At a glance
INQQ charges 0.86% a year, above the 0.67% average of the 6 funds most like it (the 6th cheapest of 7). It has $45.9M in assets, the 6th largest of that group; it paid 2.6% of its price in distributions over the past 12 months, annual. Over the past year it returned −20.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +3.1% a year. Its ten largest positions make up 61.3% of the fund, out of 26 in all.
The short version
The India Internet ETF (INQQ) tracks the INQQ The India Internet Index, a basket of 26 Indian internet and e-commerce companies such as Eternal, Bajaj Finance, Reliance Industries and Swiggy. It is a narrow, single-country theme fund, not a broad India fund. That focus costs more: its 0.86% expense ratio is above the 0.67% average of similar India funds, and the top 10 holdings made up about 61% of assets as of August 31, 2026.
Price history
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INQQ -20.7% 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 | |
|---|---|---|---|---|---|---|
| INQQ official prospectus, to Dec 31, 2024 | — | +19.36% | — | — | — | +0.33% |
| INQQ price data to Oct 27, 2026 | -13.8% | -20.7% | +3.1% | — | — | -4.2% |
- Over the year to Oct 27, 2026, INQQ returned -20.7%, 7th of 7 among similar funds.
- Its worst full calendar year was 2025 (-7.0%); its best was 2023 (+31.5%).
- The deepest fall in its price history was 40.5% (Apr 12, 2022 to Mar 28, 2023), recovered by Aug 21, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -13.8% | — |
| 2025 | -7.0% | — |
| 2024 | +19.1% | +19.36% |
| 2023 | +31.5% | +30.36% |
| 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 | $0.3300 | +73.7% |
| 2024 | $0.1900 | +1800.0% |
| 2023 | $0.0100 |
What's inside
As of Aug 31, 2026, the fund held 26 securities; the ten largest made up 61.31% of assets.
| Holding | Weight | |
|---|---|---|
| Eternal Limited | 8.03% | |
| BAJAJ FINANCE LIMITED | 7.65% | |
| RELIANCE INDUSTRIES LIMITED | 6.77% | |
| ONE 97 COMMUNICATIONS LIMITED | 6.05% | |
| PB Fintech Limited | 5.79% | |
| JIO FINANCIAL SERVICES LIMITED | 5.75% | |
| Lenskart Solutions Ltd | 5.54% | |
| SWIGGY LIMITED | 5.27% | |
| FSN E-COMMERCE VENTURES LIMITED | 5.25% | |
| INFO EDGE (INDIA) LIMITED | 5.20% | |
| MakeMyTrip Limited | 4.92% | |
| Jubilant FoodWorks Limited | 4.57% | |
| Meesho Limited | 4.42% | |
| BILLIONBRAINS GARAGE VENTURES LIMITED | 4.10% | |
| ANGEL ONE LIMITED | 3.07% |
By country
India 96.76%United States 4.92%By asset type
Stocks 101.69%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $3.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.78%, +4.04%, +4.46%.
How it works
INQQ is an index fund. Before fees, it tries to match the INQQ The India Internet Index. EMQQ Global LLC designed the index, and Solactive AG runs it. To qualify, a company must earn most of its revenue or hold most of its assets in internet and e-commerce activity in India, such as online retail, travel, gaming and advertising. It needs a free-float market value of at least $300 million to join and $200 million to stay. (Free float counts only shares available to outside investors.) It also needs at least $1 million in average daily trading over three months.
Stocks are weighted by float-adjusted market value, with caps. At each rebalance, no stock can exceed 8%. A stepped set of lower caps keeps the stocks above 5% from adding up to half the index, and the rest are held to 4.5%. The index is rebalanced and reconstituted every June and December, and weights can drift above the caps in between. As of December 2, 2025, it held 26 securities.
The fund usually buys every index stock in proportion, but it may use a sample and can put up to 20% outside the index. It is non-diversified, so single stocks can be large. It also creates and redeems shares for cash, which may force sales that realize taxable gains.
What it really costs
- INQQ charges 0.86% a year, versus an average of 0.67% for the similar funds below (6th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $88 in the first year and $1,061 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| INQQ | $88 | $274 | $477 | $1,061 |
In a retirement portfolio
A concentrated, 26-stock bet on Indian internet companies that fell 40.5% from peak to trough in its short history fits best as a small add-on to a broader portfolio.
