FDN has averaged annualized returns of 27% during the current bull market in U.S. equities, making it one of the best-performing ETFs during that span.

To be sure, FDN and rival Internet ETFs are growth funds. The growth style, though, may be gaining momentum as investors turned to upbeat economic and earnings data, causing many to adopt a more risk-on attitude. Since growth stocks show high multiples, investors may expect that the companies will sustain a high growth rate. In contrast, traders may feel that firms with low multiples would continue to experience tepid growth.

FDN, which has a five-star Morningstar rating, holds 42 stocks. The ETF’s annual expense ratio is 0.54%, or $54 on a $10,000 investment.

Tom Lydon’s clients own shares of Alphabet and Facebook.