For investors seeking momentum, Invesco S&P MidCap 400 Pure Value ETF (RFV Quick QuoteRFV - Free Report) is probably on radar. The fund just hit a 52-week high and is up 27% from its 52-week low price of $79.65/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 of where it might be headed:

RFV in Focus

Invesco S&P MidCap 400 Pure Value ETF provides pure exposure to the mid-cap value segment of the U.S. equity market. It invests in companies that exhibit strong value characteristics in the S&P MidCap 400 Index. RFV charges 35 bps in annual fees (see: all the Mid-Cap Value ETFs here).

Why the Move?

The value corner of the stock market has been an area to watch lately, given the global slowdown concerns. Though Wall Street rallied on hopes of easing inflation and the Fed’s slower rate hike path, recession fears continued to weigh on stocks. Market participants are apprehensive of a recession anytime soon as higher interest rates have started to hurt economic growth. The International Monetary Fund warned that a third of the global economy would be in a recession.

Against this backdrop, value investing seems a prudent choice as value stocks provide investors some shelter from deep losses. Value stocks are less susceptible to trending markets and their dividend payouts offer safety in times of market turbulence.

More Gains Ahead?

Currently, RFV 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.