Exchange traded funds tied to Chinese EV companies advanced during Monday's intraday trading, even as LI Auto ( NASDAQ: LI ) gave up early gains it posted in the wake of its Q4 results. The advance came ahead of quarterly updates due out from Xpeng ( NYSE: XPEV ) and NIO ( NYSE: NIO ).
Meanwhile, the EV sector in general received a boost from results from Fisker ( NYSE: FSR ). This move also came with Rivian ( RIVN ) figures on tap. FSR climbed more than 25% in intraday trading after projecting positive EBITDA and providing an upbeat deliveries update .
Looking specifically at the China-based players in the market, Li Auto ( LI ) shares showed strength earlier in the day on a Q4 earnings beat and a rosy outlook. However, the stock backtracked during the middle of the day and sat near the flat line at about 2 p.m. ET.
Elsewhere in the sector, Xpeng ( XPEV ) shares traded higher after the Hang Seng TECH Index announced that the automaker will join the index .
XPEV, LI are owned by 33 ETFs and NIO is owned by 62 ETFs. Within this group, KraneShares MSCI China Clean Technology Index ETF ( KGRN ) advanced more than 1% , while Invesco Golden Dragon China Portfolio ETF ( PGJ ) climbed by about 2% .
For KGRN, NIO has the heaviest weighting inside the fund, with a concentration of 8.1%. XPEV and LI are also significantly represented within the ETF, with a 4.2% weighting and a 1.7% weighting, respectively.
Looking at other ETFs with heavy concentrations of NIO, XPEV and LI, Invesco MSCI Sustainable Future ETF ( ERTH ) +1.2% and VanEck Vectors Low Carbon Energy ETF ( SMOG ) +1.3% .
Here are some related ETFs and their intraday action on Monday:
- SPDR S&P Kensho Smart Mobility ETF ( HAIL ) +1.7%
- Global X Autonomous & Electric Vehicles ETF ( DRIV ) +1.7%
- KraneShares Electric Vehicles & Future Mobility Index ETF ( KARS ) +1.6%
- iShares Self-Driving EV and Tech ETF ( IDRV ) +1.5%
- Amplify Lithium & Battery Technology ETF ( BATT ) +1.1%
- Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares ( EVAV ) +5.4%
For a look at the overall market, see why Seeking Alpha contributor Tony Investing says " reducing restrictions in China could support new car demand throughout 2023. "
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ETFs tied to Chinese EVs climb even as Li Auto has trouble holding earnings rally