Global X India Active ETF
ALTAR
Score™		 4.7% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 20.1x P/Sales
ratio		 1.9x
P/BV
ratio		 3.2x 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) $24
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 30
Wgt avg mkt cap (mns) $56,757
Large cap (>$10bn) 86.3%
Mid cap ($2-10bn) 9.3%
Small cap (<$2bn) 2.1%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
RELIANCE INDS-SPONS GDR 144A 9.1 %
HDFC BANK LIMITED 9.0 %
ICICI BANK LTD-SPON ADR 8.1 %
INFOSYS TECHNOLOGIES-SP ADR 5.2 %
AXIS BANK LIMITED 5.2 %
LARSEN & TOUBRO LIMITED 4.8 %
TATA CONSULTANCY SVS LTD 4.2 %
TATA STEEL LTD 4.1 %
UNITED SPIRITS LIMITED 3.9 %
BHARTI AIRTEL LIMITED 3.8 %
Total 57.4 %

TOP COUNTRY EXPOSURE
INDIA 96.6 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
-9.5% -10.3% -- -- 2.7%

Market Correlations
versus... Beta R-squared
S&P500 0.59 27%
MSCI EAFE 0.38 14%
MSCI Emg. Mkts. 0.58 23%

Technical Indicators
Recent close $28.18
30d moving avg. $26.89
Annualized volatility 14.7%
Short interest (ETF) 3.0%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 7
Turnover 0.8%
Bid/Ask (% of price) 0.35%
ADV underlying (mns) $390

