The fund is a concentrated portfolio of 50 large-cap H-shares, P-chips and Red Chips listed in Hong Kong. Notably, mainland-listed A-shares and US-listed Chinese mega-caps (classified as an N-share) are excluded from the funds portfolio. XCH draws its selection universe from the FTSE All World Index. Stocks are further screened for liquidity to ensure that the market-cap-weighted index is tradable. To avoid overconcentration in the index, stock weights are capped at 9% and company weights at 38%. The index is reconstituted and rebalanced quarterly.