VanEck India Growth Leaders ETF
ALTAR
Score™		 6.4% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 15.4x P/Sales
ratio		 3.8x
P/BV
ratio		 2.9x Div.
yield		 2.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GLIN seeks to replicate the price and yield performance of the MarketGrader India All-Cap Growth Leaders Index, which consists of fundamentally sound Indian companies that exhibit attractive growth potential at a reasonable price.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Aug 25, 2010
Assets (mns) $133
Currency USD
Expense ratio 77 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 82
Wgt avg mkt cap (mns) $35,249
Large cap (>$10bn) 73.8%
Mid cap ($2-10bn) 24.2%
Small cap (<$2bn) 2.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
CANARA BANK 12.3 %
VARUN BEVERAGES LTD. 9.0 %
INDUSIND BANK LIMITED 6.7 %
ICICI BANK LTD 6.4 %
HCL TECHNOLOGIES LTD 6.1 %
STATE BANK OF INDIA 5.9 %
DR. REDDY'S LABORATORIES 5.3 %
BAJAJ AUTO LIMITED 5.0 %
TATA CONSULTANCY SVS LTD 4.9 %
COAL INDIA LTD 4.9 %
Total 66.4 %

TOP COUNTRY EXPOSURE
INDIA 91.8 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
-19.5% -16.7% 5.9% -1.4% -3.8%

Market Correlations
versus... Beta R-squared
S&P500 0.75 44%
MSCI EAFE 0.53 23%
MSCI Emg. Mkts. 0.45 16%

Technical Indicators
Recent close $43.22
30d moving avg. $41.29
Annualized volatility 19.3%
Short interest (ETF) 0.3%
Relative strength (RSI) 46

Liquidity measures
Avg. volume (thou.) 27
Turnover 0.9%
Bid/Ask (% of price) 0.61%
ADV underlying (mns) $397

