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iShares MSCI India ETF (INDA) is an exchange-traded fund designed to track the performance of an index composed of equities from companies listed in India. The ETF is managed by BlackRock and is traded under the ticker INDA on NYSE Arca.
Classified as an international equity ETF, INDA aims to replicate, before fees and expenses, the performance of the Indian equity market. To achieve this objective, the fund employs a passive management strategy, maintaining a portfolio that seeks to mirror the composition and weighting of its benchmark index.
The index tracked by INDA is composed of large- and mid-cap companies in India, selected according to local market eligibility criteria. Weighting is based on free-float-adjusted market capitalization, which assigns greater weight to the most representative companies in the Indian market.
The index undergoes periodic reviews, including company inclusions, exclusions, and rebalancing, which are reflected by the ETF. This methodology is designed to preserve sector representation and capture the dynamics of the leading publicly traded companies in India.
Diversification and sector exposure
INDA provides broad exposure to the Indian equity market, encompassing companies across multiple segments of the economy. Sector diversification includes areas such as:
Financials.
Information technology.
Energy.
Materials.
Consumer discretionary.
Industrials.
Structure and costs
INDA shares are traded on the secondary market, while creation and redemption activities are conducted by authorized participants, a mechanism that helps keep the ETF’s market price close to its net asset value (NAV).
The fund charges a management fee, consistent with the structure of passive ETFs, and does not levy a performance fee. INDA has no multiple share classes and is traded exclusively under the ticker INDA.
History and evolution of the ETF
The iShares MSCI India ETF was launched amid growing global interest in emerging markets and increasing demand for efficient vehicles providing access to the Indian equity market through ETFs.
Since its inception, the fund has been used as a broad exposure vehicle to Indian-listed companies, tracking the development of the country’s capital markets and its deeper integration with international investors.
Between 2020 and 2024, INDA reflected movements in the Indian market within an environment shaped by global macroeconomic events, regulatory changes, and fluctuations in economic growth, maintaining its relevance as an access point to India’s equity market.
