(SMIN) MSCI India Small-Cap - Overview

The iShares MSCI India Small-Cap ETF (BATS: SMIN) aims to track the MSCI India Small-Cap Index, allocating at least 80 % of its net assets to the index’s constituent securities or securities with substantially identical economic characteristics. The index captures the performance of Indian companies with market capitalisations in the small-cap range, providing exposure to a segment that historically delivers higher growth rates than large-cap peers.

As of the most recent quarterly filing (Q4 2025), SMIN reported an expense ratio of 0.30 % and total assets under management of roughly $1.1 billion. The fund’s weighted-average market capitalisation is about $1.2 billion, and its top sector allocations are Financials (≈ 28 %), Consumer Discretionary (≈ 22 %) and Information Technology (≈ 15 %). The dividend yield sits near 0.7 %.

Key macro drivers for Indian small-caps include the country’s projected real GDP growth of 6.5 % in FY 2025/26, robust domestic consumption, and ongoing financial-sector reforms that improve credit access for smaller firms. Additionally, the “Make in India” initiative is expected to boost manufacturing output, benefitting small-cap industrials and ancillary suppliers.

Given the higher volatility typical of small-cap equities, investors should monitor the base-rate probability of earnings revisions in the Financials and Consumer Discretionary sectors, as these have historically accounted for > 60 % of SMIN’s return variance over the past five years.

For a deeper, data-driven assessment of SMIN’s risk-adjusted performance and sector-specific sensitivities, consider exploring the analytical tools available on ValueRay.