For investors seeking momentum, Invesco S&P SmallCap Value with Momentum ETF (XSVM Quick QuoteXSVM - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 28% from its 52-week low price of $44.86/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:

XSVM in Focus

Invesco S&P SmallCap Value with Momentum ETF offers exposure to the companies having the highest "value scores" and "momentum scores." It has key holdings in financials, consumer discretionary, industrials and energy sectors. The product charges 36 bps in annual fees (see: all the Small Cap Value ETFs here).

Why the Move?

The small-cap corner segment of the broader stock market has been an area to watch lately, given robust GDP growth data. The world's biggest economy’s growth accelerated in the second quarter, primarily driven by solid consumer spending and higher business investment. GDP picked up 2.8% annually, higher than 2% growth expected by economists surveyed by Bloomberg and 1.4% in the first quarter.

Small-cap stocks generally lead the way higher on improving American economic health as these are closely tied to the U.S. economy and generate most of their revenues from the domestic market.

More Gains Ahead?

Currently, XSVM 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.