For investors seeking momentum, Invesco S&P 500 Pure Value ETF (RPV Quick QuoteRPV - Free Report) is probably on the radar. The fund just hit a 52-week high and has surged 115% from its 52-week low of $33.62 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.

RPV in Focus

This fund provides exposure to U.S. companies that exhibit strong value characteristics on the S&P 500 Index. About 42% of the portfolio is dominated by financials while energy, consumer discretionary, healthcare and consumer staples round off the next four spots. The ETF charges 35 basis points in fees (see: all the Large Cap Value ETFs here).

Why the Move?

The value corner of the broad investing world has been an area to watch lately, given their outperformance. Investors are optimistic that the speedy economic recovery led by faster COVID-19 vaccinations and more stimulus will result in a rebound in industrial activities and  pickup in consumer demand. This scenario will benefit value stocks more than the growth ones.

More Gains Ahead?

Currently, RPV 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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