iShares MSCI India Small Cap ETF
ALTAR
Score™		 3.7% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 26.3x P/Sales
ratio		 2.1x
P/BV
ratio		 3.4x Div.
yield		 1.0%


  • 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) $811
Currency USD
Expense ratio 79 bp
Distributions Semi-Annually

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 498
Wgt avg mkt cap (mns) $1,639
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
COFORGE LTD 1.9 %
FEDERAL BANK LTD 1.4 %
MAX INDIA LIMITED 1.3 %
EMBASSY OFFICE PARKS REIT 1.1 %
LAURUS LABS LTD. 0.9 %
GLENMARK PHARMACEUTICALS LTD 0.9 %
BLUE STAR LIMITED 0.8 %
KEI INDUSTRIES LIMITED 0.8 %
MULTI COMMODITY EXCH INDIA 0.8 %
360 ONE WAM LTD 0.7 %
Total 10.6 %

TOP COUNTRY EXPOSURE
INDIA 56.6 %










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.
-4.8% -12.4% 13.6% 9.2% 8.9%

Market Correlations
versus... Beta R-squared
S&P500 0.45 17%
MSCI EAFE 0.55 19%
MSCI Emg. Mkts. 0.57 23%

Technical Indicators
Recent close $70.56
30d moving avg. $73.04
Annualized volatility 17.1%
Short interest (ETF) 7.3%
Relative strength (RSI) 41

Liquidity measures
Avg. volume (thou.) 125
Turnover 1.1%
Bid/Ask (% of price) 0.39%
ADV underlying (mns) $238

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 94 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™: 3.7%


