For investors looking to gain exposure to India’s fast-growing economy, various ETFs provide access to Indian shares. These funds, listed on a number of exchanges, track different indices, covering large-cap, mid-cap, and sector-specific opportunities in India’s market. Given India’s status as one of the world’s fastest-growing economies, investing in Indian ETFs offers potential for long-term capital appreciation.
Below are some of the most popular Indian-focused ETFs:
1. iShares MSCI India ETF (INDA)
Focus: Tracks the MSCI India Index, providing exposure to large and mid-sized Indian companies.
Performance:
| Year | Performance |
|---|---|
| 2024 | +8.99% |
| 2023 | +17.49% |
| 2022 | -9.38% |
| 2021 | +22.41% |
| 2020 | +14.72% |
Overview: The iShares MSCI India ETF is one of the most popular Indian ETFs, holding approximately 156 stocks. It is listed on the Cboe BZX.
The fund’s top holdings include Reliance Industries, Infosys, HDFC Bank, ICICI Bank, and Tata Consultancy Services. The top 10 stocks make up 38.86% of the fund’s total weighting. The financial sector dominates the fund’s portfolio, with 29.17% of the ETF made up of stocks in the sector. Consumer discretionary comes in second at 12.23%, with information technology third at 10.58% and industrials fourth at 8.78%.
The fund was launched in 2012 and has net assets of $8.88 billion as of March 2025. The total expense ratio is 0.62%.
Given India’s growing economy, investors may see this ETF as a strong choice for long-term emerging market exposure.
2. Franklin FTSE India ETF (FLIN)
Focus: Tracks the FTSE India Capped Index, offering exposure to large and mid-sized Indian stocks.
Performance:
| Year | Performance |
|---|---|
| 2024 | +10.33% |
| 2023 | +20.58% |
| 2022 | -7.97% |
| 2021 | +25.00% |
| 2020 | +14.56% |
Overview: Like the INDA ETF, the Franklin FTSE India ETF provides exposure to large and mid-cap Indian equities. Listed on the NYSE Arca, the market-capitalisation weighted index holds around 258 stocks, with major allocations to financials (28.37%), consumer discretionary (11.34% and the information technology (10.67%) sectors. The top holdings are similar to the INDA, including names such as Reliance Industries, Infosys, ICICI Bank, and Bharti Airtel. Over 30% of the stocks in the ETF have a market cap above $50 billion.
Launched in 2018, the ETF has net assets of $1.78 billion and a low expense ratio of 0.19%. The low expense ratio makes it one of the most cost-effective options for investors seeking Indian market exposure.
3. WisdomTree India Earnings Fund (EPI)
Focus: Tracks the WisdomTree India Earnings Index, focusing on Indian companies based on earnings-weighted criteria.
Performance:
| Year | Performance |
|---|---|
| 1 Year | -6.60% |
| 3 Year | +10.02% |
| 5 Year | +17.78% |
| 10 Year | +8.85% |
Overview: Unlike traditional market-cap-weighted ETFs, the WisdomTree India Earnings Fund weights stocks based on their net income, potentially offering exposure to value stocks. The stocks have to be profitable and eligible to be purchased by foreign investors. Companies in the index the fund tracks are weighted based on their earnings in their fiscal year prior to the Index measurement date, adjusted for a factor that takes into account shares available to foreign investors.
The fund’s top holdings include Reliance Industries, Oil & Natural Gas Corp, Mahindra & Mahindra, NTPC, Infosys, and State Bank of India. The weight of the top 10 stocks currently stands at 41.21%. When it comes to sectors, energy tops the list at 19.93%, followed by financials at 19.75%, information technology at 13.085 and materials at 12.22%.
The ETF was launched in 2008 and has net assets of $3.06 billion, with an expense ratio of 0.87%.
4. Invesco India ETF (PIN)
Focus: Tracks the FTSE India Quality and Yield Select Index, providing exposure to Indian large and mid-cap stocks.
Performance:
| Year | Performance |
|---|---|
| 1 Year | -4.81% |
| 3 Year | +5.15% |
| 5 Year | +11.80% |
| 10 Year | +6.37% |
Overview: The Invesco India ETF includes 213 stocks selected based on quality and yield factors. The Fund usually invests at least 90% of its total assets in securities that include the Index, as well as American depositary receipts and global depositary receipts based on the securities in the Index.
Its top holdings feature many of the prominent names, including Reliance Industries, Bajaj Finance Infosys, HDFC Bank, and ICICI Bank. The primary sectors represented are financials (24.93%), information technology (11.47%), and consumer discretionary (10.82%). As of March 28, 2025, the market value of the fund is $229.1 million.
