NDIA

The iShares MSCI India UCITS ETF (Acc) (NDIA on the LSE) seeks to replicate the MSCI India Index (Net) by physically holding a diversified portfolio of large- and mid-cap Indian equities. The USD accumulating share class provides broad India large-cap exposure (about 165 holdings), is physically replicated and carries a total expense ratio of 0.65%, making it a straightforward vehicle to gain concentrated exposure to India’s equity market. ([blackrock.com](https://www.blackrock.com/americas-offshore/en/literature/fact-sheet/ndia-ishares-msci-india-ucits-etf-fund-fact-sheet-en-lm.pdf)) Performance of the ETF is primarily driven by India-specific economic growth, domestic consumption, corporate earnings and currency movements, with sector leadership typically concentrated in financials, energy and IT. The main risks are emerging-market and single-country concentration, regulatory/tax changes in India and higher volatility versus developed markets; investors commonly use NDIA as a core or satellite allocation for long-term India equity exposure. ([blackrock.com](https://www.blackrock.com/americas-offshore/en/literature/fact-sheet/ndia-ishares-msci-india-ucits-etf-fund-fact-sheet-en-lm.pdf)).

Top holdings:

• HDFC Bank Ltd: 7.35%
• Reliance Industries Ltd: 6.17%
• ICICI Bank Ltd: 5.16%
• Bharti Airtel Ltd: 3.51%
• Infosys Ltd: 3.07%
• Axis Bank Ltd: 2.31%
• Mahindra and Mahindra Ltd: 2.3%
• Larsen & Toubro Ltd: 2.1%