INDF
Nifty India Financials ETF
INDF is passively managed to select the top 20 Indian financial services companies by market capitalization.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
10.3 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | Exchange Traded Concepts |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 20, 2020 |
| Assets (mns) | $10 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| ICICI BANK LTD | 18.8 % |
| HDFC BANK LIMITED | 17.6 % |
| AXIS BANK LIMITED | 8.3 % |
| SBI LIFE INSURANCE CO. LTD. | 5.2 % |
| POWER FINANCE CORPORATION | 5.1 % |
| RURAL ELECTRIFICATION CORP | 5.1 % |
| HDFC LIFE INSURANCE CO. LTD. | 4.8 % |
| STATE BANK OF INDIA | 4.7 % |
| KOTAK MAHINDRA BANK LTD | 4.7 % |
| SHRIRAM TRANSPORT FINANCE | 4.5 % |
Constituent Breakdown
| Number of holdings | 23 |
| Herfindahl-Hirschman Index | 979 |
| Wgt avg mkt cap (mns) | $59,554 |
| Large cap (>$10bn) | 95.0% |
| Mid cap ($2-10bn) | 5.0% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 0.0% |
| Emerging mkts. | 100.0% |
Country Exposure
 |
INDIA | 99.7 % |
Historical Performance
Standardized Performance (as of 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 9.0% | 21.2% | 15.4% | 5.0% | -- | -- | 10.7% | Volatility | 19.0% | 18.4% | 16.7% | 19.8% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.54 | 38% |
| MSCI EAFE | 0.45 | 28% |
| MSCI Emg Mkts | 0.45 | 27% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.75% |
| ADV of underlying (mns) | $308 |
Technical Indicators
| Recent close | $37.62 |
| 30d moving avg. | $39.73 |
| Annualized volatility | 15.1% |
| Relative strength (RSI) | 47 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. INDF |
Expenses vs. INDF |
ALTAR Score™ vs. INDF |
|---|---|---|---|---|
| INDY | iShares India 50 ETF | 29.5% | +14 bp | -0.7% |
| INDA | iShares MSCI India ETF | 20.5% | -10 bp | -0.9% |
| PIN | Invesco India ETF | 19.1% | +3 bp | -0.8% |
| NFTY | First Trust India NIFTY 50 Equal Weight ETF | 17.7% | +5 bp | +0.9% |
| FLIN | Franklin FTSE India ETF | 17.4% | -56 bp | -0.6% |
| EPI | WisdomTree India Earnings Fund | 16.1% | +10 bp | +0.8% |
| NDIA | Global X India Active ETF | 14.3% | 0 bp | +1.9% |
Risk and Returns: INDF vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/14/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
INDF
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
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™
INDF
5.3%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 165 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
4.1%. INDF's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places INDF in the 27th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
INDFSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| INDF (75 bp) Percentile rank | 64 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| INDF | 75.0 | 75.3 | 150.3 |
| Peer Avg. | 64.4 | 44.2 | 108.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .