A cheap FTSE 250 growth share and an ETF to consider for mind-blowing returns

This low-cost growth stock and exchange-traded fund (ETF) have been brilliant buys over the past decade. I hope they continue to deliver impressive returns in the near future.

That’s why I think they’re worth a closer look by experienced long-term investors.

Bank of Georgia Group

Bank of Georgia‘s (LSE:BGEO) has seen spectacular earnings growth over the last decade. As a consequence, the share price has risen an incredible 462% since this point in 2014.

However, in my opinion, banking is not just an attractive piece of growth. It also offers a lot for value and dividend investors to invest in.

For 2024, the company trades at a forward price/earnings (P/E) ratio of 3.3 times. This is based on predictions of a 37% increase in financial results this year. And the dividend yield on Bank of Georgia stock is a substantial 7.1%.

I can understand why the bank is so cheap now. Increased political tension in the country could potentially impact earnings growth in cyclical companies like these.

However, the rate at which demand for financial services is increasing in the emerging markets of Georgia and Armenia remains difficult to ignore. The bank’s lending rose 18% between April and June, the latest financial data showed, helping it boost pre-tax profit by 15%.

Georgia’s economy has been one of the fastest growing on the planet in recent decades. And the prospects here remain quite encouraging, despite the current political crisis. Last month, the Asian Development Bank raised its GDP growth forecasts to 7% for 2024, up from 5% previously estimated.

The political landscape means there may be obstacles along the way. In fact, Bank of Georgia’s stock price could experience volatility following next week’s general election. But I believe it is still an important portion of growth to be considered now.

iShares S&P 500 Information Technology Sector ETF

Past performance is no guarantee of future returns. But the tearing performance of iShares S&P 500 Information Technology Sector ETF (LSE:IUIT) suggests it’s also worth a closer look today.

Since its inception in 2015, this fund has delivered an impressive average annual return of 23.3%. To put that in context, it’s better than the 13.9% average annual return of S&P 500 produced at that time. It is also more than triple the FTSE 100corresponding return of 6.9%.

As its name suggests, the fund offers targeted exposure to US technology stocks. We are talking about global mammoths like Nvidia, Litter, Microsoftand the rest of the so-called Magnificent Seven.

In total, this ETF has holdings in 69 different companies. So, although the sector is high risk, this diversified approach helps me reduce the dangers I face (for the record, I currently have the fund in my Self-Invested Personal Pension (SIPP)).

Together with artificial intelligence (AI), it gives me the opportunity to profit from multiple technological trends such as the growth of the metaverse, green technologies, quantum computing and the eventual implementation of 6G.

The cyclical nature of the ETF means I could get disappointing returns when economic growth cools. Still, I’m optimistic that it will continue to generate great returns over the long term.