For investors seeking momentum, Pacer US Cash Cows 100 ETF (COWZ Quick QuoteCOWZ - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 23.77% from its 52-week low price of $43.70/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:

COWZ in Focus

The underlying Pacer US Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. The fund has major exposure to energy (27.42%), consumer discretionary (21.24%) and health care (14.62%). The product charges 61 bps in annual fees (See: All Large Cap Value ETFs).

Why the Move?

This corner of the broad U.S. stock market has been an area to watch lately as the appeal for cash cows is back, given stock market uncertainty. A cash cow refers to a company or business division operating within a mature, slow-growth industry. These entities typically hold significant market share and demand little investment.

They are the sources of profit for a diversified portfolio, giving other company units the capital they need to expand and take on new ventures.

More Gains Ahead?

Currently, COWZ has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance in the near term, with a positive weighted alpha of 13.39, which gives cues of a further rally.