At a glance
INDE charges 0.79% a year, above the 0.69% average of the 6 funds most like it (the 4th cheapest of 7). It has $14.1M in assets, the 7th largest of that group; it paid 1.86% of its price in distributions over the past 12 months, annual. Over the past year it returned −6.2% with distributions reinvested (S&P 500: +11.5%), the best of those 7 funds; over three years it returned +6.4% a year. Its ten largest positions make up 47.3% of the fund, out of 69 in all.
The short version
Matthews India Active ETF (INDE) is an actively managed fund that hand-picks Indian stocks and measures itself against the MSCI India Index. Its manager expects to put a substantial portion in smaller companies, and it beat six similar India ETFs over one and three years as of October 27, 2026. The trade-offs: a 0.79% annual fee, above the 0.69% peer average, and just $14 million in assets as of June 30, 2026.
Price history
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INDE -6.2% 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 | |
|---|---|---|---|---|---|---|
| INDE official prospectus, to Dec 31, 2025 | — | +2.18% | — | — | — | +9.58% |
| INDE price data to Oct 27, 2026 | -5.0% | -6.2% | +6.4% | — | — | +5.1% |
- Over the year to Oct 27, 2026, INDE returned -6.2%, 1st of 7 among similar funds.
- Its worst full calendar year was 2025 (+2.4%); its best was 2024 (+11.0%).
- The deepest fall in its price history was 22.9% (Sep 23, 2024 to Mar 30, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -5.0% | — |
| 2025 | +2.4% | +2.18% |
| 2024 | +11.0% | +11.61% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.5300 | +211.8% |
| 2024 | $0.1700 |
What's inside
As of Jun 30, 2026, the fund held 69 securities; the ten largest made up 47.28% of assets.
| Holding | Weight | |
|---|---|---|
| THANGAMAYIL JEWELLERY LTD | 7.46% | |
| HDFC BANK LTD | 7.04% | |
| ETERNAL LTD | 6.55% | |
| ICICI BANK LTD | 5.75% | |
| NEULAND LABORATORIES LTD | 3.85% | |
| BAJAJ FINANCE LTD | 3.74% | |
| SHRIRAM FINANCE LTD | 3.58% | |
| BHARTI AIRTEL LTD | 3.17% | |
| AXIS BANK LTD | 3.11% | |
| RELIANCE INDUSTRIES LTD | 3.04% | |
| HFCL LTD | 2.55% | |
| MARICO LTD | 2.25% | |
| KOTAK MAHINDRA BANK LTD | 2.07% | |
| MAHINDRA & MAHINDRA LTD | 1.87% | |
| STAR HEALTH AND ALLIED INSURANCE CO LTD | 1.84% |
By country
India 101.55%By asset type
Stocks 101.55%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.96%, +2.00%, +6.36%.
How it works
INDE does not copy an index. Matthews International Capital Management picks stocks and measures results against the MSCI India Index. Normally at least 80% of net assets goes into stocks, preferred stocks and convertible securities (which can switch into common stock) of companies located in India. Matthews has latitude here: a company can qualify on a single test, such as earning at least half its revenue or profit in India. Up to 20% may go into debt.
Picks rest on company fundamentals such as balance sheets, cash flow stability, management quality and corporate governance. Matthews expects to put a substantial portion of assets in smaller companies, and holdings may cluster in one or more sectors. The fund is non-diversified, so it can hold fewer companies in bigger doses. As of June 30, 2026, it owned 69 stocks, with 47% in the top 10, led by Thangamayil Jewellery (7.5%), HDFC Bank (7.0%) and Eternal (6.6%).
Position sizes and trades are the manager's call. Portfolio turnover was 68%, meaning trading equal to about two-thirds of the portfolio over a year. It may hold depositary receipts (certificates for foreign shares that trade on other exchanges) and is permitted to hedge currency, but it reported no derivatives as of June 30, 2026, so dollar returns move with the Indian rupee.
What it really costs
- INDE charges 0.79% a year, versus an average of 0.69% for the similar funds below (4th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INDE | $81 | $252 | $439 | $978 |
In a retirement portfolio
It is a small, actively managed, single-country emerging-market fund with a smaller-company tilt and a 22.9% drop in its short history that it had not recovered as of October 27, 2026.
