Global X India Active ETF
ALTAR
Score™		 6.5% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 19.6x P/Sales
ratio		 2.0x
P/BV
ratio		 3.5x Div.
yield		 1.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
NDIA is an actively managed ETF offering exposure to the Indian Economy. NDIA screens for companies with quality business models and management teams across India, focusing on domestic-driven growth over a 4-5 year investing horizon.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Global X
Website www.globalxetfs.com/ndia
Inception date Aug 17, 2023
Assets (mns) $13
Currency USD
Expense ratio 75 bp
Distributions

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 31
Wgt avg mkt cap (mns) $62,808
Large cap (>$10bn) 79.2%
Mid cap ($2-10bn) 18.8%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
RELIANCE INDS-SPONS GDR 144A 8.6 %
ICICI BANK LTD-SPON ADR 6.9 %
LARSEN & TOUBRO LIMITED 5.7 %
HDFC BANK LIMITED 5.3 %
INFOSYS TECHNOLOGIES-SP ADR 5.0 %
TATA CONSULTANCY SVS LTD 4.4 %
AXIS BANK LIMITED 3.9 %
BHARTI AIRTEL LIMITED 3.7 %
PRESTIGE ESTATES PROJECTS 3.1 %
MARUTI SUZUKI INDIA LTD 3.1 %
Total 49.7 %

TOP COUNTRY EXPOSURE
INDIA 95.9 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
3.0% -- -- -- 14.1%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $29.08
30d moving avg. $26.61
Annualized volatility 0.0%
Short interest (ETF) 0.6%
Relative strength (RSI) 80

Liquidity measures
Avg. volume (thou.) 7
Turnover 1.6%
Bid/Ask (% of price) 0.35%
ADV underlying (mns) $822

