India Internet & Ecommerce ETF
ALTAR
Score™		 1.0% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 50.1x P/Sales
ratio		 5.9x
P/BV
ratio		 6.2x Div.
yield		 0.4%


  • 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) $65
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
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 %
Total 84.1 %

TOP COUNTRY EXPOSURE
INDIA 90.9 %
SWEDEN 4.2 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-1.1% 12.6% -- -- -0.0%

Market Correlations
versus... Beta R-squared
S&P500 0.63 31%
MSCI EAFE 0.33 9%
MSCI Emg. Mkts. 0.39 12%

Technical Indicators
Recent close $16.02
30d moving avg. $15.51
Annualized volatility 19.0%
Short interest (ETF) 0.2%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 23
Turnover 0.6%
Bid/Ask (% of price) 0.59%
ADV underlying (mns) $101

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 139 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™: 1.0%


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 0.3 -0.7
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 35.5 86 0 14.1 +13.1
EPI WisdomTree India Earnings Fund 30.3 85 1 4.8 +3.8
FLIN Franklin FTSE India ETF 27.7 19 67 3.9 +3.0
DGIN VanEck Digital India ETF 19.0 71 15 1.9 +0.9
CGXU Capital Group International Focus Equity ETF 9.5 54 32 5.8 +4.8
XC WisdomTree Emerging Markets Ex-China Fund 9.0 32 54 6.2 +5.2
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 8.8 20 66 10.8 +9.8
MINV Matthews Asia Innovators Active ETF 6.5 79 7 7.8 +6.9
INCO Columbia India Consumer ETF 6.5 75 11 1.8 +0.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 6.0 15 71 10.9 +9.9
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 5.9 32 54 7.0 +6.0
INDF Nifty India Financials ETF 5.6 75 11 6.4 +5.4
FLAX Franklin FTSE Asia Ex Japan ETF 5.6 19 67 10.0 +9.0
XCEM Columbia EM Core ex-China ETF 5.4 16 70 8.4 +7.5
BKEM BNY Mellon Emerging Markets Equity ETF 5.3 11 75 10.6 +9.6
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 5.2 36 50 10.4 +9.5
AWAY ETFMG Travel Tech ETF 5.0 76 10 -0.1 -1.1
JHEM John Hancock Multifactor Emerging Markets ETF 4.9 49 37 10.7 +9.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 4.7 66 20 10.5 +9.5
NDIA Global X India Active ETF 4.3 75 11 4.7 +3.7
NFTY First Trust India NIFTY 50 Equal Weight ETF 4.1 80 6 4.9 +3.9
INDA iShares MSCI India ETF 3.8 65 21 4.4 +3.4
INDY iShares India 50 ETF 3.7 89 -3 4.6 +3.6
EMC Global X Emerging Markets Great Consumer ETF 3.2 75 11 8.4 +7.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.1 45 41 11.1 +10.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 3.1 33 53 10.7 +9.7
CBSE Clough Select Equity ETF 3.1 85 1 1.4 +0.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 3.0 59 27 12.3 +11.4
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 2.7 44 42 10.9 +9.9
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 2.7 24 62 8.5 +7.6
AFK VanEck Africa Index ETF 2.7 98 -12 12.0 +11.0
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 2.5 60 26 12.7 +11.7
CGGO Capital Group Global Growth Equity ETF 2.0 47 39 4.9 +3.9
AADR AdvisorShares Dorsey Wright ADR ETF 2.0 110 -24 5.1 +4.1
BUYZ Franklin Disruptive Commerce ETF 2.0 50 36 2.3 +1.4
PIN Invesco India ETF 1.9 78 8 4.3 +3.3
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.5 18 68 8.0 +7.0
EMXF iShares ESG Advanced MSCI EM ETF 1.5 16 70 8.6 +7.7
