ETF Research Center

India Internet & Ecommerce ETF

ALTAR
Score™

1.2%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	43.4x	P/Sales ratio	5.3x
P/BV ratio	5.8x	Div. yield	0.3%

Description
Performance
Comps
Fundamentals
Valuation
Rating

INQQ tracks an index of companies centered around the internet and e-commerce technology in India. Securities are selected and weighted by market-cap.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Exchange Traded Concepts
Website	inqqetf.com/material/
Inception date	Apr 06, 2022
Assets (mns)	$67
Currency	USD
Expense ratio	86 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	33
Wgt avg mkt cap (mns)	$262,759
Large cap (>$10bn)	60.3%
Mid cap ($2-10bn)	24.3%
Small cap (<$2bn)	15.4%
Developed mkts	2.9%
Emerging mkts	97.1%

TOP TEN HOLDINGS
Total	84.1 %
RELIANCE INDS-SPONS GDR 144A	33.5 %
BAJAJ FINANCE LIMITED	9.8 %
ZOMATO LTD.	6.5 %
MAKEMYTRIP LTD	5.2 %
FSN E-COMMERCE VENTURES LTD.	5.1 %
PB FINTECH LIMITED	5.0 %
INDIAN ENERGY EXCHANGE LTD.	4.9 %
JIO FINANCIAL SERVICES LTD	4.9 %
JUBILANT FOODWORKS LTD	4.7 %
INFO EDGE INDIA LTD.	4.6 %

TOP COUNTRY EXPOSURE
	INDIA	90.9 %
	SWEDEN	4.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
2.5%	8.9%	--	--	1.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.52	23%
MSCI EAFE	0.19	3%
MSCI Emg. Mkts.	0.29	8%

Technical Indicators
Recent close	$16.49
30d moving avg.	$16.28
Annualized volatility	17.4%
Short interest (ETF)	0.4%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	11
Turnover	0.3%
Bid/Ask (% of price)	0.59%
ADV underlying (mns)	$101

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 142 potential alternatives to the India Internet & Ecommerce ETF ETF based on the alternatives' overlap in portfolio holdings with INQQ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

INQQ

Expense:

86 bp

ALTAR Score™:

