For investors seeking momentum, Mid Cap Growth Alphadex Fund (FNY Quick QuoteFNY - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 25.9% from its 52-week low price of $30.78/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:

FNY in Focus

The fund follows an enhanced index.  Information Technology, Health Care, Industrials, Consumer Discretionary and Financials have a double-digit weight in the fund. The fund charges 70 bps in fees (see all MLP ETFs here).

Why the Move?

Higher chances of tax reform should bode well for stocks. Market watchers still believe that the U.S. economy is on a strong footing and may see a Fed rate hike in December. So, a likely tax reform along with a rising U.S. bond yield may translate into higher greenback eventually. This will go against large-cap stocks with greater foreign exposure. But through mid-cap ETFs, which carry traits of both small and large caps, investors can mitigate the adverse impact of a rising dollar while tap the surge in the overall global economy alongside.

More Losses Ahead?

It seems that this fund might stay strong given a positive weighted alpha of 24.50. As a result, there is still some promise for investors who want to ride on this surging ETF.

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