ETF Research Center

iShares MSCI India ETF

ALTAR
Score™

3.7%

Recommen-
dation

AVOID

2024E 2025E
P/E ratio	22.2x	P/Sales ratio	2.6x
P/BV ratio	3.7x	Div. yield	1.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

iShares MSCI India Index Fund is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI India Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Funds/USA
Website	www.ishares.com
Inception date	Feb 02, 2012
Assets (mns)	$9,562
Currency	USD
Expense ratio	65 bp
Distributions	Semi-Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	136
Wgt avg mkt cap (mns)	$58,605
Large cap (>$10bn)	87.1%
Mid cap ($2-10bn)	12.9%
Small cap (<$2bn)	0.0%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	36.3 %
RELIANCE INDUSTRIES LTD	8.5 %
ICICI BANK LTD	5.2 %
INFOSYS TECHNOLOGIES LTD	4.4 %
HDFC BANK LIMITED	4.1 %
TATA CONSULTANCY SVS LTD	3.3 %
BHARTI AIRTEL LIMITED	2.7 %
LARSEN & TOUBRO LIMITED	2.2 %
AXIS BANK LIMITED	2.1 %
BAJAJ FINANCE LIMITED	1.9 %
KOTAK MAHINDRA BANK LTD	1.9 %

TOP COUNTRY EXPOSURE
	INDIA	93.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.8%	30.2%	9.4%	8.2%	6.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.52	43%
MSCI EAFE	0.52	39%
MSCI Emg. Mkts.	0.41	25%

Technical Indicators
Recent close	$52.01
30d moving avg.	$45.83
Annualized volatility	14.2%
Short interest (ETF)	8.5%
Relative strength (RSI)	85

Liquidity measures
Avg. volume (thou.)	4,749
Turnover	2.6%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$1,277

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 134 potential alternatives to the iShares MSCI India ETF ETF based on the alternatives' overlap in portfolio holdings with INDA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

INDA

Expense:

65 bp

ALTAR Score™:

3.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH INDA
Ticker	Fund Name	Overlap¹ vs INDA (%)	Expense ratio (bp)	Savings vs INDA (bp)	ALTAR Score™ (%)	ALTAR vs INDA (%)
FLIN	Franklin FTSE India ETF	79.3	19	46	5.2	+1.6
PIN	Invesco India ETF	76.6	78	-13	3.8	+0.1
INDY	iShares India 50 ETF	67.8	89	-24	3.7	+0.1
EPI	WisdomTree India Earnings Fund	61.1	85	-20	6.7	+3.0
NFTY	First Trust India NIFTY 50 Equal Weight ETF	51.2	80	-15	6.2	+2.5
EEMO	Invesco S&P Emerging Markets Momentum ETF	34.9	29	36	6.2	+2.6
BKF	iShares MSCI BIC ETF	34.3	69	-4	7.2	+3.5
NDIA	Global X India Active ETF	27.4	75	-10	6.5	+2.8
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	27.3	32	33	7.6	+3.9
STXE	Strive Emerging Markets Ex-China ETF	26.0	32	33	6.9	+3.2
RNEM	First Trust Emerging Markets Equity Select ETF	24.5	75	-10	8.3	+4.6
XC	WisdomTree Emerging Markets Ex-China Fund	23.9	32	33	6.2	+2.5
EMXC	iShares MSCI Emerging Markets ex China ETF	23.1	25	40	6.7	+3.0
EMMF	WisdomTree Emerging Markets Multifactor Fund	22.0	48	17	9.4	+5.7
EEMA	iShares MSCI Emerging Markets Asia ETF	21.9	49	16	6.7	+3.1
INDF	Nifty India Financials ETF	21.0	75	-10	6.0	+2.3
JHEM	John Hancock Multifactor Emerging Markets ETF	20.7	49	16	8.4	+4.7
AAXJ	iShares MSCI All Country Asia ex Japan ETF	20.1	70	-5	6.4	+2.7
FLAX	Franklin FTSE Asia Ex Japan ETF	18.9	19	46	7.2	+3.6
LDEM	iShares ESG MSCI EM Leaders ETF	18.4	17	48	7.8	+4.1
EMXF	iShares ESG Advanced MSCI EM ETF	18.1	16	49	7.5	+3.8
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	18.0	24	41	7.2	+3.5
INCO	Columbia India Consumer ETF	17.8	75	-10	1.6	-2.0
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	17.6	25	40	7.0	+3.4
GMF	SPDR S&P Emerging Asia Pacific ETF	17.4	49	16	6.4	+2.8
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	17.1	40	25	7.1	+3.5
EEM	iShares MSCI Emerging Markets ETF	17.0	69	-4	7.0	+3.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	17.0	36	29	7.5	+3.8
BKEM	BNY Mellon Emerging Markets Equity ETF	16.9	11	54	7.7	+4.1
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	16.8	30	35	8.6	+4.9
SCHE	Schwab Emerging Markets Equity ETF	16.4	11	54	7.6	+4.0
VWO	Vanguard FTSE Emerging Markets ETF	16.4	8	57	7.6	+4.0
FEEM	FlexShares ESG & Climate Emerging Markets Core Index ETF	16.2	18	47	7.9	+4.2
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	16.1	66	-1	7.3	+3.6
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	16.0	95	-30	11.5	+7.8
ESGE	iShares ESG Aware MSCI EM ETF	15.9	25	40	7.7	+4.0
EMGF	iShares Emerging Markets Equity Factor ETF	15.8	25	40	8.7	+5.0
GLIN	VanEck India Growth Leaders ETF	15.7	77	-12	5.4	+1.7
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	15.5	45	20	8.6	+5.0
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	15.4	30	35	7.5	+3.9
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	15.4	32	33	6.3	+2.6
NUEM	Nuveen ESG Emerging Markets Equity ETF	15.1	36	29	6.8	+3.2
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	15.0	20	45	7.5	+3.8
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	15.0	15	50	7.1	+3.4
DEHP	Dimensional Emerging Markets High Profitability ETF	15.0	41	24	7.3	+3.7
IEMG	iShares Core MSCI Emerging Markets ETF	14.7	9	56	7.6	+3.9
ROAM	Hartford Multifactor Emerging Markets ETF	14.2	44	21	11.8	+8.1
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	14.1	75	-10	9.6	+5.9
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	14.0	33	32	7.2	+3.5
MINV	Matthews Asia Innovators Active ETF	12.9	79	-14	2.9	-0.8
SPEM	SPDR Portfolio Emerging Markets ETF	12.8	7	58	7.5	+3.9
DFAE	Dimensional Emerging Core Equity Market ETF	12.7	35	30	7.8	+4.1
DFEV	Dimensional Emerging Markets Value ETF	12.1	43	22	11.0	+7.3
INQQ	India Internet & Ecommerce ETF	11.8	86	-21	10.8	+7.1
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	11.8	86	-21	1.9	-1.7
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	11.8	86	-21	2.0	-1.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	11.5	50	15	10.6	+6.9
PXH	Invesco FTSE RAFI Emerging Markets ETF	11.4	49	16	12.5	+8.9
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	11.2	39	26	12.7	+9.0
FDEM	Fidelity Emerging Markets Multifactor ETF	10.9	25	40	12.0	+8.4
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	10.8	44	21	10.3	+6.7
AVES	Avantis Emerging Markets Value ETF	10.6	36	29	12.2	+8.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	10.6	41	24	7.9	+4.2
DGIN	VanEck Digital India ETF	10.5	71	-6	1.6	-2.1
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	10.4	38	27	8.3	+4.6
CGXU	Capital Group International Focus Equity ETF	9.8	54	11	4.1	+0.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	9.8	59	6	9.6	+5.9
EMM	Global X Emerging Markets ex-China ETF	9.4	75	-10	3.7	+0.0
