For investors seeking momentum, First Trust Mid Cap Core AlphaDEX Fund (FNX Quick QuoteFNX - Free Report) is probably on radar now. The fund just hit a 52-week high and is up over 40.3% from its 52-week low price of $41.36/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:

FNX in Focus    

This product offers exposure to U.S. mid-cap growth stocks. Industrials, Financials, Information Technology and Consumer Discretionary are the top six sectors of the fund with a double-digit weight each. The fund charges 63 bps in fees (see: all Mid-Cap ETFs here).

Why the Move?

The U.S. markets are in great shape since Trump won the election. The President-elect has promised to introduce a burst of stimulus by increasing infrastructure spending package, easing regulations and tax cuts with an aim of accelerating economic growth and creating more jobs in the country. Mid-caps look to be the preferred bets right now as these are less perturbed by the negative currency translation on a stronger greenback, thanks to their lesser foreign exposure. On the other hand, mid-cap stocks are not as volatile as small caps.

More Gains Ahead?

The fund has a Zacks ETF Rank #3 (Hold). So, it is hard to get a handle on its future returns one way or another. But it seems that FNX might continue with its strength given a positive weighted alpha of 25.30. As a result, there is definitely still some promise for investors who want to ride on this surging ETF

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