Global X MSCI China Financials
ALTAR
Score™
19.6% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
6.6x P/Sales
ratio
1.2x
P/BV
ratio
0.8x Div.
yield
4.5%


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

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date Dec 11, 2009
Assets (mns) $58
Currency USD
Expense ratio 65 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Brown Brothers Harriman & Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 88
Wgt avg mkt cap (mns) $97,561
Large cap (>$10bn) 84.3%
Mid cap ($2-10bn) 15.0%
Small cap (<$2bn) 0.7%
Developed mkts 9.6%
Emerging mkts 90.4%

TOP TEN HOLDINGS
IND & COMM BK OF CHINA - H 9.4 %
CHINA CONSTRUCTION BANK-H 9.0 %
PING AN INSURANCE GROUP CO-H 8.5 %
BANK OF CHINA LTD - H 8.4 %
CHINA MERCHANTS BANK - H 5.2 %
CHINA LIFE INSURANCE CO-H 4.8 %
AGRICULTURAL BANK OF CHINA-H 3.6 %
CHINA PACIFIC INSURANCE GR-H 3.2 %
PICC PROPERTY & CASUALTY -H 3.0 %
BANK OF COMMUNICATIONS CO-H 2.2 %
Total 57.3 %

TOP COUNTRY EXPOSURE
CHINA 95.1 %
HONG KONG 3.8 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
8.2% 8.1% 6.4% -- 3.2%

Market Correlations
versus... Beta R-squared
S&P500 1.22 53%
MSCI EAFE 1.35 55%
MSCI Emg. Mkts. 1.23 74%

Technical Indicators
Recent close $15.67
30d moving avg. $15.73
Annualized volatility 20.2%
Short interest (ETF) 1.1%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 16
Turnover 0.4%
Bid/Ask (% of price) 0.39%
ADV underlying (mns) $4,617

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: CHIX Expense: 65 bp ALTAR Score™: 19.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CHIX
Ticker Fund
Name
Overlap1
vs CHIX
(%)
Expense
ratio
(bp)
Savings
vs CHIX
(bp)
ALTAR
Score™
(%)
ALTAR
vs CHIX
(%)
FXI iShares China Large-Cap 46.4 74 -9 14.2 -5.4
CHIL Global X MSCI China Large-Cap 50 28.3 29 36 10.7 -8.9
2800-HK Tracker Fund of Hong Kong 22.8 9 56 9.7 -9.9
FLCH Franklin FTSE China 21.7 19 46 10.1 -9.5
MCHI iShares MSCI China 21.6 59 6 9.5 -10.1
KALL KraneShares MSCI China All Shares 20.9 49 16 9.2 -10.4
GXC SPDR S&P China ETF 19.7 59 6 9.3 -10.3
WCHN WisdomTree ICBCCS S&P China 500 16.3 55 10 9.2 -10.4
PXH Invesco FTSE-RAFI Emerging Markets 15.7 50 15 12.6 -7.0
AIA iShares S&P Asia 50 14.4 50 15 9.6 -10.0
BKF iShares MSCI BRIC 13.3 67 -2 8.9 -10.7
ASHX Xtrackers MSCI China A Inclusion 13.3 60 5 9.2 -10.4
CNYA iShares MSCI China A 13.3 65 0 9.2 -10.4
KBA KraneShares MSCI China A Int'l 13.1 60 5 8.8 -10.8
PEK VanEck Vectors ChinaAMC A-Shares 12.9 60 5 9.2 -10.4
ASHR Xtrackers Harvest CSI 300 China A-Shares 12.9 65 0 9.2 -10.4
CNHX CSOP MSCI China A International Hedged 12.2 79 -14 9.3 -10.3
CN Xtrackers Harvest MSCI All China 12.2 50 15 9.7 -9.9
RNEM First Trust Emerging Markets Equity Select 11.9 75 -10 9.7 -9.9
FNDE Schwab Fundamental Emg Mkt Large Cap 11.0 39 26 11.2 -8.4

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 Financials
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 14.5 %
Divided by: Fwd. P/BV 0.7 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 19.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.38 CATEGORY
AVERAGE
1.49
 
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.