For investors seeking momentum, ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL Quick QuoteREGL - Free Report) is probably on radar. The fund just hit a 52-week high and is up 15.8% from its 52-week low price of $64.89 per 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:

REGL in Focus

The underlying S&P MidCap 400 Dividend Aristocrats Index targets companies that are currently members of the S&P MidCap 400 Index and have increased dividend payments each year for at least 15 years. The fund charges 40 bps in fees and yields 2.37% annually.

Why the Move?

The mid-cap space of the broad U.S. stock market has been an area to watch lately given the soaring stock market as well as recovering economies from the COVID-related slump. Several economic data points have come in decent of late. In this scenario, mid-cap funds offer the best of both worlds — small-cap’s growth and large-cap’s stability.

More Gains Ahead?

The fund has a Zacks Rank #3 (Hold). The fund has a positive weighted alpha of 7.20. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.