For investors seeking momentum, VanEck Vectors Israel ETF (ISRA Quick QuoteISRA - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up nearly 18.8% from its 52-week low price of $28.13/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.

ISRA in Focus

The fund tracks the BlueStar Israel Global Index which comprises of equity securities, which may include depositary receipts, of publicly traded companies that are generally considered by the Index Provider to be Israeli companies. Information Technology accounts for 36.1% of the fund, followed by Health Care (22.2%). Israel accounts for around 72.4% of the fund while United States (24.5%) takes the next position. The product charges 59 bps in fees (see all World ETFs here).

Why the Move? 

Investors should note that there have been several positive happenings in the Israel economy of late. In early August, the Tel Aviv Stock Exchange touched a three-year high on Standard & Poor’s upgrade of Israel’s credit rating. Plus, there is news that the Israeli Securities Authority has permitted the sale of a majority stake in the Tel Aviv Stock Exchange to a group of foreign investors in order to make it a publicly traded company. All these factors probably have given the fund a boost.

More Gains Ahead?

The fund has a Zacks Rank #3 (Hold). Plus, it seems that the fund will perform decently in the near term given a positive weighted alpha of 18.50.

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 >>