Investors seeking momentum may have iShares MSCI Singapore ETF EWS on radar now. The fund recently hit a new 52-week high. Shares of EWS are up approximately 30% from their 52-week low of $19.86/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.EWS in FocusEWS focuses on providing exposure to Singapore’s equity market. The fund has a large-cap focus with key holdings in the Financials, Real Estate and Industrials sectors, with 38.9%, 20.7% and 18.0% allocation, respectively (as of Nov 7, 2017). EWS charges investors 48 basis points in fee per year. Its top holdings include DBS Group Holdings Ltd, Oversea-Chinese Banking Ltd and United Overseas Bank Ltd with over 36% of the assets allocated to them (see all the Asia Pacific ETFs here).Why the move?Singapore stock markets scaled a two-year high amid increased global optimism. The global trade scenario seems to be improving with commodities rallying. Wall Street has been rallying on talks of merger activity and President Donald Trump’s tax reform. Trump’s tax reform is expected to significantly boost earnings. This has given a boost to most Asian markets.More Gains Ahead?Currently, EWS has a Zacks ETF Rank #3 (Hold) with a Low risk outlook. So it is difficult to get a handle on its future returns one way or another. The fund has a weighted alpha of 26.2. 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 ISHRS-MS SNGPRE (EWS): 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