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 115% from its 52-week low of $17.20 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 1.98% annually.

Why the Move?

The Borsa Istanbul 100 index continues to hit fresh record highs to trade above the 5400 level in December, as investors keep on using equities as a hedge against surging consumer prices and a plunging lira. The Central Bank of Turkey paused the rate-cut cycle and left the one-week repo rate unchanged at 9% on December 22nd, following a 1000bps cut since September of 2021, per tradingeconomics.

More Gains Ahead?

The fund has a positive weighted alpha of 122.60. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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