ETF Research Center

iShares MSCI India ETF

ALTAR
Score™

4.4%

Recommen-
dation

UNDERWEIGHT

2024E 2025E
P/E ratio	25.9x	P/Sales ratio	2.7x
P/BV ratio	4.1x	Div. yield	1.2%

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)	$10,410
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	150
Wgt avg mkt cap (mns)	$62,686
Large cap (>$10bn)	89.2%
Mid cap ($2-10bn)	10.2%
Small cap (<$2bn)	0.0%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	41.2 %
RELIANCE INDUSTRIES LTD	13.5 %
HDFC BANK LIMITED	5.2 %
ICICI BANK LTD	5.0 %
INFOSYS TECHNOLOGIES LTD	4.6 %
BHARTI AIRTEL LIMITED	2.9 %
TATA CONSULTANCY SVS LTD	2.7 %
AXIS BANK LIMITED	1.9 %
MAHINDRA & MAHINDRA LTD.	1.9 %
HINDUSTAN UNILEVER LIMITED	1.8 %
LARSEN & TOUBRO LIMITED	1.7 %

TOP COUNTRY EXPOSURE
	INDIA	94.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
11.4%	25.7%	10.9%	6.8%	7.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.58	55%
MSCI EAFE	0.49	41%
MSCI Emg. Mkts.	0.43	31%

Technical Indicators
Recent close	$53.63
30d moving avg.	$56.99
Annualized volatility	13.5%
Short interest (ETF)	11.0%
Relative strength (RSI)	40

Liquidity measures
Avg. volume (thou.)	5,396
Turnover	2.8%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$1,508

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 143 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™:

