[144] Americold Realty Trust, Inc. SEC Filing

Rhea-AI Filing Summary

Range India Financials ETF (Ticker: INDF) filed its Form N-CSR covering the fiscal year ended 30 April 2025. INDF seeks to replicate the Nifty Financial Services 25/50 Index, giving investors concentrated exposure to India’s financial sector. Key data are as follows:

• Total return: 12.78% for the fiscal year, comfortably ahead of the S&P BSE 500 Index’s 4.09%, aided by India’s supportive macro backdrop, rate cuts to 6.00% by the Reserve Bank of India and robust loan demand.
• Since inception (20 Oct 2020): 14.85% annualised, trailing the S&P BSE 500’s 17.17%.
• Net assets: US$10.62 million (↑ 30% YoY) on 275,000 shares; $1.83 million of net creations drove a 50,000-share increase.
• Expense ratio: 0.75% (unitary fee); a hypothetical US$10,000 investment incurred US$80 in costs.
• Portfolio profile: 20 holdings, 102.3% financials weighting. Top two positions—ICICI Bank (19.6%) and HDFC Bank (19.5%)—account for 39.1% of assets. Portfolio turnover dropped to 28% from 40%.
• Performance drivers: HDFC Bank +26.8% and ICICI Bank +24.6% were leading contributors; Kotak Mahindra Bank (+27.7%), Bajaj Finance (+28.1%) and Bajaj Finserv (+26.2%) also helped. Jio Financial Services (–32.3%) and State Bank of India (+4.4%) detracted.
• Financials: Net investment income US$6,026; net realised loss US$(50,930); unrealised gain US$1.25 million; overall increase in net assets from operations US$1.21 million.
• Tax matters: Deferred Indian capital-gains tax liability of US$426,970 (~4% of NAV). Capital-loss carryforwards total US$299,431.
• Audit & governance: Cohen & Company billed US$79,275 in audit fees; no disagreements with auditors. Independent trustee Timothy Jacoby identified as audit-committee financial expert.
• Notable changes: Fund renamed from “Nifty India Financials ETF” to “Range India Financials ETF” on 1 Sep 2024; Range Fund Holdings, LLC became new index sponsor on 22 Aug 2024.

INDF offers targeted exposure to India’s high-growth private banking and diversified financial services segments but carries concentrated sector and single-country risks, as well as a meaningful deferred tax liability.

Positive

• Annual total return of 12.78% substantially outperformed the S&P BSE 500’s 4.09% for the same period.
• Net asset growth to US$10.6 million (+30% YoY) driven by US$1.83 million of new creations, indicating investor interest.
• Expense ratio held at 0.75%, competitive for a niche single-country ETF.
• Strong stock selection with HDFC Bank, ICICI Bank and Kotak Mahindra each delivering >24% returns.
• Portfolio turnover fell to 28%, reducing trading-cost drag.

Negative

• High concentration risk: financials weighting 102.3% and top two holdings equal 39.1% of NAV.
• Deferred foreign capital-gains tax liability of US$426,970 (~4% of assets) may hit future NAV when realised.
• Underperformed the S&P BSE 500 Index since inception (14.85% vs 17.17% annualised).
• Single authorised participant controls 100% of outstanding shares, raising liquidity and redemption-shock concerns.
• Key detractor Jio Financial Services fell 32.3%, illustrating elevated single-name volatility.

Insights

ETF Analyst

TL;DR – Solid one-year outperformance and asset growth, but concentration and deferred tax drag warrant caution.

INDF’s 12.78% fiscal-year return decisively beat the broad Indian equity market, validating its sleeve of private-sector lenders during a benign credit cycle. Net creations show fresh investor demand despite modest AUM. Expenses are reasonable for a single-country thematic ETF. However, nearly 40% in two banks plus 102% sector exposure amplifies idiosyncratic risk. The US$427 k deferred Indian capital-gains tax (≈ $1.55 per share) could pressure future NAV when realised. Long-term underperformance versus the BSE 500 suggests that the financials tilt has not consistently added alpha. Overall impact: positive but with material risk flags.

Emerging-Markets Specialist

TL;DR – Macro tailwinds favour India’s financials, yet currency, policy and liquidity risks remain elevated.

India’s GDP momentum, falling inflation and RBI easing underpin INDF’s gains. Private banks continue to capture share from state banks, bolstering earnings growth. Nevertheless, the ETF’s dollar NAV remains vulnerable to rupee weakness, and any reversal in RBI policy could compress net-interest margins. Liquidity is thin: AUM barely exceeds US$10 million and one authorised participant holds 100% of outstanding shares in creation-unit form. Any redemption could widen bid-ask spreads. Investors must weigh the attractive growth narrative against structural risks inherent in a non-diversified, single-country ETF.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

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Submission Contact Information
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144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

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Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

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144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	451	7528.63	284725573	07/02/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/01/2025	Restricted Stock Vesting	Issuer			451	07/01/2025	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

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Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

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ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What was INDF's total return for the fiscal year ended 30 April 2025?

The Range India Financials ETF posted a 12.78% total return for the period.

How much does INDF charge in expenses?

The fund’s net expense ratio is 0.75%; a US$10,000 investment incurred US$80 in costs over the year.

What are INDF's top holdings and their weights?

As of 30 Apr 2025, ICICI Bank (19.6%) and HDFC Bank (19.5%) are the largest positions, followed by Axis Bank (7.9%).

Did INDF experience net inflows or outflows during the year?

The ETF recorded US$1.83 million in net creations, increasing shares outstanding by 50,000.

What tax liabilities could affect INDF's NAV?

The fund has a US$426,970 deferred Indian capital-gains tax liability, roughly 4% of net assets.

Why was the fund renamed in 2024?

Effective 1 Sep 2024, it changed from “Nifty India Financials ETF” to “Range India Financials ETF” following a new sponsorship arrangement.