SIX Swiss Exchange · UCITS ETF
Invest in HIEM ETF from India
Indian and foreign residents can buy HSBC MSCI Emerging Markets Islamic Screened Capped UCITS ETF (HIEM) units directly through Paasa.
By Paasa · Updated
HIEM at a glance
- Price
- $30.08+$0.00 (0.00%)
- Expense ratio
- 0.35%
- Day range
- $30.08 – $30.15
- Assets
- $160.0M
- Domicile
- Ireland
- Holdings
- —
- Launched
- 2023
- Dividends
- —
- 1 month
- +0.87%
- 6 months
- +48.03%
- YTD
- +62.86%
- 1 year
- +81.97%
- 5 years
- —
Price change, excluding dividends.
Top 10 holdings
- 1SK hynix Inc15.9%
- 2Samsung Electronics Co Ltd13.6%
- 3MediaTek Inc4.7%
- 4Delta Electronics Inc4.6%
- 5Samsung Electro-Mechanics Co Ltd2.4%
- 6Hon Hai Precision Industry Co Ltd2.4%
- 7United Microelectronics Corp2.3%
- 8Al Rajhi Bank2.0%
- 9Samsung Electronics Co Ltd Participating Preferred1.8%
- 10Gold Fields Ltd1.5%
These 10 are 51.2% of the fund.
Where the money is invested
Sectors
- Technology60.1%
- Basic Materials10.7%
- Industrials5.8%
- Energy5.7%
- Healthcare4.4%
- Financial Services4.2%
Countries
- Korea (the Republic of)40.6%
- Taiwan (Province of China)21.0%
- India8.2%
- China7.3%
- Saudi Arabia4.6%
- Hong Kong3.5%
How to invest in HIEM from India
Step 1
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Step 2
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit.
Step 3
Search HIEM and buy
Find the fund by its ticker, HIEM, on the SIX Swiss Exchange, and place your order.
Why invest in HIEM from India
What HIEM holds
This ETF is designed to closely replicate the performance of the MSCI EM (Emerging Market) Islamic ESG Universal Screened Select Capped Index. The Fund achieves its objective by primarily investing in or gaining exposure to the shares of companies that constitute this benchmark, which rigorously screens for both Sharia compliance and strong Environmental, Social, and Governance (ESG) metrics within emerging markets.
Outside US estate tax
HIEM is domiciled in Ireland, not the US, so it is not a US-situs asset and US estate tax does not apply to it.
Hold a dollar asset
HIEM is priced in US dollars, so a weaker rupee adds to what it's worth in rupees. The rupee depreciated over 85% against the dollar between 2010 and 2025.
Paasa handles the paperwork
Investing abroad brings paperwork with it: remittance filings, capital gains reporting, foreign asset disclosure. Paasa prepares all of it for you. Your India-ready tax reports arrive at year end, ready to file.
Why HIEM's UCITS structure matters for Indian investors
HIEM is domiciled in Ireland, not the US, so it is not a US-situs asset and US estate tax does not apply to it.
On the US shares the fund holds, the 15% US dividend withholding is paid inside the fund, and you cannot claim it as a Foreign Tax Credit in India.
Capital gains are taxed in India the same way as on a US-listed ETF.
Frequently asked questions
Can I buy HIEM from India?
Yes. Indian residents can buy HSBC MSCI Emerging Markets Islamic Screened Capped UCITS ETF (HIEM) through Paasa. It is listed on the SIX Swiss Exchange and trades in US dollars. Your money leaves India under the RBI's Liberalised Remittance Scheme, and the units are held in your own name at Interactive Brokers.
What does HIEM invest in?
Its largest holdings are SK hynix Inc (15.9%), Samsung Electronics Co Ltd (13.6%) and MediaTek Inc (4.7%). Technology is its largest sector at 60.1%. The fund is domiciled in Ireland.
What is the expense ratio of HIEM?
HSBC MSCI Emerging Markets Islamic Screened Capped UCITS ETF has an expense ratio of 0.35% a year, taken from the fund's assets rather than billed to you. The fund manages about $160.0M.
Is HIEM a UCITS ETF, and why does that matter for Indian investors?
Yes. HSBC MSCI Emerging Markets Islamic Screened Capped UCITS ETF is a UCITS fund domiciled in Ireland. Because it is domiciled outside the US, it is not a US-situs asset, so US estate tax does not apply to it. On the US shares the fund holds, the 15% US dividend withholding is paid inside the fund, and you cannot claim it as a Foreign Tax Credit in India.
What tax do I pay in India when I sell HIEM?
In India, gains on foreign ETF units held for more than 24 months are long-term and taxed at 12.5% without indexation, and gains on units held for 24 months or less are short-term and taxed at your income-tax slab rate. Both are worked out in rupees at the USD/INR rate on the day you bought and the day you sold, so the currency move is part of the gain. Paasa's capital-gains statement gives you the figures for your return.