Nifty India Financials ETF
ALTAR
Score™		 6.1% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 15.6x P/Sales
ratio		 4.1x
P/BV
ratio		 2.8x Div.
yield		 1.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
INDF is passively managed to select the top 20 Indian financial services companies by market capitalization.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Exchange Traded Concepts
Website www.indiafinancials.com
Inception date Oct 20, 2020
Assets (mns) $8
Currency USD
Expense ratio 75 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 23
Wgt avg mkt cap (mns) $51,824
Large cap (>$10bn) 87.5%
Mid cap ($2-10bn) 11.7%
Small cap (<$2bn) 0.8%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
ICICI BANK LTD 20.1 %
HDFC BANK LIMITED 15.6 %
AXIS BANK LIMITED 8.5 %
STATE BANK OF INDIA 5.5 %
SHRIRAM TRANSPORT FINANCE 5.2 %
SBI LIFE INSURANCE CO. LTD. 5.0 %
POWER FINANCE CORPORATION 4.5 %
BAJAJ FINSERV LTD 4.4 %
RURAL ELECTRIFICATION CORP 4.3 %
HDFC LIFE INSURANCE CO. LTD. 4.2 %
Total 77.3 %

TOP COUNTRY EXPOSURE
INDIA 101.6 %










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.
-1.0% 23.5% -- -- 9.5%

Market Correlations
versus... Beta R-squared
S&P500 0.52 33%
MSCI EAFE 0.54 33%
MSCI Emg. Mkts. 0.44 23%

Technical Indicators
Recent close $34.89
30d moving avg. $36.22
Annualized volatility 16.1%
Short interest (ETF) 0.5%
Relative strength (RSI) 79

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.9%
Bid/Ask (% of price) 0.75%
ADV underlying (mns) $194