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™: 4.7%


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 32.5 89 -14 4.6 -0.1
NFTY First Trust India NIFTY 50 Equal Weight ETF 28.8 80 -5 4.8 +0.1
INDA iShares MSCI India ETF 27.6 65 10 4.3 -0.4
PIN Invesco India ETF 27.4 78 -3 4.3 -0.4
DGIN VanEck Digital India ETF 26.3 71 4 2.0 -2.8
FLIN Franklin FTSE India ETF 26.1 19 56 3.9 -0.8
EPI WisdomTree India Earnings Fund 20.1 85 -10 4.7 -0.0
INDF Nifty India Financials ETF 18.3 75 0 6.6 +1.9
INCO Columbia India Consumer ETF 15.4 75 0 1.8 -2.9
EMM Global X Emerging Markets ex-China ETF 13.7 75 0 5.0 +0.3
EEMO Invesco S&P Emerging Markets Momentum ETF 11.0 29 46 6.2 +1.5
GLIN VanEck India Growth Leaders ETF 11.0 77 -2 6.4 +1.7
EMC Global X Emerging Markets Great Consumer ETF 10.2 75 0 8.5 +3.8
STXE Strive Emerging Markets Ex-China ETF 10.1 32 43 8.2 +3.5
GMF SPDR S&P Emerging Asia Pacific ETF 8.9 49 26 10.0 +5.3
BKF iShares MSCI BIC ETF 8.8 69 6 13.0 +8.3
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 8.7 24 51 8.3 +3.6
RNEM First Trust Emerging Markets Equity Select ETF 8.3 75 0 1.0 -3.7
IPAV Global X Infrastructure Development ex-U.S. ETF 8.2 55 20 4.5 -0.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 8.0 32 43 9.6 +4.9
CRAK VanEck Oil Refiners ETF 7.6 61 14 15.4 +10.7
XC WisdomTree Emerging Markets Ex-China Fund 7.4 32 43 5.5 +0.8
SPEM SPDR Portfolio Emerging Markets ETF 7.2 7 68 10.9 +6.2
XCEM Columbia EM Core ex-China ETF 7.2 16 59 8.5 +3.8
EMXC iShares MSCI Emerging Markets ex China ETF 7.1 25 50 8.0 +3.3
XCNY SPDR S&P Emerging Markets ex-China ETF 6.5 15 60 0.0 -4.7
MEM Matthews Emerging Markets Equity Active ETF 6.4 79 -4 8.5 +3.8
EEMA iShares MSCI Emerging Markets Asia ETF 6.0 49 26 10.7 +6.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 5.9 20 55 11.3 +6.6
MINV Matthews Asia Innovators Active ETF 5.9 79 -4 7.7 +3.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 5.8 95 -20 13.1 +8.4
LDEM iShares ESG MSCI EM Leaders ETF 5.7 17 58 12.9 +8.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 5.7 30 45 9.3 +4.6
AAXJ iShares MSCI All Country Asia ex Japan ETF 5.5 70 5 9.8 +5.1
JHEM John Hancock Multifactor Emerging Markets ETF 5.4 49 26 10.5 +5.8
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 5.3 25 50 6.5 +1.8
EMDM First Trust Bloomberg Emerging Market Democracies ETF 5.3 75 0 10.3 +5.6
CIBR First Trust NASDAQ Cybersecurity ETF 5.2 60 15 4.2 -0.5
FLAX Franklin FTSE Asia Ex Japan ETF 5.2 19 56 10.8 +6.1
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 5.0 32 43 7.0 +2.3
EMXF iShares ESG Advanced MSCI EM ETF 4.9 16 59 8.4 +3.7
DFAE Dimensional Emerging Core Equity Market ETF 4.9 35 40 10.2 +5.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 4.9 30 45 10.6 +5.9
BKEM BNY Mellon Emerging Markets Equity ETF 4.8 11 64 11.8 +7.1
EEM iShares MSCI Emerging Markets ETF 4.8 69 6 10.7 +6.0
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 4.7 66 9 10.2 +5.5
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 4.7 36 39 11.2 +6.5
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 4.6 40 35 5.6 +0.9
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 4.6 15 60 10.8 +6.1
VWO Vanguard FTSE Emerging Markets ETF 4.6 8 67 10.9 +6.2
DEHP Dimensional Emerging Markets High Profitability ETF 4.3 41 34 6.5 +1.8
AVEM Avantis Emerging Markets Equity ETF 4.2 33 42 9.7 +5.0
INQQ India Internet & Ecommerce ETF 4.2 86 -11 1.1 -3.6
IEMG iShares Core MSCI Emerging Markets ETF 4.2 9 66 10.9 +6.2
DFEM Dimensional Emerging Markets Core Equity 2 ETF 4.1 38 37 9.9 +5.2
NUEM Nuveen ESG Emerging Markets Equity ETF 4.0 36 39 8.1 +3.4
EDOG ALPS Emerging Sector Dividend Dogs ETF 4.0 60 15 11.0 +6.3
EMGF iShares Emerging Markets Equity Factor ETF 3.9 25 50 12.4 +7.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 3.8 50 25 11.6 +6.9
LEGR First Trust Indxx Innovative Transaction & Process ETF 3.7 65 10 8.6 +3.9
EMMF WisdomTree Emerging Markets Multifactor Fund 3.6 48 27 7.8 +3.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 3.5 15 60 8.6 +3.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.5 45 30 11.0 +6.3
ROAM Hartford Multifactor Emerging Markets ETF 3.5 44 31 11.3 +6.6
PXH Invesco FTSE RAFI Emerging Markets ETF 3.4 49 26 16.7 +12.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 3.4 33 42 10.6 +5.9
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 3.4 60 15 8.0 +3.3
SCHE Schwab Emerging Markets Equity ETF 3.3 11 64 11.6 +6.9
ESGE iShares ESG Aware MSCI EM ETF 3.2 25 50 10.7 +6.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 3.2 41 34 9.4 +4.7
DFEV Dimensional Emerging Markets Value ETF 3.0 43 32 14.5 +9.8
ECON Columbia Emerging Markets Consumer ETF 2.8 49 26 12.9 +8.2
