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Even though it isn't a pure China play, a large number of U.S. investors use the FXI ETF to gain exposure to the Chinese equity market. Based on the recent performance of China, it's a good thing that FXI doesn't track it tick for tick. As shown below, China's Shanghai Composite has taken a nosedive over the past couple of weeks. Over the last year, the Shanghai Composite is now down 5.63%. FXI, on the other hand, has held up OK recently and is up 2.06% over the last year.

Click to enlarge

Source: Shanghai Composite vs. FXI