INDE launched on September 22, 2023, so it has no record through the 2008, 2020 or 2022 downturns. Of its two full calendar years, the weaker, 2025, was still a 2.18% gain per the prospectus. But its deepest drop was 22.9%, from September 23, 2024, to March 30, 2026, and it had not regained that peak as of October 27, 2026. Anyone needing cash from it during that stretch would have taken money out well below the high.
Income is minor: the trailing 12-month yield was 1.86% as of October 27, 2026, paid once a year. The 0.79% expense ratio (the yearly fee) works out to about $81 in the first year and $978 in total over 10 years on $10,000, under the SEC's standard example assuming 5% annual returns. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a manager hand-picking Indian stocks, with an expected tilt toward smaller companies, rather than an India index fund.
- Long-term holders able to sit through drops like the 22.9% slide from September 2024 to March 2026, still unrecovered as of October 27, 2026.
- Those willing to pay 0.79% a year for an approach that led six similar India ETFs on one- and three-year returns through October 27, 2026.
Look elsewhere if
- Cost-focused investors: Franklin FTSE India ETF (FLIN), which overlaps about 39% with INDE, charges 0.19% a year versus 0.79%.
- Investors seeking steady income: INDE's trailing yield was 1.86% as of October 27, 2026, and it pays dividends just once a year.
- Those wary of small, concentrated funds: INDE had about $14 million in assets and 47% in its top 10 holdings as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| INDE this fund | — | 0.79% | $14.1M | -6.2% | +6.4% |
| INDA iShares MSCI India ETF | 42% | 0.62% | $6.75B | -14.6% | +3.1% |
| INDY iShares India 50 ETF | 40% | 0.89% | $558.0M | -16.3% | +1.2% |
| FLIN Franklin FTSE India ETF | 39% | 0.19% | $2.72B | -14.7% | +3.9% |
| NFTY First Trust India NIFTY 50 Equal Weight ETF | 30% | 0.8% | $132.0M | -13.1% | +4.0% |
| EPI WisdomTree India Earnings Fund | 29% | 0.87% | $2.12B | -13.6% | +4.3% |
| INCO Columbia India Consumer ETF | 21% | 0.75% | $225.9M | -14.0% | +5.0% |
Questions investors ask
Is INDE an actively managed ETF?
Yes. INDE does not track an index. Matthews International Capital Management picks the stocks and compares results with the MSCI India Index, its benchmark. The manager weighs fundamentals such as balance sheets, cash flow, management quality and corporate governance, and expects to put a substantial portion of assets in smaller companies. As of June 30, 2026, the fund held 69 Indian stocks, led by Thangamayil Jewellery, HDFC Bank and Eternal. Portfolio turnover was 68%.
What's the difference between INDE and INDA?
INDE is actively managed, while iShares MSCI India ETF (INDA), as its name suggests, is built on the MSCI India Index, which INDE uses only as a benchmark. Their holdings overlapped by about 42%. INDA is much larger, at about $6.7 billion as of August 31, 2026, versus INDE's $14 million as of June 30, 2026, and cheaper, at 0.62% versus 0.79%. As of October 27, 2026, INDE lost 6.2% over one year versus 14.6% for INDA.
What is INDE's expense ratio?
INDE's expense ratio, the yearly fee taken from fund assets, is 0.79%, all of it a management fee with no waiver, per the prospectus filed April 30, 2026. That is above the 0.69% average of six similar India ETFs and ranks fourth-lowest of seven. Franklin FTSE India ETF (FLIN) charges 0.19%. Under the SEC's standard example, $10,000 invested with a 5% annual return would incur about $81 in costs in the first year and $978 over 10 years.
Does INDE pay dividends?
Yes, but only once a year and not much. INDE paid $0.53 per share over the 12 months to October 27, 2026, a trailing yield of 1.86%. The fund's stated objective is long-term capital appreciation, meaning growth in value, not income. Dividends come from the Indian companies it owns, such as HDFC Bank and ICICI Bank, and the amount can change from year to year.
How risky is INDE?
Fairly risky. INDE invests in a single emerging market, is non-diversified (it can hold fewer companies in larger amounts) and leans toward smaller companies. Its deepest drop was 22.9%, from September 23, 2024, to March 30, 2026, and it had not regained that peak as of October 27, 2026. Its worst quarter was a 7.24% loss, in the quarter ended March 31, 2025. The prospectus also flags currency, Indian government policy and U.S. tariff risks.