Nippon Life India · Other ETFs

Nippon India ETF Hang Seng BeES

Other Scheme - Other ETFs Regular plan benchmark: Hang Seng TRI launched 15 Feb 2010 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹455.52

+1.11% since 18 Sep 2026, the previous NAV

1 year

4.3%

return

3 years

20.7%

a year

5 years

8.2%

a year

Since launch

−15.5%

a year, over 9.8 years

Assets (AUM)

₹1,022 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.98% / 0.00%

a year, as of Jul 2026

Holdings

top ten are 49% of the fund · Aug 2026

Disclosed history

9.8 yrs

Nov 2016 – Aug 2026 · 4 of 11 checks could run

Fund managers

Kinjal Desai · since May 2018Vikash Agarwal · since Apr 2025

All managers →

As the Jul 2026 factsheet printed it: standard deviation 21.2% · portfolio turnover 0.12×. Exit load and minimum investment are not yet extracted from the scheme documents.

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Cannot be measured: needs both a Direct and a Regular growth class.

The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

See how it is measured →

P7Whose record

Run by Kinjal Desai for 8.3 yrs

with Vikash Agarwal. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Kinjal Desai's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 17% of three-year stretches, and averaged −34.9 points a year across all of them

83 rolling windows since 2016 · ahead by 5.6 points a year when it won, behind by 43.1 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

NAV and drawdown

Regular plan class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Nov 2016

119 month-ends · ₹2,364.19 → ₹455.52, 0.2× since Nov 2016

Deepest fall (max drawdown)