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 1.5 40 46 7.3 +6.3
STXE Strive Emerging Markets Ex-China ETF 1.3 32 54 8.0 +7.1
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.3 75 11 3.3 +2.3
BKF iShares MSCI BIC ETF 1.3 69 17 13.8 +12.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.2 41 45 7.8 +6.8
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 1.2 95 -9 13.3 +12.4
XCNY SPDR S&P Emerging Markets ex-China ETF 1.2 15 71 7.7 +6.7
SMIN iShares MSCI India Small Cap ETF 1.2 79 7 3.6 +2.6
JETS U.S. Global Jets ETF 1.1 60 26 3.8 +2.9
EEMO Invesco S&P Emerging Markets Momentum ETF 1.1 29 57 6.8 +5.9
EMXC iShares MSCI Emerging Markets ex China ETF 1.0 25 61 8.0 +7.0
MEM Matthews Emerging Markets Equity Active ETF 1.0 79 7 8.5 +7.5
ESGE iShares ESG Aware MSCI EM ETF 0.9 25 61 10.7 +9.8
GMF SPDR S&P Emerging Asia Pacific ETF 0.9 49 37 10.1 +9.1
EEMA iShares MSCI Emerging Markets Asia ETF 0.8 49 37 10.9 +9.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.8 70 16 9.9 +9.0
GLIN VanEck India Growth Leaders ETF 0.8 77 9 6.2 +5.2
NUEM Nuveen ESG Emerging Markets Equity ETF 0.8 36 50 8.2 +7.2
VWO Vanguard FTSE Emerging Markets ETF 0.7 8 78 11.1 +10.1
IBUY Amplify Online Retail ETF 0.7 65 21 3.0 +2.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.7 30 56 10.9 +9.9
SPEM SPDR Portfolio Emerging Markets ETF 0.7 7 79 11.0 +10.1
EEM iShares MSCI Emerging Markets ETF 0.7 69 17 10.8 +9.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.6 32 54 9.7 +8.7
JIG JPMorgan International Growth ETF 0.6 55 31 4.7 +3.7
IEMG iShares Core MSCI Emerging Markets ETF 0.6 9 77 11.0 +10.0
EMDM First Trust Bloomberg Emerging Market Democracies ETF 0.6 75 11 10.3 +9.3
LDEM iShares ESG MSCI EM Leaders ETF 0.5 17 69 14.0 +13.1
AVEM Avantis Emerging Markets Equity ETF 0.5 33 53 9.5 +8.5
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.5 15 71 8.6 +7.6
AVES Avantis Emerging Markets Value ETF 0.5 36 50 12.0 +11.0
SCHE Schwab Emerging Markets Equity ETF 0.4 11 75 11.8 +10.8
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.4 58 28 9.9 +9.0
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.4 29 57 8.6 +7.7
FPXE First Trust IPOX Europe Equity Opportunities ETF 0.4 70 16 4.8 +3.8
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.4 41 45 9.5 +8.5
FDEM Fidelity Emerging Markets Multifactor ETF 0.4 25 61 13.6 +12.6
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 44 6.8 +5.8
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.3 70 16 7.8 +6.9
DFAE Dimensional Emerging Core Equity Market ETF 0.3 35 51 10.2 +9.2
VSGX Vanguard ESG International Stock ETF 0.3 12 74 8.0 +7.0
PID Invesco International Dividend Achievers ETF 0.3 53 33 5.6 +4.6
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.2 25 61 6.5 +5.6
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.2 80 6 11.9 +10.9
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.2 50 36 11.9 +10.9
FEM First Trust Emerging Markets AlphaDEX Fund 0.2 80 6 12.0 +11.1
ECON Columbia Emerging Markets Consumer ETF 0.2 49 37 13.3 +12.3
AVDV Avantis International Small Cap Value ETF 0.2 36 50 10.2 +9.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.2 38 48 10.0 +9.0
VXUS Vanguard Total International Stock ETF 0.2 7 79 8.2 +7.2
VEU Vanguard FTSE All-World ex-US Index Fund 0.2 8 78 8.3 +7.3
IXUS iShares Core MSCI Total International Stock ETF 0.2 7 79 8.1 +7.1
