For investors seeking momentum, PIMCO Enhanced Short Maturity Active ETF (MINT Quick QuoteMINT - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 2.0% from its 52-week low price of $98.14/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:

MINT in Focus

This ETF is active and does not track a benchmark. The underlying PIMCO Enhanced Short Maturity Active ETF is an actively managed exchange-traded fund that seeks greater income and total return potential than money market funds, and may be appropriate for non-immediate cash allocations. The product charges 35 bps in annual fees and yields 4.38% annually.

Why the Move?

The short-term corner of the Treasury market has been an area to watch lately, given the current stock market uncertainty. The growing likelihood of the rates remaining higher for longer and volatile markets are making cash-like ETFs more appealing to investors. As investors aim to reduce their exposure to potential stock market downturns, money-market ETFs tend to gain.

More Gains Ahead?

The fund has a positive weighted alpha of 1.90. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.