ETF Research Center

India Internet & Ecommerce ETF

ALTAR
Score™

1.4%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	41.9x	P/Sales ratio	5.0x
P/BV ratio	5.5x	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)	$62
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)	$262,438
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	94.1 %
RELIANCE INDS-SPONS GDR 144A	33.5 %
BAJAJ FINANCE LIMITED	11.1 %
ZOMATO LTD.	9.7 %
FSN E-COMMERCE VENTURES LTD.	7.0 %
ONE 97 COMMUNICATIONS LTD	6.9 %
MAKEMYTRIP LTD	6.0 %
PB FINTECH LIMITED	5.5 %
INDIAN ENERGY EXCHANGE LTD.	4.9 %
JIO FINANCIAL SERVICES LTD	4.9 %
JUBILANT FOODWORKS LTD	4.7 %

TOP COUNTRY EXPOSURE
	INDIA	94.2 %
	SWEDEN	2.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.6%	-4.9%	--	--	-0.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.44	13%
MSCI EAFE	0.03	0%
MSCI Emg. Mkts.	0.21	4%

Technical Indicators
Recent close	$15.91
30d moving avg.	$16.01
Annualized volatility	16.6%
Short interest (ETF)	0.2%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	20
Turnover	0.5%
Bid/Ask (% of price)	0.79%
ADV underlying (mns)	$101

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 143 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™:

