Investors looking for momentum can keep iShares MSCI Europe Financials ETF EUFN on their radar now. The fund recently hit a new 52-week high. Shares of EUFN are up approximately 55% from its 52-week low of $14.49/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.EUFN in FocusEUFN focuses on providing exposure to the financial sector in Europe. From a geographical perspective, it has high exposure to the UK, France and Switzerland with 28.92%, 11.82% and 11.56% allocation, respectively (as of July 5, 2017). It charges 48 basis points in fees per year and has top holdings in HSBC Holdings PLC, Banco Santander SA and Allianz with 9.91%, 5.19% and 4.86% exposure, respectively (as of July 5, 2017) (see all European Equity ETFs here).Why the Move?European stocks have been in the news lately, owing to the exceptional performance of the economies in the region. As far as the financial sector is concerned, Italian authorities in June had stated that they are prepared to spend 17 billion Euros to shutdown two of its regional banks. Moreover, Greece was provided a credit lifeline worth 8.5 billion Euros by European governments. Talks of potential relief funds for Greece from the International Monetary Fund (IMF) have also boosted confidence among investors.More Gains Ahead?Currently, EUFN has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook. Though it has a high 14-day volatility of 20.73%, the fund has an impressive weighted alpha of 46.4. So, there is still some promise for those who want to ride this surging ETF a little 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-MS EU FN (EUFN): 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