ETF Research Center

Invesco China Technology ETF

ALTAR
Score™

10.4%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	16.9x	P/Sales ratio	2.1x
P/BV ratio	1.9x	Div. yield	0.0%

Description
Performance
Comps
Fundamentals
Valuation
Rating

Invesco China Technology ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the AlphaShares China Technology Index. The ETF holds technology stocks of all cap sizes. Its investments are focused in communication and technology companies. The ETF weights the holdings using market capitalization methodology.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Guggenheim
Website	guggenheiminvestments.com
Inception date	Dec 08, 2009
Assets (mns)	$1,012
Currency	USD
Expense ratio	70 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	55
Wgt avg mkt cap (mns)	$83,876
Large cap (>$10bn)	69.1%
Mid cap ($2-10bn)	30.4%
Small cap (<$2bn)	0.5%
Developed mkts	31.4%
Emerging mkts	68.6%

TOP TEN HOLDINGS
Total	55.8 %
TENCENT HOLDINGS LTD	11.3 %
PINDUODUO, INC. SPONSORED ADR CLAS	8.9 %
MEITUAN DIANPING	8.1 %
BAIDU, INC. CLASS A	7.2 %
KUAISHOU TECHNOLOGY CLASS B	5.1 %
BILIBILI, INC. CLASS Z	3.5 %
SUNNY OPTICAL TECH	3.4 %
SENSETIME GROUP INC	3.0 %
KINGDEE INTERNATIONAL SFTWR	2.9 %
KINGSOFT CORP LTD	2.6 %

TOP COUNTRY EXPOSURE
	CHINA	69.5 %
	HONG KONG	0.8 %

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.2%	17.7%	-5.4%	0.2%	4.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.48	5%
MSCI EAFE	0.96	20%
MSCI Emg. Mkts.	1.67	58%

Technical Indicators
Recent close	$42.74
30d moving avg.	$42.25
Annualized volatility	37.6%
Short interest (ETF)	0.2%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	349
Turnover	1.5%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$7,499

FINDING ALTERNATIVE FUNDS

Below is a list of 186 potential alternatives to the Invesco China Technology ETF ETF based on the alternatives' overlap in portfolio holdings with CQQQ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CQQQ

Expense:

70 bp

ALTAR Score™:

