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VanEck Vectors China New Economy ETF CNEW

Fund description: CNEW gives investors a portfolio of the most fundamentally sound companies in China having the best growth prospects in sectors making up ‘the New Economy’, namely technology, health care, consumer staples and consumer discretionary. CNEW aims to provide investment returns, before fees and other costs, which track the performance of the Index.

Index description: The CSI MarketGrader China New Economy Index aims to select the 120 companies in China with the best growth at a reasonable price (GARP) attributes, which are considered the best drivers of long-term capital appreciation. Companies are selected on the basis of the strength of 24 fundamental indicators across four factor categories: growth, value, profitability and cash flow.

Management style: Replication

 

  • Exchange

    ASX

  • ASX code

    CNEW

  • Bloomberg index code

    CSIN1086

  • Index provider

    China Securities Index Co, Ltd.

  • NAV1

    $9.31

  • Units outstanding1

    15,505,020

  • Net assets1

    $144.4M

  • Number of holdings1

    119

  • Inception date2

    08-Nov-18

  • ASX commencement

    09-Nov-18
1As of the close of the previous trading day.
2The date the ETF was seeded prior to quotation on ASX.

as at 27-Oct-20

The NAV is generally calculated daily after all markets are closed for that day based on the closing price of the securities on the relevant foreign stock exchange. The NAV is then converted to AUD based on the relevant London WM Reuters 4pm exchange rate. This means, due to Australia’s time zone, that the NAV will generally not be updated until around 3pm next business day.

Key points

Underlying Index:

CSI MarketGrader China New Economy Index

Underlying universe:

All A-shares listed on the Shanghai and Shenzhen Stock Exchanges that are covered and rated by MarketGrader, that are classified as consumer discretionary, consumer staples, health care or technology, and which have not suffered losses for two or more consecutive years.

Selection criteria:

All Index components are selected based on their overall MarketGrader grade. Built on a scale between 0 and 100, the MarketGrader grade is based on 24 fundamental indicators, which are broken down into four analytical categories: growth, value, profitability and cash flow. All of MarketGrader’s indicators and overall grades are calculated daily for all companies under coverage.

Weighting:

The Index is equally weighted.

Market Capitalisation requirements:

All Index constituents must have a minimum total market cap of RMB 1.38 billion. At least 20% of all Index constituents (24 companies, 6 from each sector) must be designated as large or mid-caps according to MarketGrader’s annual size classification of all Shanghai and Shenzhen-listed equities under coverage.

Liquidity requirements:

A minimum 3-month daily traded value of RMB 13.8 million and at least 12-month aggregate trading volume of RMB 345 million as of the selection date.

Rebalance frequency:

The Index is reconstituted and rebalanced twice a year on the next trading day after the close of trading on the second Friday in June and December.

Index profile  

  • Bloomberg index code

    CSIN1086

  • Launch date

    15-Jun-17

  • Base date

    31-Dec-07

  • Rebalance frequency

    Semi-Annually

Top ten index constituents (%) as at 30-Sep-20

Total constituents: 120
Constituent name
Ticker
 Weightings (%)
ZHEJIANG MEIDA INDUSTRIAL-A
002677 CH
 1.23
GUANGDONG BIOLIGHT MEDITEC-A
300246 CH
 1.23
XIAMEN JIHONG TECHNOLOGY C-A
002803 CH
 1.20
SHENZHEN KINGKEY SMART AG-A
000048 CH
 1.19
TIBET RHODIOLA PHARM-A
600211 CH
 1.19
UE FURNITURE CO LTD -A
603600 CH
 1.17
ZHANGZHOU PIENTZEHUANG PHA-A
600436 CH
 1.16
LENS TECHNOLOGY CO LTD-A
300433 CH
 1.15
G-BITS NETWORK TECHNOLOGY-A
603444 CH
 1.15
JIANGSU ZITIAN MEDIA TECH-A
300280 CH
 1.14
Top ten total (%) 11.81
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index sector weightings (%) as at 30-Sep-20

  • Sector

    Weightings (%)

  • Consumer Staples

    25.4

  • Health Care

    25.1

  • Consumer Discretionary

    21.2

  • Information Technology

    15.3

  • Communication Services

    4.3

  • Materials

    4.2

  • Industrials

    3.7

  • Real Estate

    0.8

  • Total

    100.0