Loncar China BioPharma
ALTAR
Score™
4.8% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
39.4x P/Sales
ratio
1.2x
P/BV
ratio
2.5x Div.
yield
1.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Loncar China BioPharma ETF tracks a tier-weighted index of companies directly involved in the growth of Chinas pharmaceutical and biotech industry.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Exchange Traded Concepts
Website loncarfunds.com
Inception date Aug 14, 2018
Assets (mns) $7
Currency USD
Expense ratio 79 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 30
Wgt avg mkt cap (mns) $5,653
Large cap (>$10bn) 26.4%
Mid cap ($2-10bn) 54.7%
Small cap (<$2bn) 15.3%
Developed mkts 58.5%
Emerging mkts 41.5%

TOP TEN HOLDINGS
CHINA PHARMACEUTICAL GROUP 6.5 %
WUXI APPTEC CO., LTD. CLASS H 5.6 %
CHINA MEDICAL SYSTEM HOLDING 5.0 %
SINO BIOPHARMACEUTICAL 4.9 %
WUXI BIOLOGICS (CAYMAN) INC. 4.3 %
BEIGENE LTD. SPONSORED ADR 4.2 %
SINOPHARM GROUP CO-H 3.9 %
YICHANG HEC CHANGJIANG PHARMACEUTI 3.7 %
LIVZON PHARMACEUTICAL GROU-H 3.6 %
LUYE PHARMA GROUP LTD 3.3 %
Total 45.0 %

TOP COUNTRY EXPOSURE
CHINA 59.0 %
HONG KONG 20.0 %
UNITED STATES 4.9 %








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.
24.4% 22.3% -- -- 3.0%

Market Correlations
versus... Beta R-squared
S&P500 1.37 61%
MSCI EAFE 1.46 50%
MSCI Emg. Mkts. 1.29 54%

Technical Indicators
Recent close $24.59
30d moving avg. $23.30
Annualized volatility 31.6%
Short interest (ETF) 1.1%
Relative strength (RSI) 73

Liquidity measures
Avg. volume (thou.) 3
Turnover 1.0%
Bid/Ask (% of price) 0.49%
ADV underlying (mns) $272

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: CHNA Expense: 79 bp ALTAR Score™: 4.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH CHNA
Ticker Fund
Name
Overlap1
vs CHNA
(%)
Expense
ratio
(bp)
Savings
vs CHNA
(bp)
ALTAR
Score™
(%)
ALTAR
vs CHNA
(%)
CHIH Global X MSCI China Health Care 49.0 65 14 5.3 +0.5
KURE KraneShares MSCI All China Health Care 29.3 65 14 4.2 -0.6
KMED KraneShares Emerging Markets Healthcare Index 10.2 79 0 3.8 -1.0
HAO Invesco China Small Cap ETF 5.2 75 4 9.5 +4.7
EMGF iShares Edge MSCI Multifactor Emerging Markets 5.1 45 34 10.1 +5.3
GDNA Goldman Sachs Motif Human Evolution 4.6 50 29 1.0 -3.8
EMDV ProShares MSCI Emerging Markets Dividend Growers 4.5 60 19 8.3 +3.5
CNCR Loncar Cancer Immunotherapy 4.2 79 0 -3.9 -8.7
ZHOK SPDR Solactive Hong Kong 4.1 14 65 7.0 +2.2
CXSE WisdomTree China ex-State Owned Enterprises 4.0 32 47 7.2 +2.4
BBH VanEck Vectors Biotech 4.0 35 44 5.4 +0.7
FHK First Trust Hong Kong 3.7 80 -1 9.4 +4.6
ECNS iShares MSCI China Small Cap 3.2 59 20 9.9 +5.1
FLCH Franklin FTSE China 3.1 19 60 10.0 +5.2
GNOM Global X Genomics & Biotechnology 3.0 68 11 -6.5 -11.3
PGJ Invesco Golden Dragon China 2.9 70 9 4.4 -0.4
PIE Invesco DWA Emg. Mkts. Technical Leaders 2.7 90 -11 5.1 +0.3
MCHI iShares MSCI China 2.7 59 20 9.4 +4.6
GXC SPDR S&P China ETF 2.7 59 20 9.2 +4.4
KALL KraneShares MSCI China All Shares 2.4 49 30 9.1 +4.3

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

Content on this tab for subscribers only

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:
Loncar China BioPharma
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.7 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 4.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.23 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.