Nifty India Financials ETF
ALTAR
Score™		 6.6% info Recommen-
dation		 UNDERWEIGHT
2025E    2026E
P/E
ratio		 16.3x P/Sales
ratio		 4.1x
P/BV
ratio		 2.5x 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) $10
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) $59,446
Large cap (>$10bn) 88.9%
Mid cap ($2-10bn) 11.1%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
ICICI BANK LTD 18.5 %
HDFC BANK LIMITED 18.1 %
STATE BANK OF INDIA 7.5 %
BAJAJ FINANCE LIMITED 5.6 %
BAJAJ FINSERV LTD 5.1 %
SHRIRAM FINANCE LTD 5.0 %
KOTAK MAHINDRA BANK LTD 4.9 %
AXIS BANK LIMITED 4.5 %
HDFC LIFE INSURANCE CO. LTD. 4.3 %
SBI LIFE INSURANCE CO. LTD. 4.1 %
Total 77.6 %

TOP COUNTRY EXPOSURE
INDIA 95.9 %










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.
-4.2% -3.0% -- -- 10.0%

Market Correlations
versus... Beta R-squared
S&P500 0.57 41%
MSCI EAFE 0.47 29%
MSCI Emg. Mkts. 0.44 25%

Technical Indicators
Recent close $36.76
30d moving avg. $34.73
Annualized volatility 15.3%
Short interest (ETF) 0.5%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 4
Turnover 1.5%
Bid/Ask (% of price) 0.75%
ADV underlying (mns) $166

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 102 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™: 6.6%


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 33.9 89 -14 4.6 -1.9
INDA iShares MSCI India ETF 24.0 65 10 4.3 -2.3
PIN Invesco India ETF 21.5 78 -3 4.3 -2.3
FLIN Franklin FTSE India ETF 20.9 19 56 3.9 -2.7
EPI WisdomTree India Earnings Fund 19.2 85 -10 4.7 -1.9
NFTY First Trust India NIFTY 50 Equal Weight ETF 18.6 80 -5 4.8 -1.7
NDIA Global X India Active ETF 18.3 75 0 4.7 -1.9
GLIN VanEck India Growth Leaders ETF 12.3 77 -2 6.4 -0.2
STXE Strive Emerging Markets Ex-China ETF 9.3 32 43 8.2 +1.6
RNEM First Trust Emerging Markets Equity Select ETF 9.2 75 0 1.0 -5.6
BKF iShares MSCI BIC ETF 7.6 69 6 13.0 +6.4
MINV Matthews Asia Innovators Active ETF 7.3 79 -4 7.7 +1.2
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 6.4 20 55 11.3 +4.7
EMXF iShares ESG Advanced MSCI EM ETF 6.3 16 59 8.4 +1.9
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 6.3 95 -20 13.1 +6.5
EMXC iShares MSCI Emerging Markets ex China ETF 6.1 25 50 8.0 +1.4
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 5.8 24 51 8.3 +1.8
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 5.6 86 -11 0.4 -6.2
INQQ India Internet & Ecommerce ETF 5.6 86 -11 1.1 -5.5
XCNY SPDR S&P Emerging Markets ex-China ETF 5.5 15 60 0.0 -6.6
XC WisdomTree Emerging Markets Ex-China Fund 5.4 32 43 5.5 -1.1
EEMA iShares MSCI Emerging Markets Asia ETF 5.2 49 26 10.7 +4.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 4.8 70 5 9.8 +3.3
EMDM First Trust Bloomberg Emerging Market Democracies ETF 4.8 75 0 10.3 +3.7
ESGE iShares ESG Aware MSCI EM ETF 4.7 25 50 10.7 +4.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 4.5 30 45 10.6 +4.0
LDEM iShares ESG MSCI EM Leaders ETF 4.4 17 58 12.9 +6.3
JHEM John Hancock Multifactor Emerging Markets ETF 4.4 49 26 10.5 +4.0
FLAX Franklin FTSE Asia Ex Japan ETF 4.2 19 56 10.8 +4.3
EEM iShares MSCI Emerging Markets ETF 4.1 69 6 10.7 +4.2
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 4.1 33 42 10.6 +4.0
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 4.1 66 9 10.2 +3.6
BKEM BNY Mellon Emerging Markets Equity ETF 4.0 11 64 11.8 +5.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 3.9 36 39 11.2 +4.6
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 3.8 15 60 10.8 +4.2
GMF SPDR S&P Emerging Asia Pacific ETF 3.8 49 26 10.0 +3.5
VWO Vanguard FTSE Emerging Markets ETF 3.7 8 67 10.9 +4.3
IEMG iShares Core MSCI Emerging Markets ETF 3.6 9 66 10.9 +4.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 3.5 86 -11 13.7 +7.2
FDEM Fidelity Emerging Markets Multifactor ETF 3.2 25 50 13.5 +7.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.2 45 30 11.0 +4.5
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.2 32 43 7.0 +0.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.1 32 43 9.6 +3.0
EMGF iShares Emerging Markets Equity Factor ETF 3.0 25 50 12.4 +5.9
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 3.0 15 60 8.6 +2.0
ECON Columbia Emerging Markets Consumer ETF 2.8 49 26 12.9 +6.4
SPEM SPDR Portfolio Emerging Markets ETF 2.8 7 68 10.9 +4.4
AVES Avantis Emerging Markets Value ETF 2.7 36 39 12.2 +5.6
EMMF WisdomTree Emerging Markets Multifactor Fund 2.6 48 27 7.8 +1.2
SCHE Schwab Emerging Markets Equity ETF 2.4 11 64 11.6 +5.0
DFEV Dimensional Emerging Markets Value ETF 2.3 43 32 14.5 +7.9
AVEM Avantis Emerging Markets Equity ETF 2.2 33 42 9.7 +3.1
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.1 59 16 13.7 +7.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 2.0 40 35 5.6 -1.0
PXH Invesco FTSE RAFI Emerging Markets ETF 2.0 49 26 16.7 +10.1
EEMO Invesco S&P Emerging Markets Momentum ETF 2.0 29 46 6.2 -0.4
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.9 88 -13 10.3 +3.7
NUEM Nuveen ESG Emerging Markets Equity ETF 1.9 36 39 8.1 +1.6
DFAE Dimensional Emerging Core Equity Market ETF 1.6 35 40 10.2 +3.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.5 30 45 9.3 +2.8
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.4 25 50 6.5 -0.1
VSGX Vanguard ESG International Stock ETF 1.3 12 63 8.2 +1.6
LEGR First Trust Indxx Innovative Transaction & Process ETF 1.3 65 10 8.6 +2.0
ACWX iShares MSCI ACWI ex U.S. ETF 1.2 34 41 8.1 +1.6
EVLU iShares MSCI Emerging Markets Value Factor ETF 1.2 35 40 21.6 +15.0
SMIN iShares MSCI India Small Cap ETF 1.2 79 -4 3.3 -3.3
XCEM Columbia EM Core ex-China ETF 1.2 16 59 8.5 +1.9
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.2 18 57 8.1 +1.6
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.1 38 37 9.9 +3.4
VEU Vanguard FTSE All-World ex-US Index Fund 1.1 8 67 8.5 +1.9
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.1 50 25 11.6 +5.0
IXUS iShares Core MSCI Total International Stock ETF 1.1 7 68 8.3 +1.7
JIG JPMorgan International Growth ETF 1.1 55 20 4.8 -1.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.1 41 34 7.1 +0.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.0 39 36 16.9 +10.4
VXUS Vanguard Total International Stock ETF 1.0 7 68 8.3 +1.7
MEM Matthews Emerging Markets Equity Active ETF 1.0 79 -4 8.5 +1.9
CWI SPDR MSCI ACWI ex-US ETF 0.9 30 45 8.2 +1.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.9 41 34 9.4 +2.8
CGXU Capital Group International Focus Equity ETF 0.9 54 21 5.9 -0.7
IQDF FlexShares International Quality Dividend Index Fund 0.7 47 28 9.5 +3.0
DGIN VanEck Digital India ETF 0.7 71 4 2.0 -4.6
ROAM Hartford Multifactor Emerging Markets ETF 0.7 44 31 11.3 +4.7
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.6 47 28 9.0 +2.4
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.6 80 -5 13.6 +7.0
KLMT Invesco MSCI Global Climate 500 ETF 0.5 10 65 6.1 -0.5
ACWI iShares MSCI ACWI ETF 0.4 32 43 6.1 -0.5
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.4 45 30 11.1 +4.5
VT Vanguard Total World Stock ETF 0.4 7 68 6.4 -0.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 33 6.8 +0.2
FEM First Trust Emerging Markets AlphaDEX Fund 0.3 80 -5 13.8 +7.3
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.3 70 5 7.8 +1.2
GLOF iShares Global Equity Factor ETF 0.3 20 55 7.0 +0.4
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 45 8.6 +2.1
DEHP Dimensional Emerging Markets High Profitability ETF 0.3 41 34 6.5 -0.0
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.3 12 63 5.2 -1.4
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.2 44 31 11.0 +4.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 55 6.3 -0.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 66 6.0 -0.6
VYMI Vanguard International High Dividend Yield ETF 0.1 22 53 10.0 +3.4
IGRO iShares International Dividend Growth ETF 0.1 15 60 7.3 +0.7
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 7 68 7.0 +0.5

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:		 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 17.6 %
Divided by: Fwd. P/BV 2.4 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 6.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.34 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.