ETF Research Center

iShares India 50 ETF

ALTAR
Score™

4.9%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	18.8x	P/Sales ratio	2.4x
P/BV ratio	2.8x	Div. yield	1.9%

Description
Performance
Comps
Fundamentals
Valuation
Rating

iShares S&P India Nifty 50 Index Fund investment results that correspond to the price and yield performance of the S&P CNX Nifty Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Nov 18, 2009
Assets (mns)	$617
Currency	USD
Expense ratio	89 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	50
Wgt avg mkt cap (mns)	$68,422
Large cap (>$10bn)	98.6%
Mid cap ($2-10bn)	1.4%
Small cap (<$2bn)	0.0%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	56.8 %
HDFC BANK LIMITED	12.7 %
ICICI BANK LTD	8.6 %
RELIANCE INDUSTRIES LTD	8.2 %
INFOSYS TECHNOLOGIES LTD	6.6 %
BHARTI AIRTEL LIMITED	4.3 %
ITC LTD	3.7 %
LARSEN & TOUBRO LIMITED	3.7 %
TATA CONSULTANCY SVS LTD	3.5 %
AXIS BANK LIMITED	2.8 %
KOTAK MAHINDRA BANK LTD	2.8 %

TOP COUNTRY EXPOSURE
	INDIA	96.9 %

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.4%	-4.9%	8.6%	5.1%	5.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.56	58%
MSCI EAFE	0.47	41%
MSCI Emg. Mkts.	0.43	34%

Technical Indicators
Recent close	$48.57
30d moving avg.	$48.91
Annualized volatility	12.7%
Short interest (ETF)	1.7%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	325
Turnover	2.6%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$503

FINDING ALTERNATIVE FUNDS

Below is a list of 127 potential alternatives to the iShares India 50 ETF ETF based on the alternatives' overlap in portfolio holdings with INDY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

INDY

Expense:

89 bp

ALTAR Score™:

