Based on the aggregated intelligence of 180,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, the PowerShares India ETF (AMEX: PIN) has earned a respected four-star ranking.

With that in mind, let's take a closer look at PowerShares India and see what CAPS investors are saying about the ETF right now.

PowerShares India facts

Inception March 2008
Total Assets $371.9 million
Investment Approach Seeks to replicate the price and yield performance of the Indus India Index
Expense Ratio 0.78%
Dividend Yield 1%
3-Month / 1-Year / 3-Year Returns (18%) / (25.1%) / 22.2%
Major Holdings With High CAPS Interest (at least 800 Active Picks) and Portfolio Weight Infosys Technologies (Nasdaq: INFY) (9.1%)
HDFC Bank (NYSE: HDB) (4%)
ICICI Bank (NYSE: IBN) (1.7%)
Alternatives WisdomTree India Earnings (NYSE: EPI)
iShares S&P India Nifty 50 (Nasdaq: INDY)

Sources: Morningstar and Motley Fool CAPS.

On CAPS, 95% of the 147 members who have rated PowerShares India believe the ETF will outperform the S&P 500 going forward. These bulls include eksummers620 and obarurnq.

This past summer, eksummers620 tapped the ETF as a relatively inexpensive selection: "For cost conscious investors, [PowerShares India] offers the cheapest way to gain exposure to Indian equity markets."

In fact, PowerShares India sports an expense ratio of just 0.78%. That's lower than that of other India ETF plays like WisdomTree India Earnings (0.83%) and iShares S&P India Nifty 50 (0.89%).

CAPS member obarurnq elaborates on the bull case:

Good, safer emerging market choice. If China's overbought (as some say), then India has to be the best choice in overseas equities. They've got a billion people and a large number of those are candidates to update a lot of their personal technology. From computers to refrigerators and cell phones to plumbing -- the potential is huge.

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