For investors seeking momentum, Invesco Russell Top 200 Pure Growth ETF is probably on radar now. The fund just hit a 52-week high, which is up roughly 29.8% from its 52-week low price of $40.69/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:

PXLG in Focus    

The fund is composed of securities with strong growth characteristics selected from the Russell Top 200 Index. Information Technology (36.74%) and Consumer Discretionary (25.57%) are the top sectors of the fund. PXLG charges investors 39 basis points a year in fees and has top holdings salesforce.com, Vertex Pharmaceuticals and Netflix (see all Large Cap ETFs here).

Why the Move?

Large-cap growth ETFs have rebounded lately. No matter how U.S.-China trade progresses, we believe tensions are almost priced-in at the current level. Investors shifted focus to upbeat U.S. economic data points from the trade war.

FactSet predicts that the second quarter should see earnings growth of more than 20%. If it happens, second-quarter earnings will be on its way to set a record after 2010. All these have brightened the appeal for large-cap growth ETFs like PXLG.

More Gains Ahead?

The fund has a positive weighted alpha of 29.60. Also, the fund has a Zacks ETF Rank #2 (Buy). So, there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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