For investors seeking momentum, Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL Quick QuotePSL - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 26.2% from its 52-week low price of $81.26/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:

PSL in Focus

Invesco Dorsey Wright Consumer Staples Momentum ETF targets consumer staples stocks that are showing relative strength (momentum). It has key holdings in Consumer Staples Distribution & Retail, Diversified Consumer Services, Food Products and Beverages. PSL charges 60 bps in annual fees (see: all the Consumer Staples ETFs here).

Why the Move?

The consumer staples segment of the broad stock market has been an area to watch lately, given the volatility brought in by the presidential election. Being defensive in nature, the consumer staples sector sees steady demand even during an economic downturn due to its low level of correlation with economic cycles. It generally acts as a safe haven amid political and economic turmoil.

More Gains Ahead?

Currently, PSL 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.