For investors seeking momentum, S&P Midcap 400 Pure Growth Guggenheim (RFG Quick QuoteRFG - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 25.7% from its 52-week low price of $116.86/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:

RFG in Focus

This 90-stock fund looks to track the S&P Midcap 400 Pure Growth Index. Cognex Corp Abiomed Inc and Take-Two Interactive Software hold the top three spots in the fund. The product charges 35 bps in fees (see all Mid Cap ETFs here).

Why the Move?

Economic readings came out mixed lately. While the U.S. economy saw a 13-year high manufacturing number, it saw a decline in payroll data. Several data released for the month of September carry some impact of hurricanes. Market watchers still believe that the U.S. economy is on a strong footing and may see a Fed rate hike in December.

Whatever the case, investors with slight confusion over the recent plunge in job data may want to look abroad which is flying high. Plus, a rising U.S. bond yield may translate into higher greenback eventually. This will go against large-cap stocks with greater foreign exposure. But through mid-cap ETFs, which carry traits of both small and large caps, investors can mitigate the adverse impact of a rising dollar while tap the surge in the overall global economy alongside.

More Gains Ahead? 

The fund currently has a Zacks ETF Rank #3 (Hold). So it is hard to get a handle on its future returns one way or another. However, it seems that this fund might stay strong given a positive weighted alpha of 18.80. As a result, there is still some promise for investors who want to ride on this surging ETF.

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