For investors seeking momentum, Global X Brazil Consumer ETF is probably on radar now. The fund just hit a 52-week high, and is up over 91% from its 52-week low price of $6.66 per 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:

BRAQ in Focus    

BRAQ focuses on the consumer sector of the Brazilian economy. The fund has a smaller-cap focus with key holdings in the food beverage & tobacco products, transportation, food and staples retailing and household and personal products segments. BRAQ charges investors 77 basis points a year in fees and has top holdings in Estacio Participacoes, Kroton Educacional and CIA Brasileira DE DIS-SP (see Consumer Staples ETFs here).

Why the Move?

The Brazilian market has been on the move in recent times on impeachment trials against former president Dilma Rousseff.  Plus, consumer confidence in Brazil grew in June to the highest level in a year, which can be viewed as a boost the consumer segment of that economy. Plus, Olympics 2016 that is starting next month will likely have a considerable impact on smaller-cap companies like what we see in this ETF portfolio. 

 More Gains Ahead?

It seems that this fund can be exercised a little further as evident by the positive weighted alpha of 34.20. A positive weighted alpha hints at more gains.

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