For investors seeking momentum, iShares Currency Hedged MSCI Europe Small-Cap ETF is probably on radar now. The fund just hit a 52-week high and is up nearly 13.3% from its 52-week low price of $27.41/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.

HEUS in Focus

The ETF looks to track the performance of the MSCI Europe Small Cap 100% Hedged to USD Index. United Kingdom (31.86%), Germany (10.66%) and Sweden (8.58%) are the top three geographic allocations of the fund. Industrials (20.64%), Consumer Discretionary (14.88%) and Financials (14.33%) are the top three sectors of the fund. The product charges 43 bps in fees (see European Equity ETFs here).

Why the Move?

The Eurozone economy grew 0.4% sequentially in the first three months of 2018, in line with market expectations. On a year-over-year basis, the economy grew 2.5% in the first quarter. Though the growth rate slowed, the clip is still decent. This favored the small-cap currency-hedged fund (which is more domestically inclined) in a rising dollar environment.

More Gains Ahead? 

It seems that the fund will stay strong in the near term given a positive weighted alpha of 11.10. So, there is still some promise for investors who want to ride on this surging ETF.

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