For investors seeking momentum, MSCI Greece ETF (GREK Quick QuoteGREK - Free Report) is probably on radar. The fund just hit a 52-week high and is up 58% from its 52-week low of $20.74 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:

GREK in Focus

MSCI Greece ETF is the first and only ETF to directly target Greece. It invests in the largest and most liquid companies in Greece. MSCI Greece ETF charges 57 bps in annual fees (see: all the European ETFs here).

Why the Move?

The Greece stock market of the broad investing world has been an area to watch lately, given a strong recovery in the economy, following the end of COVID-19 restriction measures. Falling inflation, rising exports and the return of tourism are expected to drive economic growth, leading to increased consumer confidence.

More Gains Ahead?

Currently, GREK has a Zacks ETF Rank #3 (Hold) with a High-risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.