ETF Research Center

iShares India 50 ETF

ALTAR
Score™

4.6%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	20.1x	P/Sales ratio	2.6x
P/BV ratio	3.1x	Div. yield	1.7%

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)	$714
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)	$82,745
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	56.4 %
HDFC BANK LIMITED	13.4 %
ICICI BANK LTD	9.0 %
RELIANCE INDUSTRIES LTD	7.9 %
INFOSYS TECHNOLOGIES LTD	4.7 %
BHARTI AIRTEL LIMITED	4.5 %
LARSEN & TOUBRO LIMITED	3.9 %
ITC LTD	3.7 %
TATA CONSULTANCY SVS LTD	3.3 %
AXIS BANK LIMITED	3.2 %
KOTAK MAHINDRA BANK LTD	2.9 %

TOP COUNTRY EXPOSURE
	INDIA	96.7 %

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.0%	4.5%	15.6%	7.2%	6.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.47	37%
MSCI EAFE	0.42	32%
MSCI Emg. Mkts.	0.43	32%

Technical Indicators
Recent close	$53.90
30d moving avg.	$53.14
Annualized volatility	12.9%
Short interest (ETF)	2.6%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	86
Turnover	0.7%
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™:

4.6%

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 (%)
INDA	iShares MSCI India ETF	67.6	65	24	4.4	-0.2
PIN	Invesco India ETF	62.9	78	11	4.3	-0.3
NFTY	First Trust India NIFTY 50 Equal Weight ETF	58.7	80	9	4.9	+0.3
FLIN	Franklin FTSE India ETF	56.2	19	70	3.9	-0.7
EPI	WisdomTree India Earnings Fund	49.3	85	4	4.8	+0.2
INDF	Nifty India Financials ETF	35.8	75	14	6.3	+1.7
NDIA	Global X India Active ETF	33.1	75	14	4.7	+0.1
STXE	Strive Emerging Markets Ex-China ETF	24.6	32	57	8.0	+3.4
BKF	iShares MSCI BIC ETF	22.8	69	20	13.2	+8.6
RNEM	First Trust Emerging Markets Equity Select ETF	20.6	75	14	7.0	+2.5
GLIN	VanEck India Growth Leaders ETF	18.9	77	12	6.3	+1.7
EMXC	iShares MSCI Emerging Markets ex China ETF	17.5	25	64	7.9	+3.3
INCO	Columbia India Consumer ETF	17.4	75	14	1.9	-2.7
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	16.3	24	65	8.5	+3.9
XCNY	SPDR S&P Emerging Markets ex-China ETF	15.6	15	74	7.8	+3.2
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	15.5	32	57	7.0	+2.4
XC	WisdomTree Emerging Markets Ex-China Fund	15.5	32	57	6.2	+1.6
EEMA	iShares MSCI Emerging Markets Asia ETF	15.3	49	40	10.4	+5.8
LDEM	iShares ESG MSCI EM Leaders ETF	14.9	17	72	13.4	+8.8
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	14.1	40	49	7.2	+2.6
AAXJ	iShares MSCI All Country Asia ex Japan ETF	13.9	70	19	9.5	+4.9
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	13.8	20	69	11.0	+6.4
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	13.6	25	64	6.5	+1.9
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	13.5	75	14	10.2	+5.6
NUEM	Nuveen ESG Emerging Markets Equity ETF	13.0	36	53	8.2	+3.6
JHEM	John Hancock Multifactor Emerging Markets ETF	12.7	49	40	10.6	+6.0
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	12.4	95	-6	13.2	+8.6
EEM	iShares MSCI Emerging Markets ETF	12.1	69	20	10.5	+5.9
EVLU	iShares MSCI Emerging Markets Value Factor ETF	11.8	35	54	19.7	+15.1
ECON	Columbia Emerging Markets Consumer ETF	11.8	49	40	12.7	+8.1
ESGE	iShares ESG Aware MSCI EM ETF	11.8	25	64	10.3	+5.7
VWO	Vanguard FTSE Emerging Markets ETF	11.6	8	81	10.7	+6.1
EMXF	iShares ESG Advanced MSCI EM ETF	11.6	16	73	8.6	+4.0
