For investors seeking momentum, iShares S&P Global Timber & Forestry Index Fund (WOOD Quick QuoteWOOD - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 39.7% from its 52-week low price of $57.33/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.

WOOD in Focus

This 25-stock fund looks to track the S&P Global Timber & Forestry Index. The net expense ratio of the fund is 0.51%. Paper & Forest Prod., REITs, Containers & Packaging are the top three industries of the fund (see all Materials ETFs here).

The United States accounts for about 35.9% of the fund while Canada (13.9%), Brazil (12.5%) and Sweden (10.4%) are its top three countries.

Why the Move?

Lumber prices are on a tear lately thanks to a host of reasons. Last year’s wildfires in Canada’s British Columbia – the world’s top exporter of softwood lumber, strained trade relations between Canada and the United States, and a recovery in the housing market resulted in the spike in lumber prices and benefited the fund.

More Gains Ahead? 

It seems that WOOD might stay strong in the near term given a positive weighted alpha of 38.40. As a result, there is still some promise for investors who want to ride on this surging ETF.

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