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 141 potential alternatives to the VanEck India Growth Leaders ETF ETF based on the alternatives' overlap in portfolio holdings with GLIN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GLIN Expense: 77 bp ALTAR Score™: 6.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GLIN
Ticker Fund
Name		 Overlap1
vs GLIN
(%)		 Expense
ratio
(bp)		 Savings
vs GLIN
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs GLIN
(%)
EPI WisdomTree India Earnings Fund 21.9 85 -8 4.7 -1.7
NFTY First Trust India NIFTY 50 Equal Weight ETF 20.0 80 -3 4.8 -1.5
DGIN VanEck Digital India ETF 19.7 71 6 2.0 -4.4
INDY iShares India 50 ETF 19.0 89 -12 4.6 -1.7
INDA iShares MSCI India ETF 15.5 65 12 4.3 -2.0
PIN Invesco India ETF 14.3 78 -1 4.3 -2.1
FLIN Franklin FTSE India ETF 13.8 19 58 3.9 -2.5
INCO Columbia India Consumer ETF 13.5 75 2 1.8 -4.6
INDF Nifty India Financials ETF 12.3 75 2 6.6 +0.2
NDIA Global X India Active ETF 11.0 75 2 4.7 -1.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 7.2 95 -18 13.1 +6.7
FDEM Fidelity Emerging Markets Multifactor ETF 6.2 25 52 13.5 +7.2
RNEM First Trust Emerging Markets Equity Select ETF 5.9 75 2 1.0 -5.4
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 5.8 24 53 8.3 +2.0
EEMO Invesco S&P Emerging Markets Momentum ETF 5.8 29 48 6.2 -0.2
STXE Strive Emerging Markets Ex-China ETF 5.3 32 45 8.2 +1.8
EMMF WisdomTree Emerging Markets Multifactor Fund 5.3 48 29 7.8 +1.4
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 5.3 30 47 9.3 +3.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 5.2 32 45 7.0 +0.7
BKF iShares MSCI BIC ETF 5.0 69 8 13.0 +6.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 4.7 40 37 5.6 -0.8
CIBR First Trust NASDAQ Cybersecurity ETF 4.7 60 17 4.2 -2.2
SMIN iShares MSCI India Small Cap ETF 4.7 79 -2 3.3 -3.1
ECON Columbia Emerging Markets Consumer ETF 4.4 49 28 12.9 +6.6
XC WisdomTree Emerging Markets Ex-China Fund 4.0 32 45 5.5 -0.9
XCNY SPDR S&P Emerging Markets ex-China ETF 4.0 15 62 0.0 -6.4
EDOG ALPS Emerging Sector Dividend Dogs ETF 4.0 60 17 11.0 +4.7
EMXC iShares MSCI Emerging Markets ex China ETF 4.0 25 52 8.0 +1.6
EMGF iShares Emerging Markets Equity Factor ETF 4.0 25 52 12.4 +6.1
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 3.9 25 52 6.5 +0.1
EMM Global X Emerging Markets ex-China ETF 3.7 75 2 5.0 -1.3
NUEM Nuveen ESG Emerging Markets Equity ETF 3.7 36 41 8.1 +1.8
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 3.6 15 62 8.6 +2.2
GMF SPDR S&P Emerging Asia Pacific ETF 3.5 49 28 10.0 +3.7
ROAM Hartford Multifactor Emerging Markets ETF 3.4 44 33 11.3 +4.9
JHEM John Hancock Multifactor Emerging Markets ETF 3.4 49 28 10.5 +4.2
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 3.4 33 44 10.6 +4.2
EEMA iShares MSCI Emerging Markets Asia ETF 3.4 49 28 10.7 +4.4
NXTG First Trust Indxx NextG ETF 3.1 70 7 5.8 -0.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 3.1 70 7 9.8 +3.5
SCHE Schwab Emerging Markets Equity ETF 3.1 11 66 11.6 +5.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.0 32 45 9.6 +3.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.0 45 32 11.0 +4.7
MEM Matthews Emerging Markets Equity Active ETF 3.0 79 -2 8.5 +2.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.9 20 57 11.3 +4.9
EMDM First Trust Bloomberg Emerging Market Democracies ETF 2.9 75 2 10.3 +3.9
FLAX Franklin FTSE Asia Ex Japan ETF 2.8 19 58 10.8 +4.5
XCEM Columbia EM Core ex-China ETF 2.8 16 61 8.5 +2.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 2.8 30 47 10.6 +4.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 2.7 50 27 11.6 +5.2
BKEM BNY Mellon Emerging Markets Equity ETF 2.7 11 66 11.8 +5.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 2.7 36 41 11.2 +4.8
EEM iShares MSCI Emerging Markets ETF 2.7 69 8 10.7 +4.4
DEHP Dimensional Emerging Markets High Profitability ETF 2.7 41 36 6.5 +0.2
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 2.6 66 11 10.2 +3.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.6 45 32 11.1 +4.7
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 2.6 15 62 10.8 +4.4
ESGE iShares ESG Aware MSCI EM ETF 2.6 25 52 10.7 +4.3
IEMG iShares Core MSCI Emerging Markets ETF 2.5 9 68 10.9 +4.6
VWO Vanguard FTSE Emerging Markets ETF 2.5 8 69 10.9 +4.5
FTRI First Trust Indxx Global Natural Resources Income ETF 2.4 70 7 8.6 +2.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 2.4 41 36 9.4 +3.0
SPEM SPDR Portfolio Emerging Markets ETF 2.4 7 70 10.9 +4.6
AVEM Avantis Emerging Markets Equity ETF 2.3 33 44 9.7 +3.3
EYLD Cambria Emerging Shareholder Yield ETF 2.3 66 11 13.1 +6.7
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 2.3 88 -11 10.3 +3.9
OBOR KraneShares MSCI One Belt One Road Index ETF 2.3 79 -2 7.7 +1.3
DFAE Dimensional Emerging Core Equity Market ETF 2.3 35 42 10.2 +3.8
AVES Avantis Emerging Markets Value ETF 2.2 36 41 12.2 +5.8
EMXF iShares ESG Advanced MSCI EM ETF 2.1 16 61 8.4 +2.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.1 59 18 13.7 +7.3
