Just doing my weekend chart review and saw this:

$PIN lost two years worth of stockmarket gains in one day on 23/12/2019.

About the $PIN ETF from ETF.com:

“PIN aims for broad exposure to Indian stocks, eliminating only the bottom decile that don’t pass its yield and quality screens. The index starts with stocks traded on National Stock Exchange of India, then ranks by trailing 12-month yield and removes the bottom 10%. The index also ranks by “quality”, a combination of profitability (return on assets, asset turnover and accruals) and leverage ratio, and removes the bottom 10%. (Financial firms use ROA only for quality.) Stocks are market-cap weighted, subject to some position limits. Individual positions are capped at 10% for largest stock, 9% for 2nd etc. on through the top 6 names, subject to a cap of 40% total for individual positions greater than 5%. Prior to June 24, 2019 the fund tracked the Indus India Index, which differed with respect to its screens.”

Can’t really see anything in the news about this but double checking the data with another source it did happen.

Further investigation required.

Uncategorized