India Internet & Ecommerce ETF
ALTAR
Score™		 0.5% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 57.6x P/Sales
ratio		 6.2x
P/BV
ratio		 6.6x 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) $72
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 31
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 19.8 %
BAJAJ FINANCE LTD 7.8 %
BILLIONBRAINS GARAGE VENTURES LTD 7.8 %
LENSKART SOLUTIONS LTD 6.2 %
JIO FINANCIAL SERVICES LTD 5.8 %
PB FINTECH LIMITED 4.3 %
ZOMATO LTD. 4.0 %
INFO EDGE (INDIA) LTD 3.9 %
ANGEL ONE LTD ORDINARY SHARES 3.8 %
FSN E-COMMERCE VENTURES LTD. 3.6 %
Total 67.0 %

TOP COUNTRY EXPOSURE
INDIA 41.5 %
SWEDEN 0.5 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-16.3% -21.3% -- -- -5.4%

Market Correlations
versus... Beta R-squared
S&P500 0.63 18%
MSCI EAFE 0.60 26%
MSCI Emg. Mkts. 0.46 27%

Technical Indicators
Recent close $13.24
30d moving avg. $12.40
Annualized volatility 16.5%
Short interest (ETF) 2.5%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 44
Turnover 0.8%
Bid/Ask (% of price) 0.61%
ADV underlying (mns) $101

