For investors seeking momentum, Guggenheim S&P 500 Pure Growth ETF (RPG Quick QuoteRPG - Free Report) is probably on radar now. The fund just hit a 52-week high and is up more than 22% from its 52-week low price of $76.35/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:

RPG in Focus

This ETF offers exposure to the growth corner of the broad market holding 113 securities in its basket with none accounting for more than 3.2% of total assets. It has key holdings in information technology while consumer discretionary, healthcare and industrials round off the next three spots. It charges 35 basis points in annual fees (see: all the Large Cap ETFs here).

Why the Move?

The growth space of the broad U.S. stock market has been an area to watch lately given that U.S. stocks have made a strong comeback after the worst drop of 2017 and have been roaring higher. The optimism was felt afresh following the Fed minutes, which signal another rate hike in June. Naturally, the confidence level rose. Growth stocks tend to outperform when the stock market is on an uptrend.

More Gains Ahead?

Currently, RPG has a Zacks ETF Rank of 1 or ‘Strong Buy’ rating with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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