INQQ launched in April 2022. That means it has no record in the 2008 crisis or the 2020 COVID crash, and it started after the 2022 bear market had begun. Its deepest drop was 40.5%, from April 12, 2022, to March 28, 2023. It took about 17 months after that low to reach its old high again, on August 21, 2024. Its worst full calendar year was 2025, at -7%, and it was down 13.8% for 2026 through October 27. Anyone who needs to sell shares during a slump like that would lock in a steep loss. The yield was 2.6% as of October 27, 2026, but the fund pays only once a year, so it is not a steady income source. At 0.86% a year, it costs more than most India peers. 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 targeted exposure to Indian internet firms like Eternal, Swiggy and PB Fintech, which broad India index funds hold far less of.
- People with a small, higher-risk slice of a portfolio who can accept drops like the fund's 40.5% fall from April 2022 to March 2023.
- Long-horizon holders who don't need regular cash from this fund, since it pays distributions only once a year.
Look elsewhere if
- Cost-conscious investors: broad India funds INDA charge 0.62% and FLIN 0.19%, compared with INQQ's 0.86%.
- Retirees who may need to sell in a downturn; the fund lost 20.7% in the year to October 27, 2026.
- Anyone wanting broad diversification; it holds 26 stocks, with the top 10 at about 61% of assets as of August 31, 2026.
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 |
|---|---|---|---|---|---|
| INQQ this fund | — | 0.86% | $45.9M | -20.7% | +3.1% |
| DGIN VanEck Digital India ETF | 50% | 0.76% | $15.0M | -18.1% | +3.6% |
| INDY iShares India 50 ETF | 12% | 0.89% | $558.0M | -16.3% | +1.2% |
| INCO Columbia India Consumer ETF | 11% | 0.75% | $225.9M | -14.0% | +5.0% |
| INDA iShares MSCI India ETF | 11% | 0.62% | $6.75B | -14.6% | +3.1% |
| FLIN Franklin FTSE India ETF | 10% | 0.19% | $2.72B | -14.7% | +3.9% |
| NFTY First Trust India NIFTY 50 Equal Weight ETF | 8% | 0.8% | $132.0M | -13.1% | +4.0% |
Questions investors ask
What's the difference between INQQ and DGIN?
Both focus on Indian internet and digital companies, and the VanEck Digital India ETF (DGIN) has the most holdings in common with INQQ among similar funds. DGIN costs less: 0.76% a year versus INQQ's 0.86%. As of October 27, 2026, DGIN returned -18.1% over one year and 3.6% a year over three years. INQQ returned -20.7% and 3.1%. Both are small funds. DGIN had about $15 million in net assets as of June 30, 2026, and INQQ about $46 million as of August 31, 2026.
Does INQQ pay dividends?
Yes, but only once a year. In the 12 months ending October 27, 2026, it paid about $0.33 per share, for a trailing yield of 2.6%. An annual payout gives you a single lump sum, not a steady income stream. Payouts from a fund of stocks can also change from year to year. Investors who want monthly or quarterly income may want to compare INQQ with funds built for that purpose.
What is INQQ's expense ratio?
INQQ charges 0.86% a year, according to its prospectus filed December 22, 2025. All of it is the management fee, with no fee waiver. In the SEC's standard example, $10,000 invested at a 5% yearly return would cost about $88 in fees after one year, $477 after five years and $1,061 after ten years. That is above the 0.67% average for similar India funds and ranks 6th cheapest of 7.
What are INQQ's top holdings?
As of August 31, 2026, the largest holdings were Eternal at 8.0%, Bajaj Finance at 7.6%, Reliance Industries at 6.8%, One 97 Communications at 6.1%, PB Fintech at 5.8% and Jio Financial Services at 5.8%. Lenskart, Swiggy, FSN E-Commerce Ventures and Info Edge round out the top 10, which together made up about 61% of assets. The fund held 26 stocks. About 97% was in India, plus US-listed MakeMyTrip at about 4.9%.
Is INQQ good for retirement?
INQQ is a narrow, high-risk fund that may fit only as a small part of a retirement portfolio. Its deepest drop was 40.5%, from April 2022 to March 2023, and it took about 17 months after that low to recover. It lost 20.7% over the year to October 27, 2026, and returned 3.1% a year over three years. Its record only goes back to April 2022. Past results don't predict future returns.