For investors looking for momentum, Vanguard Mid-Cap Growth ETF (VOT Quick QuoteVOT - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 42.1% from its 52-week low of $171.02/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

VOT in Focus

The fund seeks to track the performance of the CRSP US Mid Cap Growth Index. It has AUM of $11.49 billion and charges 7 basis points in annual fees.

Why the Move?

Market participants are upbeat about the impressive second-quarter 2021 earnings results and the rebounding U.S. economy from the coronavirus led-slump. However, rising new delta variant cases are increasing concerns about the sustainability of the economy and earnings growth. Considering the mixed sentiments, mid-cap funds are gaining increased attention as they provide both growth and stability in comparison to the small-cap and large-cap counterparts.

More Gains Ahead?

The fund has a Zacks ETF Rank #2 (Buy). It seems like VOT will remain strong, with a positive weighted alpha of 35.11, which gives cues of further rally.