Investors seeking momentum may have iShares MSCI New Zealand Capped ETF ENZL on radar now. The fund recently hit a new 52-week high. Shares of ENZL are up approximately 20.9% from the 52-week low of $39.22/share.But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.ENZL in FocusENZL focuses on providing broad exposure to the New Zealand equity market. It charges 48 basis points in fee per year and has top holdings in Spark New Zealand Ltd, Fisher & Paykel Healthcare Corp. Ltd and Fletcher Building Ltd, with 10.1%, 9.9% and 8.8% allocation, respectively (as of Sep 19, 2017) (see all Asia-Pacific (Developed) ETFs here).It has AUM of $174.3 million and trades in average volumes of about 52,000 shares.Why the Move?New Zealand goes to polls on Sep 23, 2017 to elect the 52nd New Zealand Parliament. Going by the most-recent One News/Colmar Brunton poll, National party has 46% support compared to 37% for the Labour party. This led to a rally in the currency, as Labour’s proposed policies to reduce immigration could hit economic growth. Moreover, economists are of the opinion that the National party is a safer option.More Gains Ahead?Currently, ENZL has a Zacks ETF Rank #3 (Hold) with a Low Risk outlook, so it hard to get a handle on its returns. However, the ETF has a weighted alpha of 7.9. So, there is a promising outlook ahead for those who want to ride this surging ETF a shade further.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 >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ISHARS-MSCI NZ (ENZL): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report