For investors seeking momentum, First Trust Mid Cap Value AlphaDEX (FNK Quick QuoteFNK - Free Report) is probably on radar. The fund just hit a 52-week high and is up 24% from its 52-week low of $38.05 per 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:

FNK in Focus

First Trust Mid Cap Value AlphaDEX targets the value segment of the mid-cap market. It employs the AlphaDEX stock selection methodology to select stocks from the Nasdaq US 600 Mid Cap Value per various criteria. It charges 70 bps in annual fees (see: all the Mid-Cap Value ETFs here).

Why the Move?

The mid-cap corner of the broad investing world has been an area to watch lately, given the bouts of volatility and uncertainty in the stock market. While large companies are normally known for stability and the smaller ones for growth, mid-caps offer the best of both worlds, allowing growth and stability in a portfolio.

More Gains Ahead?

Currently, FNK has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many 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.