For investors seeking momentum, iShares MSCI Eurozone ETF (EZU Quick QuoteEZU - Free Report) is probably on radar. The fund just hit a 52-week high and is up 47% from its 52-week low of $31.14 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:

EZU in Focus

iShares MSCI Eurozone ETF offers exposure to large- and mid-capitalization equities from developed market countries that use the Euro as their official currency. France dominates the fund portfolio with a 36.9% share, while Germany and the Netherlands round off the next two countries with double-digit exposure each. It charges 52 bps in annual fees (see: all the European Equity ETFs here).

Why the Move?

The European market of the broad investing world has been an area to watch lately, given the rally in the stock market as risk-appetite returns. Cooling U.S. inflation data has spurred hopes that the Federal Reserve is getting closer to ending its cycle of interest-rate hikes that will help in driving not only the American economy but also globally.

More Gains Ahead?

Currently, EZU has a Zacks ETF Rank #4 (Sell) with a Low-risk outlook, suggesting that the fund might not continue its outperformance in the months ahead. However, a high weighted alpha of 18.5 and a low 20-day volatility of 21.94% shows that there is definitely still some promise for risk-aggressive investors, who want to ride on this surging ETF.