Investors seeking momentum may have iShares MSCI ACWI ETF (ACWI Quick QuoteACWI - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of ACWI are up approximately 52.3% from their 52-week low of $64.67/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

ACWI in Focus

The underlying MSCI ACWI Index is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging markets countries. United States makes up about 58.93% of the fund, followed by Japan (6.40%), China (4.75%) and United Kingdom (3.72%). The net expense ratio is 0.32% (see all World ETFs here).

Why the move?

Global stocks are hovering around a record high levels as bond yields have been moderating of late. Rising COVID cases, which probably kept a check on the bond yields and moderately strong U.S. inflation data led to the gains in global stocks.

More Gains Ahead?

The fund has a positive weighted alpha of 43.64. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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