Global X MSCI China Real Estate
ALTAR
Score™
14.7% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
6.6x P/Sales
ratio
0.8x
P/BV
ratio
1.1x Div.
yield
5.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Global X MSCI China Real Estate ETF seeks to invest in large-, mid- and small-capitalization segments of the MSCI China IMI Index that are classified in the Real Estate Sector as per the Global Industry Classification System.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Global X
Website www.globalxfunds.com
Inception date Dec 11, 2018
Assets (mns) $2
Currency USD
Expense ratio 65 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 46
Wgt avg mkt cap (mns) $21,821
Large cap (>$10bn) 62.6%
Mid cap ($2-10bn) 34.9%
Small cap (<$2bn) 2.6%
Developed mkts 41.0%
Emerging mkts 59.0%

TOP TEN HOLDINGS
SUNAC CHINA HOLDINGS LTD 9.6 %
CHINA OVERSEAS LAND & INVEST 8.9 %
CHINA RESOURCES LAND LTD 8.7 %
COUNTRY GARDEN HOLDINGS CO 8.6 %
LONGFOR PROPERTIES 7.5 %
SHIMAO PROPERTY HOLDINGS LTD 4.4 %
FRANSHION PROPERTIES 4.0 %
CHINA VANKE CO LTD-H 4.0 %
CHINA EVERGRANDE GROUP 4.0 %
GUANGZHOU R&F PROPERTIES - H 2.5 %
Total 62.2 %

TOP COUNTRY EXPOSURE
CHINA 62.1 %
HONG KONG 35.9 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
35.9% -- -- -- 35.9%

Market Correlations
versus... Beta R-squared
S&P500 1.43 36%
MSCI EAFE 1.77 44%
MSCI Emg. Mkts. 1.45 61%

Technical Indicators
Recent close $18.17
30d moving avg. $19.43
Annualized volatility 30.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 2
Turnover 2.0%
Bid/Ask (% of price) 1.08%
ADV underlying (mns) $1,653

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X MSCI China Real Estate ETF based on the alternatives' overlap in portfolio holdings with CHIR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: CHIR Expense: 65 bp ALTAR Score™: 14.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CHIR
Ticker Fund
Name
Overlap1
vs CHIR
(%)
Expense
ratio
(bp)
Savings
vs CHIR
(bp)
ALTAR
Score™
(%)
ALTAR
vs CHIR
(%)
TAO Invesco China Real Estate 44.8 70 -5 12.6 -2.1
FCA First Trust China AlphaDEX 18.1 80 -15 12.1 -2.7
DRW WisdomTree Global ex-US Real Estate 14.4 58 7 8.7 -6.0
VNQI Vanguard Global ex-US Real Estate 10.7 12 53 8.5 -6.2
FXI iShares China Large-Cap 9.4 74 -9 13.2 -1.6
EMDV ProShares MSCI Emerging Markets Dividend Growers 7.7 60 5 8.0 -6.7
REDV Invesco Emerging Markets Ultra Dividend Revenue ETF 7.6 46 19 14.5 -0.2
SDEM Global X SuperDividend Emg Mkts 7.6 67 -2 16.4 +1.6
HAO Invesco China Small Cap ETF 7.1 75 -10 10.4 -4.4
EDIV SPDR S&P Emerging Markets Dividend 6.8 49 16 10.6 -4.1
CHIL Global X MSCI China Large-Cap 50 5.9 29 36 9.8 -4.9
KGRN KraneShares MSCI China Environment Index 5.6 80 -15 7.9 -6.8
KALL KraneShares MSCI China All Shares 5.5 49 16 8.5 -6.2
MCHI iShares MSCI China 5.4 59 6 8.5 -6.3
EEMD AAM S&P Emerging Markets High Dividend Value 5.3 50 15 11.6 -3.1
FHK First Trust Hong Kong 5.2 80 -15 9.1 -5.6
CXSE WisdomTree China ex-State Owned Enterprises 5.1 32 33 6.5 -8.3
FLCH Franklin FTSE China 5.1 19 46 8.9 -5.8
WCHN WisdomTree ICBCCS S&P China 500 5.1 55 10 8.5 -6.2
GXC SPDR S&P China ETF 4.9 59 6 8.5 -6.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Global X MSCI China Real Estate
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.9 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 14.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.33 CATEGORY
AVERAGE
1.48
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.