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UK Equity ETF (EWU) Hits New 52-Week High
For investors seeking momentum, iShares MSCI United Kingdom ETF (EWU - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 18.44% from its 52-week low price of $32.76/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:
EWU in Focus
The underlying MSCI United Kingdom Index consists of stocks traded primarily on the London Stock Exchange. The product charges 50 bps in annual fees (See: All European Equity ETFs).
Why the Move?
The British economy grew more than expected in first quarter 2025, largely driven by the services sector. Per the Office of National Statistics, the production sector also saw a rebound following a period of decline. Additionally, increased infrastructure spending and reforms aimed at boosting investment seem to be favorable steps for the economy.
More Gains Ahead?
Currently, EWU has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 8.93 (as of Barchart.com), which gives cues of a further rally.