Key Highlights

  • The fund holds 453 small-cap Indian companies across multiple sectors.
  • Coforge, Sona BLW Precision Forgings and Glenmark Pharmaceuticals are among the largest positions.
  • Net asset value is $70.39, after a one-day gain of $1.08, or 1.56%.
  • The expense ratio is 0.74%, and distributions are paid semi-annually.

Smaller Indian companies have drawn investor interest as the country's listed market has broadened, and the iShares MSCI India Small-Cap ETF (CBOE:SMIN) offers exposure to that segment through a single fund. Figures in this article are current to November 9, 2026. The fund seeks to track an index composed of small-cap Indian equities, targeting smaller companies in India or adding to a broader India allocation. Shares trade on Cboe BZX and have been listed since February 2012.

Fund Fact

Detail

Exchange and ticker

Cboe BZX: SMIN

Fund inception

February 8, 2012

Net assets

$718.0 million

Net asset value

$70.39

Daily NAV change

+$1.08 (+1.56%)

Expense ratio

0.74%

Distribution frequency

Semi-annual

Number of holdings

453

Benchmark

MSCI India Small Cap Index (Net)

Sector Spread and Leading Positions

The portfolio is diversified across many small companies, and the largest positions carry weights of only about 1% to 2% each. Coforge, the largest holding, accounts for about 2.0% of market value, followed by Sona BLW Precision Forgings at 1.2% and Glenmark Pharmaceuticals at 1.1%.

Consumer, pharmaceutical, financial and real estate names appear among the leading holdings, reflecting the breadth of the small-cap universe in India.

Trading Activity and Price Movement

The net asset value rose $1.08 in the latest session, a gain of 1.56%. Shares outstanding total about 10.2 million, and the 30-day average Volume of roughly 70,000 shares indicates a smaller trading base. The 30-day median bid-ask spread of 0.48% is wider than many broad Equity funds, so trading costs deserve attention.

The premium to NAV was 0.26 in recent figures, meaning shares traded slightly above the value of underlying holdings.

Costs, Distributions and Market Risk

The expense ratio of 0.74% consists of a management fee of the same amount, which is high relative to many index-based equity funds. Distributions are paid semi-annually, and the fund's recent 30-day SEC Yield has been close to zero.

Small-capitalization stocks may be less stable and less liquid than larger companies. Indian equities also carry currency risk, political developments and regulatory change, and the fund's single-country focus concentrates these exposures.

Final Word

The iShares MSCI India Small-Cap ETF gives investors a diversified route into smaller Indian companies, with many holdings and a limited concentration in any one name. Its higher fee, wider trading spread and limited income define its profile. Investors will weigh the growth potential of small-cap Indian equities against the costs and Volatility involved.