For investors seeking momentum, Invesco S&P 500 Pure Growth ETF (RPG Quick QuoteRPG - Free Report) is probably on radar. The fund just hit a 52-week high and is up around 31.3% from its 52-week low price of $93.10/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 securities that exhibit strong growth characteristics in the S&P 500 Index. It has key holdings in information technology, healthcare, industrials and consumer discretionary that have double-digit exposure each. It charges 35 basis points in annual fees (see: all the Large Cap Growth ETFs here).

Why the Move?

The growth space of the broad U.S. stock market has been an area to watch lately given the boom in stock market. The dual tailwinds of trade optimism and hopes of easy money policies have been driving the stocks higher. The Fed, in its congressional testimony, signaled rate cut as soon as this month. Additionally, recovery in the U.S. housing market, rising oil price and wave of mergers & acquisitions added to the strength.

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. 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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