
The BIGGEST GROWTH OPPORTUNITY In The HISTORY Of Capitalism 
-McKinsey & Co.
Billions of people are poised to enter the consuming class and gain access to smartphones, catalyzing a digital consumer revolution like we’ve never seen before.


Understanding INQQ
The India Internet & Ecommerce ETF (NYSE: INQQ), is designed to provide investors with targeted exposure to the Internet and Ecommerce sectors in India. Armed with 27% of the worlds Gen -Z population, a middle class set to double by 2030, and 25 million new smartphone users added every quarter, the stage is set for the country to enter a golden age of digitization.
Sources: 1 2 3 4Top 10 Holdings
As of 09/30/23
ZOMATO LTD
— 8.88%
BAJAJ FINANCE LTD
— 7.25%
RELIANCE INDUSTRIES LTD ORD
— 6.62%
MAKEMYTRIP LTD
— 6.23%
FRESHWORKS INC
— 6.02%
INFO EDGE INDIA LTD
— 5.83%
INDIAN RAILWAY CATERING AND TOURISM CORPORATION LTD
— 5.44%
PB FINTECH LTD
— 4.95%
JUBILANT FOODWORKS LTD ORD
— 4.90%
FSN E-COMMERCE VENTURES LTD
— 4.83%
Holdings are subject to change
Holdings are subject to change.
Country Weightings
As of 09/30/23

India 100%
*Companies must derive >50% of their revenue from India to be eligible for inclusion

Current Ecommerce Penetration in India is < 5%
Growing Rapidly, Infrastructure
Developing around Internet Technology
Source: Ppro Payments & E-commerce Report: Asia Pacific, January 2021
Compared to 25%
in China
Increasing at a slower rate, Technology
Developing to work with Existing Infrastructure
Source: JD.com, Financial Highlights Report, August 2021
INQQ Investment Strategy
India’s growth now stands at an inflection point. The unique entrepreneurial conditions that gave rise to Silicon Valley have spread, been adapted, and matured with India now the world leader in start-ups with over 70 unicorns crossing a value of $1 billion.* With India’s swelling middle class of youthful digitized consumers hungry for modernization serving as a catalyst, these innovative companies are just now beginning to go public and join the ranks of INQQ. The INQQ Index covers over 20 companies operating in India. Constituents are from but not limited to sectors including Internet Services, Internet Retail, Internet Broadcasting, Internet Media, Online Advertising, Online Travel, Online Gaming, Search Engines, Social Networks, etc. INQQ is a modified market cap-weighted Exchange Traded Fund with the largest positions capped at 8% during the semi-annual reconstitution and rebalanced in June & December.
*Source: The Print, India leads world in start-ups with over 70 unicorns, 28 Nov. 2021
