iShares MSCI India Small Cap ETF
ALTAR
Score™		 3.3% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 28.1x P/Sales
ratio		 2.2x
P/BV
ratio		 3.5x Div.
yield		 0.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The iShares MSCI India Small Cap Index Fund is an exchange traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI India Small Cap Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor BlackRock Funds/USA
Website www.ishares.com
Inception date Feb 08, 2012
Assets (mns) $753
Currency USD
Expense ratio 79 bp
Distributions Semi-annual

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 474
Wgt avg mkt cap (mns) $1,632
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 64.0%
Small cap (<$2bn) 35.8%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
WABCO INDIA LIMITED 2.5 %
LAURUS LABS LTD. 1.5 %
COFORGE LTD 1.4 %
MAX INDIA LIMITED 1.3 %
EMBASSY OFFICE PARKS REIT 1.1 %
GLENMARK PHARMACEUTICALS LTD 1.0 %
KEI INDUSTRIES LIMITED 0.9 %
BIOCON LTD 0.9 %
SONA BLW PRECISION FORGINGS LTD. 0.8 %
NAVIN FLUORINE INTERNATIONAL LIMIT 0.8 %
Total 12.3 %

TOP COUNTRY EXPOSURE
INDIA 52.8 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
1.2% -6.5% 7.5% 9.7% 8.9%

Market Correlations
versus... Beta R-squared
S&P500 0.72 23%
MSCI EAFE 0.64 28%
MSCI Emg. Mkts. 0.44 28%

Technical Indicators
Recent close $69.76
30d moving avg. $69.48
Annualized volatility 17.1%
Short interest (ETF) 7.3%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 136
Turnover 1.3%
Bid/Ask (% of price) 0.48%
ADV underlying (mns) $238

