surge due to the ongoing tensions between Russia and Ukraine. As Russia is the second biggest exporter of crude oil after Saudi Arabia, any political or economic turmoil in Russia will disrupt the oil supply in the already tight energy market.

More Gains Ahead?

Currently, PSCE has a Zacks ETF Rank #3 (Hold) with a High-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.