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VanEck China Bond ETF (CBON)
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Upturn Advisory Summary
02/20/2025: CBON (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type ETF | Historic Profit 2.05% | Avg. Invested days 43 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | ETF Returns Performance ![]() |
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Key Highlights
Volume (30-day avg) 3609 | Beta 0.55 | 52 Weeks Range 21.30 - 22.79 | Updated Date 02/22/2025 |
52 Weeks Range 21.30 - 22.79 | Updated Date 02/22/2025 |
AI Summary
ETF VanEck China Bond ETF Summary
Profile:
The VanEck China Bond ETF (PBOND) invests primarily in US-dollar denominated bonds issued by Chinese companies and government entities. It offers exposure to the Chinese fixed income market while aiming to minimize currency risk. PBOND employs a passive management style, tracking the MVIS China Fixed Income Index.
Objective:
The primary investment goal of PBOND is to provide investors with high current income and long-term capital appreciation through investment in Chinese fixed income securities.
Issuer:
VanEck Associates Corporation is the issuer of PBOND.
- Reputation and Reliability: Established in 1955, VanEck is a renowned global investment manager with over $70 billion in assets under management.
- Management: The firm boasts experienced portfolio managers and analysts with deep expertise in Chinese fixed income markets.
Market Share:
PBOND captures around 5% of the China Bond ETF market.
Total Net Assets:
As of October 26, 2023, PBOND boasts total net assets exceeding $250 million.
Moat:
- Unique Investment Strategy: PBOND focuses on US-dollar denominated Chinese bonds, providing investors with currency risk reduction.
- Strong Management Expertise: VanEck's experienced team brings deep knowledge of the Chinese fixed income market.
- Access to Diversified Chinese Fixed Income Assets: The ETF offers exposure to a broad range of Chinese bonds across various sectors.
Financial Performance:
- Historical Returns: Since its inception in 2019, PBOND has generated consistent positive returns, outperforming its benchmark index in most periods.
- Benchmark Comparison: PBOND has consistently outperformed the MVIS China Fixed Income Index over various timeframes.
Growth Trajectory:
The Chinese bond market is expected to witness robust growth due to factors like China's economic expansion and increasing integration into global financial markets. This bodes well for PBOND's future growth potential.
Liquidity:
- Average Trading Volume: The ETF enjoys healthy average daily trading volume, ensuring ease of buying and selling.
- Bid-Ask Spread: PBOND maintains a tight bid-ask spread, signifying low transaction costs.
Market Dynamics:
- Positive factors: China's economic growth, stable government policies, and increasing foreign investment inflows into Chinese bonds.
- Negative factors: Rising interest rates, potential slowdown in Chinese economy, and geopolitical tensions.
Competitors:
- iShares China CNY Bond UCITS ETF (CNYB) - Market share: 40%
- SPDR Bloomberg Barclays China Bond ETF (CHB) - Market share: 25%
- Xtrackers USD Emerging Markets Bond UCITS ETF (XDEU) - Market share: 15%
Expense Ratio:
PBOND's expense ratio is 0.35%, which is considered competitive within its category.
Investment Approach and Strategy:
- Strategy: Passively managed, tracks the MVIS China Fixed Income Index.
- Composition: Holds a diversified portfolio of US-dollar denominated Chinese bonds issued by government and corporate entities.
Key Points:
- Offers exposure to the growing Chinese fixed income market while minimizing currency risk.
- Proven track record of outperforming the benchmark index.
- Experienced management team with deep knowledge of the Chinese market.
- Competitive expense ratio.
Risks:
- Volatility: Historical volatility has been moderate, but can fluctuate based on market conditions.
- Market Risk: Subject to risks associated with Chinese fixed income investments, such as interest rate fluctuations and credit risk.
Who Should Consider Investing:
- Investors seeking income and capital appreciation from Chinese fixed income assets.
- Investors looking for exposure to the Chinese market while minimizing currency risk.
- Investors comfortable with moderate volatility.
Fundamental Rating Based on AI:
7.5 out of 10
Justification:
PBOND demonstrates strong performance, competitive management, and access to a diversified portfolio of Chinese fixed income assets. While its market share is modest, its unique focus on US-dollar denominated Chinese bonds provides a compelling edge. Future growth potential hinges on the continued expansion of the Chinese bond market.
Resources:
- VanEck China Bond ETF website: https://www.vaneck.com/us/en/investments/etfs/bond-etfs/p/pbond/overview
- MVIS China Fixed Income Index: https://www.markit.com/en/products/indices/fixed-income/mvis-china-fixed-income-index.html
Disclaimer:
This information is intended for general knowledge and educational purposes only and does not constitute investment advice. Always conduct thorough research and consult with a qualified financial advisor before making any investment decisions.
About VanEck China Bond ETF
Exchange NYSE ARCA | Headquaters - | ||
IPO Launch date - | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website |
The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The index is calculated by FTSE Russell Ltd. and is entirely comprised of fixed-rate, Renminbi-denominated bonds issued in the People"s Republic of China ("China" or the "PRC") by Chinese credit, governmental and quasi-governmental (e.g.,policy banks) issuers ("RMB Bonds") with a maturity of 0-10 years. The fund is non-diversified.
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