VanEck India Growth Leaders ETF
ALTAR
Score™		 5.5% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 18.7x P/Sales
ratio		 4.4x
P/BV
ratio		 3.4x Div.
yield		 1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GLIN seeks to replicate the price and yield performance of the MarketGrader India All-Cap Growth Leaders Index, which consists of fundamentally sound Indian companies that exhibit attractive growth potential at a reasonable price.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Aug 25, 2010
Assets (mns) $118
Currency USD
Expense ratio 77 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 83
Wgt avg mkt cap (mns) $42,266
Large cap (>$10bn) 73.8%
Mid cap ($2-10bn) 24.2%
Small cap (<$2bn) 2.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
CANARA BANK 8.4 %
STATE BANK OF INDIA 5.8 %
BHARTI AIRTEL LIMITED 5.3 %
BHARAT ELECTRONICS LIMITED 5.3 %
INFOSYS TECHNOLOGIES-SP ADR 5.2 %
TATA CONSULTANCY SVS LTD 5.1 %
HDFC ASSET MANAGEMENT CO. LTD. 5.0 %
ICICI BANK LTD 4.7 %
EICHER MOTORS LTD 4.0 %
TRENT LTD 3.8 %
Total 52.7 %

TOP COUNTRY EXPOSURE
INDIA 102.5 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.6% -7.9% 10.7% 1.8% -2.4%

Market Correlations
versus... Beta R-squared
S&P500 0.40 19%
MSCI EAFE 0.51 23%
MSCI Emg. Mkts. 0.55 30%

Technical Indicators
Recent close $45.84
30d moving avg. $46.33
Annualized volatility 17.0%
Short interest (ETF) 0.5%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 16
Turnover 0.6%
Bid/Ask (% of price) 0.70%
ADV underlying (mns) $397

