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China exchange-traded funds have been amongst the hardest hit ETFs this year. Valuations are difficult to pin down but consider the "A" share market of shares available to only Chinese citizens and certain institutional investors. The only option for these shares is the Morgan Stanley A share fund (CAF) which normally trades at a 30% discount to NAV.

These domestically listed shares are trading on 37 times this year’s earnings which means they are still the world’s most expensive.