For investors seeking momentum, Columbia India Small Cap ETF is probably on radar now. The fund just hit a 52-week high and is up over 37% from its 52-week low price of $12.84/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:

SCIN in Focus    

This product offers exposure to the small-cap stocks of India. Banks, Construction & Engineering and Pharmaceuticals are the top three sectors of the fund. The fund charges 86 bps in fees (see all Asia-Pacific (Emerging) ETFs here).

Why the Move?

Indian stocks are rallying on the ruling central government’s election victory in some key states. Notably, the government is viewed as pro-growth. Plus, India came up with upbeat GDP growth data of 7% in the October–December quarter despite demonetarization. The expansion breezed past economists’ expectations of 6.4%. Such upbeat sentiments were enough to spur investors’ optimism in small-cap stocks as capitalization better reflects the domestic economy.

More Gains Ahead?

The fund has a Zacks ETF Rank #2 (Buy) with a high risk outlook. Plus, the fund has a positive weighted alpha of 34.90. 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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