For investors seeking momentum, Invesco S&P 500 Value with Momentum ETF (SPVM Quick QuoteSPVM - Free Report) is probably on the radar. The fund just hit a 52-week high and moved up 23% from its 52-week low price of $44.46 per share.

But are more gains in store for this ETF? Let us 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:

SPVM in Focus

Invesco S&P 500 Value with Momentum ETF offers exposure to securities in the S&P 500 Index, having the highest “value scores” and “momentum scores” by tracking the S&P 500 High Momentum Value Index. It has key holdings in financials, energy and consumer discretionary, with a double-digit allocation each. Invesco S&P 500 Value with Momentum ETF charges 39 bps in annual fees (read: all the Large-Cap Value ETFs here).

Why the Move?

The value corner of the broad U.S. stock market has been an area to watch lately, given the uncertainty surrounding the timing of Fed rate cuts. Inflation is running hotter than expected, sparking concerns about the Fed interest rates cut in June. However, Wall Street has touched another record high in the latest trading session. In particular, value investing involves buying stocks or other financial assets that are believed to be undervalued or trading below their intrinsic worth.

More Gains Ahead?

Currently, SPVM has a Zacks ETF Rank #2 (Buy), suggesting that the outperformance could continue in the months ahead. Many spaces that make up this ETF have a strong Zacks Industry Rank. Thus, there is definitely some promise for those who want to ride this surging ETF a little further.