Investors seeking momentum may have iShares MSCI EMU ETF EZU on radar now. The fund recently hit a new 52-week high. Shares of EZU are up approximately 25.3% from their 52-week low price of $32.36/share.But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.EZU in FocusEZU focuses on providing exposure to EMU member countries which have adopted the euro. The fund has a large cap focus. Financials, Industrials and Consumer Cyclical are the top three sectors, with 21.29%, 15.04% and 13.20% allocation, respectively (as of July 31, 2017). It charges 48 basis points in fees per year and has top holdings in Total SA, Sanofi SA and Banco Santander SA with 2.58%, 2.41% and 2.38% allocation, respectively (as of July 31, 2017) (see all European equity ETFs here).Why the Move?The euro zone has been in the spotlight recently. There is increased optimism in the region, owing to improving growth prospects. Euro zone’s GDP grew at 0.6% in the second quarter of 2017; double that of U.K’s 0.3%. The European Central Bank’s bond-buying program has stimulated growth in the region. Moreover, political uncertainty has reduced.More Gains Ahead?Currently, EZU has a Zacks ETF Rank #1 (Strong Buy) with a Medium Risk outlook. Moreover, the ETF has a weighted alpha of 27.5 and a low 14-day standard deviation of 7.01%. So, there is a promising outlook ahead for those who want to ride this surging ETF a little further.Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ISHARS-EMU IDX (EZU): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report