India Internet & Ecommerce ETF
ALTAR
Score™		 0.5% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 56.8x P/Sales
ratio		 6.1x
P/BV
ratio		 6.5x Div.
yield		 0.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium 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) $71
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 32
Wgt avg mkt cap (mns) $199,772
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
RELIANCE INDS-SPONS GDR 144A 26.0 %
BAJAJ FINANCE LTD 7.3 %
ZOMATO LTD. 6.6 %
JIO FINANCIAL SERVICES LTD 6.3 %
PB FINTECH LIMITED 5.9 %
MAKEMYTRIP LTD 5.8 %
BILLIONBRAINS GARAGE VENTURES LTD 5.7 %
LENSKART SOLUTIONS LTD 5.2 %
SWIGGY LTD 4.8 %
INFO EDGE (INDIA) LTD 4.6 %
Total 78.3 %

TOP COUNTRY EXPOSURE
INDIA 58.2 %
SWEDEN 1.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-8.1% -5.6% -- -- -3.5%

Market Correlations
versus... Beta R-squared
S&P500 0.52 24%
MSCI EAFE 0.60 24%
MSCI Emg. Mkts. 0.55 24%

Technical Indicators
Recent close $13.06
30d moving avg. $13.86
Annualized volatility 16.5%
Short interest (ETF) 2.5%
Relative strength (RSI) 40

Liquidity measures
Avg. volume (thou.) 29
Turnover 0.5%
Bid/Ask (% of price) 0.75%
ADV underlying (mns) $101

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 133 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™: 0.5%


