Global X India Active ETF
ALTAR
Score™		 4.9% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 21.3x P/Sales
ratio		 2.2x
P/BV
ratio		 3.0x Div.
yield		 1.4%


  • 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) $60
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) $45,142
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
ICICI BANK LTD-SPON ADR 8.5 %
HDFC BANK LIMITED 7.6 %
RELIANCE INDS-SPONS GDR 144A 7.0 %
BHARTI AIRTEL LIMITED 6.0 %
AXIS BANK LIMITED 5.4 %
ULTRATECH CEMENT LTD 4.2 %
APOLLO HOSPITALS ENTERPRISE 4.2 %
LARSEN & TOUBRO LIMITED 4.2 %
UNITED SPIRITS LIMITED 3.8 %
TITAN INDUSTRIES LIMITED 3.8 %
Total 54.6 %

TOP COUNTRY EXPOSURE
INDIA 100.0 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-7.8% -4.8% -- -- 5.0%

Market Correlations
versus... Beta R-squared
S&P500 0.65 26%
MSCI EAFE 0.62 35%
MSCI Emg. Mkts. 0.37 30%

Technical Indicators
Recent close $27.87
30d moving avg. $27.14
Annualized volatility 13.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.1%
Bid/Ask (% of price) 0.77%
ADV underlying (mns) $390

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 135 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™: 4.9%


