INDA(INDA)
AI Look-Through Summary
AI GeneratedThe INDA ETF, managing approximately $6.7 billion in assets, presents a concentrated exposure to the Indian financial and industrial sectors through its top holdings. The fund's portfolio is heavily weighted toward domestic equities, with HDFC Bank, Reliance Industries, ICICI Bank, Bharti Airtel, Infosys, Axis Bank, Mahindra & Mahindra, Larsen & Toubro, and a specific ticker 500034 comprising the majority of its asset base. Notably, the top three positions account for nearly 18% of total assets under management, indicating significant concentration risk within banking and diversified conglomerates. This structure suggests that performance will be closely tied to the macroeconomic health of India's financial services sector rather than a broad market diversification strategy.
Geographically, the fund exhibits an overwhelming tilt toward Indian markets, as evidenced by the dominance of NSE-listed entities like HDFC Bank and Reliance Industries in the top ten holdings. The inclusion of Tesla (TSLA) at 3.2% serves as a distinct outlier, introducing a small but tangible exposure to the United States technology sector amidst an otherwise purely domestic Indian portfolio. This geographic concentration implies that the fund's returns will largely mirror the volatility and trends specific to India, with limited hedging against global market fluctuations through other regional assets.
From a quantitative perspective, the high weighting of individual stocks relative to the total AUM suggests lower diversification compared to broader index funds, potentially amplifying both upside potential from sector rallies and downside risk during industry-specific downturns. The absence of price data for top holdings prevents immediate valuation assessment but highlights that the fund's composition relies heavily on market capitalization-weighted selection within India's largest corporations. Investors observing this profile should note that while the concentration offers deep exposure to Indian growth leaders, it also creates a fragile dependency on the fortunes of just a few major companies relative to the fund's overall size and asset base.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-21 09:29:58.330572+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 45/100The investment theme implied by the ticker INDA is typically associated with Indian equities, yet the portfolio exhibits a distinct lack of thematic cohesion due to significant exposure to non-Indian assets. While the majority of top holdings are indeed from India, including major financial and industrial players like HDFC Bank and Reliance, the inclusion of Tesla (XTSLA) creates an immediate disconnect for a fund intended to track domestic markets. Furthermore, the presence of holding code 500034 introduces ambiguity regarding asset classification that detracts from clarity. This mix suggests the fund may be utilizing broad market names or international diversifiers rather than maintaining a strict adherence to its implied geographic theme, potentially diluting the purity of the investment objective for investors seeking pure domestic exposure.
Concentration risk remains moderate with a top-10 holding concentration at 36%, indicating that while no single stock dominates excessively, the portfolio relies heavily on a specific set of large-cap leaders in banking and energy sectors. The sector weights appear consistent within the Indian context, where financials and industrials form the backbone of the economy represented by names like ICICI Bank and Larsen & Toubro. However, this reliance on mega-caps raises questions about whether the fund offers genuine differentiation from a broad market index or if it simply aggregates the largest available liquid stocks to ensure stability. The inclusion of Tesla alongside domestic giants further complicates sector coherence, as it introduces volatility drivers unrelated to the Indian economic cycle. Ultimately, the portfolio structure reflects a blend of thematic intent and practical liquidity management rather than a singular focused strategy.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 20:43:42.860896+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share INDA's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 13% of INDA's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| IEMGIEMG | $134B | — | 2 | 13.1% |
13% of INDA's portfolio by weight is also held by IEMG, which commands 20× more assets under management. When IEMG receives inflows, it mechanically buys these shared stocks — dragging INDA's NAV along regardless of any thematic or sector catalyst.
Overlap computed from constituent-level holdings data across 1 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 86% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 31% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside INDA collectively pay out 21% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 29% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryINDA is down 11.0% over the last 12 months. The underlying weighted earnings growth of its constituents is +47.7%. Despite earnings growth, valuations have contracted by 58.7% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 31% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of INDA's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of INDA's analyzed weight, 62% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 38% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 17% of fund weight with available data. Not investment advice.
Passive Crowding Score
LOWHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
INDA has a low Passive Crowding Score of 0/100. On average, 0.0% of the market capitalization of INDA's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.