1.4%

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	58.5	86	0	0.5	-0.9
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	37.0	86	0	13.7	+12.3
EPI	WisdomTree India Earnings Fund	30.3	85	1	5.4	+4.0
FLIN	Franklin FTSE India ETF	28.4	19	67	4.3	+2.9
DGIN	VanEck Digital India ETF	17.4	71	15	2.2	+0.8
NFTY	First Trust India NIFTY 50 Equal Weight ETF	13.2	80	6	5.3	+3.9
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	9.8	95	-9	11.7	+10.3
INCO	Columbia India Consumer ETF	9.7	75	11	2.0	+0.6
CGXU	Capital Group International Focus Equity ETF	9.5	54	32	5.4	+4.0
XC	WisdomTree Emerging Markets Ex-China Fund	9.1	32	54	6.4	+5.0
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	8.8	20	66	10.4	+9.0
MINV	Matthews Asia Innovators Active ETF	8.7	79	7	7.2	+5.8
INDF	Nifty India Financials ETF	6.4	75	11	8.7	+7.3
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	6.1	15	71	10.1	+8.7
FLAX	Franklin FTSE Asia Ex Japan ETF	5.7	19	67	9.0	+7.6
NDIA	Global X India Active ETF	5.6	75	11	5.2	+3.8
XCEM	Columbia EM Core ex-China ETF	5.5	16	70	8.0	+6.6
BKEM	BNY Mellon Emerging Markets Equity ETF	5.4	11	75	9.9	+8.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	5.3	36	50	9.5	+8.1
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	5.0	32	54	6.8	+5.4
JHEM	John Hancock Multifactor Emerging Markets ETF	4.9	49	37	10.0	+8.6
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	4.8	66	20	9.2	+7.8
EMC	Global X Emerging Markets Great Consumer ETF	4.7	75	11	11.0	+9.6
AVXC	Avantis Emerging Markets Ex-China Equity ETF	4.5	33	53	8.5	+7.1
AVSE	Avantis Responsible Emerging Markets Equity ETF	4.1	33	53	8.3	+6.9
AWAY	ETFMG Travel Tech ETF	3.7	76	10	-0.9	-2.3
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	3.7	60	26	10.5	+9.1
SCHE	Schwab Emerging Markets Equity ETF	3.3	11	75	10.8	+9.4
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	3.2	75	11	9.0	+7.6
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	3.1	45	41	10.1	+8.7
CBSE	Clough Select Equity ETF	3.1	85	1	0.8	-0.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	3.1	59	27	8.8	+7.4
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.0	33	53	9.8	+8.4
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	2.8	24	62	7.8	+6.4
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	2.7	44	42	10.6	+9.2
AFK	VanEck Africa Index ETF	2.4	98	-12	11.1	+9.7
AADR	AdvisorShares Dorsey Wright ADR ETF	2.3	110	-24	4.8	+3.4
BUYZ	Franklin Disruptive Commerce ETF	2.3	50	36	2.3	+0.9
CGGO	Capital Group Global Growth Equity ETF	2.0	47	39	4.6	+3.2
INDY	iShares India 50 ETF	2.0	89	-3	5.1	+3.7
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	2.0	75	11	3.0	+1.6
FEM	First Trust Emerging Markets AlphaDEX Fund	1.9	80	6	11.5	+10.1
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	1.6	18	68	7.9	+6.5
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	1.5	40	46	7.0	+5.6
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	1.3	41	45	7.3	+5.9
INDA	iShares MSCI India ETF	1.2	65	21	4.8	+3.4
EEMO	Invesco S&P Emerging Markets Momentum ETF	1.1	29	57	6.7	+5.3
MEM	Matthews Emerging Markets Equity Active ETF	1.1	79	7	7.7	+6.3
SMIN	iShares MSCI India Small Cap ETF	1.1	79	7	4.2	+2.8
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.8	15	71	7.6	+6.2
GLIN	VanEck India Growth Leaders ETF	0.8	77	9	7.1	+5.7
JIG	JPMorgan International Growth ETF	0.7	55	31	4.7	+3.3
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.7	32	54	9.0	+7.6
STXE	Strive Emerging Markets Ex-China ETF	0.7	32	54	7.5	+6.1
AVEM	Avantis Emerging Markets Equity ETF	0.6	33	53	8.5	+7.1
FDEM	Fidelity Emerging Markets Multifactor ETF	0.5	25	61	12.8	+11.4
AVES	Avantis Emerging Markets Value ETF	0.5	36	50	11.1	+9.7
GMF	SPDR S&P Emerging Asia Pacific ETF	0.5	49	37	9.3	+7.9
JETS	U.S. Global Jets ETF	0.5	60	26	2.8	+1.4
IBUY	Amplify Online Retail ETF	0.5	65	21	0.9	-0.5
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	0.5	25	61	6.5	+5.1
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.5	15	71	7.7	+6.3
EMXF	iShares ESG Advanced MSCI EM ETF	0.4	16	70	8.4	+7.0
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.4	58	28	10.1	+8.7
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.4	41	45	8.7	+7.3
ESGE	iShares ESG Aware MSCI EM ETF	0.4	25	61	9.9	+8.5
BKF	iShares MSCI BIC ETF	0.4	69	17	13.6	+12.2
AVEE	Avantis Emerging Markets Small Cap Equity ETF	0.3	42	44	9.9	+8.5
SPEM	SPDR Portfolio Emerging Markets ETF	0.3	7	79	10.4	+9.0
EELV	Invesco S&P Emerging Markets Low Volatility ETF	0.3	29	57	9.3	+7.9
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.3	50	36	11.0	+9.6
DEXC	Dimensional Emerging Markets ex China Core EquityETF	0.3	53	33	7.8	+6.4
VWO	Vanguard FTSE Emerging Markets ETF	0.3	7	79	10.1	+8.7
DFAE	Dimensional Emerging Core Equity Market ETF	0.3	35	51	9.2	+7.8
EMXC	iShares MSCI Emerging Markets ex China ETF	0.3	25	61	7.4	+6.0