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
(%)
NFTY First Trust India NIFTY 50 Equal Weight ETF 28.9 80 -5 4.8 -0.2
INDA iShares MSCI India ETF 28.3 65 10 4.4 -0.5
FLIN Franklin FTSE India ETF 21.0 19 56 4.0 -0.9
DGIN VanEck Digital India ETF 17.1 71 4 1.3 -3.6
INCO Columbia India Consumer ETF 16.5 75 0 2.0 -2.9
PIN Invesco India ETF 15.7 78 -3 5.4 +0.4
EPI WisdomTree India Earnings Fund 14.7 85 -10 5.0 +0.1
EMC Global X Emerging Markets Great Consumer ETF 13.9 75 0 7.1 +2.1
RNEM First Trust Emerging Markets Equity Select ETF 13.9 75 0 7.7 +2.8
GLIN VanEck India Growth Leaders ETF 9.1 77 -2 5.3 +0.4
BKF iShares MSCI BIC ETF 8.8 69 6 14.4 +9.4
XC WisdomTree Emerging Markets Ex-China Fund 8.8 32 43 6.3 +1.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 7.7 95 -20 9.7 +4.7
CRAK VanEck Oil Refiners ETF 7.0 61 14 8.2 +3.3
GMF SPDR S&P Emerging Asia Pacific ETF 6.6 49 26 8.5 +3.6
EMDM First Trust Bloomberg Emerging Market Democracies ETF 5.8 75 0 6.3 +1.4
IPAV Global X Infrastructure Development ex-U.S. ETF 5.8 55 20 5.8 +0.9
STXE Strive Emerging Markets Ex-China ETF 5.5 32 43 5.2 +0.3
VEXC Vanguard Emerging Markets Ex-China ETF 5.5 7 68 5.6 +0.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 5.4 24 51 5.2 +0.2
SPEM SPDR Portfolio Emerging Markets ETF 5.4 7 68 9.4 +4.4
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 5.2 25 50 6.0 +1.1
INQQ India Internet & Ecommerce ETF 5.0 86 -11 0.5 -4.5
XCNY SPDR S&P Emerging Markets ex-China ETF 4.8 15 60 5.6 +0.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 4.8 32 43 7.5 +2.5
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 4.7 40 35 6.2 +1.2
LEGR First Trust Indxx Innovative Transaction & Process ETF 4.2 65 10 7.1 +2.1
EEMA iShares MSCI Emerging Markets Asia ETF 4.2 49 26 7.5 +2.5
XCEM Columbia EM Core ex-China ETF 4.0 16 59 5.0 +0.0
EMXC iShares MSCI Emerging Markets ex China ETF 4.0 25 50 5.1 +0.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 3.9 30 45 7.5 +2.5
AVXC Avantis Emerging Markets Ex-China Equity ETF 3.8 33 42 6.1 +1.1
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.6 32 43 4.7 -0.2
ECON Columbia Emerging Markets Consumer ETF 3.6 49 26 6.6 +1.6
VWO Vanguard FTSE Emerging Markets ETF 3.6 7 68 9.0 +4.1
JHEM John Hancock Multifactor Emerging Markets ETF 3.6 49 26 7.5 +2.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 3.5 70 5 6.9 +2.0
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 3.5 86 -11 0.2 -4.8
EDOG ALPS Emerging Sector Dividend Dogs ETF 3.5 60 15 10.5 +5.6
FLAX Franklin FTSE Asia Ex Japan ETF 3.5 19 56 7.1 +2.2
ROAM Hartford Multifactor Emerging Markets ETF 3.4 44 31 7.5 +2.6
DFAE Dimensional Emerging Core Equity Market ETF 3.3 35 40 7.0 +2.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 3.3 30 45 7.9 +3.0
NXTG First Trust Indxx NextG ETF 3.3 70 5 3.5 -1.5
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 3.2 15 60 8.0 +3.0
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 3.2 69 6 7.6 +2.6
EMXF iShares ESG Advanced MSCI EM ETF 3.2 16 59 6.6 +1.6
EEM iShares MSCI Emerging Markets ETF 3.2 69 6 7.8 +2.8
BKEM BNY Mellon Emerging Markets Equity ETF 3.1 11 64 24.0 +19.1
DEXC Dimensional Emerging Markets ex China Core EquityETF 3.1 53 22 5.1 +0.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 3.1 36 39 7.5 +2.6
AVEM Avantis Emerging Markets Equity ETF 3.0 33 42 7.0 +2.1
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 3.0 47 28 5.0 +0.0
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 3.0 66 9 7.3 +2.4
SCHE Schwab Emerging Markets Equity ETF 2.9 11 64 9.3 +4.3
IEMG iShares Core MSCI Emerging Markets ETF 2.8 9 66 8.2 +3.2
FDEM Fidelity Emerging Markets Multifactor ETF 2.6 25 50 10.4 +5.4
NUEM Nuveen ESG Emerging Markets Equity ETF 2.6 36 39 5.9 +1.0
DFEM Dimensional Emerging Markets Core Equity 2 ETF 2.5 38 37 7.0 +2.1
AVSE Avantis Responsible Emerging Markets Equity ETF 2.4 33 42 6.6 +1.7
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 2.4 15 60 8.8 +3.8
PXH Invesco FTSE RAFI Emerging Markets ETF 2.4 49 26 13.1 +8.1
EMMF WisdomTree Emerging Markets Multifactor Fund 2.4 48 27 8.6 +3.6
DEHP Dimensional Emerging Markets High Profitability ETF 2.3 41 34 4.8 -0.1
JADE JPMorgan Active Developing Markets Equity ETF 2.3 65 10 5.9 +1.0
EMGF iShares Emerging Markets Equity Factor ETF 2.3 25 50 8.9 +4.0
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 2.3 60 15 8.7 +3.7
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.2 45 30 9.4 +4.5
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 2.1 86 -11 12.3 +7.4
