Barclays Global Investors has finally launched the iShares S&P India Nifty 50 Index Fund (Nasdaq: INDY). The new fund had been in registration for a few years before its debut.

INDY is not a one-of-a-kind fund. In fact, it hits the ground running against three other India-focused vehicles that have sizable assets at hand. Among them, the iPath MSCI India Index ETN (NYSEArca: INP)—which holds $1.1 billion in assets—PowerShares India (NYSEArca: PIN) and WisdomTree India Earnings (NYSEArca: EPI).

INDY comes into the game with some $20 million in net assets. EPI holds $687 million and PIN $300 million.

What's particularly appealing to investors about these funds is their recent track record: Year-to-date returns on each of these offerings has reached anywhere from 75 percent in the case of PIN to 97 percent for INP. EPI has posted year-to-date returns of 92 percent.

INDY will invest in securities and depositary receipts of India's 50 largest companies by market capitalization. It will track the S&P CNX Nifty Index through a representative sampling strategy.

From a sector breakdown, INDY’s primary focus—like that of its competitors—is banks, refineries and computers/software.

INDY's portfolio comprises 50 securities, and similarly to its competitors, it too has Reliance Industries and Infosys Technologies as its top holdings, accounting for 20 percent of its assets in its portfolio.

Source: iShares

INDY comes with an expense ratio of 89 basis points, similar to INP and just marginally higher than EPI's 88 basis points ratio, but considerably higher than PIN's price tag of 78 basis points.

Barclays Global Fund Advisors is INDY's adviser.

You can read more about INDY here.