For investors seeking momentum, PowerShares S&P 500 Enhanced Value Portfolio (SPVU Quick QuoteSPVU - Free Report) is probably on radar now. The fund just hit a 52-week high and is up about 30.6% from its 52-week low price of $25.65/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:

SPVU in Focus

SPVU offers exposure to the stocks on the S&P 500 Index that have the highest "value score.” It has key holdings in the financial sector with nearly 43% of the portfolio while consumer discretionary, consumer staples and healthcare round off the next three sectors with a double-digit exposure each. The fund charges 25 basis points in annual fees (see: all the Large Cap ETFs here).

Why the Move?

The value space of the broad U.S. stock market has been an area to watch lately given that the country’s bourses are hitting multiple highs. Resurgence in Trump trade, deluge of solid corporate earnings and rounds of upbeat data are driving the stocks higher. In particular, the tax cut plan will boost value stocks over the longer term.

More Gains Ahead?

Currently, SPVU 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.

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