For investors seeking momentum, Invesco S&P 500 Top 50 ETF (XLG Quick QuoteXLG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 35% from its 52-week low price of $27.08/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:

XLG in Focus

Invesco S&P 500 Top 50 ETF offers exposure to 50 of the largest companies in the S&P 500 Index. It charges 20 bps in annual fees (see: all the Large Cap Blend ETFs here).

Why the Move?

The large-cap corner of the broad investing world has been an area to watch lately, given the surge in the stock market. Wall Street has been on a strong rally, with all three major indices posting their third straight winning performance. Easing inflation and continued hopes that the Fed’s aggressive interest rate hiking campaign might be nearing an end are providing a boost to the stocks.

More Gains Ahead?

Currently, XLG 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.