For investors seeking momentum, iShares MSCI Brazil Small-Cap ETF (EWZS Quick QuoteEWZS - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 61.9% from its 52-week low price of $10.92/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:

EWZS in Focus

The underlying MSCI Brazil Small Cap Index is a free-float adjusted market capitalization weighted index designed to measure the performance of equity securities in the bottom 14% by market capitalization of equity securities listed on stock exchanges in Brazil. The fund charges investors 59 basis points a year in fees. No stock accounts for more than 5.64% of the fund (see: all Latin American Equity ETFs here).

Why the Move?

Brazilian stocks are at record high as the key pension reform bill “cleared a key congressional hurdle.” The bill looks to generate savings of around 1 trillion reais (US$ 264 billion) over 10 years, the upper end of most analysts’ forecasts. As a result, Brazilian stocks rallied.

More Gains Ahead?

Currently, EWZS has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. However, the fund has a positive weighted alpha of 42.10. So, there is definitely still some promise for those who want to ride on this ETF a little longer.

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