For investors seeking momentum, iShares MSCI Austria ETF (EWO Quick QuoteEWO - Free Report) is probably on the radar now. The fund just hit a 52-week high and jumped 47.8% from its 52-week low price of $30.36 per share.   

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

EWO in Focus

The fund offers exposure to companies in Austria. The fund charges 49 basis points (bps) in annual fees (See: all European Equity ETFs here).

What Led to the Rise?

Robust performance of heavily weighted Austrian finance companies as a result of sustained European Central Bank interest rates boosted net interest margins across regional banks. Additionally, expanding industrial sector exports within Central and Eastern Europe, coupled with easing regional energy pressures, must have bolstered investor confidence in the fund’s assets. A broader rotation into undervalued European equities is likely to have fueled strong inflows, which must have lifted EWO’s underlying holdings into multi-year peak territory.

More Gains Ahead?

EWO may continue its strong performance in the near term, with a positive weighted alpha of 47.28 (per Barchart.com), which suggests a rally.