For investors seeking momentum, Pacer US Cash Cows 100 ETF (COWZ Quick QuoteCOWZ - Free Report) is probably on the radar. The fund hit a 52-week high and is up 29% from its 52-week low price of $39.95/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 on where it might be headed:

COWZ in Focus

Pacer US Cash Cows 100 ETF is a strategy-driven ETF that aims to provide capital appreciation over time by screening the Russell 2000 Index for the top 100 companies based on free cash flow yield. A high free cash flow yield indicates that a company is producing more cash than it needs to run the business and can invest in growth opportunities. COWZ charges 49 bps in annual fees (see: all the Large Cap Blend ETFs here).

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 volatility and uncertainty. A cash cow is a company or business unit in a mature slow-growth industry. Cash cows have a large share of the market and require little investment. These companies achieve a commanding position within their industry and generate consistent free cash flow. They are the profit engines of a diversified portfolio, providing the resources required for other business units to grow and invest in new opportunities.

More Gains Ahead?

It seems that COWZ might remain strong, given a high weighted alpha of 11.59 and a low 20-day volatility of 9.91%. As a result, there is definitely still some promise for investors who want to ride on this surging ETF a little further.