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Nifty India Financials ETF ETF based on the alternatives' overlap in portfolio holdings with INDF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: INDF Expense: 75 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH INDF
Ticker Fund
Name		 Overlap1
vs INDF
(%)		 Expense
ratio
(bp)		 Savings
vs INDF
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs INDF
(%)
INDY iShares India 50 ETF 32.1 89 -14 3.8 -2.3
INDA iShares MSCI India ETF 21.2 65 10 3.7 -2.4
NFTY First Trust India NIFTY 50 Equal Weight ETF 20.2 80 -5 6.3 +0.2
EPI WisdomTree India Earnings Fund 16.6 85 -10 6.8 +0.7
FLIN Franklin FTSE India ETF 16.2 19 56 5.3 -0.8
PIN Invesco India ETF 15.2 78 -3 3.9 -2.3
NDIA Global X India Active ETF 14.8 75 0 6.6 +0.5
GLIN VanEck India Growth Leaders ETF 14.0 77 -2 5.4 -0.7
STXE Strive Emerging Markets Ex-China ETF 8.4 32 43 7.0 +0.8
RNEM First Trust Emerging Markets Equity Select ETF 8.3 75 0 8.4 +2.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 7.9 95 -20 11.6 +5.5
MINV Matthews Asia Innovators Active ETF 7.0 79 -4 2.9 -3.2
XC WisdomTree Emerging Markets Ex-China Fund 5.9 32 43 6.2 +0.1
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 5.7 24 51 7.2 +1.1
EMDM First Trust Bloomberg Emerging Market Democracies ETF 5.3 75 0 9.8 +3.6
BKF iShares MSCI BIC ETF 5.2 69 6 7.4 +1.2
EMXF iShares ESG Advanced MSCI EM ETF 5.1 16 59 7.6 +1.5
INQQ India Internet & Ecommerce ETF 5.0 86 -11 11.0 +4.9
EEMA iShares MSCI Emerging Markets Asia ETF 4.9 49 26 6.8 +0.7
EMXC iShares MSCI Emerging Markets ex China ETF 4.9 25 50 6.7 +0.6
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 4.7 86 -11 2.0 -4.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 4.6 15 60 7.2 +1.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 4.5 33 42 7.3 +1.1
JHEM John Hancock Multifactor Emerging Markets ETF 4.5 49 26 8.5 +2.4
AAXJ iShares MSCI All Country Asia ex Japan ETF 4.5 70 5 6.5 +0.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 4.2 30 45 7.6 +1.5
GMF SPDR S&P Emerging Asia Pacific ETF 4.2 49 26 6.5 +0.4
ESGE iShares ESG Aware MSCI EM ETF 3.8 25 50 7.8 +1.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 3.7 66 9 7.4 +1.2
FLAX Franklin FTSE Asia Ex Japan ETF 3.7 19 56 7.3 +1.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 3.7 36 39 7.6 +1.5
BKEM BNY Mellon Emerging Markets Equity ETF 3.6 11 64 7.8 +1.7
EMGF iShares Emerging Markets Equity Factor ETF 3.6 25 50 8.8 +2.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.5 32 43 6.4 +0.2
EEMO Invesco S&P Emerging Markets Momentum ETF 3.2 29 46 6.3 +0.1
EEM iShares MSCI Emerging Markets ETF 3.1 69 6 7.1 +1.0
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 3.1 88 -13 6.3 +0.1
IEMG iShares Core MSCI Emerging Markets ETF 2.9 9 66 7.7 +1.5
SPEM SPDR Portfolio Emerging Markets ETF 2.9 7 68 7.6 +1.5
VWO Vanguard FTSE Emerging Markets ETF 2.9 8 67 7.7 +1.6
CGXU Capital Group International Focus Equity ETF 2.9 54 21 4.2 -2.0
NUEM Nuveen ESG Emerging Markets Equity ETF 2.7 36 39 6.9 +0.8
ROAM Hartford Multifactor Emerging Markets ETF 2.7 44 31 11.8 +5.7
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 2.6 86 -11 2.1 -4.0
EMMF WisdomTree Emerging Markets Multifactor Fund 2.6 48 27 9.4 +3.3
LDEM iShares ESG MSCI EM Leaders ETF 2.5 17 58 7.9 +1.8
SCHE Schwab Emerging Markets Equity ETF 2.4 11 64 7.7 +1.6
DFEV Dimensional Emerging Markets Value ETF 2.4 43 32 11.1 +5.0
FEM First Trust Emerging Markets AlphaDEX Fund 2.4 80 -5 16.5 +10.4
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 2.4 32 43 7.7 +1.6
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.3 20 55 7.7 +1.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.3 45 30 8.7 +2.6
FDEM Fidelity Emerging Markets Multifactor ETF 2.3 25 50 12.1 +6.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.3 59 16 9.7 +3.6
PXH Invesco FTSE RAFI Emerging Markets ETF 2.2 49 26 12.7 +6.6
DFAE Dimensional Emerging Core Equity Market ETF 1.9 35 40 7.8 +1.7
MEM Matthews Emerging Markets Equity Active ETF 1.9 79 -4 5.9 -0.2
IQDE FlexShares International Quality Dividend Defensive Index ET 1.9 47 28 10.9 +4.7
IQDF FlexShares International Quality Dividend Index Fund 1.9 47 28 10.9 +4.7
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.8 47 28 10.4 +4.3
AVEM Avantis Emerging Markets Equity ETF 1.8 33 42 9.3 +3.2
AVES Avantis Emerging Markets Value ETF 1.7 36 39 12.3 +6.1
LEGR First Trust Indxx Innovative Transaction & Process ETF 1.5 65 10 8.6 +2.4
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.4 38 37 8.4 +2.2
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.3 45 30 12.9 +6.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.2 50 25 10.7 +4.5
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 1.1 40 35 7.2 +1.1
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.1 41 34 7.9 +1.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.0 41 34 6.8 +0.6
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.0 39 36 12.8 +6.7
VSGX Vanguard ESG International Stock ETF 1.0 12 63 6.9 +0.8
ACWX iShares MSCI ACWI ex U.S. ETF 1.0 34 41 6.8 +0.7
SMIN iShares MSCI India Small Cap ETF 1.0 79 -4 4.5 -1.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.9 30 45 8.7 +2.5
IXUS iShares Core MSCI Total International Stock ETF 0.9 7 68 7.0 +0.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.8 8 67 7.3 +1.2
CWI SPDR MSCI ACWI ex-US ETF 0.8 30 45 6.9 +0.8
VXUS Vanguard Total International Stock ETF 0.7 7 68 7.2 +1.1
CGGO Capital Group Global Growth Equity ETF 0.6 47 28 4.3 -1.8
DEHP Dimensional Emerging Markets High Profitability ETF 0.5 41 34 7.4 +1.3
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.4 25 50 7.1 +0.9
GLOF iShares Global Equity Factor ETF 0.4 20 55 7.1 +1.0
DGIN VanEck Digital India ETF 0.4 71 4 1.6 -4.5
ACWI iShares MSCI ACWI ETF 0.4 32 43 5.5 -0.6
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.4 30 45 7.9 +1.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.3 12 63 5.1 -1.0
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.3 44 31 10.4 +4.3
VT Vanguard Total World Stock ETF 0.3 7 68 5.9 -0.3
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.3 70 5 7.3 +1.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 55 5.7 -0.5
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 0.2 18 57 8.0 +1.8
XCEM Columbia EM Core ex-China ETF 0.1 16 59 7.4 +1.3
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.1 42 33 6.9 +0.7
VYMI Vanguard International High Dividend Yield ETF 0.1 22 53 9.9 +3.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 66 5.8 -0.4
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 10 7.7 +1.6
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 7 68 6.6 +0.4
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.0 58 17 10.2 +4.0

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 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
  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:		 Nifty India Financials 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 18.1 %
Divided by: Fwd. P/BV 2.6 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.23 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.
 

 

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.