For investors seeking momentum, Vanguard Mid-Cap Growth ETF (VOT Quick QuoteVOT - Free Report)  is probably on radar now. The fund just hit a 52-week high, which is up roughly 30.6% from its 52-week low of $111.78/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:

VOT in Focus

The underlying CRSP U.S. Mid Cap Growth Index measures the investment returns of mid-capitalization growth stocks. The fund has Autodesk, Edwards Lifesciences and Fiserv as its top three holdings. It charges 7 bps in fees (see all Style Box - Mid Cap Growth here).

Why the Move?

The U.S. economy has been slowing down though most of the recently released economic data points have come in decent. This has probably led investors to the mid-cap growth spectrum as large-cap stocks are more internationally focused and may suffer given the prevailing global growth worries.

More Gains Ahead?

The fund has a Zacks Rank #2 (Buy). Also, the fund has a positive weighted alpha of 17.00, which hints at more gains. So, there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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