For investors seeking momentum, Invesco S&P 500 Top 50 ETF (XLG Quick QuoteXLG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up about 37% from its 52-week low price of $32.74/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:

XLG in Focus

Invesco S&P 500 Top 50 ETF offers exposure to 55 of the largest companies in the S&P 500 Index. It has key holdings in information technology, communication services and healthcare. XLG charges 20 bps in annual fees (see: all the Large Cap Blend ETFs here).

Why the Move?

The large-cap corner of the broad investing world has been an area to watch lately, given the surge in the stock market. Wall Street has been on a strong rally, with the S&P 500 and Nasdaq Composite Index touching a series of record highs. The latest catalyst is Apple (AAPL Quick QuoteAAPL - Free Report) , which soared to new highs on the iPhone maker’s big AI debut.

More Gains Ahead?

Currently, XLG 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.