Investors seeking momentum may have WisdomTree India Earnings ETF (EPI Quick QuoteEPI - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of EPI are up approximately 23.8% from their 52-week low of $30.05/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.

EPI In Focus

The underlying WisdomTree India Earnings Index is a fundamentally weighted index that measures the performance of companies incorporated and traded in India that are profitable and that are eligible to be purchased by foreign investors as of the index measurement date. Weighted Index based on their earnings in their fiscal year prior to the Index measurement date adjusted for foreign investors. The fund charges 85 bps in fees.

Why The Move?

India’s economy grew at its fastest pace in a year in the April-June quarter fueled by strong demand and a solid services activity. Asia’s third-largest economy recorded a GDP of 7.8% in the June quarter, which beat the estimated 7.7%, as forecasted by a Reuters poll. Fueled by solid growth in new orders and output, India’s manufacturing sector experienced its quickest expansion in three months. Several global research houses have been betting big on this economy.

More Gains Ahead?

The fund has a positive weighted alpha of 16.80. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.