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Mid-Cap ETF (PXMG) Hits New 52-Week High

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For investors seeking momentum, Invesco Russell MidCap Pure Growth ETF (PXMG - Free Report) is probably on radar now. The fund just hit a 52-week high and is up about 35.6% from its 52-week low price of $41.22/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:

PXMG in Focus

PXMG provides exposure to the mid-cap securities with strong growth characteristics selected from the Russell Midcap Index. It has key holdings in information technology, consumer discretionary, healthcare and industrials. The fund charges 39 basis points in annual fees (see: all the Mid Cap ETFs here).

Why the Move?

The mid-cap space of the broad U.S. stock market has been an area to watch lately given that the bull market is turning nine with the S&P 500 resuming its 2,800 mark and the Dow Jones back to above 26,000. Though optimism over trade deal has clearly bolstered investor sentiment, bouts of weak economic data, geopolitical tensions as well as global slowdown concerns remain an overhang. In this scenario, mid-cap funds offer the best of both worlds – growth and stability – when compared to small-cap and large-cap counterparts.

More Gains Ahead?

Currently, PXMG has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely some promise for those who want to ride this surging ETF a little further.

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