−20.4%

18 Mar 2025 → 7 Apr 2025

Worst month

−9.4%

Jan 2024

Days to recover

102

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the regular growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 96 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	HSBC HOLDINGS PLC foreign security	—	8.87%	Nov 2016	9.8 yrs	+0.18%
2	Tencent Holdings Ltd foreign security	—	7.63%	Nov 2016	9.8 yrs	+0.82%
3	Alibaba Group Holding Limited foreign security	—	7.08%	Sep 2020	6.0 yrs	-0.21%
4	China Construct BK-H foreign security	—	5.44%	Nov 2016	9.8 yrs	+0.33%
5	AIA Group Ltd foreign security	—	4.77%	Nov 2016	9.8 yrs	-0.64%
6	Industrial and Commercial Bank of China Ltd foreign security	—	3.72%	Nov 2016	9.8 yrs	+0.29%
7	Hong Kong Exchanges and Clearing Ltd foreign security	—	3.05%	Nov 2016	9.8 yrs	+0.03%
8	Xiaomi Corporation foreign security	—	2.99%	Sep 2020	6.0 yrs	-0.21%
9	China Mobile Ltd foreign security	—	2.94%	Nov 2016	9.8 yrs	-0.38%
10	Meituan foreign security	—	2.61%	Dec 2020	5.8 yrs	+0.08%
11	Bank Of China Ltd foreign security	—	2.50%	Nov 2016	9.8 yrs	+0.18%
12	Cnooc Ltd foreign security	—	2.35%	Nov 2016	9.8 yrs	-0.23%
13	Ping An Insurance Group Co Of China Ltd foreign security	—	2.26%	Nov 2016	9.8 yrs	-0.26%
14	BYD Company Limited - H shares foreign security	—	1.91%	Jun 2021	5.3 yrs	-0.20%
15	Netease Inc foreign security	—	1.81%	Dec 2021	4.8 yrs	+0.08%
16	Semiconductor Manufacturing International Corp foreign security	—	1.77%	Jun 2022	4.3 yrs	-0.38%
17	BeOne Medicines Ltd foreign security	—	1.56%	Jun 2026	3 mo	+1.56%
18	China Life Insurance Co Ltd foreign security	—	1.34%	Nov 2016	9.8 yrs	-0.01%
19	Zijin Mining Group Co Ltd foreign security	—	1.31%	Jun 2023	3.3 yrs	+0.08%
20	Petrochina Company Ltd foreign security	—	1.28%	Nov 2016	9.8 yrs	-0.16%
21	Lenovo Group Ltd foreign security	—	1.22%	Mar 2022	4.5 yrs	+0.19%
22	China Merchants Bank Co. Ltd. - H Shares foreign security	—	1.18%	Sep 2021	5.0 yrs	+0.03%
23	Techtronic Industries Co Ltd. foreign security	—	1.18%	Mar 2019	7.5 yrs	+0.11%
24	BOC Hong Kong Holdings Ltd foreign security	—	1.16%	Nov 2016	9.8 yrs	+0.05%
25	WuXi Biologics (Cayman) Inc. foreign security	—	1.14%	Nov 2020	5.8 yrs	+0.36%
26	CK Hutchison Holdings Limited foreign security	—	1.13%	Nov 2016	9.8 yrs	-0.05%
27	JD.com Inc foreign security	—	1.06%	Dec 2021	4.8 yrs	-0.07%
28	Innovent Biologics Inc foreign security	—	1.02%	Dec 2025	9 mo	+0.16%
29	Sun Hung Kai Properties foreign security	—	1.00%	Nov 2016	9.8 yrs	-0.20%
30	China Shenhua - H foreign security	—	0.89%	Sep 2022	4.0 yrs	-0.02%
31	Baidu Inc foreign security	—	0.87%	Sep 2022	4.0 yrs	-0.14%
32	CLP Holdings Ltd foreign security	—	0.77%	Nov 2016	9.8 yrs	-0.02%
33	Contemporary Amperex Technology Co. Limited foreign security	—	0.74%	Mar 2026	6 mo	+0.12%
34	Pop Mart International Group Limited foreign security	—	0.69%	Sep 2025	1.0 yrs	-0.11%
35	Geely Auto foreign security	—	0.68%	Mar 2017	9.5 yrs	-0.09%
36	Anta Sports Products Limited foreign security	—	0.65%	Dec 2020	5.8 yrs	-0.01%
37	China Petroleum -H- foreign security	—	0.64%	Nov 2016	9.8 yrs	+0.03%
38	Kuaishou Technology foreign security	—	0.61%	Dec 2024	1.8 yrs	-0.25%
39	Link REIT NPV foreign security	—	0.60%	Nov 2016	9.8 yrs	-0.06%
40	Trip.com Group Ltd foreign security	—	0.59%	Jun 2023	3.3 yrs	+0.03%
41	China Resources Land Ltd foreign security	—	0.57%	Nov 2016	9.8 yrs	-0.14%
42	WuXi AppTec Co.Limited foreign security	—	0.55%	Dec 2023	2.8 yrs	+0.15%
43	CK Asset Holdings Limited foreign security	—	0.52%	Sep 2017	9.0 yrs	-0.05%
44	Nongfu Spring Co. Limited foreign security	—	0.52%	Mar 2022	4.5 yrs	-0.02%
45	Power Assets Holdings Ltd foreign security	—	0.50%	Nov 2016	9.8 yrs	-0.02%
46	The Hong Kong China Gas Company Limited foreign security	—	0.48%	Nov 2016	9.8 yrs	-0.02%
47	China Hongqiao Group Limited foreign security	—	0.47%	Jun 2022	4.3 yrs	-0.14%
48	Triparty Repo money market	—	0.47%	Nov 2020	5.8 yrs	+0.18%