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
(%)
EEMS iShares MSCI Emerging Markets Small Cap ETF 11.4 70 9 7.5 +3.8
EPI WisdomTree India Earnings Fund 9.3 85 -6 4.8 +1.1
AVEE Avantis Emerging Markets Small Cap Equity ETF 7.3 42 37 9.3 +5.6
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 6.6 58 21 9.5 +5.7
EWX SPDR S&P Emerging Markets Small Cap ETF 6.0 65 14 7.8 +4.1
DGIN VanEck Digital India ETF 5.1 71 8 1.3 -2.4
PIN Invesco India ETF 4.8 78 1 4.6 +0.9
DEXC Dimensional Emerging Markets ex China Core EquityETF 4.7 53 26 7.2 +3.5
AVES Avantis Emerging Markets Value ETF 4.6 36 43 10.5 +6.8
GLIN VanEck India Growth Leaders ETF 4.5 77 2 5.5 +1.8
FLIN Franklin FTSE India ETF 4.5 19 60 3.9 +0.2
AVEM Avantis Emerging Markets Equity ETF 3.7 33 46 8.1 +4.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 3.6 8 71 7.1 +3.4
DFEM Dimensional Emerging Markets Core Equity 2 ETF 3.4 38 41 8.6 +4.9
XCNY SPDR S&P Emerging Markets ex-China ETF 3.1 15 64 7.2 +3.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 3.0 59 20 8.4 +4.7
AVXC Avantis Emerging Markets Ex-China Equity ETF 2.9 33 46 7.9 +4.2
DFEV Dimensional Emerging Markets Value ETF 2.7 43 36 11.7 +8.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 2.7 41 38 8.1 +4.4
GMF SPDR S&P Emerging Asia Pacific ETF 2.7 49 30 9.4 +5.7
AVSE Avantis Responsible Emerging Markets Equity ETF 2.7 33 46 7.8 +4.1
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 2.5 42 37 6.5 +2.8
XC WisdomTree Emerging Markets Ex-China Fund 2.4 32 47 5.7 +2.0
DFAE Dimensional Emerging Core Equity Market ETF 2.1 35 44 8.6 +4.9
VWO Vanguard FTSE Emerging Markets ETF 2.0 7 72 10.2 +6.5
IEMG iShares Core MSCI Emerging Markets ETF 1.9 9 70 9.8 +6.1
IPAV Global X Infrastructure Development ex-U.S. ETF 1.8 55 24 6.5 +2.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.8 45 34 10.0 +6.3
SPEM SPDR Portfolio Emerging Markets ETF 1.8 7 72 10.4 +6.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.8 32 47 8.5 +4.8
EMGF iShares Emerging Markets Equity Factor ETF 1.6 25 54 10.8 +7.1
VEGI iShares MSCI Agriculture Producers ETF 1.4 39 40 9.1 +5.4
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.4 88 -9 8.8 +5.1
NDIA Global X India Active ETF 1.4 75 4 5.3 +1.6
OBOR KraneShares MSCI One Belt One Road Index ETF 1.3 79 0 7.7 +4.0
INDF Nifty India Financials ETF 1.3 75 4 6.6 +2.9
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 1.0 33 46 9.4 +5.6
DFAX Dimensional World ex U.S. Core Equity 2 ETF 1.0 30 49 7.4 +3.7
FLAX Franklin FTSE Asia Ex Japan ETF 0.9 19 60 8.4 +4.7
FTAG First Trust Indxx Global Agriculture ETF 0.8 70 9 8.4 +4.7
INQQ India Internet & Ecommerce ETF 0.8 86 -7 1.3 -2.4
MEM Matthews Emerging Markets Equity Active ETF 0.8 79 0 7.3 +3.6
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.8 12 67 8.2 +4.5
FDEM Fidelity Emerging Markets Multifactor ETF 0.8 25 54 12.2 +8.5
ERTH Invesco MSCI Sustainable Future ETF 0.7 62 17 3.4 -0.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.6 50 29 10.2 +6.5
VSGX Vanguard ESG International Stock ETF 0.6 10 69 7.5 +3.8
IXUS iShares Core MSCI Total International Stock ETF 0.6 7 72 7.5 +3.8
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.6 80 -1 14.2 +10.5
VXUS Vanguard Total International Stock ETF 0.6 5 74 7.6 +3.9
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.5 36 43 9.1 +5.4
ROAM Hartford Multifactor Emerging Markets ETF 0.5 44 35 11.2 +7.5
SCHE Schwab Emerging Markets Equity ETF 0.5 11 68 10.6 +6.9
BKEM BNY Mellon Emerging Markets Equity ETF 0.5 11 68 9.2 +5.5
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 0.5 60 19 7.9 +4.1
EFRA iShares Environmental Infrastructure and Industrials ETF 0.5 47 32 5.4 +1.6
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 0.5 86 -7 0.5 -3.2
DEHP Dimensional Emerging Markets High Profitability ETF 0.5 41 38 6.4 +2.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 0.5 32 47 6.3 +2.6
JIVE JPMorgan International Value ETF 0.4 55 24 10.7 +7.0
AVRE Avantis Real Estate ETF 0.4 17 62 7.4 +3.7
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.4 15 64 7.4 +3.7
PICK iShares MSCI Global Metals & Mining Producers ETF 0.4 39 40 10.6 +6.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.4 9 70 5.5 +1.8
CUT Invesco MSCI Global Timber ETF 0.4 61 18 10.7 +7.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.4 95 -16 11.7 +8.0
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.3 86 -7 14.3 +10.6
SETM Sprott Energy Transition Materials ETF 0.3 65 14 2.0 -1.8
ICLN iShares Global Clean Energy ETF 0.3 41 38 3.1 -0.6
REET iShares Global REIT ETF 0.3 14 65 7.7 +3.9
JHEM John Hancock Multifactor Emerging Markets ETF 0.3 49 30 9.4 +5.7
DFGR Dimensional Global Real Estate ETF 0.3 22 57 7.8 +4.1
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 4 75 7.6 +3.9
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.2 15 64 9.5 +5.8
VT Vanguard Total World Stock ETF 0.2 6 73 5.7 +2.0
PIO Invesco Global Water ETF 0.2 75 4 4.5 +0.8
CGW Invesco S&P Global Water Index ETF 0.2 57 22 4.7 +1.0
EEMO Invesco S&P Emerging Markets Momentum ETF 0.2 29 50 7.5 +3.8
VIGI Vanguard International Dividend Appreciation ETF 0.2 10 69 6.3 +2.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.2 18 61 7.3 +3.6
DEM WisdomTree Emerging Markets High Dividend Fund 0.1 63 16 12.7 +9.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.1 45 34 9.6 +5.9
JIG JPMorgan International Growth ETF 0.1 55 24 4.7 +1.0
GLOF iShares Global Equity Factor ETF 0.1 20 59 6.6 +2.9
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 13 9.0 +5.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.1 44 35 10.3 +6.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.1 40 39 6.7 +3.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.1 39 40 15.5 +11.8
IGRO iShares International Dividend Growth ETF 0.0 15 64 6.9 +3.2
XCEM Columbia EM Core ex-China ETF 0.0 16 63 7.6 +3.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 38 7.1 +3.4
VYMI Vanguard International High Dividend Yield ETF 0.0 17 62 9.0 +5.3
DEW WisdomTree Global High Dividend Fund 0.0 58 21 8.2 +4.5
PXH Invesco FTSE RAFI Emerging Markets ETF 0.0 49 30 14.9 +11.1

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 3.0 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 3.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.60 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.