ETF Research Center

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
Total	60.7 %
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 %

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
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		**%	**%	**%	**%	**%	**%

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	%

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.