Overview
India's domestic economy in 460 small caps — the manufacturers, lenders and consumer names serving the country's growth, below the index giants' radar.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| COFORGE | Coforge | 1.7% |
| EMBASSY | Embassy Office Parks REIT | 1.1% |
| SONACOMS | Sona BLW Precision | 1.1% |
| MFSL | Max Financial Services | 1.1% |
| GLENMARK | Glenmark Pharma | 1.0% |
| RADICO | Radico Khaitan | 1.0% |
| APARINDS | APAR Industries | 0.9% |
| KEI | KEI Industries | 0.8% |
| NAVINFLUOR | Navin Fluorine | 0.8% |
Fund Details
Investment Thesis
India's small caps are the purest play on its domestic boom: infrastructure, manufacturing and the consumer class, not IT outsourcing. A -4% consolidation year after a historic run offers the structural India bull a second chance at the entry.
Who It's For
India bulls with long horizons who want the domestic growth story rather than the export-heavy large caps.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | $52.57 | -- |
| 2018 | $38.57 | -26.6% |
| 2019 | $35.94 | -6.8% |
| 2020 | $42.32 | +17.8% |
| 2021 | $60.35 | +42.6% |
| 2022 | $51.76 | -14.2% |
| 2023 | $69.79 | +34.8% |
| 2024 | $76.45 | +9.5% |
| 2025 | $69.91 | -8.6% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | -- |
| 2020 | -- |
| 2021 | 1.27% |
| 2022 | 0.01% |
| 2023 | 0.41% |
| 2024 | 6.84% |
| 2025 | 2.01% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | -- | -- |
| 2021 | -- | -- |
| 2022 | -- | -- |
| 2023 | -- | -- |
| 2024 | -- | -- |
| 2025 | $0.7B | -- |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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