Global X India Active ETF
ALTAR
Score™		 7.2% info Recommen-
dation		 NEUTRAL
2024E    2025E
P/E
ratio		 25.3x P/Sales
ratio		 2.0x
P/BV
ratio		 3.7x Div.
yield		 1.1%


  • 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) $25
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 28
Wgt avg mkt cap (mns) $66,158
Large cap (>$10bn) 84.4%
Mid cap ($2-10bn) 13.6%
Small cap (<$2bn) 0.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
RELIANCE INDS-SPONS GDR 144A 8.2 %
ICICI BANK LTD-SPON ADR 7.3 %
LARSEN & TOUBRO LIMITED 6.1 %
HDFC BANK LIMITED 5.4 %
AXIS BANK LIMITED 4.7 %
TATA CONSULTANCY SVS LTD 4.6 %
INFOSYS TECHNOLOGIES-SP ADR 4.4 %
UNITED SPIRITS LIMITED 4.0 %
CASH 3.7 %
ULTRATECH CEMENT LTD 3.5 %
Total 51.8 %

TOP COUNTRY EXPOSURE
INDIA 94.5 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
9.6% 22.8% -- -- 18.1%

Market Correlations
versus... Beta R-squared
S&P500 0.48 26%
MSCI EAFE 0.43 27%
MSCI Emg. Mkts. 0.55 31%

Technical Indicators
Recent close $30.26
30d moving avg. $32.06
Annualized volatility 12.5%
Short interest (ETF) 1.0%
Relative strength (RSI) 40

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.5%
Bid/Ask (% of price) 0.35%
ADV underlying (mns) $768

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 140 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™: 7.2%