4.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH INDY
Ticker	Fund Name	Overlap¹ vs INDY (%)	Expense ratio (bp)	Savings vs INDY (bp)	ALTAR Score™ (%)	ALTAR vs INDY (%)
PIN	Invesco India ETF	68.0	78	11	4.6	-0.3
INDA	iShares MSCI India ETF	66.7	65	24	4.6	-0.3
NFTY	First Trust India NIFTY 50 Equal Weight ETF	59.0	80	9	5.1	+0.3
FLIN	Franklin FTSE India ETF	56.1	19	70	4.1	-0.8
EPI	WisdomTree India Earnings Fund	51.1	85	4	5.0	+0.1
INDF	Nifty India Financials ETF	33.9	75	14	6.8	+1.9
NDIA	Global X India Active ETF	32.5	75	14	5.0	+0.1
EEMO	Invesco S&P Emerging Markets Momentum ETF	25.7	29	60	6.7	+1.8
STXE	Strive Emerging Markets Ex-China ETF	24.7	32	57	8.8	+3.9
RNEM	First Trust Emerging Markets Equity Select ETF	23.2	75	14	1.1	-3.8
BKF	iShares MSCI BIC ETF	21.2	69	20	14.1	+9.2
GLIN	VanEck India Growth Leaders ETF	19.0	77	12	6.8	+1.9
EMXC	iShares MSCI Emerging Markets ex China ETF	17.1	25	64	8.6	+3.7
INCO	Columbia India Consumer ETF	16.5	75	14	1.9	-3.0
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	16.5	24	65	9.0	+4.2
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	16.1	32	57	7.6	+2.7
XCNY	SPDR S&P Emerging Markets ex-China ETF	15.8	15	74	0.0	-4.9
XC	WisdomTree Emerging Markets Ex-China Fund	15.2	32	57	6.0	+1.1
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	14.7	40	49	5.9	+1.0
EEMA	iShares MSCI Emerging Markets Asia ETF	14.5	49	40	11.7	+6.8
LDEM	iShares ESG MSCI EM Leaders ETF	14.2	17	72	13.9	+9.0
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	13.8	25	64	6.8	+1.9
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	13.8	20	69	12.3	+7.4
AAXJ	iShares MSCI All Country Asia ex Japan ETF	13.2	70	19	10.7	+5.8
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	13.1	95	-6	14.2	+9.3
NUEM	Nuveen ESG Emerging Markets Equity ETF	13.1	36	53	8.7	+3.8
JHEM	John Hancock Multifactor Emerging Markets ETF	13.0	49	40	11.4	+6.5
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	12.6	75	14	11.3	+6.4
EVLU	iShares MSCI Emerging Markets Value Factor ETF	12.3	35	54	23.4	+18.6
ECON	Columbia Emerging Markets Consumer ETF	12.2	49	40	14.1	+9.2
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	11.5	30	59	10.0	+5.1
EEM	iShares MSCI Emerging Markets ETF	11.5	69	20	11.7	+6.8
FLAX	Franklin FTSE Asia Ex Japan ETF	11.2	19	70	11.7	+6.8
ESGE	iShares ESG Aware MSCI EM ETF	11.1	25	64	11.6	+6.7
EMMF	WisdomTree Emerging Markets Multifactor Fund	11.1	48	41	8.4	+3.5
VWO	Vanguard FTSE Emerging Markets ETF	10.9	8	81	11.8	+6.9
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	10.8	15	74	11.6	+6.7
EMGF	iShares Emerging Markets Equity Factor ETF	10.7	25	64	13.4	+8.5
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	10.6	30	59	11.5	+6.6
GMF	SPDR S&P Emerging Asia Pacific ETF	10.5	49	40	10.9	+6.0
BKEM	BNY Mellon Emerging Markets Equity ETF	10.5	11	78	12.9	+8.0
EMXF	iShares ESG Advanced MSCI EM ETF	10.5	16	73	9.1	+4.2
SCHE	Schwab Emerging Markets Equity ETF	10.5	11	78	12.5	+7.6
DGIN	VanEck Digital India ETF	10.4	71	18	2.2	-2.7
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	10.4	36	53	12.1	+7.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	10.4	15	74	9.3	+4.4
FDEM	Fidelity Emerging Markets Multifactor ETF	10.2	25	64	14.3	+9.5
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	10.2	66	23	11.0	+6.1
IEMG	iShares Core MSCI Emerging Markets ETF	9.9	9	80	11.8	+6.9
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	9.9	32	57	10.5	+5.6
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	9.7	33	56	11.6	+6.7
DEHP	Dimensional Emerging Markets High Profitability ETF	9.2	41	48	7.1	+2.3
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	8.9	50	39	12.4	+7.5
EMM	Global X Emerging Markets ex-China ETF	8.8	75	14	5.5	+0.6
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	8.7	45	44	11.9	+7.0
MINV	Matthews Asia Innovators Active ETF	8.3	79	10	8.6	+3.7
DFEV	Dimensional Emerging Markets Value ETF	8.2	43	46	15.6	+10.7
PXH	Invesco FTSE RAFI Emerging Markets ETF	8.2	49	40	18.0	+13.2
SPEM	SPDR Portfolio Emerging Markets ETF	8.2	7	82	11.8	+6.9
ROAM	Hartford Multifactor Emerging Markets ETF	8.0	44	45	12.2	+7.3
AVES	Avantis Emerging Markets Value ETF	7.9	36	53	13.1	+8.3
DFAE	Dimensional Emerging Core Equity Market ETF	7.5	35	54	11.0	+6.1
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	7.5	39	50	18.3	+13.5
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	6.8	44	45	11.7	+6.8
AVEM	Avantis Emerging Markets Equity ETF	6.3	33	56	10.5	+5.6
