For investors seeking momentum, the iShares MSCI South Korea ETF (EWY Quick QuoteEWY - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up 200% from its 52-week low price of $48.49 per share. 

But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.

EWY in Focus

The underlying MSCI Korea 25/50 Index consists of stocks traded primarily on the Stock Market Division of the Korea Exchange. The fund charges 59 basis points (bps) in annual fees (See: all Asia-Pacific (Developed) ETFs here).

What Led to the Rise?

South Korea ETFs are emerging as quiet beneficiaries of the global AI boom, driven by strong semiconductor demand and rising export momentum. Gains were supported by chip giants Samsung Electronics and SK Hynix. With positive alpha and sustained earnings growth, EWY continues to reflect strong investor confidence in Korea’s AI-powered market outlook.

More Gains Ahead?

EWY may continue its strong performance in the near term, with a positive weighted alpha of 189.19 (as per Barchart.com), which suggests a further rally.