4.4%

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 (%)
PIN	Invesco India ETF	85.1	78	-13	4.5	+0.1
FLIN	Franklin FTSE India ETF	73.2	19	46	4.7	+0.3
INDY	iShares India 50 ETF	69.0	89	-24	4.6	+0.2
EPI	WisdomTree India Earnings Fund	53.4	85	-20	6.1	+1.7
NFTY	First Trust India NIFTY 50 Equal Weight ETF	49.2	80	-15	6.3	+1.9
EEMO	Invesco S&P Emerging Markets Momentum ETF	39.2	29	36	5.5	+1.2
BKF	iShares MSCI BIC ETF	37.1	69	-4	6.9	+2.6
STXE	Strive Emerging Markets Ex-China ETF	33.0	32	33	7.0	+2.7
RNEM	First Trust Emerging Markets Equity Select ETF	27.7	75	-10	7.6	+3.2
EMXC	iShares MSCI Emerging Markets ex China ETF	26.8	25	40	6.7	+2.3
XCNY	SPDR S&P Emerging Markets ex-China ETF	26.7	15	50	6.3	+1.9
NDIA	Global X India Active ETF	24.6	75	-10	7.2	+2.9
EEMA	iShares MSCI Emerging Markets Asia ETF	24.5	49	16	6.5	+2.2
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	24.3	32	33	6.9	+2.5
EQLT	iShares MSCI Emerging Markets Quality Factor ETF	23.8	35	30	7.4	+3.0
XC	WisdomTree Emerging Markets Ex-China Fund	23.2	32	33	6.0	+1.6
LDEM	iShares ESG MSCI EM Leaders ETF	22.5	17	48	7.6	+3.3
AAXJ	iShares MSCI All Country Asia ex Japan ETF	22.4	70	-5	6.2	+1.8
EMMF	WisdomTree Emerging Markets Multifactor Fund	21.6	48	17	8.8	+4.4
JHEM	John Hancock Multifactor Emerging Markets ETF	21.2	49	16	8.2	+3.8
INDF	Nifty India Financials ETF	20.4	75	-10	5.3	+0.9
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	20.3	25	40	6.6	+2.3
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	20.1	30	35	8.1	+3.8
ECON	Columbia Emerging Markets Consumer ETF	19.9	49	16	7.3	+3.0
EMXF	iShares ESG Advanced MSCI EM ETF	19.8	16	49	6.8	+2.5
ESGE	iShares ESG Aware MSCI EM ETF	19.7	25	40	7.1	+2.8
EEM	iShares MSCI Emerging Markets ETF	19.5	69	-4	6.9	+2.5
FLAX	Franklin FTSE Asia Ex Japan ETF	19.3	19	46	6.9	+2.5
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	19.1	24	41	9.2	+4.9
VWO	Vanguard FTSE Emerging Markets ETF	18.7	8	57	6.9	+2.6
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	18.3	15	50	7.2	+2.9
GMF	SPDR S&P Emerging Asia Pacific ETF	18.1	49	16	6.1	+1.8
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	17.6	32	33	6.2	+1.9
EMGF	iShares Emerging Markets Equity Factor ETF	17.6	25	40	8.5	+4.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	17.5	30	35	7.3	+2.9
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	17.3	36	29	7.8	+3.5
BKEM	BNY Mellon Emerging Markets Equity ETF	17.1	11	54	8.4	+4.0
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	17.0	40	25	8.3	+3.9
IEMG	iShares Core MSCI Emerging Markets ETF	17.0	9	56	7.5	+3.1
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	17.0	45	20	11.0	+6.6
DEHP	Dimensional Emerging Markets High Profitability ETF	16.9	41	24	5.0	+0.6
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	16.9	95	-30	10.5	+6.2
SCHE	Schwab Emerging Markets Equity ETF	16.8	11	54	7.1	+2.8
FEEM	FlexShares ESG & Climate Emerging Markets Core Index ETF	16.4	18	47	6.8	+2.5
NUEM	Nuveen ESG Emerging Markets Equity ETF	16.4	36	29	6.5	+2.1
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	16.4	66	-1	10.0	+5.6
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	16.3	15	50	10.2	+5.9
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	16.1	75	-10	8.2	+3.9
EVLU	iShares MSCI Emerging Markets Value Factor ETF	15.9	35	30	12.4	+8.1
DFEV	Dimensional Emerging Markets Value ETF	15.5	43	22	11.1	+6.7
GLIN	VanEck India Growth Leaders ETF	14.7	77	-12	5.7	+1.3
DFAE	Dimensional Emerging Core Equity Market ETF	14.4	35	30	7.3	+3.0
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	14.0	33	32	8.2	+3.9
SPEM	SPDR Portfolio Emerging Markets ETF	13.7	7	58	7.3	+3.0
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	13.3	20	45	6.8	+2.4
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	13.3	50	15	13.0	+8.6
ROAM	Hartford Multifactor Emerging Markets ETF	13.2	44	21	15.8	+11.4
PXH	Invesco FTSE RAFI Emerging Markets ETF	13.0	49	16	12.2	+7.9
AVES	Avantis Emerging Markets Value ETF	12.9	36	29	11.6	+7.2
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	12.5	88	-23	7.4	+3.1
UEVM	VictoryShares Emerging Markets Value Momentum ETF	11.9	45	20	12.3	+8.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	11.5	38	27	7.8	+3.5
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	11.4	44	21	10.6	+6.3
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	11.3	59	6	11.3	+6.9
AVEM	Avantis Emerging Markets Equity ETF	11.3	33	32	8.9	+4.5
DGIN	VanEck Digital India ETF	11.1	71	-6	0.1	-4.2
MINV	Matthews Asia Innovators Active ETF	11.1	79	-14	3.0	-1.4
FDEM	Fidelity Emerging Markets Multifactor ETF	11.0	25	40	12.3	+8.0
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	10.9	41	24	7.4	+3.1
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	10.6	39	26	12.5	+8.1
EMM	Global X Emerging Markets ex-China ETF	10.3	75	-10	4.2	-0.1
MEM	Matthews Emerging Markets Equity Active ETF	9.9	79	-14	5.4	+1.1
XCEM	Columbia EM Core ex-China ETF	9.7	16	49	7.7	+3.4
