For investors seeking momentum, Global-X Brazil Consumer ETF is probably on radar now. The fund just hit a new 52-week high and is up nearly 63.9% from its 52-week low price of $11.08/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

This fund offers exposure to the performance of the consumer sector in Brazil. It holds a small basket of 33 stocks with no stock holding more than 6.24%. The fund charges 77 bps in fees.

Why the Move?

Credit goes to the upbeat Brazilian economic growth. The Brazilian economy grew 0.2% sequentially in the second quarter of 2017, after growing 1% in the previous period and beating market expectations of 0.1% expansion. Household spending rose for the first time in two and a half years. This clearly shows that Brazilian consumers played a major role in economic recovery.

More Gains Ahead?

It seems that this fund might stay strong given a positive weighted alpha of 49.70%. As a result, there is still some promise for investors who want to ride on this surging ETF.

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 >>