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 143 potential alternatives to the VanEck India Growth Leaders ETF ETF based on the alternatives' overlap in portfolio holdings with GLIN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GLIN Expense: 77 bp ALTAR Score™: 5.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GLIN
Ticker Fund
Name		 Overlap1
vs GLIN
(%)		 Expense
ratio
(bp)		 Savings
vs GLIN
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs GLIN
(%)
EPI WisdomTree India Earnings Fund 21.6 85 -8 4.8 -0.7
DGIN VanEck Digital India ETF 21.1 71 6 1.3 -4.2
INDY iShares India 50 ETF 19.3 89 -12 5.0 -0.6
INDA iShares MSCI India ETF 19.3 65 12 4.5 -1.1
INDF Nifty India Financials ETF 18.7 75 2 6.6 +1.1
FLIN Franklin FTSE India ETF 18.6 19 58 3.9 -1.6
NFTY First Trust India NIFTY 50 Equal Weight ETF 17.9 80 -3 4.8 -0.7
NDIA Global X India Active ETF 17.1 75 2 5.3 -0.2
PIN Invesco India ETF 16.8 78 -1 4.6 -0.9
RNEM First Trust Emerging Markets Equity Select ETF 11.5 75 2 8.4 +2.9
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 9.5 88 -11 8.8 +3.2
INCO Columbia India Consumer ETF 7.9 75 2 1.8 -3.8
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 6.5 95 -18 11.7 +6.2
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 6.3 24 53 7.3 +1.8
EMMF WisdomTree Emerging Markets Multifactor Fund 6.1 48 29 6.9 +1.4
FDEM Fidelity Emerging Markets Multifactor ETF 6.1 25 52 12.2 +6.7
BKF iShares MSCI BIC ETF 6.0 69 8 13.1 +7.6
STXE Strive Emerging Markets Ex-China ETF 5.7 32 45 7.4 +1.9
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 5.3 32 45 6.3 +0.8
CIBR First Trust NASDAQ Cybersecurity ETF 5.2 60 17 4.1 -1.4
EDOG ALPS Emerging Sector Dividend Dogs ETF 5.2 60 17 10.8 +5.3
MEM Matthews Emerging Markets Equity Active ETF 5.2 79 -2 7.3 +1.8
ECON Columbia Emerging Markets Consumer ETF 5.1 49 28 11.5 +6.0
NUEM Nuveen ESG Emerging Markets Equity ETF 5.1 36 41 7.2 +1.7
XC WisdomTree Emerging Markets Ex-China Fund 5.0 32 45 5.7 +0.1
DEHP Dimensional Emerging Markets High Profitability ETF 4.9 41 36 6.4 +0.8
MINV Matthews Asia Innovators Active ETF 4.9 79 -2 7.0 +1.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 4.9 20 57 27,699.8 +27,694.3
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 4.8 30 47 8.4 +2.9
XCNY SPDR S&P Emerging Markets ex-China ETF 4.8 15 62 7.2 +1.6
EMC Global X Emerging Markets Great Consumer ETF 4.8 75 2 8.6 +3.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 4.6 40 37 6.7 +1.1
SMIN iShares MSCI India Small Cap ETF 4.5 79 -2 3.7 -1.8
JHEM John Hancock Multifactor Emerging Markets ETF 4.4 49 28 9.4 +3.9
UEVM VictoryShares Emerging Markets Value Momentum ETF 4.4 45 32 10.0 +4.5
EMXC iShares MSCI Emerging Markets ex China ETF 4.3 25 52 6.9 +1.4
EMGF iShares Emerging Markets Equity Factor ETF 4.1 25 52 10.8 +5.3
XCEM Columbia EM Core ex-China ETF 4.1 16 61 7.6 +2.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 4.0 15 62 7.4 +1.9
ROAM Hartford Multifactor Emerging Markets ETF 4.0 44 33 11.2 +5.7
DEXC Dimensional Emerging Markets ex China Core EquityETF 3.9 53 24 7.2 +1.6
EEMA iShares MSCI Emerging Markets Asia ETF 3.8 49 28 9.2 +3.6
FLAX Franklin FTSE Asia Ex Japan ETF 3.8 19 58 8.4 +2.9
GMF SPDR S&P Emerging Asia Pacific ETF 3.6 49 28 9.4 +3.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 3.6 45 32 9.6 +4.1
BKEM BNY Mellon Emerging Markets Equity ETF 3.5 11 66 9.2 +3.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 3.5 36 41 9.1 +3.6
SCHE Schwab Emerging Markets Equity ETF 3.5 11 66 10.6 +5.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 3.5 70 7 8.4 +2.9
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 3.4 66 11 9.0 +3.4
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 3.4 25 52 6.3 +0.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 3.4 32 45 8.5 +3.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 3.3 15 62 9.5 +4.0
EMDM First Trust Bloomberg Emerging Market Democracies ETF 3.3 75 2 10.0 +4.5
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 3.3 50 27 10.2 +4.7
VWO Vanguard FTSE Emerging Markets ETF 3.2 7 70 10.2 +4.7
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 3.1 30 47 9.6 +4.0
AVES Avantis Emerging Markets Value ETF 3.1 36 41 10.5 +5.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 3.1 33 44 9.4 +3.8
EEM iShares MSCI Emerging Markets ETF 3.0 69 8 9.5 +3.9
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 2.9 41 36 8.1 +2.6
ICLN iShares Global Clean Energy ETF 2.9 41 36 3.1 -2.4
IEMG iShares Core MSCI Emerging Markets ETF 2.7 9 68 9.8 +4.3
DFAE Dimensional Emerging Core Equity Market ETF 2.7 35 42 8.6 +3.1
LEGR First Trust Indxx Innovative Transaction & Process ETF 2.7 65 12 7.9 +2.4
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.7 35 42 12.5 +7.0
DFEM Dimensional Emerging Markets Core Equity 2 ETF 2.7 38 39 8.6 +3.1
AVXC Avantis Emerging Markets Ex-China Equity ETF 2.6 33 44 7.9 +2.4
SPEM SPDR Portfolio Emerging Markets ETF 2.6 7 70 10.4 +4.9
NXTG First Trust Indxx NextG ETF 2.6 70 7 4.8 -0.7
AVEM Avantis Emerging Markets Equity ETF 2.5 33 44 8.1 +2.6
