Nifty India Financials ETF
ALTAR
Score™
5.3% info Recommen-
dation
UNDERWEIGHT
2024E    2025E
P/E
ratio
17.8x P/Sales
ratio
4.9x
P/BV
ratio
3.1x Div.
yield
1.1%


  • 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) $59,554
Large cap (>$10bn) 95.0%
Mid cap ($2-10bn) 5.0%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
ICICI BANK LTD 18.8 %
HDFC BANK LIMITED 17.6 %
AXIS BANK LIMITED 8.3 %
SBI LIFE INSURANCE CO. LTD. 5.2 %
POWER FINANCE CORPORATION 5.1 %
RURAL ELECTRIFICATION CORP 5.1 %
HDFC LIFE INSURANCE CO. LTD. 4.8 %
STATE BANK OF INDIA 4.7 %
KOTAK MAHINDRA BANK LTD 4.7 %
BAJAJ FINSERV LTD 4.5 %
Total 78.8 %

TOP COUNTRY EXPOSURE
INDIA 99.7 %










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.
9.0% 21.2% -- -- 10.7%

Market Correlations
versus... Beta R-squared
S&P500 0.54 38%
MSCI EAFE 0.45 28%
MSCI Emg. Mkts. 0.45 27%

Technical Indicators
Recent close $38.05
30d moving avg. $39.73
Annualized volatility 15.1%
Short interest (ETF) 0.0%
Relative strength (RSI) 47

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.4%
Bid/Ask (% of price) 0.75%
ADV underlying (mns) $308

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 101 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™: 5.3%


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 29.3 89 -14 4.6 -0.7
INDA iShares MSCI India ETF 20.4 65 10 4.4 -0.9
PIN Invesco India ETF 19.4 78 -3 4.5 -0.8
NFTY First Trust India NIFTY 50 Equal Weight ETF 17.7 80 -5 6.3 +1.0
FLIN Franklin FTSE India ETF 17.4 19 56 4.7 -0.6
EPI WisdomTree India Earnings Fund 16.1 85 -10 6.1 +0.8
NDIA Global X India Active ETF 14.2 75 0 7.2 +2.0
GLIN VanEck India Growth Leaders ETF 9.5 77 -2 5.7 +0.4
STXE Strive Emerging Markets Ex-China ETF 9.3 32 43 7.0 +1.8
RNEM First Trust Emerging Markets Equity Select ETF 9.3 75 0 7.6 +2.3
BKF iShares MSCI BIC ETF 8.0 69 6 6.9 +1.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 6.9 95 -20 10.5 +5.3
ECON Columbia Emerging Markets Consumer ETF 6.6 49 26 7.3 +2.1
EMXF iShares ESG Advanced MSCI EM ETF 6.2 16 59 6.8 +1.6
EQLT iShares MSCI Emerging Markets Quality Factor ETF 5.8 35 40 7.4 +2.1
EMXC iShares MSCI Emerging Markets ex China ETF 5.7 25 50 6.7 +1.4
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 5.7 24 51 9.2 +4.0
XCNY SPDR S&P Emerging Markets ex-China ETF 5.6 15 60 6.3 +1.0
MINV Matthews Asia Innovators Active ETF 5.5 79 -4 3.0 -2.3
EEMA iShares MSCI Emerging Markets Asia ETF 5.2 49 26 6.5 +1.3
XC WisdomTree Emerging Markets Ex-China Fund 5.1 32 43 6.0 +0.7
EMDM First Trust Bloomberg Emerging Market Democracies ETF 5.0 75 0 8.2 +3.0
ESGE iShares ESG Aware MSCI EM ETF 4.9 25 50 7.1 +1.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 4.8 70 5 6.2 +0.9
JHEM John Hancock Multifactor Emerging Markets ETF 4.8 49 26 8.2 +2.9
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 4.7 30 45 7.3 +2.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 4.5 33 42 8.2 +3.0
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 4.4 86 -11 1.2 -4.0
INQQ India Internet & Ecommerce ETF 4.4 86 -11 2.6 -2.7
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 4.4 15 60 7.2 +2.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 4.3 36 39 7.8 +2.6
FLAX Franklin FTSE Asia Ex Japan ETF 4.3 19 56 6.9 +1.6
BKEM BNY Mellon Emerging Markets Equity ETF 4.2 11 64 8.4 +3.1
EEM iShares MSCI Emerging Markets ETF 4.2 69 6 6.9 +1.6
GMF SPDR S&P Emerging Asia Pacific ETF 4.1 49 26 6.1 +0.9
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 4.0 88 -13 7.4 +2.2
LDEM iShares ESG MSCI EM Leaders ETF 3.9 17 58 7.6 +2.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 3.8 66 9 10.0 +4.7
VWO Vanguard FTSE Emerging Markets ETF 3.7 8 67 6.9 +1.7
IEMG iShares Core MSCI Emerging Markets ETF 3.7 9 66 7.5 +2.2
EMGF iShares Emerging Markets Equity Factor ETF 3.6 25 50 8.5 +3.2
MEM Matthews Emerging Markets Equity Active ETF 3.6 79 -4 5.4 +0.2
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 3.4 15 60 10.2 +5.0
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 3.2 86 -11 1.6 -3.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.0 32 43 6.2 +1.0
NUEM Nuveen ESG Emerging Markets Equity ETF 3.0 36 39 6.5 +1.2
SPEM SPDR Portfolio Emerging Markets ETF 2.9 7 68 7.3 +2.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.8 45 30 11.0 +5.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.7 59 16 11.3 +6.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.7 20 55 6.8 +1.5
AVES Avantis Emerging Markets Value ETF 2.6 36 39 11.6 +6.3
SCHE Schwab Emerging Markets Equity ETF 2.6 11 64 7.1 +1.9
FDEM Fidelity Emerging Markets Multifactor ETF 2.6 25 50 12.3 +7.1
DFEV Dimensional Emerging Markets Value ETF 2.3 43 32 11.1 +5.8
PXH Invesco FTSE RAFI Emerging Markets ETF 2.3 49 26 12.2 +7.0
EEMO Invesco S&P Emerging Markets Momentum ETF 2.2 29 46 5.5 +0.3
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.2 45 30 12.3 +7.1
AVEM Avantis Emerging Markets Equity ETF 2.1 33 42 8.9 +3.6
CGXU Capital Group International Focus Equity ETF 1.9 54 21 4.9 -0.4
DFAE Dimensional Emerging Core Equity Market ETF 1.9 35 40 7.3 +2.1
IQDE FlexShares International Quality Dividend Defensive Index ET 1.8 47 28 14.8 +9.6
EVLU iShares MSCI Emerging Markets Value Factor ETF 1.5 35 40 12.4 +7.2
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 1.5 40 35 8.3 +3.0
LEGR First Trust Indxx Innovative Transaction & Process ETF 1.4 65 10 8.2 +2.9
VSGX Vanguard ESG International Stock ETF 1.4 12 63 6.8 +1.5
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.4 50 25 13.0 +7.7
XCEM Columbia EM Core ex-China ETF 1.3 16 59 7.7 +2.5
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.3 38 37 7.8 +2.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.3 18 57 7.0 +1.8
ACWX iShares MSCI ACWI ex U.S. ETF 1.3 34 41 7.0 +1.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.2 30 45 8.1 +2.9
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.2 25 50 6.6 +1.4
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.2 39 36 12.5 +7.2
VEU Vanguard FTSE All-World ex-US Index Fund 1.2 8 67 7.3 +2.0
IXUS iShares Core MSCI Total International Stock ETF 1.1 7 68 7.2 +1.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.1 41 34 7.4 +2.2
CGGO Capital Group Global Growth Equity ETF 1.1 47 28 4.6 -0.7
VXUS Vanguard Total International Stock ETF 1.1 7 68 7.2 +1.9
IQDF FlexShares International Quality Dividend Index Fund 1.0 47 28 12.9 +7.6
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.0 47 28 9.4 +4.1
ROAM Hartford Multifactor Emerging Markets ETF 1.0 44 31 15.8 +10.5
CWI SPDR MSCI ACWI ex-US ETF 0.9 30 45 6.9 +1.7
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.9 41 34 7.4 +2.2
SMIN iShares MSCI India Small Cap ETF 0.8 79 -4 3.5 -1.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 0.5 32 43 6.9 +1.6
DEHP Dimensional Emerging Markets High Profitability ETF 0.5 41 34 5.0 -0.3
KLMT Invesco MSCI Global Climate 500 ETF 0.5 10 65 5.4 +0.2
FEM First Trust Emerging Markets AlphaDEX Fund 0.5 80 -5 13.0 +7.8
EMMF WisdomTree Emerging Markets Multifactor Fund 0.5 48 27 8.8 +3.5
ACWI iShares MSCI ACWI ETF 0.4 32 43 5.3 +0.0
GLOF iShares Global Equity Factor ETF 0.4 20 55 7.0 +1.8
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.4 44 31 10.6 +5.4
VT Vanguard Total World Stock ETF 0.4 7 68 5.5 +0.3
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.4 30 45 8.0 +2.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.3 12 63 4.8 -0.5
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.2 70 5 7.7 +2.5
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 0.2 18 57 6.8 +1.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 55 5.2 -0.1
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.1 42 33 8.1 +2.8
VYMI Vanguard International High Dividend Yield ETF 0.1 22 53 9.8 +4.6
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 66 5.4 +0.1

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 16.4 %
Divided by: Fwd. P/BV 2.7 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 5.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.36 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.
 

 

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.