The State Street SPDR S&P China ETF (GXC) faces significant macro risk due to consumption and macro sensitive sector exposures dominating the allocation. China's property deleveraging and related economic transition are still important considerations and part of the government mandate, limiting discretion for the growth mandate. While GXC offers a compelling 9% earnings yield and growing, the market usually demands a premium earnings yield for China and the equities are still exposed to growth risks.