ACWV	iShares MSCI Global Min Vol Factor ETF	0.3	20	66	6.2	+4.8
ANEW	ProShares MSCI Transformational Changes ETF	0.3	45	41	6.2	+4.8
EEMA	iShares MSCI Emerging Markets Asia ETF	0.3	49	37	10.0	+8.6
EMMF	WisdomTree Emerging Markets Multifactor Fund	0.3	48	38	7.4	+6.0
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.2	70	16	7.8	+6.4
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.2	42	44	7.2	+5.8
AAXJ	iShares MSCI All Country Asia ex Japan ETF	0.2	70	16	9.1	+7.7
LDEM	iShares ESG MSCI EM Leaders ETF	0.2	17	69	13.8	+12.4
FPXE	First Trust IPOX Europe Equity Opportunities ETF	0.2	70	16	4.9	+3.5
IEMG	iShares Core MSCI Emerging Markets ETF	0.2	9	77	10.3	+8.9
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.2	30	56	10.1	+8.7
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.2	38	48	9.2	+7.8
PNQI	Invesco NASDAQ Internet ETF	0.2	60	26	3.4	+2.0
PID	Invesco International Dividend Achievers ETF	0.2	53	33	5.6	+4.2
EEM	iShares MSCI Emerging Markets ETF	0.2	69	17	10.0	+8.6
SMLF	iShares U.S. SmallCap Equity Factor ETF	0.2	15	71	5.9	+4.5
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.2	8	78	6.2	+4.8
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.1	30	56	9.1	+7.7
AVDV	Avantis International Small Cap Value ETF	0.1	36	50	9.3	+7.9
FDTS	First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	0.1	80	6	10.6	+9.2
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.1	36	50	7.7	+6.3
VSGX	Vanguard ESG International Stock ETF	0.1	10	76	7.6	+6.2
CWI	SPDR MSCI ACWI ex-US ETF	0.1	30	56	7.5	+6.1
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.1	65	21	7.9	+6.5
DFE	WisdomTree Europe SmallCap Dividend Fund	0.1	58	28	8.3	+6.9
IPKW	Invesco International BuyBack Achievers ETF	0.1	55	31	12.8	+11.4
AVDS	Avantis International Small Cap Equity ETF	0.1	30	56	7.2	+5.8
VXUS	Vanguard Total International Stock ETF	0.1	5	81	7.8	+6.4
IEUS	iShares MSCI Europe Small-Cap ETF	0.1	42	44	7.3	+5.9
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	79	7.8	+6.4
VEU	Vanguard FTSE All-World ex-US Index Fund	0.1	4	82	8.0	+6.6
EUDG	WisdomTree Europe Quality Dividend Growth Fund	0.1	58	28	7.0	+5.6
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.1	30	56	7.8	+6.4
DLS	WisdomTree International SmallCap Dividend Fund	0.1	58	28	8.2	+6.8
ACWX	iShares MSCI ACWI ex U.S. ETF	0.1	34	52	7.6	+6.2
FBCG	Fidelity Blue Chip Growth ETF	0.1	59	27	2.8	+1.4
SCHC	Schwab International Small-Cap Equity ETF	0.1	11	75	6.6	+5.2
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.0	58	28	7.0	+5.6
IQDG	WisdomTree International Quality Dividend Growth Fund	0.0	42	44	7.4	+6.0
ECON	Columbia Emerging Markets Consumer ETF	0.0	49	37	12.0	+10.6
DFIS	Dimensional International Small Cap ETF	0.0	39	47	7.3	+5.9
SCZ	iShares MSCI EAFE Small-Cap ETF	0.0	40	46	6.9	+5.5
VT	Vanguard Total World Stock ETF	0.0	6	80	5.8	+4.4
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.0	12	74	5.1	+3.7
GWX	SPDR S&P International Small Cap ETF	0.0	40	46	6.0	+4.6
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.0	20	66	5.6	+4.2
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	65	3.7	+2.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	77	5.6	+4.2
DFEV	Dimensional Emerging Markets Value ETF	0.0	43	43	13.3	+11.9
DIHP	Dimensional International High Profitability ETF	0.0	29	57	7.1	+5.7
ACWI	iShares MSCI ACWI ETF	0.0	32	54	5.5	+4.1
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.0	39	47	5.3	+3.9
DFIC	Dimensional International Core Equity 2 ETF	0.0	23	63	7.4	+6.0
DFSI	Dimensional International Sustainability Core 1 ETF	0.0	24	62	6.3	+4.9
ESGV	Vanguard ESG U.S. Stock ETF	0.0	9	77	4.7	+3.3
AVDE	Avantis International Equity ETF	0.0	23	63	7.3	+5.9
IEUR	iShares Core MSCI Europe ETF	0.0	11	75	7.3	+5.9
VGK	Vanguard FTSE Europe ETF	0.0	6	80	7.5	+6.1
DXIV	Dimensional International Vector Equity ETF	0.0	34	52	7.8	+6.4
SPEU	SPDR Portfolio Europe ETF	0.0	7	79	7.4	+6.0
DFAI	Dimensional International Core Equity Market ETF	0.0	18	68	7.1	+5.7
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	82	6.9	+5.5
IEFA	iShares Core MSCI EAFE ETF	0.0	7	79	7.0	+5.6
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	83	6.9	+5.5
ISCF	iShares International SmallCap Equity Factor ETF	0.0	23	63	8.2	+6.8
VEA	Vanguard FTSE Developed Markets ETF	0.0	3	83	7.2	+5.8
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.0	39	47	7.9	+6.5
AVSD	Avantis Responsible International Equity ETF	0.0	23	63	5.6	+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%.

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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	11.2	%
Divided by: Fwd. P/BV	5.0	x
Less: Expense ratio	86	bp
Equals: ALTAR Score	1.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	CATEGORY AVERAGE	1.51

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.