ISHARES S&P INDIA NIFTY 50 INDEX FUND $30.91 (Nasdaq symbol INDY; buy or sell through brokers; us.ishares.com), is an ETF that aims to track the S&P CNX Nifty Index, which represents the 50 largest, most liquid Indian securities. The fund’s top holdings are Reliance Industries (conglomerate), 9.8%; Infosys Technologies (software), 9.1%; ICICI Bank, 7.2%; Larsen & Toubro Ltd. (conglomerate), 5.8%; Housing Development Finance, 5.2%; ITC Ltd. (conglomerate), 5.1%; HDFC Bank, 4.7%; State Bank of India, 4.1%; Tata Consultancy Services (information technology), 3.2%; and Bharti Airtel (wireless), 2.4%. The fund’s industry breakdown includes: Banks, 18.9%; Software, 14.2%; Refineries, 10.2%; Engineering, 5.8%; Automobiles, 4.3%; Finance: Housing, 5.2%; Cigarettes, 5.1%; Power, 4.5%; and Steel, 4.5%. The ETF has an expense ratio of 0.89%. India’s economy has grown by more than 9% annually in the past few years. The weak global economy has hurt growth, but India could still expand by 8.4% in 2011. iShares S&P India Nifty 50 Index Fund is a buy for safety-conscious investors willing to accept some risk.