49	Citic Ltd foreign security	—	0.46%	Nov 2016	9.8 yrs	-0.02%
50	CSPC Pharmaceutical Group Limited foreign security	—	0.44%	Jun 2018	8.3 yrs	+0.06%
51	Li Auto Inc foreign security	—	0.40%	Dec 2023	2.8 yrs	-0.10%
52	Galaxy Entertainment Group Ltd foreign security	—	0.40%	Nov 2016	9.8 yrs	+0.01%
53	ZTO Express (Cayman) Inc foreign security	—	0.38%	Jun 2025	1.3 yrs	-0.10%
54	China Telecom Corp Ltd foreign security	—	0.38%	Sep 2025	1.0 yrs	-0.05%
55	China Molybdenum-H foreign security	—	0.37%	Mar 2026	6 mo	-0.06%
56	Midea Group Co Ltd foreign security	—	0.37%	Jun 2025	1.3 yrs	+0.04%
57	WH Group Limited foreign security	—	0.37%	Sep 2017	9.0 yrs	-0.10%
58	MTR Corp Limited foreign security	—	0.36%	Nov 2016	9.8 yrs	-0.01%
59	J&T Global Express Limited foreign security	—	0.33%	Jun 2026	3 mo	+0.33%
60	China Mengniu Dairy Co foreign security	—	0.33%	Nov 2016	9.8 yrs	0.00%
61	Sino Biopharmaceutical Ltd foreign security	—	0.33%	Sep 2018	8.0 yrs	+0.01%
62	Hansoh Pharmaceutical Group Company Limited foreign security	—	0.32%	Sep 2022	4.0 yrs	+0.02%
63	Haier Smart Home Co Ltd foreign security	—	0.31%	Dec 2022	3.8 yrs	+0.01%
64	Wharf Real Estate Investment Company Ltd foreign security	—	0.31%	Nov 2017	8.8 yrs	+0.06%
65	Sunny Optical Tech foreign security	—	0.30%	Dec 2017	8.8 yrs	-0.07%
66	China Overseas Land & Investment Ltd foreign security	—	0.29%	Nov 2016	9.8 yrs	-0.08%
67	JD Health International Inc foreign security	—	0.24%	Jun 2023	3.3 yrs	-0.03%
68	CK Infrastructure Holdings Ltd foreign security	—	0.24%	Jun 2017	9.3 yrs	+0.01%
69	ENN Energy Holdings Limited foreign security	—	0.23%	Dec 2021	4.8 yrs	-0.04%
70	China Resources Power Holdings Co Limited foreign security	—	0.23%	Jun 2023	3.3 yrs	-0.05%
71	Henderson Land Development Co Limited foreign security	—	0.23%	Nov 2016	9.8 yrs	-0.05%
72	New Oriental Education & Technology Group Inc foreign security	—	0.21%	Dec 2024	1.8 yrs	+0.03%
73	Sands China Ltd foreign security	—	0.20%	Nov 2016	9.8 yrs	-0.03%
74	China Unicom Hong Kong Ltd foreign security	—	0.20%	Nov 2016	9.8 yrs	-0.09%
75	Aluminum Corporation of China Ltd foreign security	—	0.19%	Jun 2026	3 mo	+0.19%
76	Li Ning Company Limited foreign security	—	0.19%	Sep 2021	5.0 yrs	-0.08%
77	China Resources Beer (Holdings) Company Limited foreign security	—	0.19%	Dec 2021	4.8 yrs	-0.06%
78	JD Logistics Inc foreign security	—	0.18%	Sep 2025	1.0 yrs	-0.04%
79	Shenzhou International Group Holdings Ltd foreign security	—	0.17%	Sep 2018	8.0 yrs	-0.07%
80	China Resources Mixc Lifestyle Services Limited foreign security	—	0.16%	Dec 2022	3.8 yrs	-0.02%
81	Laopu Gold Co. Ltd foreign security	—	0.15%	Mar 2026	6 mo	-0.05%
82	Chow Tai Fook Jewellery Group Limited foreign security	—	0.15%	Sep 2022	4.0 yrs	+0.01%
83	Tingyi (Cayman Islands) Holdings Corp foreign security	—	0.15%	Dec 2022	3.8 yrs	0.00%
84	Haidilao International Holding Ltd foreign security	—	0.14%	Mar 2021	5.5 yrs	-0.02%
85	BYD Electronic International Co Ltd foreign security	—	0.13%	Jun 2024	2.3 yrs	-0.01%
86	Xinyi Glass Holdings Ltd foreign security	—	0.12%	Sep 2021	5.0 yrs	-0.02%
87	Alibaba Health Information Technology Ltd foreign security	—	0.12%	Mar 2021	5.5 yrs	-0.03%
88	Sinopharm Group Co Ltd foreign security	—	0.12%	Sep 2023	3.0 yrs	-0.02%
89	Orient Overseas (International) Limited foreign security	—	0.12%	Jun 2022	4.3 yrs	+0.01%
90	Longfor Group Holdings Ltd foreign security	—	0.09%	Mar 2021	5.5 yrs	-0.03%
91	Hengan International Group Co Ltd foreign security	—	0.08%	Nov 2016	9.8 yrs	-0.02%
92	Budweiser Brewing Company APAC Limited foreign security	—	0.07%	Dec 2020	5.8 yrs	-0.02%
93	Hang Lung Properties Ltd foreign security	—	0.07%	Nov 2016	9.8 yrs	-0.02%
94	Xinyi Solar Holdings Limited foreign security	—	0.06%	Jun 2021	5.3 yrs	-0.02%
95	Net Current Assets cash equivalent	—	0.03%	Nov 2016	9.8 yrs	-0.33%
96	TREPS / cash equivalents Cash Margin - CCIL · cash equivalent	—	—	Sep 2019	7.0 yrs	—