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	6.2	88	1	11.1	+6.2
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	6.1	60	29	8.4	+3.5
UEVM	VictoryShares Emerging Markets Value Momentum ETF	6.0	45	44	11.9	+7.0
XCEM	Columbia EM Core ex-China ETF	6.0	16	73	9.2	+4.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	5.9	38	51	10.7	+5.8
IPAV	Global X Infrastructure Development ex-U.S. ETF	5.8	55	34	4.9	+0.0
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	5.7	59	30	14.7	+9.8
VIGI	Vanguard International Dividend Appreciation ETF	5.1	15	74	6.7	+1.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	4.9	41	48	10.1	+5.2
EMC	Global X Emerging Markets Great Consumer ETF	4.5	75	14	9.2	+4.4
MEM	Matthews Emerging Markets Equity Active ETF	4.5	79	10	9.3	+4.4
FILL	iShares MSCI Global Energy Producers ETF	3.7	39	50	13.3	+8.5
CGXU	Capital Group International Focus Equity ETF	3.6	54	35	6.6	+1.7
NXTG	First Trust Indxx NextG ETF	3.5	70	19	6.5	+1.6
ACWX	iShares MSCI ACWI ex U.S. ETF	3.4	34	55	8.9	+4.0
ACWV	iShares MSCI Global Min Vol Factor ETF	3.3	20	69	8.0	+3.1
SCHY	Schwab International Dividend Equity ETF	3.1	14	75	10.3	+5.4
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	3.1	18	71	8.8	+4.0
VEU	Vanguard FTSE All-World ex-US Index Fund	3.1	8	81	9.2	+4.3
IXUS	iShares Core MSCI Total International Stock ETF	3.0	7	82	9.0	+4.2
VXUS	Vanguard Total International Stock ETF	2.9	7	82	9.0	+4.1
PICK	iShares MSCI Global Metals & Mining Producers ETF	2.8	39	50	16.4	+11.5
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	2.7	41	48	7.9	+3.0
VSGX	Vanguard ESG International Stock ETF	2.6	12	77	8.9	+4.0
IGRO	iShares International Dividend Growth ETF	2.6	15	74	7.8	+2.9
CWI	SPDR MSCI ACWI ex-US ETF	2.5	30	59	8.9	+4.1
FTAG	First Trust Indxx Global Agriculture ETF	2.3	70	19	8.9	+4.1
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	2.2	86	3	15.2	+10.3
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	2.2	86	3	0.5	-4.4
INQQ	India Internet & Ecommerce ETF	2.2	86	3	1.2	-3.7
LEGR	First Trust Indxx Innovative Transaction & Process ETF	2.2	65	24	9.6	+4.7
DEM	WisdomTree Emerging Markets High Dividend Fund	1.9	63	26	14.5	+9.7
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.9	30	59	9.4	+4.5
FEM	First Trust Emerging Markets AlphaDEX Fund	1.8	80	9	14.9	+10.0
IQDF	FlexShares International Quality Dividend Index Fund	1.5	47	42	10.4	+5.6
KNCT	Invesco Next Gen Connectivity ETF	1.4	40	49	5.7	+0.8
XT	iShares Exponential Technologies ETF	1.4	46	43	6.2	+1.3
EYLD	Cambria Emerging Shareholder Yield ETF	1.4	66	23	14.2	+9.3
KLMT	Invesco MSCI Global Climate 500 ETF	1.4	10	79	6.8	+1.9
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.3	67	22	14.2	+9.3
JIG	JPMorgan International Growth ETF	1.2	55	34	5.3	+0.4
ACWI	iShares MSCI ACWI ETF	1.2	32	57	6.8	+1.9
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.2	49	40	12.2	+7.4
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.2	20	69	7.0	+2.1
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	1.1	47	42	9.8	+5.0
VT	Vanguard Total World Stock ETF	1.1	7	82	7.1	+2.2
DGT	SPDR Global Dow ETF	0.9	50	39	9.1	+4.2
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.9	78	11	10.4	+5.5
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.8	70	19	9.6	+4.7
DVYE	iShares Emerging Markets Dividend ETF	0.8	49	40	20.4	+15.6
VYMI	Vanguard International High Dividend Yield ETF	0.8	22	67	10.9	+6.0
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.8	42	47	7.4	+2.5
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.8	47	42	6.0	+1.1
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.7	12	77	5.7	+0.8
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.7	46	43	11.7	+6.8
VEGI	iShares MSCI Agriculture Producers ETF	0.6	39	50	9.5	+4.6
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.4	49	40	6.4	+1.5
GLOF	iShares Global Equity Factor ETF	0.4	20	69	7.7	+2.9
CGGO	Capital Group Global Growth Equity ETF	0.4	47	42	5.6	+0.7
DEW	WisdomTree Global High Dividend Fund	0.3	58	31	8.5	+3.6
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.2	9	80	6.6	+1.8
SMIN	iShares MSCI India Small Cap ETF	0.0	79	10	3.6	-1.3

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%.

	2020	2021	2022	2023	2024	2025E	2026E
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		**%	**%	**%	**%	**%	**%

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Forward multiple:	iShares India 50 ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

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