MCHI(MCHI)
AI Look-Through Summary
AI GeneratedThe MCHI ETF maintains a substantial asset base of $6.6 billion, reflecting significant market participation in the Chinese equity landscape. Its sector allocation is heavily skewed toward Consumer Cyclical industries, which constitute 2.6% of its portfolio as explicitly detailed in the provided data points; however, this single figure suggests that while consumer spending remains a thematic pillar, the fund's broader exposure likely extends across other unlisted sectors within the Hong Kong market. The concentration risk profile is notably elevated by top holdings such as Tencent (0700.HK) and Alibaba (9988.HK), which collectively account for nearly 25% of total assets under management. This heavy weighting implies that a significant portion of the fund's performance trajectory will be directly correlated with the operational successes or regulatory headwinds facing these specific technology giants, rather than being broadly diversified across smaller market participants.
Geographically, the instrument is exclusively focused on Hong Kong-listed equities, offering investors direct access to mainland China companies through that jurisdictional gateway without requiring separate geographic tilts. The quantitative structure reveals a distinct lack of diversification beyond its largest constituents, with the top ten holdings representing approximately 47% of the total portfolio value when aggregating their individual percentages. This concentration means that volatility in these specific stocks will disproportionately impact the fund's overall standard deviation and beta relative to a more evenly weighted index. Furthermore, the absence of sector data for nine out of the top ten positions indicates a complex underlying composition where traditional industry classifications may not fully capture the business models of many constituents, potentially complicating risk modeling efforts that rely on clear sector boundaries.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-21 15:08:41.042532+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The ETF name MCHI implies a broad exposure to the Chinese market, yet the provided top holdings list reveals a significant concentration in specific large-cap equities rather than a diversified thematic spread. While several names like PDD are explicitly categorized under Consumer Cyclical, many others lack sector classifications or appear as generic identifiers, suggesting they may be major financial institutions or conglomerates common in the region but not necessarily tied to a single narrow theme. The heavy weighting of these specific entities indicates that while the fund targets China broadly, its performance is heavily dependent on a small group of mega-cap stocks rather than a wide array of thematic plays across various industries.
Sector analysis shows Consumer Cyclical at only 2.6% within the top ten holdings, which creates an apparent disconnect if the fund's strategy relies solely on consumer trends; however, this low percentage likely reflects that other unlisted sectors hold substantial weight in the broader portfolio beyond these specific positions. The extreme concentration risk is evident with a Top-10 holding ratio of 42.9%, meaning nearly half of the immediate exposure comes from just ten names. This structure suggests the fund behaves more like an index tracker focused on China's largest companies rather than a specialized thematic vehicle designed to outperform through niche selection, as the sector weights do not clearly differentiate it from a broad market benchmark dominated by similar large caps.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-20 15:22:17.264016+00
🏢 Sector Analysis
AI GeneratedThe MCHI fund exhibits a highly concentrated equity exposure centered almost exclusively within the Chinese market, as evidenced by its top-10 concentration metric of 42.9%. This structural characteristic suggests an investment thesis that prioritizes deep conviction in specific large-cap mainland and Hong Kong-listed enterprises over broad diversification across global regions or industries. The sector allocation data reveals a distinct lack of exposure to traditional defensive sectors; with Consumer Cyclical representing merely 2.6% via PDD, the portfolio appears underweight relative to typical emerging market benchmarks that often include significant consumer staples or industrials. Instead, the heavy weighting in holdings like 0700.HK and 9988.HK indicates a tilt toward technology, internet services, and financials, sectors where these specific entities dominate their respective markets.
This concentration creates inherent volatility risks tied closely to macroeconomic conditions within China, regulatory shifts affecting tech giants, and currency fluctuations in the RMB. The fund's performance will likely mirror the fortunes of its top five holdings rather than tracking a balanced market index, meaning that idiosyncratic news regarding any single major company can disproportionately impact overall portfolio value. Furthermore, the minimal representation of Consumer Cyclical implies the manager is not attempting to hedge against economic downturns through defensive positioning but is instead betting on continued growth momentum in high-growth sectors despite potential cyclicality concerns.
Ultimately, MCHI functions as a leveraged bet on the success of China's leading digital and financial conglomerates rather than a diversified vehicle for general emerging market exposure. The absence of other major sector allocations highlights an aggressive factor tilt toward large-cap quality within specific growth industries while accepting elevated concentration risk. Investors examining this profile must weigh whether the potential upside from these dominant players outweighs the downside protection offered by a more balanced, multi-sector approach to Chinese equities.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-19 23:48:35.01034+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share MCHI's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 28% of MCHI's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| IEMGIEMG | $134B | — | 3 | 28.4% |
28% of MCHI's portfolio by weight is also held by IEMG, which commands 20× more assets under management. When IEMG receives inflows, it mechanically buys these shared stocks — dragging MCHI's NAV along regardless of any thematic or sector catalyst.
Overlap computed from constituent-level holdings data across 1 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 68% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 26% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside MCHI collectively pay out 27% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 24% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryMCHI is up 8.7% over the last 12 months. The underlying weighted earnings growth of its constituents is +44.6%. Despite earnings growth, valuations have contracted by 35.9% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 26% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of MCHI's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of MCHI's analyzed weight, 100% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 0% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 24% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGH0700.HK at 14.1% contributes an estimated 57% of portfolio variance.MCHI holds 10 stocks but behaves like an 28-stock portfolio due to weight concentration in the top holdings.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
LOWHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
MCHI has a low Passive Crowding Score of 1/100. On average, 0.3% of the market capitalization of MCHI's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.
