When it comes to emerging markets, investors focus a lot of attention on the BRIC nations, Brazil, Russia, India and China. When it comes to BRIC, Brazil and China get most of the attention. China is a once-in-a-lifetime growth story, and Brazil has become the tenth largest economy in the world due to its natural resources. Russia is somewhat overlooked because of its contentious political history.

Of the BRIC nations, Russia has the fewest ADRs trading on U.S. exchanges and just one ETF. Furthermore, Russia is mostly a play on oil and natural gas prices, making diversification difficult. But what about India? Despite the fact that India is the world’s largest democracy and the third-largest Asian economy behind Japan and China, the “I” in BRIC is often forgotten by U.S. investors. Yet this fast-growing market offers plenty of opportunity.

We’ve discussed investing in India before, and now we are looking at the subcontinent again. Investors have plenty of choices when investing in India from the U.S., with many ADRs and several ETFs and ETNs now available. We like WisdomTree India Earnings ETF (EPI). On the surface, EPI offers at least one primary advantage over other ETFs: liquidity. EPI easily tops several other India products in average trading volume with more than one million shares changing hands on a given day. Thus far in 2010, EPI has also outperformed two of its chief rivals, PowerShares India ETF (PIN) and iShares S&P India Nifty 50 Index (INDY).

Those are nice anecdotes. But what you really need to know about India is the long-term growth story. Indian officials recently met with Saudi Arabia in an effort to increase oil shipments. When a country needs more oil, it is usually a sign that the manufacturing sector is growing and needs energy resources. Some estimates show that India’s GDP is expected to grow by 14% annually in 2014, and by 2025 the country may have a larger economy than the U.S.

One drawback to EPI may be a lack of sector diversification. Industrial materials and financial services names account for 52% of the portfolio. That said, EPI has moved above its 50-day moving average. If it can clear its January peak of $23.65, a run to the high 20s is possible.

EPI has an expense ratio of 0.88% and currently over $720 million in assets. We also like how it recently broke out of congestion and could be on the verge of a healthy uptrend. Overall, EPI probably ranks high on the list of India ETFs currently available to U.S. investors. To buy into India’s growth story, go with EPI.