10.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CQQQ
Ticker	Fund Name	Overlap¹ vs CQQQ (%)	Expense ratio (bp)	Savings vs CQQQ (bp)	ALTAR Score™ (%)	ALTAR vs CQQQ (%)
KWEB	KraneShares CSI China Internet ETF	41.2	69	1	24.2	+13.8
KTEC	KraneShares Hang Seng TECH Index ETF	31.3	69	1	18.0	+7.6
TCHI	iShares MSCI China Multisector Tech ETF	30.1	59	11	17.8	+7.4
FDNI	First Trust Dow Jones International Internet ETF	26.9	65	5	18.0	+7.6
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	25.2	86	-16	13.3	+2.9
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	23.4	32	38	17.5	+7.1
MCH	Matthews China Active ETF	23.0	79	-9	15.4	+5.0
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	23.0	60	10	10.8	+0.4
FLCH	Franklin FTSE China ETF	22.5	19	51	16.6	+6.2
MCHI	iShares MSCI China ETF	21.2	59	11	17.6	+7.2
JCHI	JPMorgan Active China ETF	20.8	65	5	15.9	+5.5
CGRO	CoreValues Alpha Greater China Growth ETF	20.7	75	-5	3.7	-6.7
GXC	SPDR S&P China ETF	20.3	59	11	16.4	+6.0
FXI	iShares China Large-Cap ETF	19.9	74	-4	17.0	+6.6
KALL	KraneShares MSCI All China Index ETF	19.3	49	21	14.6	+4.2
MINV	Matthews Asia Innovators Active ETF	16.4	79	-9	7.7	-2.7
SOCL	Global X Social Media ETF	15.7	65	5	8.5	-1.9
CHIQ	Global X MSCI China Consumer Discretionary ETF	15.7	65	5	15.7	+5.3
AIA	iShares Asia 50 ETF	15.2	50	20	13.8	+3.3
BKF	iShares MSCI BIC ETF	15.0	69	1	13.3	+2.8
EEMO	Invesco S&P Emerging Markets Momentum ETF	14.2	29	41	6.7	-3.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	13.4	20	50	11.1	+0.7
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	13.2	15	55	8.3	-2.1
DEHP	Dimensional Emerging Markets High Profitability ETF	12.2	41	29	7.0	-3.4
EEMA	iShares MSCI Emerging Markets Asia ETF	10.1	49	21	10.5	+0.1
EMC	Global X Emerging Markets Great Consumer ETF	9.7	75	-5	9.0	-1.4
ESPO	VanEck Video Gaming and eSports ETF	9.7	56	14	4.2	-6.2
FLAX	Franklin FTSE Asia Ex Japan ETF	9.5	19	51	9.7	-0.7
AAXJ	iShares MSCI All Country Asia ex Japan ETF	9.2	70	0	9.6	-0.8
ECON	Columbia Emerging Markets Consumer ETF	9.0	49	21	12.8	+2.4
GAMR	Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T	8.9	75	-5	5.0	-5.4
GMF	SPDR S&P Emerging Asia Pacific ETF	8.9	49	21	9.8	-0.6
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	8.8	66	4	10.1	-0.3
OND	ProShares On-Demand ETF	8.7	58	12	0.8	-9.6
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	8.5	30	40	10.7	+0.3
BKEM	BNY Mellon Emerging Markets Equity ETF	8.4	11	59	10.4	-0.0
ODDS	Pacer BlueStar Digital Entertainment ETF	8.3	60	10	2.2	-8.2
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	8.3	15	55	10.6	+0.2
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	8.2	36	34	10.2	-0.2
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	8.2	33	37	10.4	+0.0
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	8.2	45	25	10.9	+0.5
DINT	Davis Select International ETF	8.1	55	15	8.2	-2.2
ONLN	ProShares Online Retail ETF	8.1	58	12	2.3	-8.2
EEM	iShares MSCI Emerging Markets ETF	8.0	69	1	10.6	+0.2
SCHE	Schwab Emerging Markets Equity ETF	8.0	11	59	11.4	+1.0
MEM	Matthews Emerging Markets Equity Active ETF	7.9	79	-9	8.2	-2.2
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	7.8	32	38	9.5	-0.9
FDEM	Fidelity Emerging Markets Multifactor ETF	7.8	25	45	13.1	+2.7
EMGF	iShares Emerging Markets Equity Factor ETF	7.7	25	45	12.2	+1.8
ESGE	iShares ESG Aware MSCI EM ETF	7.6	25	45	10.4	0.0
BNGE	First Trust S-Network Streaming and Gaming ETF	7.6	70	0	3.0	-7.4
QLVE	FlexShares Emerging Markets Quality Low Volatility Index Fun	7.5	40	30	7.3	-3.1
VWO	Vanguard FTSE Emerging Markets ETF	7.4	8	62	10.8	+0.4
PATN	Pacer Nasdaq International Patent Leaders ETF	7.2	65	5	6.5	-4.0
ISHP	First Trust Nasdaq Retail ETF	7.1	60	10	5.3	-5.1
IVRS	iShares Future Metaverse Tech and Communications ETF	7.1	47	23	2.7	-7.7
SPEM	SPDR Portfolio Emerging Markets ETF	7.0	7	63	10.8	+0.4
IEMG	iShares Core MSCI Emerging Markets ETF	6.9	9	61	10.7	+0.3
CHAT	Roundhill Generative AI & Technology ETF	6.5	75	-5	8.6	-1.8
JHEM	John Hancock Multifactor Emerging Markets ETF	6.5	49	21	10.6	+0.2
LDEM	iShares ESG MSCI EM Leaders ETF	6.5	17	53	13.5	+3.1