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 86 potential alternatives to the iShares MSCI India Small Cap ETF ETF based on the alternatives' overlap in portfolio holdings with SMIN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SMIN Expense: 79 bp ALTAR Score™: 3.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SMIN
Ticker Fund
Name		 Overlap1
vs SMIN
(%)		 Expense
ratio
(bp)		 Savings
vs SMIN
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs SMIN
(%)
EPI WisdomTree India Earnings Fund 7.0 85 -6 5.1 +1.8
AVEE Avantis Emerging Markets Small Cap Equity ETF 6.3 42 37 8.3 +4.9
EWX SPDR S&P Emerging Markets Small Cap ETF 4.7 65 14 7.1 +3.8
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 4.7 58 21 8.8 +5.5
FLIN Franklin FTSE India ETF 3.8 19 60 4.1 +0.8
GLIN VanEck India Growth Leaders ETF 3.4 77 2 5.5 +2.1
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 3.2 8 71 6.5 +3.2
AVXC Avantis Emerging Markets Ex-China Equity ETF 2.7 33 46 6.3 +3.0
DEXC Dimensional Emerging Markets ex China Core EquityETF 2.5 53 26 5.4 +2.1
GMF SPDR S&P Emerging Asia Pacific ETF 2.5 49 30 8.8 +5.5
AVSE Avantis Responsible Emerging Markets Equity ETF 2.4 33 46 6.9 +3.6
XCNY SPDR S&P Emerging Markets ex-China ETF 2.3 15 64 5.8 +2.5
DFEM Dimensional Emerging Markets Core Equity 2 ETF 2.3 38 41 7.3 +4.0
XC WisdomTree Emerging Markets Ex-China Fund 2.1 32 47 6.4 +3.1
AVES Avantis Emerging Markets Value ETF 2.0 36 43 9.3 +6.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.0 59 20 8.8 +5.4
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.9 41 38 7.2 +3.9
AVEM Avantis Emerging Markets Equity ETF 1.8 33 46 7.3 +4.0
OBOR KraneShares MSCI One Belt One Road Index ETF 1.8 79 0 7.4 +4.1
VWO Vanguard FTSE Emerging Markets ETF 1.7 7 72 9.3 +6.0
DFEV Dimensional Emerging Markets Value ETF 1.6 43 36 9.8 +6.5
SPEM SPDR Portfolio Emerging Markets ETF 1.5 7 72 9.6 +6.3
IEMG iShares Core MSCI Emerging Markets ETF 1.5 9 70 8.5 +5.2
DFAE Dimensional Emerging Core Equity Market ETF 1.4 35 44 7.3 +3.9
PIN Invesco India ETF 1.3 78 1 5.4 +2.1
IPAV Global X Infrastructure Development ex-U.S. ETF 1.2 55 24 6.0 +2.7
DGIN VanEck Digital India ETF 1.2 71 8 1.4 -2.0
MEM Matthews Emerging Markets Equity Active ETF 1.2 79 0 8.7 +5.4
FTAG First Trust Indxx Global Agriculture ETF 1.1 70 9 7.0 +3.6
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.1 45 34 9.5 +6.2
VEGI iShares MSCI Agriculture Producers ETF 1.0 39 40 7.5 +4.2
VEXC Vanguard Emerging Markets Ex-China ETF 1.0 7 72 5.8 +2.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.8 32 47 7.8 +4.5
EMGF iShares Emerging Markets Equity Factor ETF 0.8 25 54 9.3 +6.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.8 30 49 6.4 +3.1
ERTH Invesco MSCI Sustainable Future ETF 0.7 62 17 3.3 -0.1
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.7 12 67 8.3 +5.0
FLAX Franklin FTSE Asia Ex Japan ETF 0.6 19 60 7.4 +4.1
NDIA Global X India Active ETF 0.6 75 4 5.0 +1.7
MINV Matthews Asia Innovators Active ETF 0.5 79 0 5.8 +2.5
INQQ India Internet & Ecommerce ETF 0.5 86 -7 0.5 -2.8
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.5 33 46 7.0 +3.6
VSGX Vanguard ESG International Stock ETF 0.5 10 69 6.6 +3.3
DEHP Dimensional Emerging Markets High Profitability ETF 0.5 41 38 5.1 +1.8
EFRA iShares Environmental Infrastructure and Industrials ETF 0.5 47 32 4.9 +1.6
VXUS Vanguard Total International Stock ETF 0.5 5 74 6.6 +3.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.5 15 64 9.1 +5.8
AVRE Avantis Real Estate ETF 0.4 17 62 6.6 +3.3
IXUS iShares Core MSCI Total International Stock ETF 0.4 7 72 6.6 +3.2
SCHE Schwab Emerging Markets Equity ETF 0.4 11 68 9.5 +6.2
SETM Sprott Energy Transition Materials ETF 0.4 65 14 2.0 -1.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.3 9 70 4.9 +1.6
ROAM Hartford Multifactor Emerging Markets ETF 0.3 44 35 7.9 +4.6
BKEM BNY Mellon Emerging Markets Equity ETF 0.3 11 68 24.9 +21.6
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.3 95 -16 10.2 +6.9
FDEM Fidelity Emerging Markets Multifactor ETF 0.3 25 54 10.7 +7.3
XCEM Columbia EM Core ex-China ETF 0.3 16 63 5.2 +1.9
JHEM John Hancock Multifactor Emerging Markets ETF 0.3 49 30 7.8 +4.5
VIGI Vanguard International Dividend Appreciation ETF 0.3 10 69 5.8 +2.5
PICK iShares MSCI Global Metals & Mining Producers ETF 0.3 39 40 8.4 +5.0
REET iShares Global REIT ETF 0.3 14 65 6.7 +3.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.3 36 43 7.9 +4.5
DFGR Dimensional Global Real Estate ETF 0.2 22 57 6.8 +3.4
DEM WisdomTree Emerging Markets High Dividend Fund 0.2 63 16 10.4 +7.0
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.2 80 -1 12.9 +9.5
CGW Invesco S&P Global Water Index ETF 0.2 57 22 4.5 +1.2
PIO Invesco Global Water ETF 0.2 75 4 4.4 +1.1
VEU Vanguard FTSE All-World ex-US Index Fund 0.2 4 75 6.7 +3.3
EEMO Invesco S&P Emerging Markets Momentum ETF 0.2 29 50 7.2 +3.9
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 0.2 86 -7 0.2 -3.1
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.2 50 29 8.6 +5.3
VT Vanguard Total World Stock ETF 0.2 6 73 5.0 +1.7
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.2 18 61 6.3 +3.0
ICLN iShares Global Clean Energy ETF 0.1 41 38 2.1 -1.2
CUT Invesco MSCI Global Timber ETF 0.1 61 18 7.8 +4.5
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.1 40 39 6.3 +3.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 64 8.2 +4.9
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 0.1 32 47 4.9 +1.6
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.1 86 -7 12.7 +9.4
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.1 10 69 8.3 +4.9
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.1 44 35 9.4 +6.0
GLOF iShares Global Equity Factor ETF 0.1 20 59 5.6 +2.3
IGRO iShares International Dividend Growth ETF 0.0 15 64 6.4 +3.1
VYMI Vanguard International High Dividend Yield ETF 0.0 17 62 7.7 +4.3
DEW WisdomTree Global High Dividend Fund 0.0 58 21 6.9 +3.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 38 5.9 +2.6

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

  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:		 iShares MSCI India Small Cap 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 13.5 %
Divided by: Fwd. P/BV 3.3 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 3.3 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.58 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.