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.1 35 42 21.6 +15.2
MINV Matthews Asia Innovators Active ETF 2.1 79 -2 7.7 +1.4
DFEM Dimensional Emerging Markets Core Equity 2 ETF 2.1 38 39 9.9 +3.6
AADR AdvisorShares Dorsey Wright ADR ETF 2.0 110 -33 5.1 -1.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.9 44 33 11.0 +4.7
LEGR First Trust Indxx Innovative Transaction & Process ETF 1.9 65 12 8.6 +2.2
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.8 60 17 8.0 +1.6
PID Invesco International Dividend Achievers ETF 1.7 53 24 5.8 -0.6
TTAI FCF International Quality ETF 1.6 59 18 6.9 +0.6
EMC Global X Emerging Markets Great Consumer ETF 1.6 75 2 8.5 +2.1
DFEV Dimensional Emerging Markets Value ETF 1.6 43 34 14.5 +8.1
SDEM Global X MSCI SuperDividend Emerging Markets ETF 1.6 67 10 13.3 +6.9
ACWV iShares MSCI Global Min Vol Factor ETF 1.5 20 57 7.6 +1.2
SCHY Schwab International Dividend Equity ETF 1.5 14 63 9.8 +3.4
FTAG First Trust Indxx Global Agriculture ETF 1.5 70 7 8.1 +1.7
INQQ India Internet & Ecommerce ETF 1.4 86 -9 1.1 -5.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.4 39 38 16.9 +10.6
PXH Invesco FTSE RAFI Emerging Markets ETF 1.2 49 28 16.7 +10.3
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.2 70 7 7.8 +1.4
LDEM iShares ESG MSCI EM Leaders ETF 1.2 17 60 12.9 +6.5
DVYE iShares Emerging Markets Dividend ETF 1.1 49 28 18.9 +12.5
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 1.1 58 19 10.1 +3.8
DGT SPDR Global Dow ETF 1.0 50 27 8.1 +1.7
IPAV Global X Infrastructure Development ex-U.S. ETF 0.9 55 22 4.5 -1.9
FEM First Trust Emerging Markets AlphaDEX Fund 0.9 80 -3 13.8 +7.5
DEM WisdomTree Emerging Markets High Dividend Fund 0.9 63 14 13.6 +7.2
IQDF FlexShares International Quality Dividend Index Fund 0.9 47 30 9.5 +3.2
KOCG FIS Knights of Columbus Global Belief ETF 0.8 75 2 6.1 -0.3
UMMA Wahed Dow Jones Islamic World ETF 0.8 65 12 5.3 -1.1
VEU Vanguard FTSE All-World ex-US Index Fund 0.8 8 69 8.5 +2.1
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.8 18 59 8.1 +1.8
VEGI iShares MSCI Agriculture Producers ETF 0.8 39 38 8.8 +2.4
ACWX iShares MSCI ACWI ex U.S. ETF 0.8 34 43 8.1 +1.8
IXUS iShares Core MSCI Total International Stock ETF 0.7 7 70 8.3 +1.9
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 0.7 86 -9 0.4 -6.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.7 41 36 7.1 +0.7
CWI SPDR MSCI ACWI ex-US ETF 0.7 30 47 8.2 +1.8
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.7 42 35 6.8 +0.4
VXUS Vanguard Total International Stock ETF 0.7 7 70 8.3 +1.9
VSGX Vanguard ESG International Stock ETF 0.6 12 65 8.2 +1.8
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.6 46 31 10.4 +4.1
GINX SGI Enhanced Global Income ETF 0.6 98 -21 7.3 +1.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.6 30 47 8.6 +2.3
TRFM AAM Transformers ETF 0.5 49 28 1.9 -4.5
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.5 80 -3 13.6 +7.2
EWX SPDR S&P Emerging Markets Small Cap ETF 0.4 65 12 8.1 +1.7
GLOF iShares Global Equity Factor ETF 0.4 20 57 7.0 +0.6
XT iShares Exponential Technologies ETF 0.4 46 31 5.5 -0.9
FILL iShares MSCI Global Energy Producers ETF 0.4 39 38 11.4 +5.1
FVD First Trust Value Line Dividend Index Fund 0.4 65 12 6.1 -0.3
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.4 50 27 6.5 +0.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.4 12 65 5.2 -1.2
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.3 29 48 8.7 +2.4
RODE Hartford Multifactor Diversified International ETF 0.3 29 48 9.9 +3.5
VYMI Vanguard International High Dividend Yield ETF 0.3 22 55 10.0 +3.6
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.3 12 65 7.7 +1.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.3 7 70 7.0 +0.7
ACWI iShares MSCI ACWI ETF 0.3 32 45 6.1 -0.3
PICK iShares MSCI Global Metals & Mining Producers ETF 0.3 39 38 14.1 +7.8
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.3 20 57 6.3 -0.0
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.3 47 30 9.0 +2.6
VT Vanguard Total World Stock ETF 0.3 7 70 6.4 0.0
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.2 9 68 6.0 -0.4
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 67 6.1 -0.3
FRDM Freedom 100 Emerging Markets ETF 0.2 49 28 9.1 +2.7
SETM Sprott Energy Transition Materials ETF 0.2 65 12 4.7 -1.7
APIE ActivePassive International Equity ETF 0.2 45 32 7.7 +1.3
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.2 86 -9 13.7 +7.4
DEW WisdomTree Global High Dividend Fund 0.1 58 19 7.7 +1.4
IGRO iShares International Dividend Growth ETF 0.0 15 62 7.3 +0.9

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 VanEck India Growth Leaders ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 20.3 %
Divided by: Fwd. P/BV 2.8 x
Less: Expense ratio 77 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.59 CATEGORY
AVERAGE		 1.50
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.