ETF Research Center

The Columbia India Consumer ETF& tracks the Indxx India Consumer Index, a market-cap-weighted index of 30 Indian consumer discretionary stocks listed on the National Stock exchange or the Bombay Stock Exchange.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Columbia
Website	www.columbiathreadneedleetf.com
Inception date	Aug 10, 2011
Assets (mns)	$322
Currency	USD
Expense ratio	75 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	35
Wgt avg mkt cap (mns)	$22,832
Large cap (>$10bn)	79.3%
Mid cap ($2-10bn)	20.7%
Small cap (<$2bn)	0.0%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	51.8 %
MAHINDRA & MAHINDRA LTD.	7.1 %
ZOMATO LTD.	6.7 %
TRENT LTD	6.0 %
MARUTI SUZUKI INDIA LTD	5.0 %
BAJAJ AUTO LIMITED	4.9 %
ITC LTD	4.8 %
HINDUSTAN UNILEVER LIMITED	4.7 %
NESTLE INDIA LIMITED	4.3 %
EICHER MOTORS LTD	4.2 %
TATA TEA LTD	4.1 %

TOP COUNTRY EXPOSURE
	INDIA	100.7 %

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.
-12.9%	-10.2%	11.9%	6.5%	9.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.52	30%
MSCI EAFE	0.40	18%
MSCI Emg. Mkts.	0.39	17%

Technical Indicators
Recent close	$60.82
30d moving avg.	$58.14
Annualized volatility	16.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	47

Liquidity measures
Avg. volume (thou.)	47
Turnover	0.9%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$256

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 106 potential alternatives to the Columbia India Consumer ETF ETF based on the alternatives' overlap in portfolio holdings with INCO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

INCO

Expense:

75 bp

ALTAR Score™:

