For investors seeking momentum, First Trust Brazil AlphaDEX ETF (FBZ Quick QuoteFBZ - Free Report) is probably on radar now. The fund just hit a 52-week high and is up over 100% from its 52-week low price of $7.49/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:

FBZ in Focus    

This product offers exposure to the multi cap companies in Brazil. Utilities, Financials, Consumer Discretionary and Materials are the top four sectors of the fund with a double-digit weight each. The fund charges 80 bps in fees (see: Latin American Equity ETFs here).

Why the Move?

This Brazilian ETF gained despite the Fed rate hike concern, as lawmakers agreed on a proposal to cap increases in public spending. This in turn will help in lowering the near-record budget deficit. Also, Brazil slashed interest rates by 25 bps for the first time in four years in mid-October.

If this was not enough, Brazil stocks rallied lately as parties connected with President Michel Temer tasted success in most of the cities holding mayoral elections over the weekend. This makes the case stronger for economic reforms, which Temer is striving to pass through Congress.

More Gains Ahead?

It seems that FBZ might continue with its strength given a positive weighted alpha of 61.90. As a result, there is definitely still some promise for investors who want to ride on this surging ETF.

Want key ETF info delivered straight to your inbox?

Zacks' free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>