Frankfurt (17 February 2022) – MV Index Solutions GmbH (MVIS®) today announced the licensing of the MVIS Digital India Index (ticker: MVDIND) to VanEck for the use as underlying the VanEck Digital India ETF (DGIN).
The MVIS Digital India Index (ticker: MVDIND) tracks the performance of companies that generate at least 50% of their revenue from software, hardware, IT services and consulting, communications equipment, telecommunications infrastructure, internet applications, e-commerce including online financial services, electronic payment processing or the telecommunications services industry. In addition, the index includes Indian companies that rank in the top 10 by annual revenue from the telecommunication services industry.
“We are happy to provide the underlying to VanEck’s new ETF. The index utilizes MVIS’ unique approach to company-to-country classifications by including Indian companies regardless of listing venue. It focuses on an investable benchmark that captures companies contributing to the digitization of India,” said Thomas Kettner, COO of MV Index Solutions.
“India is in the midst of a massive shift, driven in large part by the rapid digitization of the country’s economy,” said Angus Shillington, Deputy Portfolio Manager for VanEck’s active Emerging Markets Equity Strategy. “India’s population includes the largest ‘Gen Z’ of any country and a rising middle class. Due to these demographics, along with low data costs, increasing smartphone penetration and government policies designed to transform India into a digitally empowered society, the digitization of India is a key theme for investors looking for emerging growth opportunities,” he continued.The MVIS Digital India Index (ticker: MVDIND) is weighted by free float market capitalisation and is reviewed on a quarterly basis. The index is calculated in USD as a price index and a total return net index. Capping factors are applied to avoid overweighting of single index components. Detailed information about the index, including methodology details and index data, is available on the MV Index Solutions website.