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TheStreet Open House

China ETFs Lead Week's Biggest Losers

NEW YORK (TheStreet) -- Five funds that invest in Chinese companies had the biggest losses this week among portfolios that target specific regions.

The 200% leveraged ProShares Ultra FTSE/Xinhua China 25 (XPP) exchanged traded fund was the worst performer of the week that ended Thursday, losing 11%. Three other ETFs and one mutual fund lost as much as 6%.

Among major Chinese stocks, Huaneng Power International (HNP) fell 10%, hurt by weak domestic electricity demand and acquisitions that expanded capacity without immediately boosting the company's earnings. The company refinanced $2.3 billion of debt this week. China Coal Energy (CCOZY) sank 8.8% after coal supplies were forecast to rise in October.

Luck ran out for investors in the second-worst performer, the New Ireland Fund (IRL), which fell 7.5%. Retails sales in Ireland fell 15% in July from a year ago, while producer prices for August declined 2.1%.

Worst Performing Geographically Focused Funds for the Week Ending Thursday Sept. 24
Fund (Ticker) Rating Objective 1 Wk Totl Return
ProShares Ultra FTSE/Xinhua China 25 (XPP) U China -10.74%
New Ireland Fund Inc/The (IRL) E Geo Focused -7.45%
iShares MSCI Mexico Investable Market Index Fund (EWW) C Mexico -6.69%
ProFunds Ultra China ProFund (UGPIX) U China -6.03%
Mexico Fund Inc/The (MXF) D Mexico -5.98%
iShares FTSE/Xinhua China 25 Index Fund (FXI) C- China -5.42%
Morgan Stanley China A Share Fund Inc (CAF) C China -5.15%
iShares FTSE China HK Listed Index Fund (FCHI) B+ China -5.01%
iShares MSCI South Africa Index Fund (EZA) C- Geo Focused -4.94%
ProShares Ultra MSCI Emerging Markets (EET) U Emerging Mkt -4.90%
Source: Bloomberg & TheStreet.com Ratings

The top geographically focused fund for the week bet against Mexican stocks with 200% leverage. The three-month-old ProShares UltraShort MSCI Mexico Investable Market Fund (SMK) rose 15%. Large holding Cemex SAB de CV (CX) declined 8.1% in advance of a dilutive share offering.

Mexican President Felipe Calderon proposed adding a 4% tax on phone service, Internet access, mining sales and other products. The plan helped drag Grupo Carso (GPOVY) shares down 12%, America Movil (AMX) shares down 9.1%, and Telefonos de Mexico (TMX) stock down 8.7%.

Best Performing Geographically Focused Funds for the Week Ending Thursday Sept. 24
Fund (Ticker) Rating Objective 1 Wk Totl Return
ProShares UltraShort MSCI Mexico Investable Market (SMK) U Mexico 14.77%
ProShares UltraShort FTSE/Xinhua China 25 (FXP) E- China 11.05%
Global X/InterBolsa FSTE Colombia 20 ETF (GXG) U Geo Focused 6.06%
Profunds Ultra Short China ProFund (UHPIX) U China 5.79%
Parr USX China Fund (HPCHX) C China 5.42%
ProShares UltraShort MSCI Europe (EPV) U European 4.68%
ProShares UltraShort MSCI Emerging Markets (EEV) E- Emerging Mkt 4.63%
Thai Fund Inc/The (TTF) C Thailand 2.59%
ProShares Short MSCI Emerging Markets (EUM) E+ Emerging Mkt 2.36%
iShares MSCI Thailand Index Fund (THD) B Thailand 2.33%
Source: Bloomberg & TheStreet.com Ratings

For more information, check out an explanation of our ratings.

-- Reported by Kevin Baker in Jupiter, Fla.

Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.

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