1.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH INQQ
Ticker	Fund Name	Overlap¹ vs INQQ (%)	Expense ratio (bp)	Savings vs INQQ (bp)	ALTAR Score™ (%)	ALTAR vs INQQ (%)
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	55.9	86	0	0.8	-0.4
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	35.5	86	0	13.3	+12.1
EPI	WisdomTree India Earnings Fund	30.3	85	1	4.8	+3.6
FLIN	Franklin FTSE India ETF	27.7	19	67	4.0	+2.7
DGIN	VanEck Digital India ETF	17.2	71	15	2.0	+0.8
NFTY	First Trust India NIFTY 50 Equal Weight ETF	11.5	80	6	5.0	+3.8
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	9.8	95	-9	12.7	+11.5
CGXU	Capital Group International Focus Equity ETF	9.5	54	32	5.8	+4.5
XC	WisdomTree Emerging Markets Ex-China Fund	9.0	32	54	6.2	+4.9
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	8.8	20	66	10.7	+9.4
MINV	Matthews Asia Innovators Active ETF	6.5	79	7	7.5	+6.2
INCO	Columbia India Consumer ETF	6.5	75	11	1.9	+0.7
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	6.0	15	71	10.3	+9.1
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	5.9	32	54	6.8	+5.6
INDF	Nifty India Financials ETF	5.6	75	11	6.4	+5.2
FLAX	Franklin FTSE Asia Ex Japan ETF	5.6	19	67	9.4	+8.1
XCEM	Columbia EM Core ex-China ETF	5.4	16	70	8.1	+6.9
BKEM	BNY Mellon Emerging Markets Equity ETF	5.3	11	75	10.1	+8.9
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	5.2	36	50	9.8	+8.6
NDIA	Global X India Active ETF	5.0	75	11	4.7	+3.5
JHEM	John Hancock Multifactor Emerging Markets ETF	4.9	49	37	10.4	+9.2
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	4.7	66	20	9.8	+8.5
AVXC	Avantis Emerging Markets Ex-China Equity ETF	4.5	33	53	8.7	+7.4
AVSE	Avantis Responsible Emerging Markets Equity ETF	4.1	33	53	8.5	+7.3
SCHE	Schwab Emerging Markets Equity ETF	3.5	11	75	11.1	+9.8
AWAY	ETFMG Travel Tech ETF	3.5	76	10	0.0	-1.2
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	3.4	75	11	9.9	+8.7
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	3.1	45	41	10.4	+9.2
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.1	33	53	10.1	+8.8
CBSE	Clough Select Equity ETF	3.1	85	1	1.0	-0.2
EMC	Global X Emerging Markets Great Consumer ETF	3.1	75	11	8.8	+7.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.0	59	27	11.7	+10.5
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	2.7	44	42	11.0	+9.8
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	2.7	24	62	8.2	+7.0
AFK	VanEck Africa Index ETF	2.5	98	-12	11.8	+10.6
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	2.5	60	26	10.2	+8.9
CGGO	Capital Group Global Growth Equity ETF	2.0	47	39	4.7	+3.5
FEM	First Trust Emerging Markets AlphaDEX Fund	2.0	80	6	12.2	+11.0
AADR	AdvisorShares Dorsey Wright ADR ETF	2.0	110	-24	5.1	+3.9
BUYZ	Franklin Disruptive Commerce ETF	2.0	50	36	2.3	+1.1
INDY	iShares India 50 ETF	1.7	89	-3	4.7	+3.4
INDA	iShares MSCI India ETF	1.6	65	21	4.4	+3.2
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.5	18	68	7.9	+6.6
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	1.5	40	46	7.1	+5.8
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	1.3	75	11	3.1	+1.9
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.2	41	45	7.7	+6.5
SMIN	iShares MSCI India Small Cap ETF	1.1	79	7	3.6	+2.3
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.1	29	57	6.4	+5.2
MEM	Matthews Emerging Markets Equity Active ETF	1.0	79	7	7.9	+6.7
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.8	36	50	7.8	+6.6
GLIN	VanEck India Growth Leaders ETF	0.8	77	9	6.4	+5.2
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.7	15	71	7.7	+6.5
STXE	Strive Emerging Markets Ex-China ETF	0.7	32	54	7.8	+6.6
ESGE	iShares ESG Aware MSCI EM ETF	0.6	25	61	10.0	+8.8
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.6	32	54	9.2	+8.0
JIG	JPMorgan International Growth ETF	0.6	55	31	4.7	+3.5
VWO	Vanguard FTSE Emerging Markets ETF	0.6	7	79	10.5	+9.3
BKF	iShares MSCI BIC ETF	0.6	69	17	13.2	+12.0
AVEM	Avantis Emerging Markets Equity ETF	0.5	33	53	9.1	+7.9
EMXF	iShares ESG Advanced MSCI EM ETF	0.5	16	70	8.4	+7.2
IBUY	Amplify Online Retail ETF	0.5	65	21	1.3	+0.0
GMF	SPDR S&P Emerging Asia Pacific ETF	0.5	49	37	9.4	+8.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.5	15	71	8.1	+6.8
AVES	Avantis Emerging Markets Value ETF	0.5	36	50	11.5	+10.3
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.4	58	28	9.7	+8.5
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.4	25	61	6.5	+5.2
JETS	U.S. Global Jets ETF	0.4	60	26	2.6	+1.4
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.4	41	45	8.8	+7.6
EMXC	iShares MSCI Emerging Markets ex China ETF	0.4	25	61	7.7	+6.5
LDEM	iShares ESG MSCI EM Leaders ETF	0.4	17	69	13.1	+11.9
FDEM	Fidelity Emerging Markets Multifactor ETF	0.4	25	61	12.8	+11.6
EEMA	iShares MSCI Emerging Markets Asia ETF	0.4	49	37	10.0	+8.8
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.3	29	57	8.9	+7.6