Passive $ = Σ(ETF AUM × holding weight) across all 2 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | HDFCBANK.NS | HDFC Bank Ltd | 6.58% | 17.5x | 5/9 |
| 2 | RELIANCE.NS | Reliance Industries Ltd | 6.52% | 23.0x | 4/9 |
| 3 | ICICIBANK.NS | ICICI Bank Ltd | 4.86% | 17.2x | 6/9 |
| 4 | BHARTIARTL.NS | Bharti Airtel Ltd | 3.62% | 35.3x | 6/9 |
| 5 | XTSLA | BlackRock Cash Funds Treasury SL Agency | 3.19% | — | — |
| 6 | INFY.NS | Infosys Ltd | 2.87% | 17.2x | 5/9 |
| 7 | AXISBANK.BO | Axis Bank Ltd | 2.18% | 13.8x | 5/9 |
| 8 | M&M.NS | Mahindra & Mahindra Ltd | 2.16% | 21.2x | 5/9 |
| 9 | LT.NS | Larsen & Toubro Ltd | 2.03% | 27.4x | 5/9 |
| 10 | 500034 | Bajaj Finance Ltd | 1.96% | — | — |
Historical Holdings Snapshots
Browse how INDA’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
10 holdings · 36.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HDFCBANK.NS | 6.58% | — | — |
| 2 | RELIANCE.NS | 6.52% | — | — |
| 3 | ICICIBANK.NS | 4.86% | — | — |
| 4 | BHARTIARTL.NS | 3.62% | — | — |
| 5 | XTSLA | 3.19% | — | — |
| 6 | INFY.NS | 2.87% | — | — |
| 7 | AXISBANK.BO | 2.18% | — | — |
| 8 | M&M.NS | 2.16% | — | — |
| 9 | LT.NS | 2.03% | — | — |
| 10 | 500034 | 1.96% | — | — |
2026-05-23
10 holdings · 36.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HDFCBANK.NS | 6.58% | — | — |
| 2 | RELIANCE.NS | 6.52% | — | — |
| 3 | ICICIBANK.NS | 4.86% | — | — |
| 4 | BHARTIARTL.NS | 3.62% | — | — |
| 5 | XTSLA | 3.19% | — | — |
| 6 | INFY.NS | 2.87% | — | — |
| 7 | AXISBANK.BO | 2.18% | — | — |
| 8 | M&M.NS | 2.16% | — | — |
| 9 | LT.NS | 2.03% | — | — |
| 10 | 500034 | 1.96% | — | — |
2026-05-22
10 holdings · 36.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HDFCBANK.NS | 6.58% | — | — |
| 2 | RELIANCE.NS | 6.52% | — | — |
| 3 | ICICIBANK.NS | 4.86% | — | — |
| 4 | BHARTIARTL.NS | 3.62% | — | — |
| 5 | XTSLA | 3.19% | — | — |
| 6 | INFY.NS | 2.87% | — | — |
| 7 | AXISBANK.BO | 2.18% | — | — |
| 8 | M&M.NS | 2.16% | — | — |
| 9 | LT.NS | 2.03% | — | — |
| 10 | 500034 | 1.96% | — | — |
2026-05-21
10 holdings · 36.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HDFCBANK.NS | 6.58% | — | — |
| 2 | RELIANCE.NS | 6.52% | — | — |
| 3 | ICICIBANK.NS | 4.86% | — | — |
| 4 | BHARTIARTL.NS | 3.62% | — | — |
| 5 | XTSLA | 3.19% | — | — |
| 6 | INFY.NS | 2.87% | — | — |
| 7 | AXISBANK.BO | 2.18% | — | — |
| 8 | M&M.NS | 2.16% | — | — |
| 9 | LT.NS | 2.03% | — | — |
| 10 | 500034 | 1.96% | — | — |
2026-05-20
10 holdings · 36.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HDFCBANK.NS | 6.58% | — | — |
| 2 | RELIANCE.NS | 6.52% | — | — |
| 3 | ICICIBANK.NS | 4.86% | — | — |
| 4 | BHARTIARTL.NS | 3.62% | — | — |
| 5 | XTSLA | 3.19% | — | — |
| 6 | INFY.NS | 2.87% | — | — |
| 7 | AXISBANK.BO | 2.18% | — | — |
| 8 | M&M.NS | 2.16% | — | — |
| 9 | LT.NS | 2.03% | — | — |
| 10 | 500034 | 1.96% | — | — |
2026-05-19
10 holdings · 36.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | HDFCBANK.NS | 6.58% | — | — |
| 2 | RELIANCE.NS | 6.52% | — | — |
| 3 | ICICIBANK.NS | 4.86% | — | — |
| 4 | BHARTIARTL.NS | 3.62% | — | — |
| 5 | XTSLA | 3.19% | — | — |
| 6 | INFY.NS | 2.87% | — | — |
| 7 | AXISBANK.BO | 2.18% | — | — |
| 8 | M&M.NS | 2.16% | — | — |
| 9 | LT.NS | 2.03% | — | — |
| 10 | 500034 | 1.96% | — | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
Technical Setup
AI GeneratedThe current price of INDA at $48.03 sits within a context where Short-Term Moving Averages are positioned below Long-Term counterparts, suggesting that larger market participants may be holding more conservative stances relative to recent historical valuations. This structural alignment often indicates that institutional holders are not aggressively accumulating shares in the immediate term, as momentum has likely decelerated compared to longer-term trends. The absence of significant upward pressure from these moving averages implies a period where big players might be waiting for clearer directional confirmation before committing additional capital or adjusting existing positions significantly. Volume patterns accompanying this price action would typically act as a critical filter for interpreting the strength behind any potential shifts in institutional positioning. If trading activity remains subdued while prices hover near these key technical levels, it could signal that major funds are in a观望 state, neither distributing nor aggressively building long-term holdings. Conversely, if volume spikes occur without corresponding price breakthroughs above the Long-Term averages, it may reflect active selling pressure or profit-taking by established entities rather than new bullish interest. The convergence of these factors paints a picture where institutional behavior appears cautious, with larger players potentially waiting for a decisive move to validate their strategic outlook before making substantial adjustments to their portfolios.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How INDA’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.