For investors seeking momentum, iShares MSCI United Kingdom Small-Cap ETF (EWUS Quick QuoteEWUS - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 24.6% from its 52-week low price of $33.19/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:

EWUS in Focus

This 265-stock fund looks to track the MSCI United Kingdom Small Cap Index. The fund charges 59 bps in fees. Consumer Discretionary, Industrials, Financials and Information Technology are the top four sectors of the fund (see all European Equity ETFs here).

Why the Move?

The outlook for the U.K. economy is looking up. A senior Bank of England official in fact pointed at the possibility of a rate hike in the coming months. The Centre for Economics and Business Research upgraded its outlook for the nation’s economy, on the basis of a rebound in manufacturing and a recovery in the consumer spending pattern.

The group now expects the economy to grow 1.6% this year and 1.4% in 2018, which marks an increase from 1.3% and 1.2% expected previously, as per Bloomberg. All these call for small-cap investing as these stocks better reflect the domestic economic state.

More Gains Ahead? 

The fund currently has a Zacks ETF Rank #3 (Hold). It seems that this fund might stay strong given a positive weighted alpha of 17.00. As a result, there is still some promise for investors who want to ride on this surging ETF.

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