For investors seeking momentum, Invesco S&P 500 Pure Growth ETF (RPG Quick QuoteRPG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 37% from its 52-week low of $28.86 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 of where it might be headed:

RPG in Focus

Invesco S&P 500 Pure Growth ETF offers exposure to companies that exhibit strong growth characteristics in the S&P 500 Index. It has key holdings in information technology, consumer discretionary and industrials. Invesco S&P 500 Pure Growth ETF charges 35 bps in annual fees (see: all the Large-Cap Growth ETFs here).

Why the Move?

The large-cap growth corner of the broad investing world has been an area to watch lately, given the surge in the stock market. All three major indices are near 52-week highs, buoyed by rate-cut optimism and a resilient economy. In particular, growth stocks tend to outperform in a trending market (i.e., a market characterized by a prolonged uptrend).

More Gains Ahead?

Currently, RPG has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Many spaces 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.