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
(%)
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 30.6 86 0 10.9 +10.4
EPI WisdomTree India Earnings Fund 25.0 85 1 4.6 +4.1
FLIN Franklin FTSE India ETF 22.1 19 67 3.7 +3.2
DGIN VanEck Digital India ETF 16.1 71 15 1.4 +0.9
XC WisdomTree Emerging Markets Ex-China Fund 13.5 32 54 5.8 +5.3
MINV Matthews Asia Innovators Active ETF 9.5 79 7 6.1 +5.6
CGXU Capital Group International Focus Equity ETF 9.1 54 32 3.8 +3.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 6.6 20 66 -0.2 -0.7
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 5.8 60 26 8.4 +7.9
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 5.5 24 62 5.4 +4.9
NDIA Global X India Active ETF 5.1 75 11 4.4 +3.9
INCO Columbia India Consumer ETF 5.1 75 11 1.8 +1.3
FLAX Franklin FTSE Asia Ex Japan ETF 4.2 19 67 7.3 +6.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 4.1 15 71 8.0 +7.5
JHEM John Hancock Multifactor Emerging Markets ETF 4.0 49 37 7.5 +7.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.8 32 54 4.9 +4.4
AWAY ETFMG Travel Tech ETF 3.4 76 10 1.1 +0.6
BKEM BNY Mellon Emerging Markets Equity ETF 3.4 11 75 7.9 +7.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 3.4 36 50 7.7 +7.2
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 3.1 66 20 7.5 +7.0
CBSE Clough Select Equity ETF 3.1 85 1 0.4 -0.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 2.7 33 53 6.8 +6.3
MEM Matthews Emerging Markets Equity Active ETF 2.6 79 7 8.4 +7.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.3 45 41 8.1 +7.6
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 2.1 44 42 8.8 +8.3
NFTY First Trust India NIFTY 50 Equal Weight ETF 2.0 80 6 4.4 +3.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.0 59 27 8.3 +7.8
INDY iShares India 50 ETF 1.7 89 -3 4.6 +4.1
CGGO Capital Group Global Growth Equity ETF 1.7 47 39 4.2 +3.7
EMC Global X Emerging Markets Great Consumer ETF 1.5 75 11 7.2 +6.7
XCEM Columbia EM Core ex-China ETF 1.5 16 70 5.1 +4.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 1.3 40 46 6.3 +5.8
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.3 75 11 2.3 +1.8
INDA iShares MSCI India ETF 1.2 65 21 4.1 +3.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.1 18 68 6.2 +5.7
AFK VanEck Africa Index ETF 1.0 98 -12 9.1 +8.6
SMIN iShares MSCI India Small Cap ETF 0.7 79 7 3.3 +2.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.7 41 45 6.0 +5.5
XCNY SPDR S&P Emerging Markets ex-China ETF 0.6 15 71 5.7 +5.2
IBUY Amplify Online Retail ETF 0.6 65 21 2.2 +1.7
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.6 45 41 9.2 +8.7
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.4 25 61 6.3 +5.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.4 32 54 7.5 +7.0
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.4 29 57 8.3 +7.8
BKF iShares MSCI BIC ETF 0.4 69 17 12.9 +12.4
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.4 15 71 8.8 +8.3
GMF SPDR S&P Emerging Asia Pacific ETF 0.4 49 37 8.6 +8.1
STXE Strive Emerging Markets Ex-China ETF 0.4 32 54 5.5 +5.0
EMXF iShares ESG Advanced MSCI EM ETF 0.4 16 70 7.0 +6.5
JETS U.S. Global Jets ETF 0.3 60 26 2.3 +1.8
VEXC Vanguard Emerging Markets Ex-China ETF 0.3 7 79 5.7 +5.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.3 41 45 6.8 +6.3
ESGE iShares ESG Aware MSCI EM ETF 0.3 25 61 8.3 +7.8
GLIN VanEck India Growth Leaders ETF 0.3 77 9 5.0 +4.5
JADE JPMorgan Active Developing Markets Equity ETF 0.3 65 21 6.1 +5.6
PID Invesco International Dividend Achievers ETF 0.3 53 33 3.8 +3.3
SPEM SPDR Portfolio Emerging Markets ETF 0.2 7 79 9.2 +8.7
EMDM First Trust Bloomberg Emerging Market Democracies ETF 0.2 75 11 6.3 +5.8
VWO Vanguard FTSE Emerging Markets ETF 0.2 7 79 8.9 +8.4
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 66 5.4 +4.9
ROAM Hartford Multifactor Emerging Markets ETF 0.2 44 42 7.7 +7.2
DFAE Dimensional Emerging Core Equity Market ETF 0.2 35 51 7.0 +6.5
EMXC iShares MSCI Emerging Markets ex China ETF 0.2 25 61 5.3 +4.8
FDEM Fidelity Emerging Markets Multifactor ETF 0.2 25 61 10.2 +9.7
EEMA iShares MSCI Emerging Markets Asia ETF 0.2 49 37 7.7 +7.2
AVSE Avantis Responsible Emerging Markets Equity ETF 0.2 33 53 6.7 +6.2
EMMF WisdomTree Emerging Markets Multifactor Fund 0.2 48 38 8.5 +8.0
PNQI Invesco NASDAQ Internet ETF 0.2 60 26 3.6 +3.1
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.2 53 33 5.3 +4.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.2 70 16 7.1 +6.6