FILL	iShares MSCI Global Energy Producers ETF	7.9	39	26	9.6	+5.3
EMC	Global X Emerging Markets Great Consumer ETF	7.8	75	-10	4.5	+0.2
VIGI	Vanguard International Dividend Appreciation ETF	6.6	15	50	6.4	+2.1
INCO	Columbia India Consumer ETF	6.5	75	-10	1.5	-2.8
BIGFX	Baron International Growth Retail	6.1	75	-10	3.1	-1.2
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	6.0	60	5	9.8	+5.5
ACWX	iShares MSCI ACWI ex U.S. ETF	5.9	34	31	7.0	+2.6
ACWV	iShares MSCI Global Min Vol Factor ETF	5.7	20	45	6.3	+2.0
CGXU	Capital Group International Focus Equity ETF	5.4	54	11	4.9	+0.5
IXUS	iShares Core MSCI Total International Stock ETF	5.3	7	58	7.2	+2.8
VXUS	Vanguard Total International Stock ETF	5.3	7	58	7.2	+2.8
VEU	Vanguard FTSE All-World ex-US Index Fund	5.3	8	57	7.3	+2.9
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	5.2	18	47	7.0	+2.7
IPAV	Global X Infrastructure Development ex-U.S. ETF	5.1	55	10	9.7	+5.3
FEM	First Trust Emerging Markets AlphaDEX Fund	4.7	80	-15	13.0	+8.7
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	4.7	41	24	7.4	+3.1
CWI	SPDR MSCI ACWI ex-US ETF	4.4	30	35	6.9	+2.6
VSGX	Vanguard ESG International Stock ETF	4.3	12	53	6.8	+2.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	3.9	30	35	8.0	+3.6
IGRO	iShares International Dividend Growth ETF	3.9	15	50	7.5	+3.2
NXTG	First Trust Indxx NextG ETF	3.8	70	-5	6.2	+1.9
DEM	WisdomTree Emerging Markets High Dividend Fund	3.8	63	2	18.9	+14.5
SCHY	Schwab International Dividend Equity ETF	3.7	14	51	9.3	+5.0
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	3.5	86	-21	1.6	-2.7
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	3.5	86	-21	1.2	-3.1
INQQ	India Internet & Ecommerce ETF	3.5	86	-21	2.6	-1.8
IQDE	FlexShares International Quality Dividend Defensive Index ET	3.5	47	18	14.8	+10.5
PICK	iShares MSCI Global Metals & Mining Producers ETF	3.0	39	26	12.8	+8.5
IQDF	FlexShares International Quality Dividend Index Fund	2.6	47	18	12.9	+8.5
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.6	65	0	8.2	+3.8
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	2.5	42	23	8.1	+3.7
FTAG	First Trust Indxx Global Agriculture ETF	2.3	70	-5	9.7	+5.3
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	2.1	47	18	9.4	+5.0
EYLD	Cambria Emerging Shareholder Yield ETF	2.0	66	-1	13.2	+8.8
ACWI	iShares MSCI ACWI ETF	2.0	32	33	5.3	+0.9
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.9	20	45	5.2	+0.8
DGT	SPDR Global Dow ETF	1.8	50	15	6.8	+2.4
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.8	12	53	4.8	+0.4
GCLN	Goldman Sachs Bloomberg Clean Energy Equity ETF	1.7	45	20	5.7	+1.3
VT	Vanguard Total World Stock ETF	1.7	7	58	5.5	+1.2
KLMT	Invesco MSCI Global Climate 500 ETF	1.6	10	55	5.4	+1.1
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	1.6	60	5	0.5	-3.9
KNCT	Invesco Next Gen Connectivity ETF	1.5	40	25	5.6	+1.2
VYMI	Vanguard International High Dividend Yield ETF	1.5	22	43	9.8	+5.5
VNQI	Vanguard Global ex-U.S. Real Estate ETF	1.4	12	53	8.3	+3.9
DVYE	iShares Emerging Markets Dividend ETF	1.4	49	16	18.8	+14.4
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	1.3	75	-10	2.9	-1.5
OND	ProShares On-Demand ETF	1.3	58	7	-2.2	-6.5
BGAIX	Baron Global Advantage	1.3	75	-10	0.6	-3.8
GLOF	iShares Global Equity Factor ETF	1.2	20	45	7.0	+2.7
XT	iShares Exponential Technologies ETF	1.2	46	19	4.8	+0.4
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	1.2	46	19	9.3	+5.0
CGGO	Capital Group Global Growth Equity ETF	1.1	47	18	4.6	+0.2
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.1	49	16	12.0	+7.7
DEW	WisdomTree Global High Dividend Fund	1.0	58	7	8.5	+4.2
VEGI	iShares MSCI Agriculture Producers ETF	0.9	39	26	9.2	+4.9
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.8	47	18	5.5	+1.1
ICLN	iShares Global Clean Energy ETF	0.7	41	24	6.0	+1.6
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.7	78	-13	9.0	+4.6
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.6	49	16	5.6	+1.3
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.5	70	-5	9.8	+5.4
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	0.5	67	-2	15.0	+10.7
CGW	Invesco S&P Global Water Index ETF	0.5	57	8	4.4	+0.0
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.5	10	55	7.7	+3.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.5	9	56	5.4	+1.0
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.3	58	7	10.2	+5.8
IWTR	iShares MSCI Water Management Multisector ETF	0.2	47	18	5.0	+0.7
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.2	79	-14	10.3	+5.9
ANEW	ProShares MSCI Transformational Changes ETF	0.2	45	20	3.6	-0.8
SUPL	ProShares Supply Chain Logistics ETF	0.2	58	7	14.2	+9.9

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

	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:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.2	%
Divided by: Fwd. P/BV	3.6	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.48

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.