For investors looking for momentum, Argentina ETF (ARGT Quick QuoteARGT - Free Report) is probably on your radar now. The fund just hit a 52-week high and shares of ARGT are up roughly 57.27% from its 52-week low price of $18.37/share.

But could more gains be ahead for this ETF? Let’s take a quick look at the fund and the near-term outlook to get a better idea on where it might be headed:

ARGT in Focus

ARGT focuses on the emerging Latin America nation, Argentina. The fund has key holdings in the Energy, Information Technology, and Financials sectors, with over 65% allocated to them. ARGT charges investors 75 basis points a year in fees and has top holdings in Tenaris SA , MercadoLibre Inc , and YPF SA (see all Latin America equity ETFs here).

Why the Move?

S&P just upgraded Argentina’s long-term credit rating from B- to B. Even though it is still in the junk category, this comes as a respite for President Mauricio Macri. This represents a vote of confidence in the President’s reforms, who took over a rather shattered economy. Moreover, Argentina attracted funds almost six times more than it expected from an amnesty on unregistered funds abroad, which helped to boost fiscal revenues and fueled hopes of meeting the budget deficit target.

More Gains Ahead?

Currently, ARGT has a Zacks ETF Rank #3 (Hold). So, it is hard to get a handle on its future returns one way or another. However, it has a weighted alpha of 53.90 and a moderate 14-day volatility of 14.21%.  So, there is definitely still some promise for those who want to ride this surging ETF a little further.

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