An ETF Menage Trois India Style

iShares, the world's largest ETF issuer, will add to its

with the debut of the iShares MSCI India Small Cap Index Fund

. But where the iShares MSCI India Small Cap Index Fund is trading isn't the most interesting thing about this ETF. Nor is the fact that SMIN represents another addition

. And no, the most interesting thing about SMIN isn't that its iShares' second

after going years without any ETFs devoted to the world's second-fastest growing major economy. Noteworthy facts to be sure, but perhaps the most interesting fact about SMIN is that it's yet another iShares ETF

. Actually, SMIN, which features an expense ratio of 0.74%, will be the third ETF to track Indian small-caps. The EGShares India Small Cap ETF

was the first followed by the Market Vectors India Small-Cap ETF

. Both funds have been around since 2010 and have done pretty well for themselves. SCIF has raked in over $47 million in AUM. In 2012, SCIF and SCIN have been among two of the best-performing non-leveraged ETFs on the market with gains of almost 45% and 40%, respectively. In other words, it's a good thing the new iShares offering undercuts SCIF and SCIN on fees (both charge 0.85%) because if that weren't the case, SMIN might have a hard time making inroads against the more established duo. More choice is usually a good thing for investors, but a third India small-cap ETF? We'll just let the market decide how necessary SMIN is, but if the new ETF forces EGShares and Market Vectors to lower the fees on their India small-cap funds then we'll raise a glass to ETF competition.