Columbia India Consumer ETF (INCO Quick QuoteINCO - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 42.25% from its 52-week low price of $52.35/share.

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.

INCO in Focus

The underlying Indxx India Consumer Index is a maximum 30-stock free-float adjusted market capitalization-weighted index designed to measure the market performance of companies in the consumer industry in India. The fund has exposure to consumer discretionary (58.57%) and consumer staples (41.43%). The product charges 75 bps in annual fees (see: all Asia-Pacific (Emerging) ETFs).

Why the Move?

India's potential for growth makes it an attractive choice for investors. Recent upgrades in growth forecasts for the country, driven by robust public investment and strong private consumption, boost the prospects for the fund. Consumers in India are expected to increase their spending on both essential and non-essential items per the country’s central bank, a trend likely to continue over the next year. The forecasted rise in consumer consumption in the upcoming festive season is a tailwind.

Additionally, an increasing workforce population and a surge in new business establishments are favorable.

More Gains Ahead?

Currently, INCO has a Zacks ETF Rank #3 (Hold) and Medium risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 37.99 (as per Barchart.com), which gives cues of a further rally.