INP Fund Description

The iPath MSCI India ETN tracks a market-cap-weighted index of Indian stocks. The fund covers roughly 85% of the investable universe of securities listed on the National Stock Exchange of India.

INP ETF.com Insight

INP was once the only available exchange-traded product for those wanting exposure to India. Things have since changed with the emergence of competitors EPI and especially INDA, whichnew investors have little reason to choose the ETN structure offers identical coverage to INP except in an ETF wrapper. While INP’s asset base is plenty strong, it now lags that of its peers as new investors have little reason to choose the ETN structure. Still, INP offers solid coverage of the space although like INDA it omits small-caps within the Indian equity market. As a result, INP tilts larger than our segment benchmark when it comes to market cap. INP isn’t cheap—the fund charges 89 bps (a segment high) and tracks its index with excessive volatility despite being an ETN. INP is backed not by assets but by the credit of issuing bank, Barclays. The note has adequate liquidity but active traders will prefer EPI. (Insight updated 07/22/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/28/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

INP (Mkt)
3.46% 15.15% 23.96% 27.94% 1.33% 6.24% --

INP (NAV)

-- -- -- -- -- -- --

MSCI India Total Return Index

3.45% 15.66% 24.47% 27.16% -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

INP Top 10 Countries

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INP Top 10 Sectors

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INP Top 10 Holdings

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INP Summary Data

Barclays Capital

A company that produces and manages ETFs.

12/19/06

The first date of a fund's operations, as documented by the issuer.

Exchange-Traded Note

The organizational structure of the fund or ETN.

0.89%

The net total annual fee a fund holder pays to the issuer.

$392.13 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$3.28 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.22%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

INP Portfolio Data

--

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

--

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

--

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

0.00%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

--

The date on which a security's price excludes an upcoming dividend.

--

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

INP Index Data

MSCI India Total Return Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI India Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to INP

INDA, EPI

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

INP ETF.com Efficiency Insight

Holding costs for INP aren’t cheap. The note comes with the segment’s highest fee, and with large tracking variability too. That makes cost of ownership both high and uncertain. As an ETN, INP carries counterparty risk from issuing bank Barclay . Still, no peer ETP is truly cheap to own in this space, and INP’s cost uncertainty is offset with stability in the form of healthy AUM and a long track record. (Insight updated 07/22/2014)


Total Return
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 07/28/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

INP (Mkt)
3.46% 15.15% 23.96% 27.94% 1.33% 6.24% --

INP (NAV)
-- -- -- -- -- -- --

MSCI India Total Return Index
3.45% 15.66% 24.47% 27.16% -- -- --

MSCI India Investable Markets
2.95% 16.72% 26.63% 30.74% 1.19% 6.58% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

INP Portfolio Management

0.89%

The net annual fee a fund holder pays to the issuer.

-1.05%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

1.30%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-2.00%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

INP Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

No distributions

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

INP Fund Structure

Exchange-Traded Note

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

0% / 100%

The division of securities lending revenue between the fund and the issuer.

Barclays Capital Inc

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

Low

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Monthly

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

INP ETF.com Tradability Insight

INP offers decent on-screen liquidity to investors, trading at least $2.7M on most days. However, spreads can vary widely— currently averaging 22 bps. Large investors can also get a fair deal when working with liquidity providers. Price impact is hard to measure in an ETN, but judging from peer funds, may be a factor for creates and redeems. (Insight updated 07/22/2014)

Average Spread

Premium/Discount

Volume

INP ETF.com/ Block LiquidityAs of 07/29/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of INP. INP is rated a 5 out of 5.

INP Tradability

47,305

The average number of shares traded during a 60 day period.

$3.28 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

28,021

Median number of shares traded over the past 45 trading days.

$1.9 M

Median dollar value of shares traded over the past 45 trading days.

0.22%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.15

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

0.37%

The middle value in the ranked set of all premium/discount values over a 12-month period.

5.65% / -3.27%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

Full

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

0.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.62

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

--

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

90

The total number of net outstanding options contracts for an ETF.

$70.57

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

INP ETF.com Fit Insight

Despite INP’s lack of exposure transparency, we know that its underlying index is similar to our benchmark, with a few caveats. One significant difference is that INP limits its exposure to large- and midcap firms in the Indian equity markets. As a result, it tilts slightly larger than our segment benchmark when it comes to market capitalization. Still, like our benchmark, INP is heavily concentrated within the financial sector in India. (Insight updated 07/22/2014)

INP Sector/Industry Breakdown

No data available

INP Top 10 Holdings

No data available

INP Geographic Exposure

INP Segment Benchmark
100.00% --

INP Segment Benchmark
100.00% --
0% / 100.00% -- / --

INP Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.08

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

-4.21%

The excess return of fund relative to ETF.com segment benchmark on a risk adjusted basis. Only reported if statistically significant.

1.11

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.07

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.14%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI India Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

INP Benchmark Comparison

INP
0 Holdings
Segment Benchmark
0 Constituents
Shared Holdings
0 (Count)
 
0.00% (Weight)
INPSegment Benchmark
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The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

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Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

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Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

----

The weighted average of the current yield on the portfolio’s holdings.

00

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

N/AN/A

The level of return contribution attributable to the average portfolio constituent.