Topics ETFs

IShares India 50 ETF $29.64 - Nasdaq symbol INDY

ISHARES INDIA 50 ETF $29.64 (Nasdaq symbol INDY; buy or sell through brokers; us.ishares.com) is an ETF that tracks the Nifty 50 index—the 50 largest, most liquid Indian securities. The ETF began trading in November 2009.

The fund’s top holdings are Housing Development Finance, 6.9%; Infosys (information technology), 6.8%; ITC Ltd. (conglomerate), 6.8%; Reliance Industries (conglomerate), 5.3%; HDFC Bank, 5.1%; ICICI Bank, 4.8%; Tata Consultancy Services (information technology), 4.4%; Larsen & Toubro (conglomerate), 4.1%; and Tata Motors, 3.2%. The ETF has a 0.93% expense ratio.

The iShares India 50 ETF is up over 30% this year along with the country’s strong economy—it will likely report growth of 7.3% for 2016, rising to 7.5% in 2017. One of the biggest contributors is low oil prices. India imports most of its oil.

The country’s pro-business climate in the wake of Narendra Modi’s May 2014 election as prime minister is also stimulating business investment. Even so, Modi continues to face difficulties getting reforms through the upper house of parliament, where his party holds a minority of seats.

These reforms include a bill to make it easier for the government to expropriate land for infrastructure projects; a goods and services tax; shrinking the civil service; and the sale of state-owned assets.

The Indian economy’s long-term outlook remains positive. But its much-needed political reforms may need years to take effect.

iShares India 50 ETF is a hold.

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