At a glance
GLIN charges 0.72% a year, above the 0.68% average of the 6 funds most like it (the 3rd cheapest of 7). It has $98.6M in assets, the 7th largest of that group; it paid 0.89% of its price in distributions over the past 12 months, annual. Over the past year it returned −5.6% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +7.0% a year. At its worst it fell 29.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low. Its ten largest positions make up 44.8% of the fund, out of 81 in all.
The short version
VanEck India Growth Leaders ETF (GLIN) tracks the MarketGrader India All-Cap Growth Leaders Index. The index holds about 80 Indian stocks, picked by a score for growth, value, profitability and cash flow, and the fund owns them through a subsidiary in Mauritius. That scoring screen sets it apart from broad India funds. Its 0.72% expense ratio is well above the Franklin FTSE India ETF's 0.19%, and with $98.6 million in net assets as of June 30, 2026, it is small.
Price history
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GLIN -5.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GLIN official prospectus, to Dec 31, 2025 | — | -4.92% | — | +8.55% | +1.61% | — |
| MSCI ACWI Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| GLIN price data to Oct 27, 2026 | -5.1% | -5.6% | +7.0% | +2.4% | — | +6.2% |
- Over the year to Oct 27, 2026, GLIN returned -5.6%, 1st of 7 among similar funds.
- Its 5-year annualized return was +2.4%.
- Its worst full calendar year was 2022 (-21.4%); its best was 2023 (+36.1%).
- The deepest fall in its price history was 31% (Sep 15, 2021 to Jun 22, 2022), recovered by Dec 14, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -5.1% | — |
| 2025 | -5.5% | -4.92% |
| 2024 | +15.7% | +16.11% |
| 2023 | +36.1% | +35.50% |
| 2022 | -21.4% | -21.99% |
| 2021 | — | +29.15% |
| 2020 | — | +0.80% |
| 2019 | — | -21.65% |
| 2018 | — | -38.00% |
| 2017 | — | +66.88% |
| 2016 | — | -4.70% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Feb 22, 2021 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.9% over that stretch · deepest drop along the way 29.6%, back to its old high 17.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.3900 | -77.8% |
| 2024 | $1.7600 | +319.0% |
| 2023 | $0.4200 | -25.0% |
| 2022 | $0.5600 |
What's inside
As of Jun 30, 2026, the fund held 81 securities; the ten largest made up 44.78% of assets.
| Holding | Weight | |
|---|---|---|
| BSE Ltd | 6.30% | |
| Trent Ltd | 5.42% | |
| Bharti Airtel Ltd | 4.66% | |
| Hindustan Aeronautics Ltd | 4.43% | |
| Eicher Motors Ltd | 4.37% | |
| State Bank of India | 4.30% | |
| Polycab India Ltd | 4.23% | |
| Bharat Electronics Ltd | 4.14% | |
| Suzlon Energy Ltd | 3.62% | |
| Hero MotoCorp Ltd | 3.32% | |
| GE Vernova T&D India Ltd | 3.27% | |
| Multi Commodity Exchange of India Ltd | 3.25% | |
| Lupin Ltd | 3.15% | |
| HDFC Asset Management Co Ltd | 3.05% | |
| IDBI Bank Ltd | 2.98% |
By country
India 100.65%By asset type
Stocks 100.65%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $22.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.85%, +0.83%, +2.19%.
How it works
GLIN is an index fund. It tries to match the MarketGrader India All-Cap Growth Leaders Index before fees, not beat it. To be eligible, a company must be based in India and listed on an approved exchange. MarketGrader.com Corp. gives each eligible company a score built from its public filings and stock prices. The score is a weighted average of measures of growth, value, profitability and cash flow. The top-ranked companies make it into the index. They are weighted by free-float market capitalization, meaning the value of shares available for public trading, so bigger companies get bigger weights. As of December 31, 2025, the index held 80 stocks, ranging from about $0.28 billion to $142.7 billion in market value.
The fund doesn't hold the stocks directly. It puts substantially all its assets into a wholly owned subsidiary in Mauritius. That subsidiary normally keeps at least 80% of its assets in index stocks or in depositary receipts (certificates that represent those shares). VanEck advises both the fund and the subsidiary. The fund doesn't move into cash or other defensive positions when markets fall.
Because the fund follows the index's weights, it can become non-diversified and concentrated in a few industries. As of December 31, 2025, information technology, financials and industrials each made up a large share of the fund. Portfolio turnover was 66%, which means the lineup changes often.