JIVE JPMorgan International Value ETF 2.1 55 20 7.9 +3.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 2.1 39 36 13.3 +8.4
ESGE iShares ESG Aware MSCI EM ETF 2.1 25 50 8.2 +3.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.0 45 30 8.0 +3.1
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 2.0 41 34 6.9 +1.9
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.0 35 40 9.9 +5.0
ACWV iShares MSCI Global Min Vol Factor ETF 1.8 20 55 5.6 +0.6
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.8 60 15 6.4 +1.5
AVES Avantis Emerging Markets Value ETF 1.8 36 39 9.0 +4.0
CGXU Capital Group International Focus Equity ETF 1.8 54 21 3.7 -1.2
CIBR First Trust NASDAQ Cybersecurity ETF 1.8 60 15 3.2 -1.8
KOCG FIS Knights of Columbus Global Belief ETF 1.8 75 0 4.5 -0.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.7 59 16 8.5 +3.6
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 1.7 33 42 6.7 +1.8
PID Invesco International Dividend Achievers ETF 1.6 53 22 4.0 -0.9
TTAI FCF International Quality ETF 1.6 59 16 6.9 +2.0
CWI SPDR MSCI ACWI ex-US ETF 1.6 30 45 6.3 +1.3
GNR SPDR S&P Global Natural Resources ETF 1.6 40 35 8.4 +3.5
LDEM iShares ESG MSCI EM Leaders ETF 1.5 17 58 12.5 +7.6
DFEV Dimensional Emerging Markets Value ETF 1.4 43 32 9.4 +4.4
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.3 88 -13 8.4 +3.5
VEU Vanguard FTSE All-World ex-US Index Fund 1.1 4 71 6.5 +1.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 1.0 18 57 6.2 +1.2
ACWX iShares MSCI ACWI ex U.S. ETF 1.0 34 41 6.2 +1.3
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.0 75 0 1.8 -3.2
VXUS Vanguard Total International Stock ETF 1.0 5 70 6.5 +1.5
VSGX Vanguard ESG International Stock ETF 0.9 10 65 6.4 +1.5
DSTX Distillate International Fundamental Stability & Value ETF 0.9 55 20 6.3 +1.3
IXUS iShares Core MSCI Total International Stock ETF 0.9 7 68 6.4 +1.5
FEM First Trust Emerging Markets AlphaDEX Fund 0.9 80 -5 8.8 +3.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.9 41 34 5.8 +0.9
HAP VanEck Natural Resources ETF 0.9 50 25 6.7 +1.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.9 50 25 8.2 +3.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.8 44 31 9.3 +4.3
DGT State Street SPDR Global Dow ETF 0.8 50 25 5.5 +0.5
DEM WisdomTree Emerging Markets High Dividend Fund 0.7 63 12 10.2 +5.2
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.7 30 45 6.3 +1.4
MEM Matthews Emerging Markets Equity Active ETF 0.7 79 -4 8.4 +3.5
CGGO Capital Group Global Growth Equity ETF 0.6 47 28 3.9 -1.0
KNCT Invesco Next Gen Connectivity ETF 0.6 40 35 2.9 -2.0
UMMA Wahed Dow Jones Islamic World ETF 0.6 65 10 3.5 -1.4
JIG JPMorgan International Growth ETF 0.6 55 20 3.6 -1.4
APIE ActivePassive International Equity ETF 0.6 45 30 6.2 +1.2
SMIN iShares MSCI India Small Cap ETF 0.6 79 -4 3.2 -1.7
MINV Matthews Asia Innovators Active ETF 0.6 79 -4 5.5 +0.6
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.5 29 46 8.7 +3.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.4 9 66 4.7 -0.2
FVD First Trust Value Line Dividend Index Fund 0.4 65 10 5.5 +0.5
ACWI iShares MSCI ACWI ETF 0.4 32 43 4.5 -0.4
VT Vanguard Total World Stock ETF 0.4 6 69 4.9 -0.1
JGLO JPMorgan Global Select Equity ETF 0.3 33 42 4.1 -0.8
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.3 20 55 4.6 -0.3
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.3 42 33 4.0 -1.0
KLMT Invesco MSCI Global Climate 500 ETF 0.3 10 65 4.8 -0.2
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.3 12 63 8.4 +3.4
VYMI Vanguard International High Dividend Yield ETF 0.3 17 58 7.7 +2.7
AQLT iShares MSCI Global Quality Factor ETF 0.2 18 57 0.0 -4.9
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.2 12 63 4.3 -0.6
GINN Goldman Sachs Innovate Equity ETF 0.2 52 23 3.6 -1.4
EEMO Invesco S&P Emerging Markets Momentum ETF 0.2 29 46 6.8 +1.8
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 70 5 6.6 +1.6
GLOF iShares Global Equity Factor ETF 0.1 20 55 5.4 +0.5
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.1 42 33 7.8 +2.9
IGRO iShares International Dividend Growth ETF 0.0 15 60 6.5 +1.5
DEW WisdomTree Global High Dividend Fund 0.0 58 17 6.9 +2.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.0 8 67 6.3 +1.4

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 16.0 %
Divided by: Fwd. P/BV 2.8 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.60 CATEGORY
AVERAGE		 1.52
 
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.