For investors seeking momentum,iShares MSCI Turkey ETF (TUR Quick QuoteTUR - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 63.1% from its 52-week low of $15.00 per 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:

TUR in Focus

The underlying MSCI Turkey IMI 25/50 Index is a free float-adjusted market capitalization index designed to measure broad-based equity market performance in Turkey. The Index consists of stocks traded primarily on the Istanbul Stock Exchange. The fund charges 57 bps in fees and yields 2.68% annually.

Why the Move?

The Borsa Istanbul 100 index hit a fresh record this week, rising 8% in September as investors continued to use equities as a hedge for surging prices and a falling lira. The central bank unexpectedly slashed its key rate by 100bps to 13% in its August meeting, adding to the 600 bps reduction of the key rate since September 2021, per tradingeconomics. This has bolstered the equity market.

More Gains Ahead?

The fund has a positive weighted alpha of 16.70. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.