For investors seeking momentum, Invesco S&P MidCap 400 Pure Growth ETF (RFG Quick QuoteRFG - Free Report) is probably on their radar. The fund just hit a 52-week high and is up 88% from its 52-week low price of $91.53 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 on where it might be headed:

RFG in Focus

RFG provides exposure to securities that exhibit strong growth characteristics on the S&P MidCap 400 Index. It has key holdings in information technology, consumer discretionary, industrials and healthcare. The fund charges 35 basis points in annual fees (see: all the Mid Cap Growth ETFs here).

Why the Move?

The mid-cap space of the broad U.S. stock market has been an area to watch lately given heightened uncertainty and volatility. In this scenario, mid-cap funds offer the best of both worlds — growth and stability — when compared to small-cap and large-cap counterparts. Honing in on growth securities at this capitalization level can yield more returns. This is because these are high-quality stocks that see revenues and earnings increasing at a faster rate than the industry average. These stocks harness their momentum in earnings to create a positive bias in the market, resulting in skyrocketing share prices.

More Gains Ahead?

Currently, RFG has a Zacks ETF Rank #3 (Hold). 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.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>