Showing 1–96 of 96 rows per page10 25 50all

Largest sectors, latest disclosure

Not yet computable. Sector labels come from the disclosures; none were mapped for this fund.

By market cap, latest disclosure

Not yet computable. Needs cap tiers for every holding.

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Beat its category in 17% of three-year stretches, and averaged −34.9 points a year across all of them

83 rolling windows since 2016 · ahead by 5.6 points a year when it won, behind by 43.1 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 5.6 points a year in the 14 windows it won and behind by 43.1 in the 69 it lost, so the average across all 83 is −34.9 points. The worst window ended Oct 2022, 75.0 points behind.

17%

lowest in categoryhighest in category

38th percentile · below median of 122 funds · category median 30%

windows measured83windows won14average across every window−34.91 pts a year · median −27.75when ahead, by how much+5.57 pts a year over 14 windowswhen behind, by how much−43.12 pts a year over 69 windowsworst window−75.05 pts a year, ended Oct 2022best window+12.80 pts a year, ended Oct 2025non-overlapping windows in that span3 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Not measurable yet. Needs a Direct and a Regular growth class with overlapping NAV history.

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Not measurable yet. Needs at least two consecutive monthly disclosures.

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Not measurable yet. Needs the holdings history for this fund; not computed yet.

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

Not measurable yet. Detector not yet written: needs each disclosure's top ten joined to six months of forward prices. Holdings and prices are in hand.

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹1,022 Cr; 81% of growth came from inflows

Regular plan expense ratio 0.00% a year

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

0.00% TER

costliestcheapest

95th percentile · top decile of 230 funds · category median 0.16%

expense ratio, Regular / Direct0.00% / 0.96% · category median 0.16%AUM, Sep 2023 → Jul 2026₹201 Cr → ₹1,022 Cr (+77% a year)of that change, from flows rather than returns81% net inflows · NAV +79% over the window

Assets under management, ₹ crore, Dec 2016 – Jul 2026

52 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 0.00% in Jun 2018 → 0.00% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Run by Kinjal Desai for 8.3 yrs

with Vikash Agarwal

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

8.3 yrs · Kinjal Desai

newest teamlongest-serving

95th percentile · top decile of 123 funds · category median 1.5 yrs

running it nowKinjal Desai (since May 2018), Vikash Agarwal (since Apr 2025)share of the fund's life under the longest-serving current manager50%changes of hands in the archive2 — last Apr 2025

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Kinjal Desai	fund manager	May 2018	now	−20.7% vs 12.4% p.a. (−33.07 pp)	19% of 63
Vikash Agarwal	fund manager	Apr 2025	now	20.4% vs 7.0% p.a. (+13.44 pp)	—
Siddharth Deb	fund manager	Nov 2016	Mar 2025	−20.1% vs 15.0% p.a. (−35.09 pp)	0% of 65

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 100% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
regular Nippon India ETF Hang Seng BeES	—	₹455.52	21 Sep 2026

The Direct / Regular gap, in rupees

This fund does not have both a Direct and a Regular growth class in the data, so the gap cannot be measured.

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

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