For investors seeking momentum, JPMorgan BetaBuilders Europe ETF (BBEU Quick QuoteBBEU - Free Report) is probably on radar. The fund just hit a 52-week high and is up 41.52 % from its 52-week low price of $39.34/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:

BBEU in Focus

The underlying Morningstar Developed Europe Target Market Exposure is a free float-adjusted market capitalization-weighted index which consists of equity securities from developed European countries. The product charges 9 bps in annual fees.

Why the Move?

In April, business activity in the Eurozone accelerated. The services industry of the single currency bloc, a dominant sector, experienced an increase in demand that surpassed its already strong performance boosting growth. The travel and leisure sector is also showing positive growth. Plus, there is an indication by the central bankers that they are approaching the limit of their hawkish interest rate policy. This is a plus for overall equity investing.

More Gains Ahead?

Though BBEU has a Zacks ETF Rank #4 (Sell) currently, it might continue its strong performance in the near term, given a positive weighted alpha of 13.22.