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.3	42	44	9.8	+8.6
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.3	70	16	4.7	+3.4
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.3	42	44	6.8	+5.5
SPEM	SPDR Portfolio Emerging Markets ETF	0.3	7	79	10.6	+9.3
AAXJ	iShares MSCI All Country Asia ex Japan ETF	0.3	70	16	9.2	+8.0
IEMG	iShares Core MSCI Emerging Markets ETF	0.3	9	77	10.4	+9.2
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.3	53	33	7.7	+6.5
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.3	70	16	7.7	+6.5
DFAE	Dimensional Emerging Core Equity Market ETF	0.3	35	51	9.4	+8.2
EEM	iShares MSCI Emerging Markets ETF	0.3	69	17	10.2	+9.0
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.3	30	56	10.3	+9.0
ACWV	iShares MSCI Global Min Vol Factor ETF	0.3	20	66	6.0	+4.8
VSGX	Vanguard ESG International Stock ETF	0.2	10	76	8.0	+6.7
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.2	50	36	11.4	+10.1
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.2	80	6	11.1	+9.9
ECON	Columbia Emerging Markets Consumer ETF	0.2	49	37	12.3	+11.1
AVDV	Avantis International Small Cap Value ETF	0.2	36	50	10.1	+8.9
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.2	38	48	9.4	+8.1
PID	Invesco International Dividend Achievers ETF	0.2	53	33	5.6	+4.3
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	78	6.8	+5.6
VXUS	Vanguard Total International Stock ETF	0.2	5	81	8.1	+6.8
EMMF	WisdomTree Emerging Markets Multifactor Fund	0.2	48	38	7.8	+6.6
VEU	Vanguard FTSE All-World ex-US Index Fund	0.2	4	82	8.2	+7.0
SMLF	iShares U.S. SmallCap Equity Factor ETF	0.2	15	71	6.4	+5.1
IPKW	Invesco International BuyBack Achievers ETF	0.2	55	31	13.6	+12.3
PNQI	Invesco NASDAQ Internet ETF	0.2	60	26	3.2	+2.0
DFE	WisdomTree Europe SmallCap Dividend Fund	0.2	58	28	8.1	+6.9
IEUS	iShares MSCI Europe Small-Cap ETF	0.1	42	44	7.3	+6.0
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.1	30	56	9.9	+8.7
AVDS	Avantis International Small Cap Equity ETF	0.1	30	56	7.6	+6.3
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.1	65	21	8.1	+6.8
CWI	SPDR MSCI ACWI ex-US ETF	0.1	30	56	7.8	+6.6
EUDG	WisdomTree Europe Quality Dividend Growth Fund	0.1	58	28	6.9	+5.7
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	79	8.1	+6.8
DLS	WisdomTree International SmallCap Dividend Fund	0.1	58	28	8.4	+7.2
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	75	6.8	+5.5
ACWX	iShares MSCI ACWI ex U.S. ETF	0.1	34	52	7.9	+6.7
IQDG	WisdomTree International Quality Dividend Growth Fund	0.1	42	44	7.1	+5.9
VT	Vanguard Total World Stock ETF	0.1	6	80	6.0	+4.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.1	30	56	8.1	+6.9
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.1	58	28	7.0	+5.8
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	46	7.0	+5.8
GWX	SPDR S&P International Small Cap ETF	0.1	40	46	6.2	+5.0
FBCG	Fidelity Blue Chip Growth ETF	0.1	59	27	2.9	+1.7
DFIS	Dimensional International Small Cap ETF	0.0	39	47	7.4	+6.2
DIHP	Dimensional International High Profitability ETF	0.0	29	57	7.3	+6.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	77	5.9	+4.7
ACWI	iShares MSCI ACWI ETF	0.0	32	54	5.7	+4.4
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.0	12	74	5.2	+4.0
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.0	20	66	5.8	+4.6
DFEV	Dimensional Emerging Markets Value ETF	0.0	43	43	13.2	+12.0
DFIC	Dimensional International Core Equity 2 ETF	0.0	23	63	7.7	+6.4
DFSI	Dimensional International Sustainability Core 1 ETF	0.0	24	62	6.5	+5.3
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	65	3.8	+2.6
AVDE	Avantis International Equity ETF	0.0	23	63	7.7	+6.4
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.0	39	47	6.7	+5.4
IEUR	iShares Core MSCI Europe ETF	0.0	11	75	7.4	+6.2
DXIV	Dimensional International Vector Equity ETF	0.0	34	52	8.0	+6.8
SPEU	SPDR Portfolio Europe ETF	0.0	7	79	7.4	+6.2
DFAI	Dimensional International Core Equity Market ETF	0.0	18	68	7.4	+6.1
VGK	Vanguard FTSE Europe ETF	0.0	6	80	7.5	+6.2
ESGV	Vanguard ESG U.S. Stock ETF	0.0	9	77	4.8	+3.6
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	83	7.3	+6.0
IEFA	iShares Core MSCI EAFE ETF	0.0	7	79	7.3	+6.0
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	82	7.2	+6.0
ISCF	iShares International SmallCap Equity Factor ETF	0.0	23	63	8.4	+7.1
VEA	Vanguard FTSE Developed Markets ETF	0.0	3	83	7.4	+6.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.0	39	47	8.3	+7.0
AVSD	Avantis Responsible International Equity ETF	0.0	23	63	5.7	+4.5

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	**	**	**	**	**	**	**
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:	India Internet & Ecommerce ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.3	%
Divided by: Fwd. P/BV	5.4	x
Less: Expense ratio	86	bp
Equals: ALTAR Score	1.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	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.