/This Mid-Cap ETF Hits A New 52-Week High

This Mid-Cap ETF Hits A New 52-Week High

From Sweta Killa: For investors seeking momentum, Invesco Russell MidCap Pure Growth ETF PXMG 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.

The Invesco Russell MidCap Pure Growth ETF (PXMG) was trading at $54.93 per share on Monday afternoon, down $0.98 (-1.75%). Year-to-date, PXMG has gained 29.37%, versus a 4.89% rise in the benchmark S&P 500 index during the same period.

PXMG currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #11 of 20 ETFs in the Mid Cap Growth ETFs category.

This article is brought to you courtesy of Yahoo! Finance.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

The post This Mid-Cap ETF Hits A New 52-Week High appeared first on ETF Daily News.