Investors seeking momentum may have First Trust Large Cap Growth AlphaDEX Fund (FTC - Free Report) on the radar now. The fund recently hit a new 52-week high. Shares of FTC are up approximately 30.2% from a 52-week low of $51.63/share.
But are more gains in the cards for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
FTC in Focus
FTC focuses on providing exposure to the large-cap space of the U.S. equity market. The fund charges 62 basis points in fee per year and has AUM of $802.5 million (see all Large-Cap ETFs here).
Why the move?
The U.S. economy added 313,000 jobs in February — the highest since July 2016 — compared with a Reuters forecast of 200,000. However, tepid wage growth reduced fears of an aggressive rate hiking spree by the Fed. Average hourly earnings in the United States grew a mere 0.1% in February compared with 0.3% in the previous month. The recent weakness in wage growth has introduced some calm with respect to faster-than-expected rate hikes and led to a rally in the market.
More Gains Ahead?
FTC has a weighted alpha of 29.40. Moreover, the fund has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook. So, there is a promising outlook ahead for those who want to ride this surging ETF a shade further.
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