For investors seeking momentum, iShares MSCI New Zealand ETF (ENZL Quick QuoteENZL - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 27.6% from its 52-week low price of $43.66/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:

ENZL in Focus

The fund follows the MSCI New Zealand IMI 25/50 Index. It holds 27 stocks in the portfolio. However, the fund has company-specific concentration risks with the top three holdings taking about 34% of the fund. The product charges 47 bps in fees (see all Asia-Pacific (Developed) ETFs here).

Why the Move?

New Zealand shares have been a winner as companies offering hefty dividends helped pushed the benchmark index to a record on Jul 18. The fund yields 2.91%, which is way higher than the benchmark U.S. treasury yield of 2.04% annually. Needless to say, a high-yield product is coveted in the current low-rate environment.

Investors should also note that New Zealand’s central bank slashed interest rates to a fresh record low in early May and hinted at more policy easing should the need be. It became the first developed economy to ease policy this cycle, per Bloomberg.

More Gains Ahead?

Currently, the fund has a Zacks ETF Rank #3 (Hold) and has a positive weighted alpha of 19.60. So, there is definitely some promise for those who want to ride on this ETF a little longer.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>