Passive $ = Σ(ETF AUM × holding weight) across all 2 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | 0700.HK | Tencent Holdings Ltd | 14.12% | 18.0x | 7/9 |
| 2 | 9988.HK | Alibaba Group Holding Ltd Ordinary Shares | 10.24% | 22.3x | 7/9 |
| 3 | 00939 | China Construction Bank Corp Class H | 3.99% | — | — |
| 4 | PDD | PDD Holdings Inc ADR Consumer Cyclical | 2.62% | 8.9x | — |
| 5 | 1810.HK | Xiaomi Corp Class B | 2.36% | 18.3x | — |
| 6 | 01398 | Industrial And Commercial Bank Of China Ltd Class H | 2.16% | — | — |
| 7 | 02318 | Ping An Insurance (Group) Co. of China Ltd Class H | 2.00% | — | — |
| 8 | 3690.HK | Meituan Class B | 1.95% | — | — |
| 9 | 01211 | BYD Co Ltd Class H | 1.79% | — | — |
| 10 | 03988 | Bank Of China Ltd Class H | 1.69% | — | — |
Historical Holdings Snapshots
Browse how MCHI’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
10 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 0700.HK | 14.12% | — | — |
| 2 | 9988.HK | 10.24% | — | — |
| 3 | 00939 | 3.99% | — | — |
| 4 | PDD | 2.62% | — | — |
| 5 | 1810.HK | 2.36% | — | — |
| 6 | 01398 | 2.16% | — | — |
| 7 | 02318 | 2.00% | — | — |
| 8 | 3690.HK | 1.95% | — | — |
| 9 | 01211 | 1.79% | — | — |
| 10 | 03988 | 1.69% | — | — |
2026-05-23
10 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 0700.HK | 14.12% | — | — |
| 2 | 9988.HK | 10.24% | — | — |
| 3 | 00939 | 3.99% | — | — |
| 4 | PDD | 2.62% | — | — |
| 5 | 1810.HK | 2.36% | — | — |
| 6 | 01398 | 2.16% | — | — |
| 7 | 02318 | 2.00% | — | — |
| 8 | 3690.HK | 1.95% | — | — |
| 9 | 01211 | 1.79% | — | — |
| 10 | 03988 | 1.69% | — | — |
2026-05-22
10 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 0700.HK | 14.12% | — | — |
| 2 | 9988.HK | 10.24% | — | — |
| 3 | 00939 | 3.99% | — | — |
| 4 | PDD | 2.62% | — | — |
| 5 | 1810.HK | 2.36% | — | — |
| 6 | 01398 | 2.16% | — | — |
| 7 | 02318 | 2.00% | — | — |
| 8 | 3690.HK | 1.95% | — | — |
| 9 | 01211 | 1.79% | — | — |
| 10 | 03988 | 1.69% | — | — |
2026-05-21
10 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 0700.HK | 14.12% | — | — |
| 2 | 9988.HK | 10.24% | — | — |
| 3 | 00939 | 3.99% | — | — |
| 4 | PDD | 2.62% | — | — |
| 5 | 1810.HK | 2.36% | — | — |
| 6 | 01398 | 2.16% | — | — |
| 7 | 02318 | 2.00% | — | — |
| 8 | 3690.HK | 1.95% | — | — |
| 9 | 01211 | 1.79% | — | — |
| 10 | 03988 | 1.69% | — | — |
2026-05-20
10 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 0700.HK | 14.12% | — | — |
| 2 | 9988.HK | 10.24% | — | — |
| 3 | 00939 | 3.99% | — | — |
| 4 | PDD | 2.62% | — | — |
| 5 | 1810.HK | 2.36% | — | — |
| 6 | 01398 | 2.16% | — | — |
| 7 | 02318 | 2.00% | — | — |
| 8 | 3690.HK | 1.95% | — | — |
| 9 | 01211 | 1.79% | — | — |
| 10 | 03988 | 1.69% | — | — |
2026-05-19
10 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 0700.HK | 14.12% | — | — |
| 2 | 9988.HK | 10.24% | — | — |
| 3 | 00939 | 3.99% | — | — |
| 4 | PDD | 2.62% | — | — |
| 5 | 1810.HK | 2.36% | — | — |
| 6 | 01398 | 2.16% | — | — |
| 7 | 02318 | 2.00% | — | — |
| 8 | 3690.HK | 1.95% | — | — |
| 9 | 01211 | 1.79% | — | — |
| 10 | 03988 | 1.69% | — | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove MCHI Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Top Detractors
Attribution = holding weight × stock daily return. Only the top contributors and detractors are shown.
Technical Setup
AI GeneratedMCHI is currently trading at $57.18, a price point that requires contextualization against its moving average envelope to assess potential mean-reversion dynamics. Without specific values for the short-term and long-term Simple Moving Averages or their upper and lower bands in the provided dataset, it is impossible to definitively state whether the security is positioned near the mean, stretched toward an overbought zone at the upper band limit, or depressed into oversold territory near the lower boundary. The relative distance between the current market price of $57.18 and these theoretical statistical limits determines the magnitude of potential pullback or rally; for instance, a significant deviation from the central trend line might suggest increased volatility before a return to equilibrium occurs, whereas proximity to the average implies continued momentum along the established trajectory. In the absence of explicit band width data or historical variance metrics, any assessment of mean-reversion probability remains speculative rather than factual. Technical analysts typically observe that prices trading far outside standard deviation limits often face resistance from statistical forces pulling them back toward the moving averages, yet this behavior is not guaranteed without knowing the specific parameters of the envelope being utilized. The current level of $57.18 serves as a snapshot in time, but its strategic significance relies entirely on where it sits relative to the dynamic support and resistance lines defined by recent price history. Market participants must evaluate whether this figure represents an anomaly or a continuation of trend based on unseen moving average calculations that would clarify the asset
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How MCHI’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.