What it really costs
- GLIN charges 0.72% a year, versus an average of 0.68% for the similar funds below (3rd of 7, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.08% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $74 in the first year and $982 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GLIN | $74 | $247 | $436 | $982 |
In a retirement portfolio
A fund that holds stocks from a single emerging market, picked by a scoring screen, and that has suffered deep losses fits better as a small add-on than as the base of a portfolio.
GLIN offers focused exposure to Indian stocks, but its swings have been large. In the 10 calendar years in its prospectus, it lost 38% in 2018 and 21.65% in 2019. Its worst quarter was a 38.49% drop in the first quarter of 2020. Its deepest fall in price data starting February 2021 was 31%, from September 15, 2021, to June 22, 2022, and its price did not recover until December 14, 2023. Someone who had to sell shares or take income during a slump like that would have locked in losses. Through December 31, 2025, its 10-year average annual return was 1.61%, compared with 11.72% for the MSCI ACWI Index.
Income is small: the trailing yield was 0.89% as of October 27, 2026, paid once a year. Costs are 0.72% a year, or $982 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want Indian stocks screened for growth, value, profitability and cash flow rather than a plain market-value index like iShares MSCI India ETF.
- People comfortable with a small, high-swing position: GLIN lost 38% in 2018 and fell 29.6% during 2022.
- Investors seeking holdings beyond India's usual giants, such as BSE Ltd, Trent and Hindustan Aeronautics, which were top holdings as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: Franklin FTSE India ETF charges 0.19% a year, compared with GLIN's 0.72%.
- Those who need income: the trailing yield was 0.89% as of October 27, 2026, paid only once a year.
- Investors who prefer large funds: GLIN had about $98.6 million in net assets as of June 30, 2026, the smallest of seven similar India funds.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GLIN this fund | — | 0.72% | $98.6M | -5.6% | +7.0% |
| IMVP Invesco India ETF | 25% | 0.78% | $107.1M | -22.7% | -0.1% |
| EPI WisdomTree India Earnings Fund | 14% | 0.87% | $2.12B | -13.6% | +4.3% |
| INDA iShares MSCI India ETF | 13% | 0.62% | $6.75B | -14.6% | +3.1% |
| INCO Columbia India Consumer ETF | 13% | 0.75% | $225.9M | -14.0% | +5.0% |
| FLIN Franklin FTSE India ETF | 13% | 0.19% | $2.72B | -14.7% | +3.9% |
| INDY iShares India 50 ETF | 12% | 0.89% | $558.0M | -16.3% | +1.2% |
Questions investors ask
What does GLIN invest in?
GLIN holds Indian stocks chosen by the MarketGrader India All-Cap Growth Leaders Index. MarketGrader scores companies on growth, value, profitability and cash flow, and the top-ranked names are weighted by the value of their publicly traded shares. As of June 30, 2026, the fund held 81 positions. The largest were BSE Ltd (6.3%), Trent (5.4%), Bharti Airtel (4.7%), Hindustan Aeronautics (4.4%) and Eicher Motors (4.4%). The top 10 made up about 45% of assets.
What is GLIN's expense ratio?
GLIN's expense ratio is 0.72% a year, according to its prospectus filed April 29, 2026. That includes a 0.50% management fee and reflects a 0.08% fee waiver. In the SEC's standard example, $10,000 earning 5% a year would cost about $74 in the first year and $982 over 10 years. That is a bit above the 0.68% average for similar India funds and well above Franklin FTSE India ETF's 0.19%, but below iShares India 50 ETF's 0.89%.
GLIN vs IMVP: what's the difference?
Both are India stock ETFs, but they share only about 25% of their holdings. Even so, that is more overlap than GLIN has with any other similar fund. GLIN follows MarketGrader's scored growth index and charges 0.72%. Invesco India ETF (IMVP) charges 0.78%. Through October 27, 2026, GLIN returned -5.6% over one year and 7% a year over three years. IMVP returned -22.7% and -0.1% over the same periods. IMVP had about $107 million in net assets as of July 31, 2026.
Does GLIN pay dividends?
Yes, but not much, and only once a year. Over the 12 months through October 27, 2026, GLIN paid about $0.39 per share, a trailing yield of 0.89%. The fund is built around growth-oriented Indian companies rather than income, so the payout can change from year to year. Investors looking for regular income may find the yield small and the once-a-year schedule too infrequent.
Is GLIN a good long-term investment?
Its long-term record has been uneven. Through December 31, 2025, GLIN's average annual return was 8.55% over five years but 1.61% over 10 years. The MSCI ACWI global stock index returned 11.19% and 11.72% over the same periods. Calendar-year results ranged from a 66.88% gain in 2017 to a 38% loss in 2018. GLIN may suit investors who want a focused India position and can handle deep swings. Past results don't predict future returns.