Launched in 2008, the fund has net assets of $470 million and an expense ratio of 0.78%.
5. iShares MSCI India Small-Cap ETF (SMIN)
Focus: Tracks the MSCI India Small-Cap Index, offering exposure to India’s small-cap companies.
Performance:
| Year | Performance |
|---|---|
| 2024 | +17.34% |
| 2023 | +34.80% |
| 2022 | -13.98% |
| 2021 | +44.69% |
| 2020 | +19.09% |
Overview: The iShares MSCI India Small-Cap ETF is the first and only ETF on our list that focuses on India’s small-cap companies, offering exposure to high-growth firms. That, of course, comes with increased risk. However, as we can see above, barring 2022, the ETF has performed very well.
Launched in 2012, the fund has net assets of $782 million and an expense ratio of 0.75%. It is listed on the Cboe BZX and currently holds 523 stocks.
Key holdings include Coforge, Federal Bank, Fortis Healthcare, Embassy Office Parks REIT Units and Max Financial Services. The top 10 holdings make up just 13.48% of the total weighting. The key sectors represented are industrials (21.03%0, financials (16.98%), materials (14.33%), and consumer discretionary (13.48%).
For investors looking to gain exposure to small-cap Indian ETFs, the iShares MSCI India Small-Cap ETF is a potential option to consider.
6. iShares India 50 ETF (INDY)
Focus: Tracks the Nifty 50 Index, comprising India’s 50 largest companies.
Performance:
| Year | Performance |
|---|---|
| 2024 | +4.02% |
| 2023 | +17.05% |
| 2022 | -7.86% |
| 2021 | +19.28% |
| 2020 | +10.67% |
Overview: For investors looking for exposure to India’s Nifty 50 index, the iShares India 50 ETF could be an option, holding India’s most established and liquid companies, such as Reliance Industries, Infosys, HDFC Bank, Bharti Airtel, Larsen and Toubro, and ITC. The financial sector is heavily represented in the fund (and index), making up 36.97% of the total weighting. The information technology sector is in second at 12.06%, while the consumer discretionary sector has a 10.64% weighting. Launched in 2009, the fund has net assets of $1.48 billion and an expense ratio of 0.89%.
Launched in 2009, the index is listed on the Nasdaq exchange and currently has net assets of $644.1 million. The expense ratio is 0.89%.
7. The India Internet ETF (INQQ)
Focus: Tracks Indian internet and e-commerce companies.
Performance:
| Year | Performance |
| Year-to-date | -15.75% |
| 3 months | -16.60% |
| 6 months | -15.10% |
| 12 months | -2.97% |
| Since inception | +7.16% |
Overview: The India Internet ETF provides exposure to India’s digital economy, including companies in e-commerce, online payments, and technology services sectors. The ETF tracks the India Internet & Ecommerce ESG Screened Index and employs an ESG screen.
Launched in 2023, the fund has net assets of $8.89 million and an expense ratio of 0.86%. It currently holds 30 stocks. The ETF screens the holdings to make sure the majority of their revenue is derived from internet and e-commerce activities in India.
Key holdings include Bajaj Finance, Reliance Industries, Zomato, MakeMyTrip, Info Edge, PB Fintech, and Jio Financial Services. Within the internet and e-commerce basket, communications stocks make up 28.67% of the ETF, with financials in second at 21.86% and technology in third at 19.17%. Meanwhile, within the ETF, there is a 3.97% exposure to stocks listed in Sweden.
Overall, as India has become one of the fastest-growing economies, it has given way to strong middle-class growth, allowing swathes of the population to gain internet access, boosting online consumption, and making the ETF potentially an attractive option for many investors. However, investors should not ignore the ETF’s performance metrics, which have been disappointing so far.
Who Should Invest in Indian ETFs?
Growth-Oriented Investors: India’s economy is one of the fastest-growing in the world, and ETFs like SMIN and INQQ offer exposure to high-growth sectors within the country. Furthermore, many of the already well-established stocks in the country may also have room for growth.
Long-Term Investors: As mentioned above, many Indian companies have strong growth prospects, making the ETFs more suitable for long-term holding, especially for those that see continued economic growth in the country.
Diversification Seekers: Indian ETFs provide exposure to a different set of economic and market dynamics compared to developed markets, providing an option to diversify.
With a range of ETFs catering to different risk appetites, Indian equity funds offer attractive opportunities for investors looking to tap into one of the world’s fastest-growing economies.