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
(%)
INDY iShares India 50 ETF 27.5 89 -14 4.6 -2.6
NFTY First Trust India NIFTY 50 Equal Weight ETF 27.3 80 -5 6.3 -1.0
FLIN Franklin FTSE India ETF 25.9 19 56 4.7 -2.5
PIN Invesco India ETF 25.2 78 -3 4.5 -2.8
INDA iShares MSCI India ETF 24.6 65 10 4.4 -2.9
DGIN VanEck Digital India ETF 24.2 71 4 0.1 -7.1
EPI WisdomTree India Earnings Fund 18.5 85 -10 6.1 -1.2
INDF Nifty India Financials ETF 14.2 75 0 5.3 -2.0
EMM Global X Emerging Markets ex-China ETF 13.7 75 0 4.2 -3.0
EMC Global X Emerging Markets Great Consumer ETF 12.3 75 0 4.5 -2.7
EEMO Invesco S&P Emerging Markets Momentum ETF 11.3 29 46 5.5 -1.7
STXE Strive Emerging Markets Ex-China ETF 10.5 32 43 7.0 -0.2
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 10.3 24 51 9.2 +2.0
GMF SPDR S&P Emerging Asia Pacific ETF 9.9 49 26 6.1 -1.1
BKF iShares MSCI BIC ETF 9.6 69 6 6.9 -0.3
RNEM First Trust Emerging Markets Equity Select ETF 9.5 75 0 7.6 +0.3
IPAV Global X Infrastructure Development ex-U.S. ETF 9.2 55 20 9.7 +2.5
INCO Columbia India Consumer ETF 8.8 75 0 1.5 -5.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 8.8 32 43 6.2 -1.0
MINV Matthews Asia Innovators Active ETF 8.3 79 -4 3.0 -4.2
XC WisdomTree Emerging Markets Ex-China Fund 8.2 32 43 6.0 -1.2
SPEM SPDR Portfolio Emerging Markets ETF 8.0 7 68 7.3 +0.1
GLIN VanEck India Growth Leaders ETF 8.0 77 -2 5.7 -1.5
XCEM Columbia EM Core ex-China ETF 7.7 16 59 7.7 +0.5
CRAK VanEck Oil Refiners ETF 7.3 61 14 14.7 +7.5
MEM Matthews Emerging Markets Equity Active ETF 7.3 79 -4 5.4 -1.8
ECON Columbia Emerging Markets Consumer ETF 7.2 49 26 7.3 +0.1
EMXC iShares MSCI Emerging Markets ex China ETF 6.9 25 50 6.7 -0.5
XCNY SPDR S&P Emerging Markets ex-China ETF 6.9 15 60 6.3 -0.9
FLAX Franklin FTSE Asia Ex Japan ETF 6.6 19 56 6.9 -0.4
JHEM John Hancock Multifactor Emerging Markets ETF 6.4 49 26 8.2 +1.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 6.3 30 45 8.1 +0.9
EEMA iShares MSCI Emerging Markets Asia ETF 6.3 49 26 6.5 -0.7
EMDM First Trust Bloomberg Emerging Market Democracies ETF 5.9 75 0 8.2 +1.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 5.9 15 60 7.2 +0.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 5.8 70 5 6.2 -1.1
EMXF iShares ESG Advanced MSCI EM ETF 5.7 16 59 6.8 -0.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 5.6 36 39 7.8 +0.6
DFAE Dimensional Emerging Core Equity Market ETF 5.6 35 40 7.3 +0.1
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 5.6 25 50 6.6 -0.6
BKEM BNY Mellon Emerging Markets Equity ETF 5.6 11 64 8.4 +1.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 5.4 30 45 7.3 +0.1
DEHP Dimensional Emerging Markets High Profitability ETF 5.3 41 34 5.0 -2.2
INQQ India Internet & Ecommerce ETF 5.3 86 -11 2.6 -4.7
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 5.2 40 35 8.3 +1.1
VWO Vanguard FTSE Emerging Markets ETF 5.2 8 67 6.9 -0.3
EEM iShares MSCI Emerging Markets ETF 5.1 69 6 6.9 -0.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 5.0 95 -20 10.5 +3.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 4.9 66 9 10.0 +2.8
LDEM iShares ESG MSCI EM Leaders ETF 4.9 17 58 7.6 +0.4
NUEM Nuveen ESG Emerging Markets Equity ETF 4.8 36 39 6.5 -0.7
DFEM Dimensional Emerging Markets Core Equity 2 ETF 4.7 38 37 7.8 +0.6
ROAM Hartford Multifactor Emerging Markets ETF 4.7 44 31 15.8 +8.6
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 4.7 88 -13 7.4 +0.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 4.7 32 43 6.9 -0.4
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 4.6 60 15 9.8 +2.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 4.6 50 25 13.0 +5.8
AVEM Avantis Emerging Markets Equity ETF 4.6 33 42 8.9 +1.7
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 4.5 15 60 10.2 +3.0
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 4.5 86 -11 1.2 -6.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 4.5 33 42 8.2 +1.0
CGXU Capital Group International Focus Equity ETF 4.5 54 21 4.9 -2.4
GINX SGI Enhanced Global Income ETF 4.5 98 -23 5.6 -1.6
IEMG iShares Core MSCI Emerging Markets ETF 4.5 9 66 7.5 +0.2
CIBR First Trust NASDAQ Cybersecurity ETF 4.4 60 15 4.1 -3.1
EMGF iShares Emerging Markets Equity Factor ETF 4.3 25 50 8.5 +1.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 4.3 45 30 11.0 +3.8
LEGR First Trust Indxx Innovative Transaction & Process ETF 4.3 65 10 8.2 +1.0
SCHE Schwab Emerging Markets Equity ETF 4.1 11 64 7.1 -0.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 4.1 20 55 6.8 -0.4
PXH Invesco FTSE RAFI Emerging Markets ETF 4.0 49 26 12.2 +5.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 3.6 41 34 7.4 +0.2
EMMF WisdomTree Emerging Markets Multifactor Fund 3.6 48 27 8.8 +1.6
EQLT iShares MSCI Emerging Markets Quality Factor ETF 3.6 35 40 7.4 +0.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 3.5 59 16 11.3 +4.1
NXTG First Trust Indxx NextG ETF 3.3 70 5 6.2 -1.0
EDOG ALPS Emerging Sector Dividend Dogs ETF 3.2 60 15 13.4 +6.2
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 3.2 39 36 12.5 +5.3
ESGE iShares ESG Aware MSCI EM ETF 3.2 25 50 7.1 -0.1
UEVM VictoryShares Emerging Markets Value Momentum ETF 3.1 45 30 12.3 +5.1
DFEV Dimensional Emerging Markets Value ETF 3.1 43 32 11.1 +3.9
AVES Avantis Emerging Markets Value ETF 3.0 36 39 11.6 +4.4
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 2.9 60 15 0.5 -6.8
OND ProShares On-Demand ETF 2.9 58 17 -2.2 -9.4
CBSE Clough Select Equity ETF 2.9 85 -10 0.4 -6.9
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.8 35 40 12.4 +5.2
BGAIX Baron Global Advantage 2.6 75 0 0.6 -6.6
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 2.6 86 -11 1.6 -5.6
CWI SPDR MSCI ACWI ex-US ETF 2.5 30 45 6.9 -0.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 2.5 44 31 10.6 +3.4
GNR SPDR S&P Global Natural Resources ETF 2.3 40 35 9.7 +2.5
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 2.3 18 57 6.8 -0.4
ACWV iShares MSCI Global Min Vol Factor ETF 1.9 20 55 6.3 -0.9
PID Invesco International Dividend Achievers ETF 1.8 53 22 7.0 -0.2
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.7 75 0 2.9 -4.4
VEU Vanguard FTSE All-World ex-US Index Fund 1.7 8 67 7.3 +0.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.7 18 57 7.0 -0.2
BIGFX Baron International Growth Retail 1.7 75 0 3.1 -4.1
TTAI FCF International Quality ETF 1.6 59 16 5.6 -1.6
ACWX iShares MSCI ACWI ex U.S. ETF 1.5 34 41 7.0 -0.3
VXUS Vanguard Total International Stock ETF 1.5 7 68 7.2 -0.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.4 41 34 7.4 +0.2
SMIN iShares MSCI India Small Cap ETF 1.4 79 -4 3.5 -3.8
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.4 42 33 8.1 +0.9
IXUS iShares Core MSCI Total International Stock ETF 1.4 7 68 7.2 -0.0
KDIV KraneShares S&P Pan Asia Dividend Aristocrats Index ETF 1.3 68 7 8.2 +1.0
VSGX Vanguard ESG International Stock ETF 1.3 12 63 6.8 -0.5
DGT SPDR Global Dow ETF 1.3 50 25 6.8 -0.4
RGEF Rockefeller Global Equity ETF 1.3 55 20 5.0 -2.3
DFAX Dimensional World ex U.S. Core Equity 2 ETF 1.2 30 45 8.0 +0.8
PICK iShares MSCI Global Metals & Mining Producers ETF 1.2 39 36 12.8 +5.6
FDEM Fidelity Emerging Markets Multifactor ETF 1.2 25 50 12.3 +5.1
CGGO Capital Group Global Growth Equity ETF 1.1 47 28 4.6 -2.6
APIE ActivePassive International Equity ETF 1.0 45 30 8.1 +0.9
HAP VanEck Natural Resources ETF 1.0 50 25 10.0 +2.8
KNCT Invesco Next Gen Connectivity ETF 1.0 40 35 5.6 -1.6
KOCG FIS Knights of Columbus Global Belief ETF 1.0 75 0 5.0 -2.2
FEM First Trust Emerging Markets AlphaDEX Fund 0.9 80 -5 13.0 +5.8
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.9 29 46 8.7 +1.5
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF 0.8 68 7 2.1 -5.1
FILL iShares MSCI Global Energy Producers ETF 0.8 39 36 9.6 +2.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.7 9 66 5.4 -1.9
KLMT Invesco MSCI Global Climate 500 ETF 0.6 10 65 5.4 -1.8
VT Vanguard Total World Stock ETF 0.6 7 68 5.5 -1.7
XT iShares Exponential Technologies ETF 0.6 46 29 4.8 -2.4
ACWI iShares MSCI ACWI ETF 0.5 32 43 5.3 -1.9
WWJD Inspire International ETF 0.5 80 -5 7.3 +0.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.5 12 63 4.8 -2.4
FVD First Trust Value Line Dividend Index Fund 0.5 65 10 6.3 -1.0
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.4 70 5 7.7 +0.5
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.4 50 25 5.7 -1.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.4 20 55 5.2 -2.1
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.3 12 63 8.3 +1.1
BLES Inspire Global Hope ETF 0.2 61 14 6.4 -0.8
VYMI Vanguard International High Dividend Yield ETF 0.2 22 53 9.8 +2.6
RODE Hartford Multifactor Diversified International ETF 0.2 29 46 11.8 +4.6
GLOF iShares Global Equity Factor ETF 0.2 20 55 7.0 -0.2
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.1 58 17 10.2 +3.0
IGRO iShares International Dividend Growth ETF 0.1 15 60 7.5 +0.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 7 68 6.7 -0.5

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:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 26.5 %
Divided by: Fwd. P/BV 3.3 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 7.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.46 CATEGORY
AVERAGE		 1.48
 
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.