1.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH INCO
Ticker	Fund Name	Overlap¹ vs INCO (%)	Expense ratio (bp)	Savings vs INCO (bp)	ALTAR Score™ (%)	ALTAR vs INCO (%)
NFTY	First Trust India NIFTY 50 Equal Weight ETF	25.5	80	-5	4.8	+3.1
INDY	iShares India 50 ETF	16.5	89	-14	4.6	+2.9
INDA	iShares MSCI India ETF	16.5	65	10	4.3	+2.6
FLIN	Franklin FTSE India ETF	16.0	19	56	3.9	+2.2
PIN	Invesco India ETF	15.8	78	-3	4.3	+2.5
NDIA	Global X India Active ETF	15.4	75	0	4.7	+2.9
GLIN	VanEck India Growth Leaders ETF	13.5	77	-2	6.4	+4.6
EEMO	Invesco S&P Emerging Markets Momentum ETF	10.7	29	46	6.2	+4.4
EPI	WisdomTree India Earnings Fund	9.7	85	-10	4.7	+2.9
EMM	Global X Emerging Markets ex-China ETF	8.3	75	0	5.0	+3.3
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	8.2	40	35	5.6	+3.8
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	7.8	32	43	7.0	+5.3
EMC	Global X Emerging Markets Great Consumer ETF	7.6	75	0	8.5	+6.7
FTAG	First Trust Indxx Global Agriculture ETF	7.1	70	5	8.1	+6.3
INQQ	India Internet & Ecommerce ETF	6.5	86	-11	1.1	-0.7
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	6.4	25	50	6.5	+4.7
EMMF	WisdomTree Emerging Markets Multifactor Fund	6.3	48	27	7.8	+6.0
STXE	Strive Emerging Markets Ex-China ETF	5.2	32	43	8.2	+6.4
BKF	iShares MSCI BIC ETF	5.2	69	6	13.0	+11.2
DGIN	VanEck Digital India ETF	5.1	71	4	2.0	+0.2
RNEM	First Trust Emerging Markets Equity Select ETF	4.9	75	0	1.0	-0.8
XC	WisdomTree Emerging Markets Ex-China Fund	4.9	32	43	5.5	+3.7
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	4.7	30	45	9.3	+7.6
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	4.7	95	-20	13.1	+11.3
NUEM	Nuveen ESG Emerging Markets Equity ETF	4.6	36	39	8.1	+6.4
DEHP	Dimensional Emerging Markets High Profitability ETF	4.5	41	34	6.5	+4.8
UEVM	VictoryShares Emerging Markets Value Momentum ETF	4.4	45	30	11.1	+9.3
MINV	Matthews Asia Innovators Active ETF	4.3	79	-4	7.7	+6.0
EMXC	iShares MSCI Emerging Markets ex China ETF	4.2	25	50	8.0	+6.2
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	4.0	86	-11	0.4	-1.4
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	4.0	24	51	8.3	+6.6
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	4.0	32	43	9.6	+7.9
XCNY	SPDR S&P Emerging Markets ex-China ETF	4.0	15	60	0.0	-1.8
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	4.0	60	15	8.0	+6.2
ESGE	iShares ESG Aware MSCI EM ETF	3.8	25	50	10.7	+8.9
EMXF	iShares ESG Advanced MSCI EM ETF	3.7	16	59	8.4	+6.7
EEMA	iShares MSCI Emerging Markets Asia ETF	3.6	49	26	10.7	+9.0
EVLU	iShares MSCI Emerging Markets Value Factor ETF	3.5	35	40	21.6	+19.8
LDEM	iShares ESG MSCI EM Leaders ETF	3.5	17	58	12.9	+11.1
JHEM	John Hancock Multifactor Emerging Markets ETF	3.5	49	26	10.5	+8.8
GMF	SPDR S&P Emerging Asia Pacific ETF	3.3	49	26	10.0	+8.3
AAXJ	iShares MSCI All Country Asia ex Japan ETF	3.3	70	5	9.8	+8.1
FLAX	Franklin FTSE Asia Ex Japan ETF	3.2	19	56	10.8	+9.1
FDEM	Fidelity Emerging Markets Multifactor ETF	3.2	25	50	13.5	+11.8
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	3.1	30	45	10.6	+8.8
BKEM	BNY Mellon Emerging Markets Equity ETF	3.0	11	64	11.8	+10.0
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.0	33	42	10.6	+8.8
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	2.9	15	60	10.8	+9.0
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	2.9	66	9	10.2	+8.4
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	2.9	36	39	11.2	+9.4
EEM	iShares MSCI Emerging Markets ETF	2.8	69	6	10.7	+9.0
ECON	Columbia Emerging Markets Consumer ETF	2.8	49	26	12.9	+11.2
SCHE	Schwab Emerging Markets Equity ETF	2.7	11	64	11.6	+9.8
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	2.7	15	60	8.6	+6.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	2.7	88	-13	10.3	+8.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	2.7	41	34	9.4	+7.6
DFAE	Dimensional Emerging Core Equity Market ETF	2.7	35	40	10.2	+8.4
VWO	Vanguard FTSE Emerging Markets ETF	2.7	8	67	10.9	+9.1
SPEM	SPDR Portfolio Emerging Markets ETF	2.5	7	68	10.9	+9.2
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	2.5	75	0	10.3	+8.5
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	2.5	44	31	11.0	+9.3
IEMG	iShares Core MSCI Emerging Markets ETF	2.5	9	66	10.9	+9.2
EMGF	iShares Emerging Markets Equity Factor ETF	2.4	25	50	12.4	+10.7
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	2.3	45	30	11.0	+9.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	2.3	38	37	9.9	+8.2
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	2.2	20	55	11.3	+9.5
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	2.2	86	-11	13.7	+12.0
AVES	Avantis Emerging Markets Value ETF	2.0	36	39	12.2	+10.4
AVEM	Avantis Emerging Markets Equity ETF	1.9	33	42	9.7	+7.9
ROAM	Hartford Multifactor Emerging Markets ETF	1.8	44	31	11.3	+9.5
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	1.7	50	25	11.6	+9.8
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	1.6	60	15	13.3	+11.5
VEGI	iShares MSCI Agriculture Producers ETF	1.5	39	36	8.8	+7.0
DFEV	Dimensional Emerging Markets Value ETF	1.5	43	32	14.5	+12.7
FEM	First Trust Emerging Markets AlphaDEX Fund	1.5	80	-5	13.8	+12.1
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	1.4	59	16	13.7	+11.9
XCEM	Columbia EM Core ex-China ETF	1.4	16	59	8.5	+6.7
MEM	Matthews Emerging Markets Equity Active ETF	1.3	79	-4	8.5	+6.7
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	1.3	75	0	3.5	+1.7
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	1.1	42	33	6.8	+5.0
ACWV	iShares MSCI Global Min Vol Factor ETF	1.0	20	55	7.6	+5.8
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.0	49	26	16.7	+14.9
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	1.0	39	36	16.9	+15.2
CGXU	Capital Group International Focus Equity ETF	0.9	54	21	5.9	+4.1
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.9	18	57	8.1	+6.4
CWI	SPDR MSCI ACWI ex-US ETF	0.9	30	45	8.2	+6.4
VIGI	Vanguard International Dividend Appreciation ETF	0.9	15	60	6.2	+4.5
ACWX	iShares MSCI ACWI ex U.S. ETF	0.8	34	41	8.1	+6.4
VEU	Vanguard FTSE All-World ex-US Index Fund	0.8	8	67	8.5	+6.7
IXUS	iShares Core MSCI Total International Stock ETF	0.8	7	68	8.3	+6.5
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.7	41	34	7.1	+5.4
VXUS	Vanguard Total International Stock ETF	0.7	7	68	8.3	+6.5
VSGX	Vanguard ESG International Stock ETF	0.7	12	63	8.2	+6.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.7	30	45	8.6	+6.9
SCHY	Schwab International Dividend Equity ETF	0.7	14	61	9.8	+8.0
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.6	49	26	6.0	+4.2
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.4	20	55	6.3	+4.6
IGRO	iShares International Dividend Growth ETF	0.3	15	60	7.3	+5.5
ACWI	iShares MSCI ACWI ETF	0.3	32	43	6.1	+4.3
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.3	12	63	5.2	+3.4
VT	Vanguard Total World Stock ETF	0.3	7	68	6.4	+4.6
VYMI	Vanguard International High Dividend Yield ETF	0.2	22	53	10.0	+8.2
KLMT	Invesco MSCI Global Climate 500 ETF	0.2	10	65	6.1	+4.3
IQDF	FlexShares International Quality Dividend Index Fund	0.1	47	28	9.5	+7.8
GLOF	iShares Global Equity Factor ETF	0.0	20	55	7.0	+5.2
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	66	6.0	+4.2

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	**	**	**	**	**	**	**
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:	Columbia India Consumer 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	17.0	%
Divided by: Fwd. P/BV	6.8	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	1.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	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.