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Analyse: db x-trackers MSCI China TRN Index UCITS ETF

H-Shares, Red Chips, P Chips und B-Shares: Dieser ETF streut breit über die verschiedenen Aktienmarkt-Segmente Chinas, weist aber in wichtigen Punkten Konzentrationen auf, die Anleger beachten sollten. 

Rolle im Portfolio

This ETF is best suited as a core building block for a portfolio, offering exposure to the MSCI China Index, which is composed of the large and mid-cap mainland China companies across H-Shares, Red Chips and P Chips listed in Hong Kong and B-Shares listed in China, which are the major non-domestic Chinese securities available to non-domestics investors. For investors building a global portfolio, this ETF can also be used as a tactical tool to bet on non-domestic mainland China companies.

Over the past three years, the MSCI China has been more correlated to the Asian emerging markets (correlated 92% to the MSCI EM Asia Index) than developed markets (correlated 76% to the MSCI World Index, 76% to the MSCI EAFE Index and 70% to the S&P 500 Index). These figures indicate that this ETF could offer some degree of diversification benefit for international investors. It is worth noting that, over the past 3 years, this index has had a correlation of 53% to the MSCI China A Index which tracks the domestic Chinese equity markets. The MSCI China Index tracks the non-domestic Chinese equity market -- across China H-Shares, B-Shares, Red Chips, P-Chips. Over this same time period, this index has had a standard deviation of 22%. This is much higher than the MSCI World Index (16%) but similar to the MSCI EM Asia Index (20%) and the MSCI China A Index (24%).

From a sector perspective, the MSCI China Index is fairly concentrated in the financial sector which represents 40% of the index’s value as of this writing. At the individual security level, the index’s top 10 holdings account for 52% of its value.

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Über den Autor

Morningstar ETF Analysts  research hundreds of ETFs available to European investors. The Morningstar Rating for ETFs is based on a risk-adjusted performance measure.

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