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 1.8% 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

PIMCO Enhanced Short Maturity Active ETF is an actively managed fund that seeks greater income and total return potential than traditional cash investments in exchange for a modest increase in risk. It primarily invests in short-duration investment-grade debt securities. PIMCO Enhanced Short Maturity Active ETF holds 673 securities in its basket, with both average maturity and an effective duration of 0.10 years each. It charges 35 bps in annual fees (see: all the Ultra Short-Term ETFs here).

Why the Move?

The short-term corner of the Treasury market has been an area to watch lately, given the current stock market weakness. The U.S. credit rating downgrade, multiple bank downgrades and the Fed’s hawkish signal have made investors jittery, compelling them to hoard cash. As such, the appeal for cash-like ETFs has been on the rise as investors seek to mitigate the risk of a decline in the stock market.

More Gains Ahead?

Currently, MINT might continue its strong performance, given its weighted alpha of 1.00 and a low 20-day volatility of 1.52%.