ACWX iShares MSCI ACWI ex U.S. ETF 0.2 34 52 7.9 +7.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.2 7 79 7.0 +6.0
SMLF iShares U.S. SmallCap Equity Factor ETF 0.2 15 71 6.7 +5.8
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 56 7.9 +6.9
PNQI Invesco NASDAQ Internet ETF 0.2 60 26 3.6 +2.6
EMGF iShares Emerging Markets Equity Factor ETF 0.2 25 61 12.3 +11.3
EMMF WisdomTree Emerging Markets Multifactor Fund 0.2 48 38 8.1 +7.2
IPKW Invesco International BuyBack Achievers ETF 0.2 55 31 14.5 +13.5
DFE WisdomTree Europe SmallCap Dividend Fund 0.2 58 28 8.0 +7.1
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 66 5.8 +4.9
IEUS iShares MSCI Europe Small-Cap ETF 0.1 42 44 7.2 +6.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 56 10.2 +9.3
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 21 8.3 +7.3
PXH Invesco FTSE RAFI Emerging Markets ETF 0.1 49 37 17.0 +16.0
EUDG WisdomTree Europe Quality Dividend Growth Fund 0.1 58 28 6.7 +5.7
DLS WisdomTree International SmallCap Dividend Fund 0.1 58 28 8.6 +7.6
VT Vanguard Total World Stock ETF 0.1 7 79 6.2 +5.2
ACWI iShares MSCI ACWI ETF 0.1 32 54 5.9 +4.9
IQDG WisdomTree International Quality Dividend Growth Fund 0.1 42 44 7.0 +6.1
SCHC Schwab International Small-Cap Equity ETF 0.1 11 75 6.9 +6.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.1 30 56 8.3 +7.4
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 74 5.3 +4.4
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.1 58 28 6.9 +5.9
SCZ iShares MSCI EAFE Small-Cap ETF 0.1 40 46 7.2 +6.2
GWX SPDR S&P International Small Cap ETF 0.1 40 46 6.5 +5.6
FBCG Fidelity Blue Chip Growth ETF 0.1 59 27 3.2 +2.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 77 6.1 +5.1
DFIS Dimensional International Small Cap ETF 0.0 39 47 7.6 +6.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 66 6.0 +5.0
DIHP Dimensional International High Profitability ETF 0.0 29 57 7.2 +6.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.0 39 47 6.9 +5.9
DFEV Dimensional Emerging Markets Value ETF 0.0 43 43 14.1 +13.1
DFSI Dimensional International Sustainability Core 1 ETF 0.0 24 62 6.5 +5.5
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 65 4.1 +3.1
AVDE Avantis International Equity ETF 0.0 23 63 7.7 +6.8
DFIC Dimensional International Core Equity 2 ETF 0.0 23 63 7.7 +6.7
IEUR iShares Core MSCI Europe ETF 0.0 11 75 7.3 +6.3
ESGV Vanguard ESG U.S. Stock ETF 0.0 9 77 5.0 +4.1
DFAI Dimensional International Core Equity Market ETF 0.0 18 68 7.3 +6.3
ISCF iShares International SmallCap Equity Factor ETF 0.0 23 63 8.5 +7.5
SPEU SPDR Portfolio Europe ETF 0.0 7 79 7.3 +6.3
VGK Vanguard FTSE Europe ETF 0.0 11 75 7.3 +6.3
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 83 7.2 +6.3
IEFA iShares Core MSCI EAFE ETF 0.0 7 79 7.2 +6.2
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 82 7.2 +6.2
VEA Vanguard FTSE Developed Markets ETF 0.0 5 81 7.4 +6.4
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 47 8.4 +7.5
AVSD Avantis Responsible International Equity ETF 0.0 23 63 5.7 +4.7

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 10.8 %
Divided by: Fwd. P/BV 5.9 x
Less: Expense ratio 86 bp
Equals: ALTAR Score 1.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.46 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.
 

 

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.