INDA, the iShares MSCI India ETF, receives a buy rating despite recent underperformance versus other EM ETFs and the S&P 500. INDA trades at a 20.5x P/E, a slight discount to the S&P 500, with a healthy 11% long-term EPS growth rate. Sector composition—heavy in Financials, Consumer Discretionary, and Industrials—limits INDA's participation in the AI-driven EM rally.