For investors seeking momentum, iShares MSCI India Small-Cap ETF (SMIN Quick QuoteSMIN - Free Report) is probably on radar now. The fund just hit a 52-week high and is up over 50% from its 52-week low price of $25.88/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:

SMIN in Focus    

This product offers exposure to the small-cap stocks of India. Consumer Discretionary, Financials, Industrials and Materials are the top four sectors of the fund with a double-digit weight each. The fund charges 80 bps in fees (see all Asia-Pacific (Emerging) ETFs here).

Why the Move?

India came up with upbeat GDP growth data of 7% in the October–December quarter despite demonetarization which led many to downgrade the outlook on the economy. The expansion breezed past economists’ expectations of 6.4%. This data was enough to spur investors’ optimism around the small-cap stocks as capitalization better reflects the domestic economy.

More Gains Ahead?

The fund has a Zacks ETF Rank #1 (Strong Buy) with a high risk outlook. Plus, the fund has a positive weighted alpha of 33.10. A positive weighted alpha hints at more gains. As a result, there is definitely still some promise for investors who want to ride on this surging ETF.

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