Invesco China Technology
ALTAR
Score™
5.3% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
27.7x P/Sales
ratio
2.2x
P/BV
ratio
3.1x Div.
yield
0.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium 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) $530
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 96
Wgt avg mkt cap (mns) $95,457
Large cap (>$10bn) 56.3%
Mid cap ($2-10bn) 39.1%
Small cap (<$2bn) 2.9%
Developed mkts 20.4%
Emerging mkts 79.6%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 10.1 %
MEITUAN DIANPING 10.0 %
TENCENT HOLDINGS LTD 8.2 %
BAIDU INC - SPON ADR 7.7 %
NETEASE.COM INC-ADR 6.3 %
SUNNY OPTICAL TECH 4.3 %
MOMO INC SPONSORED ADR CLASS A 3.8 %
58.COM INC. SPONSORED ADR CLASS A 3.8 %
YY INC-ADR 3.4 %
HANGZHOU HIKVISION DIGITAL-A 3.1 %
Total 60.7 %

TOP COUNTRY EXPOSURE
CHINA 96.2 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
21.4% 17.6% 6.2% -- 7.8%

Market Correlations
versus... Beta R-squared
S&P500 1.39 50%
MSCI EAFE 1.54 52%
MSCI Emg. Mkts. 1.35 66%

Technical Indicators
Recent close $49.73
30d moving avg. $47.70
Annualized volatility 23.8%
Short interest (ETF) 0.7%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 40
Turnover 0.4%
Bid/Ask (% of price) 0.25%
ADV underlying (mns) $8,954

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco China Technology 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™: 5.3%


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 55.2 76 -6 4.8 -0.5
CHIC Global X MSCI China Communication Services 41.8 65 5 6.2 +1.0
TTTN TigerShares China-U.S. Internet Titans 41.2 59 11 3.9 -1.3
PGJ Invesco Golden Dragon China 37.4 70 0 4.3 -1.0
FDNI First Trust Dow Jones International Internet 37.0 65 5 4.6 -0.6
EMQQ Emerging Markets Internet & E-Commerce 36.0 86 -16 4.3 -1.0
CXSE WisdomTree China ex-State Owned Enterprises 32.8 32 38 7.0 +1.8
FLCH Franklin FTSE China 26.6 19 51 9.7 +4.5
SOCL Global X Social Media 26.1 65 5 4.5 -0.7
CHIL Global X MSCI China Large-Cap 50 25.9 29 41 10.3 +5.0
GXC SPDR S&P China ETF 25.7 59 11 9.0 +3.7
MCHI iShares MSCI China 24.9 59 11 9.2 +3.9
KALL KraneShares MSCI China All Shares 24.3 49 21 8.8 +3.6
FNI First Trust ISE Chindia 23.7 59 11 4.2 -1.1
WCHN WisdomTree ICBCCS S&P China 500 23.6 55 15 8.9 +3.6
CHIK Global X MSCI China Information Technology 21.5 65 5 5.2 -0.0
KEMQ KraneShares EM Consumer Focus 21.4 80 -10 8.7 +3.4
BKF iShares MSCI BRIC 20.9 67 3 8.6 +3.3
CN Xtrackers Harvest MSCI All China 20.8 50 20 9.3 +4.1
EEB Invesco BRIC 18.7 64 6 6.8 +1.5

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%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

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

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

OTHER FUNDAMENTAL METRICS

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

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

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

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 16.9 %
Divided by: Fwd. P/BV 2.8 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 5.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.29 CATEGORY
AVERAGE
1.49
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.