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 131 potential alternatives to the Global X India Active ETF ETF based on the alternatives' overlap in portfolio holdings with NDIA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: NDIA Expense: 75 bp ALTAR Score™: 6.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH NDIA
Ticker Fund
Name		 Overlap1
vs NDIA
(%)		 Expense
ratio
(bp)		 Savings
vs NDIA
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs NDIA
(%)
NFTY First Trust India NIFTY 50 Equal Weight ETF 33.4 80 -5 6.1 -0.4
INDY iShares India 50 ETF 32.4 89 -14 3.7 -2.8
FLIN Franklin FTSE India ETF 28.2 19 56 5.2 -1.3
INDA iShares MSCI India ETF 27.4 65 10 3.7 -2.8
PIN Invesco India ETF 25.4 78 -3 3.8 -2.7
DGIN VanEck Digital India ETF 24.1 71 4 1.6 -4.9
EPI WisdomTree India Earnings Fund 20.6 85 -10 6.6 +0.1
EEMO Invesco S&P Emerging Markets Momentum ETF 16.5 29 46 6.2 -0.3
INDF Nifty India Financials ETF 15.1 75 0 6.0 -0.5
EMM Global X Emerging Markets ex-China ETF 15.0 75 0 3.7 -2.8
INCO Columbia India Consumer ETF 14.5 75 0 1.6 -4.9
RNEM First Trust Emerging Markets Equity Select ETF 12.8 75 0 8.2 +1.7
GMF SPDR S&P Emerging Asia Pacific ETF 11.2 49 26 6.4 -0.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 11.1 32 43 6.3 -0.2
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 10.3 24 51 7.1 +0.7
GLIN VanEck India Growth Leaders ETF 10.3 77 -2 5.3 -1.2
EMC Global X Emerging Markets Great Consumer ETF 10.3 75 0 4.9 -1.6
BKF iShares MSCI BIC ETF 10.0 69 6 7.1 +0.6
STXE Strive Emerging Markets Ex-China ETF 9.9 32 43 6.9 +0.4
SPEM SPDR Portfolio Emerging Markets ETF 8.5 7 68 7.5 +1.0
CRAK VanEck Oil Refiners ETF 7.4 61 14 13.1 +6.6
XC WisdomTree Emerging Markets Ex-China Fund 7.4 32 43 6.2 -0.3
MINV Matthews Asia Innovators Active ETF 7.1 79 -4 2.8 -3.7
EMXC iShares MSCI Emerging Markets ex China ETF 6.7 25 50 6.7 +0.2
JHEM John Hancock Multifactor Emerging Markets ETF 6.7 49 26 8.3 +1.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 6.7 32 43 7.6 +1.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 6.5 40 35 7.1 +0.6
FLAX Franklin FTSE Asia Ex Japan ETF 6.4 19 56 7.2 +0.7
EEMA iShares MSCI Emerging Markets Asia ETF 6.4 49 26 6.7 +0.2
EMDM First Trust Bloomberg Emerging Market Democracies ETF 6.3 75 0 9.6 +3.1
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 6.2 30 45 8.5 +2.1
XCEM Columbia EM Core ex-China ETF 6.1 16 59 7.4 +0.9
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 5.9 95 -20 11.4 +4.9
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 5.9 25 50 7.0 +0.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 5.8 70 5 6.3 -0.2
EMXF iShares ESG Advanced MSCI EM ETF 5.8 16 59 7.4 +1.0
AVEM Avantis Emerging Markets Equity ETF 5.8 33 42 9.1 +2.6
DFAE Dimensional Emerging Core Equity Market ETF 5.7 35 40 7.7 +1.2
ROAM Hartford Multifactor Emerging Markets ETF 5.6 44 31 11.7 +5.2
DEHP Dimensional Emerging Markets High Profitability ETF 5.3 41 34 7.3 +0.8
VWO Vanguard FTSE Emerging Markets ETF 5.3 8 67 7.6 +1.1
MEM Matthews Emerging Markets Equity Active ETF 5.2 79 -4 5.7 -0.8
EMMF WisdomTree Emerging Markets Multifactor Fund 5.2 48 27 9.4 +2.9
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 5.1 30 45 7.5 +1.0
BKEM BNY Mellon Emerging Markets Equity ETF 5.1 11 64 7.7 +1.2
ECON Columbia Emerging Markets Consumer ETF 5.0 49 26 4.8 -1.7
CIBR First Trust NASDAQ Cybersecurity ETF 5.0 60 15 3.9 -2.6
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 5.0 36 39 7.5 +1.0
EEM iShares MSCI Emerging Markets ETF 5.0 69 6 7.0 +0.5
NUEM Nuveen ESG Emerging Markets Equity ETF 4.9 36 39 6.8 +0.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 4.9 15 60 7.1 +0.6
DFEM Dimensional Emerging Markets Core Equity 2 ETF 4.9 38 37 8.2 +1.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 4.9 66 9 7.2 +0.7
SCHE Schwab Emerging Markets Equity ETF 4.8 11 64 7.6 +1.1
LEGR First Trust Indxx Innovative Transaction & Process ETF 4.7 65 10 8.4 +1.9
CGXU Capital Group International Focus Equity ETF 4.5 54 21 4.1 -2.4
IEMG iShares Core MSCI Emerging Markets ETF 4.4 9 66 7.5 +1.0
EMGF iShares Emerging Markets Equity Factor ETF 4.2 25 50 8.7 +2.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 4.1 45 30 8.6 +2.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 4.1 20 55 7.5 +1.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 4.0 33 42 7.2 +0.7
LDEM iShares ESG MSCI EM Leaders ETF 4.0 17 58 7.8 +1.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 3.9 50 25 10.5 +4.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 3.9 39 36 12.5 +6.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 3.8 41 34 7.8 +1.3
AVES Avantis Emerging Markets Value ETF 3.8 36 39 12.1 +5.6
