For investors seeking momentum, First Trust Large Cap Growth AlphaDEX Fund (FTC Quick QuoteFTC - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 22% from its 52-week low of $87.22 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:

FTC in Focus

First Trust Large Cap Growth AlphaDEX Fund targets the large-cap segment of the broad U.S. stock market. It employs the AlphaDEX stock selection methodology to select stocks from the Nasdaq US 500 Large Cap Growth Index that meet certain criteria. FTC charges 60 bps in annual fees (see: all the Large-Cap Growth ETFs here).

Why the Move?

The large-cap growth corner of the broad investing world has been an area to watch lately, given the persistent surge in the stock market. All three major indices are hitting new 2023 highs on bets that the Fed is done with its interest rate hike cycle and could potentially cut rates in the first half of next year. In particular, growth stocks tend to outperform in a trending market (i.e., a market characterized by a prolonged uptrend).

More Gains Ahead?

Currently, FTC has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Many spaces 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.