DGIN	VanEck Digital India ETF	11.6	71	18	2.0	-2.6
FLAX	Franklin FTSE Asia Ex Japan ETF	11.3	19	70	9.6	+5.1
GMF	SPDR S&P Emerging Asia Pacific ETF	11.2	49	40	9.7	+5.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	11.1	30	59	10.6	+6.0
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	10.8	30	59	10.2	+5.6
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	10.8	15	74	10.5	+5.9
SCHE	Schwab Emerging Markets Equity ETF	10.6	11	78	11.3	+6.7
BKEM	BNY Mellon Emerging Markets Equity ETF	10.6	11	78	10.3	+5.7
EMMF	WisdomTree Emerging Markets Multifactor Fund	10.5	48	41	7.9	+3.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	10.5	36	53	10.2	+5.6
IEMG	iShares Core MSCI Emerging Markets ETF	10.4	9	80	10.7	+6.1
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	10.3	15	74	8.2	+3.6
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	10.3	66	23	10.1	+5.5
FDEM	Fidelity Emerging Markets Multifactor ETF	10.2	25	64	13.1	+8.5
EMGF	iShares Emerging Markets Equity Factor ETF	10.1	25	64	12.1	+7.5
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	10.0	32	57	9.4	+4.9
MINV	Matthews Asia Innovators Active ETF	9.8	79	10	7.7	+3.1
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	9.5	33	56	10.4	+5.8
DFEV	Dimensional Emerging Markets Value ETF	8.9	43	46	13.6	+9.0
DEHP	Dimensional Emerging Markets High Profitability ETF	8.8	41	48	7.0	+2.4
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	8.7	50	39	11.7	+7.1
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	8.6	45	44	10.8	+6.2
SPEM	SPDR Portfolio Emerging Markets ETF	8.6	7	82	10.7	+6.1
PXH	Invesco FTSE RAFI Emerging Markets ETF	8.5	49	40	16.3	+11.7
DFAE	Dimensional Emerging Core Equity Market ETF	7.8	35	54	9.7	+5.1
AVES	Avantis Emerging Markets Value ETF	7.6	36	53	11.8	+7.2
ROAM	Hartford Multifactor Emerging Markets ETF	7.5	44	45	12.2	+7.6
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	7.5	39	50	16.6	+12.1
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	6.7	44	45	11.0	+6.4
EMC	Global X Emerging Markets Great Consumer ETF	6.4	75	14	8.9	+4.3
XCEM	Columbia EM Core ex-China ETF	6.2	16	73	8.4	+3.8
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	6.2	88	1	9.9	+5.3
AVEM	Avantis Emerging Markets Equity ETF	6.2	33	56	9.4	+4.8
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	6.2	60	29	7.2	+2.6
EEMO	Invesco S&P Emerging Markets Momentum ETF	6.2	29	60	6.7	+2.1
IPAV	Global X Infrastructure Development ex-U.S. ETF	6.1	55	34	7.8	+3.2
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	6.0	38	51	9.6	+5.1
UEVM	VictoryShares Emerging Markets Value Momentum ETF	6.0	45	44	11.0	+6.4
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	5.7	59	30	12.1	+7.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	5.1	41	48	9.1	+4.5
MEM	Matthews Emerging Markets Equity Active ETF	4.5	79	10	8.2	+3.6
VIGI	Vanguard International Dividend Appreciation ETF	4.5	15	74	6.0	+1.5
FILL	iShares MSCI Global Energy Producers ETF	3.9	39	50	12.3	+7.7
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	3.7	86	3	13.1	+8.5
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	3.7	86	3	0.8	-3.8
INQQ	India Internet & Ecommerce ETF	3.7	86	3	1.2	-3.4
CGXU	Capital Group International Focus Equity ETF	3.6	54	35	5.8	+1.2
