For investors seeking momentum, iShares MSCI Emerging Markets Asia ETF (EEMA Quick QuoteEEMA - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 24.42% from its 52-week low price of $60.36/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 of where it might be headed:

EEMA in Focus

The underlying MSCI EM Asia Custom Capped Index comprises Asian emerging market equities. The fund has exposure to China (30.32%), Taiwan (24.55%) and India (23.67%). The product charges 49 bps in annual fees (see: all Asia-Pacific (Emerging) ETFs).

Why the Move?

With great growth potential in the medium to long term, investing in Emerging Asia economies can prove beneficial. With increasing tensions between Washington and Beijing, emerging economies are emerging as the top contenders among global companies to diversify from China. Increasing foreign direct investments (FDI), a surge in export activities and an optimistic economic outlook make these economies attractive investment options.

More Gains Ahead?

Currently, EEMA has a Zacks ETF Rank #3 (Medium) and a Medium risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 15.20 (as per Barchart.com), which gives cues of a further rally.