For investors seeking momentum, iShares MSCI Emerging Markets ETF EEM is probably on radar. The fund just hit a 52-week high and is up 84% from its 52-week low of $30.10 per 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.EEM in FocusThis ETF offers exposure to a broad range of emerging market companies. It has key holdings in information technology, consumer discretionary, financials and communication. Among the emerging countries, China takes the top spot at nearly 39% share while South Korea and Taiwan round off the next two spots with a double-digit exposure each. The fund charges 70 bps in fees per year (see: all the Broad Emerging Market ETFs here).Why the Move?The emerging markets have been an area to watch lately given their outperformance over the past few months. The super-easy policies, wider rollout of COVID-19 vaccines and Joe Biden heading to White House have bolstered confidence in riskier assets. The administration is looking for a bigger fiscal package and infrastructure spending that would lead to increased demand for metals and industrial products from companies in the emerging markets.More Gains Ahead?Currently, EEM has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, many of the segments that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise 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 iShares MSCI Emerging Markets ETF (EEM): 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