AVEM	Avantis Emerging Markets Equity ETF	9.4	33	32	9.2	+5.5
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	9.2	88	-23	6.2	+2.6
ECON	Columbia Emerging Markets Consumer ETF	7.6	49	16	4.8	+1.1
UEVM	VictoryShares Emerging Markets Value Momentum ETF	7.6	45	20	12.8	+9.1
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	6.8	60	5	10.0	+6.4
EMC	Global X Emerging Markets Great Consumer ETF	6.1	75	-10	4.9	+1.2
FEM	First Trust Emerging Markets AlphaDEX Fund	5.9	80	-15	16.4	+12.8
VIGI	Vanguard International Dividend Appreciation ETF	5.8	15	50	5.5	+1.8
ACWV	iShares MSCI Global Min Vol Factor ETF	5.3	20	45	6.7	+3.0
XCEM	Columbia EM Core ex-China ETF	4.9	16	49	7.4	+3.7
MEM	Matthews Emerging Markets Equity Active ETF	4.8	79	-14	5.8	+2.1
ACWX	iShares MSCI ACWI ex U.S. ETF	4.8	34	31	6.7	+3.0
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	4.4	41	24	6.6	+3.0
IXUS	iShares Core MSCI Total International Stock ETF	4.3	7	58	6.9	+3.2
VEU	Vanguard FTSE All-World ex-US Index Fund	4.3	8	57	7.2	+3.5
VXUS	Vanguard Total International Stock ETF	4.2	7	58	7.1	+3.4
FILL	iShares MSCI Global Energy Producers ETF	4.1	39	26	9.1	+5.4
NXTG	First Trust Indxx NextG ETF	3.9	70	-5	6.0	+2.4
SCHY	Schwab International Dividend Equity ETF	3.9	14	51	9.2	+5.5
DEM	WisdomTree Emerging Markets High Dividend Fund	3.9	63	2	12.9	+9.3
CWI	SPDR MSCI ACWI ex-US ETF	3.6	30	35	6.8	+3.1
VSGX	Vanguard ESG International Stock ETF	3.5	12	53	6.8	+3.1
IQDE	FlexShares International Quality Dividend Defensive Index ET	3.4	47	18	10.7	+7.0
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	3.3	30	35	7.8	+4.1
IGRO	iShares International Dividend Growth ETF	3.2	15	50	7.0	+3.4
EDIV	SPDR S&P Emerging Markets Dividend ETF	3.2	49	16	11.0	+7.4
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.9	65	0	8.4	+4.7
IQDF	FlexShares International Quality Dividend Index Fund	2.7	47	18	10.7	+7.0
FTAG	First Trust Indxx Global Agriculture ETF	2.3	70	-5	9.1	+5.4
PICK	iShares MSCI Global Metals & Mining Producers ETF	2.3	39	26	11.1	+7.4
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	2.3	47	18	10.2	+6.6
EYLD	Cambria Emerging Shareholder Yield ETF	2.1	66	-1	12.2	+8.5
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	1.8	42	23	6.8	+3.1
ACWI	iShares MSCI ACWI ETF	1.7	32	33	5.5	+1.8
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.7	12	53	5.0	+1.4
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.7	20	45	5.6	+1.9
CGGO	Capital Group Global Growth Equity ETF	1.6	47	18	4.3	+0.6
VT	Vanguard Total World Stock ETF	1.5	7	58	5.8	+2.1
DVYE	iShares Emerging Markets Dividend ETF	1.5	49	16	16.6	+12.9
HDAW	Xtrackers MSCI All World ex US High Dividend Yield Equity ET	1.5	20	45	10.7	+7.0
VYMI	Vanguard International High Dividend Yield ETF	1.4	22	43	9.7	+6.0
IWTR	iShares MSCI Water Management Multisector ETF	1.3	47	18	4.8	+1.2
DGT	SPDR Global Dow ETF	1.3	50	15	6.6	+3.0
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	1.2	60	5	1.0	-2.7
GCLN	Goldman Sachs Bloomberg Clean Energy Equity ETF	1.2	45	20	6.3	+2.6
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	1.1	47	18	5.9	+2.2
VEGI	iShares MSCI Agriculture Producers ETF	1.1	39	26	9.2	+5.5
OND	ProShares On-Demand ETF	1.1	58	7	-2.5	-6.1
IWFH	iShares Virtual Work and Life Multisector ETF	1.1	47	18	-3.5	-7.2
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	1.1	75	-10	3.2	-0.5
GLOF	iShares Global Equity Factor ETF	1.0	20	45	7.0	+3.4
XT	iShares Exponential Technologies ETF	1.0	46	19	3.9	+0.2
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.0	67	-2	17.4	+13.8
DEW	WisdomTree Global High Dividend Fund	0.9	58	7	9.0	+5.4
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.9	12	53	8.6	+4.9
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.9	46	19	8.9	+5.2
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.6	70	-5	10.7	+7.0
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.6	78	-13	9.0	+5.3
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.6	10	55	8.0	+4.4
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.4	49	16	5.7	+2.1
ICLN	iShares Global Clean Energy ETF	0.4	41	24	4.2	+0.6
SAGP	Strategas Global Policy Opportunities ETF	0.3	65	0	4.5	+0.8
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.3	79	-14	10.4	+6.7
SUPL	ProShares Supply Chain Logistics ETF	0.2	58	7	12.9	+9.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	7	58	6.5	+2.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.2	9	56	5.7	+2.0

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares MSCI India 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	15.3	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	3.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.39

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.