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 117 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 34.8 86 0 12.9 +12.3
EPI WisdomTree India Earnings Fund 26.5 85 1 5.1 +4.6
DGIN VanEck Digital India ETF 24.9 71 15 1.4 +0.8
FLIN Franklin FTSE India ETF 24.3 19 67 4.1 +3.5
XC WisdomTree Emerging Markets Ex-China Fund 10.4 32 54 6.4 +5.9
CGXU Capital Group International Focus Equity ETF 8.1 54 32 3.7 +3.2
INCO Columbia India Consumer ETF 6.7 75 11 2.1 +1.6
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 5.7 20 66 12.8 +12.3
NDIA Global X India Active ETF 5.1 75 11 5.0 +4.4
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 4.4 24 62 5.0 +4.5
EMMF WisdomTree Emerging Markets Multifactor Fund 4.1 48 38 8.4 +7.8
FLAX Franklin FTSE Asia Ex Japan ETF 3.6 19 67 7.0 +6.4
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 3.5 15 71 7.8 +7.2
JHEM John Hancock Multifactor Emerging Markets ETF 3.5 49 37 7.4 +6.9
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 3.3 60 26 8.7 +8.1
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.2 32 54 4.7 +4.2
CBSE Clough Select Equity ETF 3.1 85 1 0.3 -0.2
MINV Matthews Asia Innovators Active ETF 3.1 79 7 5.0 +4.5
AWAY ETFMG Travel Tech ETF 3.1 76 10 1.0 +0.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 2.9 36 50 7.4 +6.9
BKEM BNY Mellon Emerging Markets Equity ETF 2.9 11 75 7.8 +7.2
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 2.7 66 20 7.1 +6.5
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 2.3 33 53 6.5 +6.0
NFTY First Trust India NIFTY 50 Equal Weight ETF 2.0 80 6 4.9 +4.4
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 1.9 45 41 7.8 +7.3
INDY iShares India 50 ETF 1.7 89 -3 5.2 +4.7
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.7 44 42 9.5 +9.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.7 59 27 8.3 +7.8
MEM Matthews Emerging Markets Equity Active ETF 1.4 79 7 8.3 +7.8
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.3 75 11 1.7 +1.1
INDA iShares MSCI India ETF 1.2 65 21 4.5 +4.0
XCEM Columbia EM Core ex-China ETF 1.2 16 70 4.8 +4.2
EMC Global X Emerging Markets Great Consumer ETF 1.2 75 11 6.9 +6.4
AFK VanEck Africa Index ETF 1.0 98 -12 11.4 +10.9
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.0 18 68 6.3 +5.7
JETS U.S. Global Jets ETF 0.8 60 26 2.2 +1.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.7 40 46 6.2 +5.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.7 41 45 5.8 +5.3
IBUY Amplify Online Retail ETF 0.6 65 21 2.2 +1.6
SMIN iShares MSCI India Small Cap ETF 0.6 79 7 3.2 +2.7
XCNY SPDR S&P Emerging Markets ex-China ETF 0.4 15 71 5.5 +5.0
BKF iShares MSCI BIC ETF 0.4 69 17 14.8 +14.3
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.4 29 57 8.8 +8.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.4 15 71 8.6 +8.1
EMDM First Trust Bloomberg Emerging Market Democracies ETF 0.3 75 11 6.1 +5.6
JADE JPMorgan Active Developing Markets Equity ETF 0.3 65 21 5.8 +5.3
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.3 25 61 5.9 +5.4
GLIN VanEck India Growth Leaders ETF 0.3 77 9 5.3 +4.8
GMF SPDR S&P Emerging Asia Pacific ETF 0.3 49 37 8.4 +7.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.3 32 54 7.3 +6.7
VEXC Vanguard Emerging Markets Ex-China ETF 0.3 7 79 5.5 +5.0
EMXF iShares ESG Advanced MSCI EM ETF 0.3 16 70 6.5 +5.9
NUEM Nuveen ESG Emerging Markets Equity ETF 0.3 36 50 5.9 +5.3
PID Invesco International Dividend Achievers ETF 0.3 53 33 4.1 +3.6
STXE Strive Emerging Markets Ex-China ETF 0.2 32 54 5.0 +4.5
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.2 41 45 6.8 +6.2
VWO Vanguard FTSE Emerging Markets ETF 0.2 7 79 9.0 +8.4
SPEM SPDR Portfolio Emerging Markets ETF 0.2 7 79 9.3 +8.8
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 66 5.7 +5.2
EEMA iShares MSCI Emerging Markets Asia ETF 0.2 49 37 7.4 +6.8
PNQI Invesco NASDAQ Internet ETF 0.2 60 26 3.8 +3.3
DFAE Dimensional Emerging Core Equity Market ETF 0.2 35 51 6.8 +6.3
EMXC iShares MSCI Emerging Markets ex China ETF 0.2 25 61 4.9 +4.4
AVSE Avantis Responsible Emerging Markets Equity ETF 0.2 33 53 6.4 +5.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.1 70 16 6.7 +6.2
LDEM iShares ESG MSCI EM Leaders ETF 0.1 17 69 12.6 +12.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.1 30 56 7.7 +7.2
IEMG iShares Core MSCI Emerging Markets ETF 0.1 9 77 8.0 +7.5
EEM iShares MSCI Emerging Markets ETF 0.1 69 17 7.6 +7.1
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.1 69 17 7.3 +6.7
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 70 16 6.4 +5.8
ESGE iShares ESG Aware MSCI EM ETF 0.1 25 61 8.1 +7.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 56 7.5 +7.0
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.1 53 33 4.9 +4.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.1 38 48 6.8 +6.3
IPKW Invesco International BuyBack Achievers ETF 0.1 55 31 8.1 +7.5
DEHP Dimensional Emerging Markets High Profitability ETF 0.1 41 45 4.7 +4.1
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 21 6.3 +5.8
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.1 42 44 7.6 +7.0
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
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.1 33 53 5.9 +5.3
SMLF iShares U.S. SmallCap Equity Factor ETF 0.1 15 71 4.8 +4.2
AVEM Avantis Emerging Markets Equity ETF 0.1 33 53 6.9 +6.3
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 82 6.6 +6.1
VXUS Vanguard Total International Stock ETF 0.1 5 81 6.5 +6.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 78 6.3 +5.8
IXUS iShares Core MSCI Total International Stock ETF 0.0 7 79 6.5 +6.0
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 52 6.3 +5.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 74 4.4 +3.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 56 6.4 +5.8
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.0 58 28 8.2 +7.7
DFE WisdomTree Europe SmallCap Dividend Fund 0.0 58 28 7.8 +7.2
DLS WisdomTree International SmallCap Dividend Fund 0.0 58 28 7.5 +7.0
AVES Avantis Emerging Markets Value ETF 0.0 36 50 8.8 +8.3
VT Vanguard Total World Stock ETF 0.0 6 80 4.9 +4.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 66 4.7 +4.1
AVDV Avantis International Small Cap Value ETF 0.0 36 50 7.9 +7.3
AVDS Avantis International Small Cap Equity ETF 0.0 30 56 6.1 +5.6
GWX SPDR S&P International Small Cap ETF 0.0 40 46 6.0 +5.5
ACWI iShares MSCI ACWI ETF 0.0 32 54 4.6 +4.1
SCHC Schwab International Small-Cap Equity ETF 0.0 11 75 6.7 +6.2
DFEV Dimensional Emerging Markets Value ETF 0.0 43 43 9.2 +8.6
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.0 42 44 3.9 +3.4
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.0 39 47 2.1 +1.6
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 65 2.9 +2.3
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.0 40 46 5.6 +5.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 77 4.8 +4.2
ESGV Vanguard ESG U.S. Stock ETF 0.0 9 77 4.1 +3.5
VGK Vanguard FTSE Europe ETF 0.0 6 80 6.5 +6.0
SPEU SPDR Portfolio Europe ETF 0.0 7 79 6.5 +5.9
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 83 5.8 +5.2
VEA Vanguard FTSE Developed Markets ETF 0.0 3 83 5.9 +5.3
AVDE Avantis International Equity ETF 0.0 23 63 6.2 +5.7
DWM WisdomTree International Equity Fund 0.0 48 38 5.6 +5.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 47 7.0 +6.5
AVSD Avantis Responsible International Equity ETF 0.0 23 63 5.9 +5.3

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 6.2 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		 1.53
 
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.