For investors seeking momentum, iShares Asia 50 (AIA Quick QuoteAIA - Free Report) is probably on radar now. The fund just hit a 52-week high and is up over 33% from its 52-week low price of $38.37/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 on where it might be headed:

AIA in Focus    

This product offers exposure to the large-cap companies in Asia. Information Technology and Financials are the top two sectors of the fund with a double-digit weight each. The fund is heavy on China (40.8%) and South Korea (25.5%). The fund charges 50 bps in fees (see all Asia-Pacific (Developed) ETFs here).

Why the Move?

Asian stocks and ETFs have been rallying on President Donald Trump’s indications of a tax overhaul in a few weeks. Along with Trump’s plans to lower taxes in the U.S., his conformity to the "One China" policy on Taiwan, and overall assuring global economic data and geopolitics aided Asian investing.

More Gains Ahead?

The fund has a Zacks ETF Rank #3 (Hold) with a medium risk outlook. However, it still can continue with its strength given a positive weighted alpha of 28.70. As a result, there is definitely still some promise for investors who want to ride on this surging ETF.

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