First Trust Consumer Staples AlphaDEX ETF (FXG Quick QuoteFXG - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 12.2% from its 52-week low price of $59.67/share.

Are more gains in store for this ETF? Let us 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.

FXG in Focus

The underlying StrataQuant Consumer Staples Index is a modified equal-dollar weighted index designed by the AMEX to objectively identify and select stocks from the Russell 1000 Index that may generate positive alpha relative to traditional passive style indices through the use of the AlphaDEX screening methodology. The product charges 63 bps in annual fees and yields 2.56% annually (see: all Consumer Staples ETFs).

Why the Move?

The consumer staples sector of the market has been an area to watch lately, given the rising volatility. An uncertain U.S. trade policy, coupled with a downturn in tech stocks, is leading investors to shift their focus toward defensive funds. Consumer Staples funds act as a safe-haven amid political and economic turmoil.

More Gains Ahead?

Currently, FXG has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. It might continue its strong performance in the near term, with a positive weighted alpha of 7.79 (per Barchart.com), which gives cues of a modest rally ahead.