FMET	Fidelity Metaverse ETF	6.4	39	31	5.1	-5.3
DWLD	Davis Select Worldwide ETF	6.3	63	7	7.6	-2.8
DFAE	Dimensional Emerging Core Equity Market ETF	6.3	35	35	9.7	-0.7
AVEM	Avantis Emerging Markets Equity ETF	6.2	33	37	9.5	-1.0
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	6.0	41	29	9.1	-1.3
NUEM	Nuveen ESG Emerging Markets Equity ETF	5.6	36	34	8.3	-2.2
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	5.5	38	32	9.7	-0.7
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	5.4	95	-25	13.3	+2.9
AIQ	Global X Artificial Intelligence & Technology ETF	5.4	68	2	4.0	-6.5
PXH	Invesco FTSE RAFI Emerging Markets ETF	5.3	49	21	16.4	+6.0
IXP	iShares Global Comm Services ETF	5.2	42	28	5.7	-4.7
FCA	First Trust China AlphaDEX Fund	5.1	80	-10	9.4	-1.0
MOTI	VanEck Morningstar International Moat ETF	5.1	58	12	11.0	+0.6
FDCF	Fidelity Disruptive Communications ETF	4.9	50	20	3.1	-7.3
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	4.7	59	11	12.2	+1.8
OGIG	ALPS O'Shares Global Internet Giants ETF	4.6	48	22	1.6	-8.8
EBIZ	Global X E-Commerce ETF	4.5	50	20	4.0	-6.4
JIG	JPMorgan International Growth ETF	4.4	55	15	4.7	-5.7
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	4.2	39	31	16.7	+6.3
ARVR	First Trust Indxx Metaverse ETF	4.1	70	0	4.3	-6.1
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	4.0	65	5	8.0	-2.4
KGRN	KraneShares MSCI China Clean Technology Index ETF	3.9	79	-9	3.7	-6.8
WUGI	AXS Esoterica NextG Economy ETF	3.8	75	-5	2.5	-7.9
ECNS	iShares MSCI China Small-Cap ETF	3.7	59	11	10.1	-0.3
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	3.6	30	40	10.3	-0.1
ANEW	ProShares MSCI Transformational Changes ETF	3.6	45	25	6.1	-4.3
IBLC	iShares Blockchain and Tech ETF	3.5	47	23	-4.1	-14.5
XNTK	SPDR NYSE Technology ETF	3.3	35	35	4.0	-6.5
EMXF	iShares ESG Advanced MSCI EM ETF	3.3	16	54	8.7	-1.7
KSTR	KraneShares SSE STAR Market 50 Index ETF	3.3	89	-19	1.7	-8.7
KBA	KraneShares Bosera MSCI China A 50 Connect Index ETF	2.9	55	15	8.3	-2.1
RNEM	First Trust Emerging Markets Equity Select ETF	2.9	75	-5	7.1	-3.3
METV	Roundhill Ball Metaverse ETF	2.9	59	11	5.8	-4.6
SDG	iShares MSCI Global Sustainable Development Goals ETF	2.9	49	21	6.3	-4.2
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	2.7	65	5	6.1	-4.3
TTAI	FCF International Quality ETF	2.6	59	11	6.9	-3.5
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	2.5	41	29	7.7	-2.7
WRND	IQ Global Equity R&D Leaders ETF	2.4	18	52	8.6	-1.8
EVLU	iShares MSCI Emerging Markets Value Factor ETF	2.4	35	35	19.9	+9.5
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	2.4	18	52	7.9	-2.5
UMMA	Wahed Dow Jones Islamic World ETF	2.4	65	5	5.2	-5.3
CNYA	iShares MSCI China A ETF	2.4	60	10	7.1	-3.3
ACWX	iShares MSCI ACWI ex U.S. ETF	2.3	34	36	7.9	-2.6
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	2.3	60	10	7.2	-3.2
CWI	SPDR MSCI ACWI ex-US ETF	2.3	30	40	7.9	-2.5
CGXU	Capital Group International Focus Equity ETF	2.2	54	16	5.8	-4.6
VEU	Vanguard FTSE All-World ex-US Index Fund	2.2	8	62	8.2	-2.2
MOTG	VanEck Morningstar Global Wide Moat ETF	2.2	52	18	6.8	-3.6
FEM	First Trust Emerging Markets AlphaDEX Fund	2.1	80	-10	12.4	+2.0
QTEC	First Trust NASDAQ-100 Technology Sector Index Fund	2.0	57	13	3.8	-6.6
IXUS	iShares Core MSCI Total International Stock ETF	2.0	7	63	8.0	-2.4
QNXT	iShares Nasdaq-100 ex Top 30 ETF	2.0	20	50	4.3	-6.1
VXUS	Vanguard Total International Stock ETF	2.0	7	63	8.1	-2.3
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	1.8	90	-20	8.0	-2.5
FDTX	Fidelity Disruptive Technology ETF	1.8	50	20	2.7	-7.7
BUYZ	Franklin Disruptive Commerce ETF	1.7	50	20	2.3	-8.1
AIS	VistaShares Artificial Intelligence Supercycle ETF	1.7	75	-5	3.9	-6.5
DSTX	Distillate International Fundamental Stability & Value ETF	1.6	55	15	8.2	-2.2
CGV	Conductor Global Equity Value ETF	1.6	130	-60	8.8	-1.6
IBUY	Amplify Online Retail ETF	1.6	65	5	1.2	-9.2
RXI	iShares Global Consumer Discretionary ETF	1.5	41	29	9.1	-1.3
GINN	Goldman Sachs Innovate Equity ETF	1.5	52	18	3.8	-6.6
BWEB	Bitwise Web3 ETF	1.4	85	-15	0.1	-10.4
IOO	iShares Global 100 ETF	1.4	41	29	5.1	-5.3