LDEM iShares ESG MSCI EM Leaders ETF 0.2 17 69 11.6 +11.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.2 30 56 8.1 +7.6
IEMG iShares Core MSCI Emerging Markets ETF 0.2 9 77 8.2 +7.7
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.2 38 48 7.0 +6.5
EEM iShares MSCI Emerging Markets ETF 0.2 69 17 7.8 +7.3
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.2 42 44 7.4 +6.9
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.1 33 53 6.3 +5.8
NUEM Nuveen ESG Emerging Markets Equity ETF 0.1 36 50 6.1 +5.6
AVEM Avantis Emerging Markets Equity ETF 0.1 33 53 7.1 +6.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 56 7.8 +7.3
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 21 6.5 +6.0
AVES Avantis Emerging Markets Value ETF 0.1 36 50 8.5 +8.0
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 70 16 6.2 +5.7
SMLF iShares U.S. SmallCap Equity Factor ETF 0.1 15 71 5.1 +4.6
IPKW Invesco International BuyBack Achievers ETF 0.1 55 31 7.7 +7.2
VSGX Vanguard ESG International Stock ETF 0.1 10 76 6.4 +5.9
CWI SPDR MSCI ACWI ex-US ETF 0.1 30 56 6.3 +5.8
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 78 6.0 +5.5
VXUS Vanguard Total International Stock ETF 0.1 5 81 6.5 +6.0
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 79 6.4 +5.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 82 6.6 +6.1
FBCG Fidelity Blue Chip Growth ETF 0.1 59 27 2.3 +1.8
DEHP Dimensional Emerging Markets High Profitability ETF 0.1 41 45 4.9 +4.4
ACWX iShares MSCI ACWI ex U.S. ETF 0.1 34 52 6.2 +5.7
AVDV Avantis International Small Cap Value ETF 0.0 36 50 7.3 +6.8
DFE WisdomTree Europe SmallCap Dividend Fund 0.0 58 28 7.1 +6.6
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 56 6.2 +5.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 74 4.5 +4.0
IEUS iShares MSCI Europe Small-Cap ETF 0.0 42 44 6.4 +5.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.0 58 28 8.0 +7.5
AVDS Avantis International Small Cap Equity ETF 0.0 30 56 5.7 +5.2
VT Vanguard Total World Stock ETF 0.0 6 80 5.1 +4.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 66 4.8 +4.3
GWX SPDR S&P International Small Cap ETF 0.0 40 46 5.5 +5.0
ACWI iShares MSCI ACWI ETF 0.0 32 54 4.7 +4.2
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 65 3.1 +2.6
DLS WisdomTree International SmallCap Dividend Fund 0.0 58 28 7.0 +6.5
SCHC Schwab International Small-Cap Equity ETF 0.0 11 75 6.2 +5.7
DFEV Dimensional Emerging Markets Value ETF 0.0 43 43 9.7 +9.2
SCZ iShares MSCI EAFE Small-Cap ETF 0.0 40 46 5.9 +5.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 77 4.9 +4.4
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.0 39 47 2.4 +1.9
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.0 42 44 3.9 +3.4
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.0 40 46 5.4 +4.9
AVSD Avantis Responsible International Equity ETF 0.0 23 63 5.7 +5.2
ESGV Vanguard ESG U.S. Stock ETF 0.0 9 77 4.3 +3.8
ISCF iShares International SmallCap Equity Factor ETF 0.0 23 63 6.9 +6.4
DFSI Dimensional International Sustainability Core 1 ETF 0.0 24 62 5.3 +4.8
IEUR iShares Core MSCI Europe ETF 0.0 11 75 6.1 +5.6
DFAI Dimensional International Core Equity Market ETF 0.0 18 68 5.8 +5.3
DFIC Dimensional International Core Equity 2 ETF 0.0 23 63 5.9 +5.4
WSML iShares MSCI World Small-Cap ETF 0.0 15 71 5.3 +4.8
DFIS Dimensional International Small Cap ETF 0.0 39 47 5.8 +5.3
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 82 5.8 +5.3
IEFA iShares Core MSCI EAFE ETF 0.0 7 79 5.8 +5.3
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 83 5.7 +5.2
SPEU SPDR Portfolio Europe ETF 0.0 7 79 6.1 +5.6
VGK Vanguard FTSE Europe ETF 0.0 6 80 6.2 +5.7
DIHP Dimensional International High Profitability ETF 0.0 29 57 5.4 +4.9
VEA Vanguard FTSE Developed Markets ETF 0.0 3 83 5.8 +5.3
AVDE Avantis International Equity ETF 0.0 23 63 5.9 +5.4
DWM WisdomTree International Equity Fund 0.0 48 38 5.3 +4.8
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 47 6.6 +6.1

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

  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:		 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 8.6 %
Divided by: Fwd. P/BV 6.3 x
Less: Expense ratio 86 bp
Equals: ALTAR Score 0.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.55 CATEGORY
AVERAGE		 1.52
 
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.