iShares MSCI India ETF

The iShares MSCI India ETF (INDA) is a BlackRock index fund that tracks the MSCI India Index, which covers about 168 large and mid-size Indian companies such as HDFC Bank, Reliance Industries and ICICI Bank. It was the largest of seven India funds compared, with $6.7 billion in net assets as of August 31, 2026. Its 0.61% expense ratio is below the 0.72% peer average but well above Franklin FTSE India ETF's 0.19%.

• Over the year to Oct 27, 2026, INDA returned -14.6%, 4th of 7 among similar funds.
• Its 5-year annualized return was +0.2% and its 10-year +6.1%.
• In the 2020 COVID crash it fell 41.9% and regained its old high 6.5 months after the low.
• Its worst full calendar year was 2022 (-8.9%); its best was 2017 (+36.1%).
• The deepest fall in its price history was 45.1% (Jan 23, 2018 to Mar 23, 2020), recovered by Nov 24, 2020.

As of Aug 31, 2026, the fund held 168 securities; the ten largest made up 33.83% of assets. It also reported 3.03% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Aug 31, 2026, investors withdrew a net $190.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.66%, +1.18%, -0.06%.

INDA tracks the MSCI India Index. The index is built to measure the large- and mid-size segments of the Indian stock market. MSCI, the index provider, works independently of the fund. It decides which companies are in the index and how much each one weighs. The fund does not try to beat the index. It also does not move to cash when markets fall or look expensive. As of August 31, 2025, consumer goods and services companies and financial companies made up a large share of the index.

BlackRock uses "representative sampling." This means the fund buys a group of stocks that together look like the index in size, industry mix and yield, so it may not hold every index stock. At least 80% of assets go into index stocks or their close equivalents, such as depositary receipts (certificates that trade in place of the underlying shares). Up to 20% can go into futures, options, swaps, cash or other securities that help it track the index. As of August 31, 2026, it held a small Nifty 50 futures position. Like the index, it will put 25% or more of its assets in a single industry when the index does.

Two mechanical points matter. Portfolio turnover was 30%. And unlike most ETFs, INDA creates and redeems shares for cash rather than by swapping stocks. When investors pull money out, the fund may have to sell stocks and realize capital gains, which can lead to taxable distributions for holders.

• INDA charges 0.61% a year, versus an average of 0.72% for the similar funds below (2nd of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $62 in the first year and $762 over 10 years (assuming a 5% annual return).

INDA puts everything in one emerging market and has fallen more than 40% from a peak, so it fits better as a small add-on than as a foundation.

INDA has never been a gentle ride. It launched in 2012, so it has no 2008 record. In the 2020 COVID crash it fell 41.9% in about five weeks and got back to its old high on October 8, 2020, about 6.5 months later. In 2022 it dropped 20% between January and June, then took 18 months to recover, until December 18, 2023. Its deepest drop was 45.1%, from January 2018 to March 2020. Its worst calendar year was 2022, at -9.38%. Anyone forced to sell during those stretches would have locked in losses.

It paid no distributions in the year through October 27, 2026, so it adds no income. In the SEC's standard example, $10,000 invested costs about $62 in the first year and $762 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.