ACWX	iShares MSCI ACWI ex U.S. ETF	3.5	34	55	7.8	+3.3
NXTG	First Trust Indxx NextG ETF	3.4	70	19	5.5	+0.9
ACWV	iShares MSCI Global Min Vol Factor ETF	3.4	20	69	5.9	+1.3
SCHY	Schwab International Dividend Equity ETF	3.4	14	75	9.6	+5.0
VEU	Vanguard FTSE All-World ex-US Index Fund	3.4	8	81	8.2	+3.6
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	3.2	18	71	7.9	+3.3
VXUS	Vanguard Total International Stock ETF	3.1	7	82	8.1	+3.5
IXUS	iShares Core MSCI Total International Stock ETF	3.1	7	82	8.0	+3.4
LEGR	First Trust Indxx Innovative Transaction & Process ETF	3.0	65	24	7.5	+2.9
PICK	iShares MSCI Global Metals & Mining Producers ETF	2.8	39	50	13.9	+9.3
VSGX	Vanguard ESG International Stock ETF	2.7	12	77	7.9	+3.3
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	2.7	41	48	7.7	+3.1
CWI	SPDR MSCI ACWI ex-US ETF	2.7	30	59	7.9	+3.3
IGRO	iShares International Dividend Growth ETF	2.6	15	74	7.1	+2.5
FTAG	First Trust Indxx Global Agriculture ETF	2.4	70	19	8.4	+3.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.9	30	59	8.2	+3.6
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	1.5	60	29	10.5	+5.9
EYLD	Cambria Emerging Shareholder Yield ETF	1.5	66	23	12.7	+8.1
KNCT	Invesco Next Gen Connectivity ETF	1.4	40	49	5.1	+0.6
DEM	WisdomTree Emerging Markets High Dividend Fund	1.4	63	26	13.5	+8.9
KLMT	Invesco MSCI Global Climate 500 ETF	1.3	10	79	6.0	+1.4
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	1.3	75	14	3.2	-1.4
ACWI	iShares MSCI ACWI ETF	1.3	32	57	5.8	+1.2
EDIV	SPDR S&P Emerging Markets Dividend ETF	1.3	49	40	11.9	+7.3
CRBN	iShares MSCI ACWI Low Carbon Target ETF	1.3	20	69	5.9	+1.3
JIG	JPMorgan International Growth ETF	1.2	55	34	4.7	+0.1
IQDF	FlexShares International Quality Dividend Index Fund	1.2	47	42	9.4	+4.8
XT	iShares Exponential Technologies ETF	1.2	46	43	4.9	+0.4
VT	Vanguard Total World Stock ETF	1.1	7	82	6.1	+1.5
DGT	SPDR Global Dow ETF	0.9	50	39	7.4	+2.8
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.9	78	11	9.7	+5.1
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.9	47	42	8.6	+4.0
FEM	First Trust Emerging Markets AlphaDEX Fund	0.9	80	9	12.4	+7.8
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.8	70	19	8.4	+3.8
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	0.8	67	22	14.2	+9.6
DVYE	iShares Emerging Markets Dividend ETF	0.8	49	40	19.0	+14.4
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.8	12	77	5.3	+0.8
VYMI	Vanguard International High Dividend Yield ETF	0.8	22	67	9.8	+5.2
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.8	47	42	5.8	+1.2
VEGI	iShares MSCI Agriculture Producers ETF	0.7	39	50	8.5	+3.9
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.7	46	43	10.5	+5.9
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.6	42	47	6.8	+2.2
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.4	49	40	6.2	+1.6
GLOF	iShares Global Equity Factor ETF	0.4	20	69	6.8	+2.2
CGGO	Capital Group Global Growth Equity ETF	0.4	47	42	4.8	+0.2
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.3	9	80	6.0	+1.4
DEW	WisdomTree Global High Dividend Fund	0.3	58	31	8.8	+4.2

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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