This article contains affiliate links. We may earn a commission at no extra cost to you.
Five dedicated India ETFs are available to UK investors in a Stocks & Shares ISA. They all track Indian large and mid-cap stocks — Reliance, HDFC Bank, Infosys, ICICI Bank — but differ on fees, replication method, and platform availability. Here’s the full comparison.
The Franklin FTSE India UCITS ETF (FRIN) costs 0.19% per year — more than four times cheaper than the most expensive option at 0.85%. It’s the largest dedicated India ETF with physical replication, available on all six major UK platforms: HL, AJ Bell, Interactive Investor, Trading 212, Fidelity, and Freetrade.
Full Comparison: Fees & Platform Availability
| ETF | Ticker | Fee | Size | Type | Repl. | HL | AJ Bell | ii | T212 | Fidelity | Freetrade |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Franklin FTSE India | FRIN | 0.19% | £1.4bn | Acc | Physical | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Xtrackers MSCI India Swap | XCS5 | 0.19% | £487m | Acc | Synthetic | ❌ | ✅ | ✅ | ❌ | ❌ | ❌ |
| iShares MSCI India | NDIA | 0.65% | £4.0bn | Acc | Physical | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Amundi MSCI India II | 18MK | 0.80% | £160m | Acc | Synthetic | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ |
| Amundi MSCI India | INR | 0.85% | £830m | Acc | Synthetic | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ |
✅ Available ❌ Not available All 5 ETFs are UCITS compliant, ISA and SIPP eligible. Phys. = physical replication. Swap = synthetic replication.
What the Fee Difference Actually Costs You
A fee of 0.19% vs 0.85% might not sound like much. It is. Here’s what it means in real money on a £10,000 investment over 10 years, assuming 8% annual returns:
That’s £1,382 more from the Franklin ETF over 10 years, from the fee difference alone. The underlying holdings are nearly identical — both track large and mid-cap Indian stocks dominated by Reliance, HDFC Bank, ICICI Bank, and Infosys.
Physical ETFs (Franklin, iShares) buy and hold the actual Indian stocks. Synthetic (swap-based) ETFs (Xtrackers, Amundi) use derivatives to replicate the index return without owning the shares.
India charges capital gains tax on foreign funds selling Indian shares — swap-based ETFs may avoid this because they don’t directly hold the stocks, which can improve tracking accuracy. However, synthetic ETFs carry counterparty risk — they depend on the swap provider honouring its obligations.
India applies a 20% dividend withholding tax on dividends paid to non-resident investors, reduced to 10% under the India-Ireland DTAA for Irish-domiciled funds. This is deducted inside the fund before returns are calculated, regardless of whether you hold the ETF in an ISA. The impact is modest — Indian dividend yields are around 1–1.5% — but it means the true cost of ownership is slightly higher than the headline fee.
Each ETF in Detail
How to Buy in Your ISA
Already hold a global ETF? FTSE-based funds (VWRL, VWRP) include India at roughly 2–2.5%. MSCI-based funds (SWDA, IWDA) include India at approximately 1.8%. A dedicated India ETF increases that allocation beyond what a global fund provides.
Franklin FTSE India (FRIN) is the cheapest physically-replicated option with the widest platform availability and 274 holdings. Xtrackers MSCI India (XCS5) matches the 0.19% fee with a synthetic structure — available on AJ Bell and Interactive Investor only.
FRIN and NDIA have the widest availability across all six platforms. If you’re on AJ Bell or Interactive Investor, you also have access to Xtrackers (XCS5) at the same fee as Franklin.
Search “FRIN” and select the London Stock Exchange listing (GBP). Some platforms also show a USD listing (FLXI) — pick the GBP version to avoid currency conversion costs. If your platform doesn’t show FRIN by ticker, try the ISIN: IE00BHZRQZ17.
India has been one of the strongest-performing major markets over the past five years, driven by economic growth, government reform, and corporate earnings. Single-country funds carry significantly higher volatility than broad global ETFs — the Nifty 50 fell over 15% in early 2020 and had a sharp correction in late 2024. The 1-year return figures above reflect different measurement periods and index methodologies, not fund quality differences. Past returns are not a guide to future performance.
Frequently Asked Questions
Which India ETF is cheapest?
Franklin FTSE India (FRIN) and Xtrackers MSCI India Swap (XCS5) are both 0.19% per year. On a £10,000 investment, that’s £19 per year in fees. The most expensive option is Amundi at 0.85% — £85 per year for broadly the same market exposure.
Can I buy India ETFs on Trading 212?
Yes. Franklin FTSE India (FRIN) and iShares MSCI India (NDIA) are both available on Trading 212. The Xtrackers and Amundi options are not currently available on the platform.
Are India ETFs ISA eligible?
Yes. All five ETFs listed here are UCITS-compliant and eligible for UK Stocks & Shares ISAs and SIPPs. Returns within the ISA wrapper are free from capital gains tax and dividend tax under current HMRC rules.
Physical or synthetic — what’s the difference?
Physical ETFs (Franklin, iShares) directly own the underlying Indian stocks. Synthetic ETFs (Xtrackers, Amundi) use swap contracts to replicate index returns without holding the shares. Synthetic funds carry counterparty risk but may track the index more closely for India due to how Indian capital gains tax is applied to foreign funds. Both structures are UCITS-regulated.
Is India already in my global ETF?
Yes, to a degree. India is typically 1.8–2.5% of broad global ETFs. FTSE-based funds (VWRL, VWRP) and MSCI-based funds (SWDA, IWDA) both include India, with FTSE funds allocating slightly more. A dedicated India ETF is for investors who want India exposure beyond what a global fund provides.
*Fee saving calculation assumes £10,000 invested at 8% annual return over 10 years. Actual results will vary.
Last verified: March 2026