PXH Invesco FTSE RAFI Emerging Markets ETF 3.7 49 26 12.4 +5.9
INQQ India Internet & Ecommerce ETF 3.7 86 -11 10.8 +4.3
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 3.4 60 15 10.0 +3.5
NXTG First Trust Indxx NextG ETF 3.2 70 5 6.0 -0.5
ESGE iShares ESG Aware MSCI EM ETF 3.2 25 50 7.7 +1.2
EDOG ALPS Emerging Sector Dividend Dogs ETF 3.1 60 15 14.7 +8.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 3.0 59 16 9.6 +3.1
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 3.0 18 57 7.9 +1.4
FEM First Trust Emerging Markets AlphaDEX Fund 2.9 80 -5 16.3 +9.8
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 2.8 44 31 10.3 +3.8
CBSE Clough Select Equity ETF 2.6 85 -10 -2.3 -8.8
DFEV Dimensional Emerging Markets Value ETF 2.5 43 32 10.9 +4.4
EDIV SPDR S&P Emerging Markets Dividend ETF 2.5 49 26 10.9 +4.4
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.5 45 30 12.7 +6.2
CWI SPDR MSCI ACWI ex-US ETF 2.4 30 45 6.8 +0.3
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 2.4 86 -11 1.9 -4.6
SMIN iShares MSCI India Small Cap ETF 2.2 79 -4 4.3 -2.2
ACWV iShares MSCI Global Min Vol Factor ETF 2.0 20 55 6.7 +0.2
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 2.0 88 -13 6.2 -0.3
VEU Vanguard FTSE All-World ex-US Index Fund 1.8 8 67 7.2 +0.7
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 1.6 68 7 5.3 -1.2
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 1.6 60 15 0.9 -5.6
OND ProShares On-Demand ETF 1.6 58 17 -2.5 -9.0
IWFH iShares Virtual Work and Life Multisector ETF 1.6 47 28 -3.5 -10.0
ACWX iShares MSCI ACWI ex U.S. ETF 1.4 34 41 6.7 +0.2
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 1.4 86 -11 1.9 -4.6
VXUS Vanguard Total International Stock ETF 1.4 7 68 7.1 +0.6
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.3 42 33 6.8 +0.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.3 41 34 6.7 +0.2
PID Invesco International Dividend Achievers ETF 1.3 53 22 6.7 +0.2
DGT SPDR Global Dow ETF 1.3 50 25 6.7 +0.2
IXUS iShares Core MSCI Total International Stock ETF 1.3 7 68 6.9 +0.4
VSGX Vanguard ESG International Stock ETF 1.2 12 63 6.8 +0.3
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.2 75 0 3.2 -3.3
VIGI Vanguard International Dividend Appreciation ETF 1.2 15 60 5.6 -0.9
DFAX Dimensional World ex U.S. Core Equity 2 ETF 1.2 30 45 7.8 +1.3
HAP VanEck Natural Resources ETF 1.0 50 25 9.5 +3.0
KDIV KraneShares S&P Pan Asia Dividend Aristocrats Index ETF 1.0 68 7 8.8 +2.3
FDEM Fidelity Emerging Markets Multifactor ETF 1.0 25 50 11.9 +5.4
BRAZ Global X Brazil Active ETF 1.0 75 0 10.3 +3.8
TTAI FCF International Quality ETF 1.0 59 16 7.4 +0.9
KOCG FIS Knights of Columbus Global Belief ETF 0.9 75 0 5.3 -1.2
FILL iShares MSCI Global Energy Producers ETF 0.9 39 36 9.0 +2.5
APIE ActivePassive International Equity ETF 0.8 45 30 7.7 +1.2
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.6 70 5 7.2 +0.8
CGGO Capital Group Global Growth Equity ETF 0.6 47 28 4.3 -2.2
VT Vanguard Total World Stock ETF 0.6 7 68 5.8 -0.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.6 9 66 5.7 -0.8
FVD First Trust Value Line Dividend Index Fund 0.6 65 10 6.0 -0.5
WWJD Inspire International ETF 0.5 80 -5 7.1 +0.6
XT iShares Exponential Technologies ETF 0.5 46 29 3.9 -2.6
ACWI iShares MSCI ACWI ETF 0.5 32 43 5.5 -1.0
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.5 12 63 5.1 -1.4
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.5 29 46 8.3 +1.8
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.5 47 28 5.9 -0.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.4 20 55 5.6 -0.9
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.3 50 25 5.8 -0.7
BLES Inspire Global Hope ETF 0.3 61 14 6.3 -0.2
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.3 12 63 8.7 +2.2
VYMI Vanguard International High Dividend Yield ETF 0.2 22 53 9.7 +3.2
IGRO iShares International Dividend Growth ETF 0.2 15 60 7.1 +0.6
GLOF iShares Global Equity Factor ETF 0.1 20 55 7.1 +0.6
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 7 68 6.5 +0.0
RODE Hartford Multifactor Diversified International ETF 0.1 29 46 11.5 +5.1
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.1 58 17 10.1 +3.6

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

  2019 2020 2021 2022 2023 2024E 2025E
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
  2023 2024E 2025E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Global X India Active ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 23.9 %
Divided by: Fwd. P/BV 3.3 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 6.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.35 CATEGORY
AVERAGE		 1.39
 
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.