For investors seeking momentum, First Trust Small Cap Growth AlphaDEX Fund (FYC Quick QuoteFYC - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 29% from its 52-week low price of $51.39/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:

FYC in Focus

First Trust Small Cap Growth AlphaDEX Fund targets the growth corner of the small-cap segment. It has key holdings in healthcare, industrials and information technology. The product charges 70 bps in annual fees (see: all the Small-Cap Growth ETFs here).

Why the Move?

The small-cap segment of the broad stock market has been an area to watch lately, given the resurgence in the stock market buoyed by renewed bets on rate cuts. A cut in interest rates would be a positive for small-cap stocks, which rely heavily on debt financing and consumer spending.

More Gains Ahead?

Currently, FYC has a Zacks ETF Rank #3 (Hold) with a High risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments 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.