KOCG	FIS Knights of Columbus Global Belief ETF	1.4	75	-5	5.1	-5.3
BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Co	1.3	61	9	1.6	-8.8
QQQE	Direxion NASDAQ-100 Equal Weighted Index Shares	1.2	35	35	4.3	-6.2
XT	iShares Exponential Technologies ETF	1.2	46	24	5.0	-5.4
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	1.1	50	20	11.8	+1.4
IQDF	FlexShares International Quality Dividend Index Fund	1.1	47	23	9.4	-1.0
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	1.1	30	40	8.2	-2.2
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.1	45	25	10.9	+0.5
CGIE	Capital Group International Equity ETF	1.1	54	16	5.0	-5.5
AVES	Avantis Emerging Markets Value ETF	1.1	36	34	11.9	+1.5
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	1.0	25	45	6.5	-3.9
RAYC	Rayliant Quantamental China Equity ETF	1.0	80	-10	8.7	-1.7
VSGX	Vanguard ESG International Stock ETF	1.0	12	58	7.9	-2.5
PGJ	Invesco Golden Dragon China ETF	0.9	70	0	9.9	-0.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.9	12	58	5.4	-5.1
KLMT	Invesco MSCI Global Climate 500 ETF	0.9	10	60	6.0	-4.4
QQEW	First Trust Nasdaq-100 Equal Weighted Index Fund	0.9	58	12	4.0	-6.4
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.9	20	50	5.9	-4.5
SATO	Invesco Alerian Galaxy Crypto Economy ETF	0.9	61	9	-2.5	-12.9
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.9	47	23	8.6	-1.8
AWAY	ETFMG Travel Tech ETF	0.9	76	-6	0.0	-10.4
DGT	SPDR Global Dow ETF	0.8	50	20	7.4	-3.1
ACWI	iShares MSCI ACWI ETF	0.8	32	38	5.8	-4.6
WFH	Direxion Work From Home ETF	0.8	45	25	3.9	-6.6
ERTH	Invesco MSCI Sustainable Future ETF	0.8	62	8	3.6	-6.8
ABLG	Abacus FCF International Leaders ETF	0.8	59	11	6.2	-4.2
FCLD	Fidelity Cloud Computing ETF	0.8	39	31	3.1	-7.3
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.8	9	61	6.0	-4.4
DFEV	Dimensional Emerging Markets Value ETF	0.8	43	27	13.7	+3.3
VT	Vanguard Total World Stock ETF	0.7	7	63	6.1	-4.3
LEGR	First Trust Indxx Innovative Transaction & Process ETF	0.7	65	5	7.6	-2.9
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.7	70	0	14.8	+4.4
GLOF	iShares Global Equity Factor ETF	0.7	20	50	6.9	-3.6
CNXT	VanEck ChiNext ETF	0.7	65	5	6.3	-4.1
IGPT	Invesco AI and Next Gen Software ETF	0.6	60	10	4.4	-6.0
QQQS	Invesco NASDAQ Future Gen 200 ETF	0.5	20	50	-2.9	-13.3
APIE	ActivePassive International Equity ETF	0.5	45	25	7.6	-2.9
QQQM	Invesco NASDAQ 100 ETF	0.5	15	55	4.2	-6.2
QQQ	Invesco QQQ Trust Series I	0.5	20	50	4.2	-6.2
TRFM	AAM Transformers ETF	0.5	49	21	1.6	-8.8
ROBT	First Trust Nasdaq Artificial Intelligence & Robotics ETF	0.5	65	5	2.3	-8.1
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.5	70	0	8.0	-2.5
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	0.3	80	-10	14.7	+4.3
FBCG	Fidelity Blue Chip Growth ETF	0.3	59	11	3.0	-7.4
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.3	65	5	8.3	-2.1
QQMG	Invesco ESG NASDAQ 100 ETF	0.3	20	50	4.3	-6.2
ONEQ	Fidelity Nasdaq Composite Index ETF	0.3	21	49	3.9	-6.5
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.3	20	50	2.9	-7.5
GGME	Invesco Next Gen Media and Gaming ETF	0.3	60	10	4.5	-6.0
ROAM	Hartford Multifactor Emerging Markets ETF	0.2	44	26	12.3	+1.9
FNDC	Schwab Fundamental International Small Co. Index ETF	0.2	39	31	6.0	-4.4
ETEC	iShares Breakthrough Environmental Solutions ETF	0.2	47	23	3.7	-6.8
JSTC	Adasina Social Justice All Cap Global ETF	0.1	89	-19	4.8	-5.6
ACWV	iShares MSCI Global Min Vol Factor ETF	0.1	20	50	5.9	-4.5
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.1	58	12	10.0	-0.4
ICLN	iShares Global Clean Energy ETF	0.1	41	29	6.0	-4.4
PNQI	Invesco NASDAQ Internet ETF	0.0	60	10	3.3	-7.2
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.0	39	31	6.8	-3.6
VYMI	Vanguard International High Dividend Yield ETF	0.0	22	48	9.8	-0.6
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.0	49	21	7.2	-3.3
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.0	45	25	9.0	-1.4

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Forward multiple:	Invesco China Technology ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

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