EYLD Cambria Emerging Shareholder Yield ETF 2.3 66 11 11.6 +6.1
EEMO Invesco S&P Emerging Markets Momentum ETF 2.3 29 48 7.5 +2.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.2 59 18 8.4 +2.9
ABLG Abacus FCF International Leaders ETF 2.2 59 18 6.5 +1.0
CGXU Capital Group International Focus Equity ETF 2.2 54 23 5.3 -0.2
FTRI First Trust Indxx Global Natural Resources Income ETF 2.1 70 7 7.6 +2.1
IPAV Global X Infrastructure Development ex-U.S. ETF 2.1 55 22 6.5 +1.0
JADE JPMorgan Active Developing Markets Equity ETF 2.1 65 12 7.7 +2.2
AVSE Avantis Responsible Emerging Markets Equity ETF 2.0 33 44 7.8 +2.3
EMXF iShares ESG Advanced MSCI EM ETF 1.9 16 61 7.9 +2.3
PID Invesco International Dividend Achievers ETF 1.9 53 24 5.1 -0.4
DFEV Dimensional Emerging Markets Value ETF 1.9 43 34 11.7 +6.2
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.7 60 17 7.9 +2.3
FTAG First Trust Indxx Global Agriculture ETF 1.7 70 7 8.4 +2.9
SAGP Strategas Global Policy Opportunities ETF 1.6 65 12 5.5 -0.0
TTAI FCF International Quality ETF 1.6 59 18 7.4 +1.9
AADR AdvisorShares Dorsey Wright ADR ETF 1.6 110 -33 4.9 -0.7
PXH Invesco FTSE RAFI Emerging Markets ETF 1.6 49 28 14.9 +9.3
SDEM Global X MSCI SuperDividend Emerging Markets ETF 1.6 67 10 14.6 +9.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 1.6 39 38 15.5 +10.0
DVYE iShares Emerging Markets Dividend ETF 1.5 49 28 18.1 +12.6
ESGE iShares ESG Aware MSCI EM ETF 1.5 25 52 9.7 +4.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.5 44 33 10.3 +4.8
ACWV iShares MSCI Global Min Vol Factor ETF 1.4 20 57 5.7 +0.2
DSTX Distillate International Fundamental Stability & Value ETF 1.4 55 22 7.6 +2.0
DGT State Street SPDR Global Dow ETF 1.3 50 27 6.6 +1.0
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.1 42 35 6.5 +1.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.0 18 59 7.3 +1.7
KNCT Invesco Next Gen Connectivity ETF 1.0 40 37 4.6 -1.0
VEU Vanguard FTSE All-World ex-US Index Fund 1.0 4 73 7.6 +2.1
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.0 70 7 7.5 +2.0
IQDF FlexShares International Quality Dividend Index Fund 0.9 47 30 8.4 +2.8
ACWX iShares MSCI ACWI ex U.S. ETF 0.9 34 43 7.3 +1.7
VSGX Vanguard ESG International Stock ETF 0.9 10 67 7.5 +1.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.9 41 36 7.1 +1.6
DEM WisdomTree Emerging Markets High Dividend Fund 0.9 63 14 12.7 +7.1
VXUS Vanguard Total International Stock ETF 0.9 5 72 7.6 +2.0
IXUS iShares Core MSCI Total International Stock ETF 0.9 7 70 7.5 +1.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.8 58 19 9.5 +3.9
FEM First Trust Emerging Markets AlphaDEX Fund 0.8 80 -3 11.4 +5.9
CWI SPDR MSCI ACWI ex-US ETF 0.8 30 47 7.3 +1.8
JIVE JPMorgan International Value ETF 0.8 55 22 10.7 +5.1
VEGI iShares MSCI Agriculture Producers ETF 0.8 39 38 9.1 +3.5
LDEM iShares ESG MSCI EM Leaders ETF 0.7 17 60 12.8 +7.3
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.7 30 47 7.4 +1.9
KOCG FIS Knights of Columbus Global Belief ETF 0.7 75 2 4.9 -0.6
UMMA Wahed Dow Jones Islamic World ETF 0.7 65 12 4.7 -0.8
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.6 12 65 4.9 -0.6
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.5 42 35 9.3 +3.8
SDG iShares MSCI Global Sustainable Development Goals ETF 0.5 49 28 5.1 -0.4
FVD First Trust Value Line Dividend Index Fund 0.4 65 12 6.3 +0.7
PICK iShares MSCI Global Metals & Mining Producers ETF 0.4 39 38 10.6 +5.0
GLOF iShares Global Equity Factor ETF 0.4 20 57 6.6 +1.1
CGGO Capital Group Global Growth Equity ETF 0.4 47 30 4.4 -1.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.4 20 57 5.3 -0.2
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.4 29 48 8.8 +3.3
KLMT Invesco MSCI Global Climate 500 ETF 0.4 10 67 5.6 +0.0
INQQ India Internet & Ecommerce ETF 0.3 86 -9 1.3 -4.2
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.3 47 30 7.7 +2.1
ACWI iShares MSCI ACWI ETF 0.3 32 45 5.3 -0.2
VT Vanguard Total World Stock ETF 0.3 6 71 5.7 +0.2
RODE Hartford Multifactor Diversified International ETF 0.3 29 48 10.3 +4.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.3 9 68 5.5 -0.0
APIE ActivePassive International Equity ETF 0.3 45 32 7.1 +1.5
IGRO iShares International Dividend Growth ETF 0.3 15 62 6.9 +1.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.2 8 69 7.1 +1.6
VYMI Vanguard International High Dividend Yield ETF 0.2 17 60 9.0 +3.5
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.2 47 30 5.8 +0.3
FRDM Freedom 100 Emerging Markets ETF 0.2 49 28 7.3 +1.8
XT iShares Exponential Technologies ETF 0.2 46 31 4.5 -1.1
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 12 7.8 +2.3
DEW WisdomTree Global High Dividend Fund 0.1 58 19 8.2 +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:		 VanEck India Growth Leaders 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 19.1 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 77 bp
Equals: ALTAR Score 5.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.57 CATEGORY
AVERAGE		 1.54
 
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.