FDEM Fidelity Emerging Markets Multifactor ETF 2.6 25 50 13.5 +8.8
NXTG First Trust Indxx NextG ETF 2.5 70 5 5.8 +1.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 2.5 39 36 16.9 +12.2
GNR SPDR S&P Global Natural Resources ETF 2.5 40 35 11.4 +6.7
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 2.5 88 -13 10.3 +5.6
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 2.5 86 -11 0.4 -4.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.4 59 16 13.7 +9.0
AVES Avantis Emerging Markets Value ETF 2.4 36 39 12.2 +7.5
CWI SPDR MSCI ACWI ex-US ETF 2.3 30 45 8.2 +3.5
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.2 35 40 21.6 +16.9
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 2.2 86 -11 13.7 +9.0
AADR AdvisorShares Dorsey Wright ADR ETF 2.0 110 -35 5.1 +0.4
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 2.0 44 31 11.0 +6.3
CGXU Capital Group International Focus Equity ETF 1.9 54 21 5.9 +1.2
KOCG FIS Knights of Columbus Global Belief ETF 1.8 75 0 6.1 +1.4
PID Invesco International Dividend Achievers ETF 1.7 53 22 5.8 +1.1
ACWV iShares MSCI Global Min Vol Factor ETF 1.7 20 55 7.6 +2.9
TTAI FCF International Quality ETF 1.6 59 16 6.9 +2.2
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.6 45 30 11.1 +6.4
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 1.6 60 15 13.3 +8.6
SDEM Global X MSCI SuperDividend Emerging Markets ETF 1.5 67 8 13.3 +8.6
VEU Vanguard FTSE All-World ex-US Index Fund 1.5 8 67 8.5 +3.8
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.4 18 57 8.1 +3.4
ACWX iShares MSCI ACWI ex U.S. ETF 1.4 34 41 8.1 +3.4
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.3 75 0 3.5 -1.2
SMIN iShares MSCI India Small Cap ETF 1.3 79 -4 3.3 -1.4
PICK iShares MSCI Global Metals & Mining Producers ETF 1.3 39 36 14.1 +9.4
IXUS iShares Core MSCI Total International Stock ETF 1.3 7 68 8.3 +3.6
VXUS Vanguard Total International Stock ETF 1.2 7 68 8.3 +3.6
FRDM Freedom 100 Emerging Markets ETF 1.2 49 26 9.1 +4.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 1.2 41 34 7.1 +2.4
RGEF Rockefeller Global Equity ETF 1.2 55 20 5.2 +0.5
VSGX Vanguard ESG International Stock ETF 1.1 12 63 8.2 +3.5
KNCT Invesco Next Gen Connectivity ETF 1.0 40 35 5.1 +0.4
DGT SPDR Global Dow ETF 1.0 50 25 8.1 +3.4
DFAX Dimensional World ex U.S. Core Equity 2 ETF 1.0 30 45 8.6 +3.9
HAP VanEck Natural Resources ETF 0.9 50 25 10.0 +5.3
UMMA Wahed Dow Jones Islamic World ETF 0.8 65 10 5.3 +0.6
FEM First Trust Emerging Markets AlphaDEX Fund 0.8 80 -5 13.8 +9.1
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.7 29 46 8.7 +4.0
FILL iShares MSCI Global Energy Producers ETF 0.7 39 36 11.4 +6.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.6 9 66 6.0 +1.3
JIG JPMorgan International Growth ETF 0.6 55 20 4.8 +0.1
GINX SGI Enhanced Global Income ETF 0.6 98 -23 7.3 +2.6
TRFM AAM Transformers ETF 0.5 49 26 1.9 -2.8
APIE ActivePassive International Equity ETF 0.5 45 30 7.7 +3.0
VT Vanguard Total World Stock ETF 0.5 7 68 6.4 +1.7
DEM WisdomTree Emerging Markets High Dividend Fund 0.5 63 12 13.6 +8.9
ACWI iShares MSCI ACWI ETF 0.5 32 43 6.1 +1.4
KLMT Invesco MSCI Global Climate 500 ETF 0.5 10 65 6.1 +1.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.5 20 55 6.3 +1.6
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.4 12 63 5.2 +0.5
XT iShares Exponential Technologies ETF 0.4 46 29 5.5 +0.8
FVD First Trust Value Line Dividend Index Fund 0.4 65 10 6.1 +1.4
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.4 50 25 6.5 +1.8
CGGO Capital Group Global Growth Equity ETF 0.4 47 28 5.0 +0.3
RODE Hartford Multifactor Diversified International ETF 0.3 29 46 9.9 +5.2
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.3 70 5 7.8 +3.1
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 33 6.8 +2.1
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.2 12 63 7.7 +3.0
IQDF FlexShares International Quality Dividend Index Fund 0.2 47 28 9.5 +4.8
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.2 47 28 9.0 +4.3
VYMI Vanguard International High Dividend Yield ETF 0.2 22 53 10.0 +5.3
GLOF iShares Global Equity Factor ETF 0.1 20 55 7.0 +2.3
DEW WisdomTree Global High Dividend Fund 0.1 58 17 7.7 +3.0
IGRO iShares International Dividend Growth ETF 0.0 15 60 7.3 +2.6
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.0 58 17 10.1 +5.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 7 68 7.0 +2.3

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:		 Global X India Active 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 17.0 %
Divided by: Fwd. P/BV 3.1 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 4.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.41 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.