Invesco China Technology ETF
ALTAR
Score™		 18.3% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 6.6x P/Sales
ratio		 1.9x
P/BV
ratio		 1.4x Div.
yield		 0.8%


  • 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) $1,134
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) $95,933
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
TENCENT HOLDINGS LTD 11.0 %
MEITUAN DIANPING 8.3 %
PINDUODUO, INC. SPONSORED ADR CLAS 8.3 %
KUAISHOU TECHNOLOGY CLASS B 7.2 %
BAIDU, INC. CLASS A 6.4 %
SUNNY OPTICAL TECH 4.3 %
BILIBILI, INC. CLASS Z 3.6 %
SENSETIME GROUP INC 3.1 %
KINGSOFT CORP LTD 2.6 %
HYGON INFORMATION TECHNOLOGY CO., 2.1 %
Total 56.8 %

TOP COUNTRY EXPOSURE
CHINA 67.2 %
HONG KONG 0.7 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
15.7% 44.4% -3.1% 3.1% 5.0%

Market Correlations
versus... Beta R-squared
S&P500 0.48 5%
MSCI EAFE 0.97 19%
MSCI Emg. Mkts. 1.72 58%

Technical Indicators
Recent close $44.50
30d moving avg. $47.49
Annualized volatility 39.1%
Short interest (ETF) 4.6%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 785
Turnover 3.1%
Bid/Ask (% of price) 0.22%
ADV underlying (mns) $7,499

Distributions


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™: 18.3%


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 ETF 41.7 69 1 25.8 +7.5
KTEC KraneShares Hang Seng TECH Index ETF 33.4 69 1 19.7 +1.3
TCHI iShares MSCI China Multisector Tech ETF 30.1 59 11 22.4 +4.0
FDNI First Trust Dow Jones International Internet ETF 29.7 65 5 19.5 +1.1
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 25.2 86 -16 13.7 -4.6
CXSE WisdomTree China ex-State-Owned Enterprises Fund 23.2 32 38 17.8 -0.6
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 23.1 60 10 13.3 -5.1
MCH Matthews China Active ETF 23.0 79 -9 15.3 -3.0
FLCH Franklin FTSE China ETF 22.3 19 51 17.2 -1.1
MCHI iShares MSCI China ETF 22.0 59 11 17.8 -0.5
FXI iShares China Large-Cap ETF 21.9 74 -4 18.1 -0.2
CGRO CoreValues Alpha Greater China Growth ETF 21.5 75 -5 4.0 -14.4
GXC SPDR S&P China ETF 21.0 59 11 16.7 -1.7
JCHI JPMorgan Active China ETF 20.6 65 5 16.8 -1.5
KALL KraneShares MSCI All China Index ETF 19.3 49 21 15.3 -3.1
SOCL Global X Social Media ETF 19.2 65 5 12.9 -5.4
CHIQ Global X MSCI China Consumer Discretionary ETF 17.1 65 5 13.7 -4.6
AIA iShares Asia 50 ETF 16.7 50 20 14.7 -3.6
MINV Matthews Asia Innovators Active ETF 16.4 79 -9 7.7 -10.6
BKF iShares MSCI BIC ETF 16.1 69 1 13.0 -5.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 13.4 20 50 11.3 -7.0
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 13.2 15 55 8.6 -9.7
DEHP Dimensional Emerging Markets High Profitability ETF 12.9 41 29 6.5 -11.8
ESPO VanEck Video Gaming and eSports ETF 12.4 56 14 4.8 -13.6
ODDS Pacer BlueStar Digital Entertainment ETF 11.9 60 10 4.9 -13.4
IVRS iShares Future Metaverse Tech and Communications ETF 11.7 47 23 2.8 -15.5
EMC Global X Emerging Markets Great Consumer ETF 11.2 75 -5 8.5 -9.9
EEMA iShares MSCI Emerging Markets Asia ETF 11.1 49 21 10.7 -7.6
GAMR Wedbush ETFMG Video Game Tech ETF Wedbush ETFMG Video Game T 11.0 75 -5 5.9 -12.4
BNGE First Trust S-Network Streaming and Gaming ETF 10.7 70 0 3.6 -14.7
AAXJ iShares MSCI All Country Asia ex Japan ETF 10.1 70 0 9.8 -8.5
GMF SPDR S&P Emerging Asia Pacific ETF 9.8 49 21 10.0 -8.3
FLAX Franklin FTSE Asia Ex Japan ETF 9.6 19 51 10.8 -7.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 9.5 30 40 10.6 -7.8
SCHE Schwab Emerging Markets Equity ETF 9.0 11 59 11.6 -6.8
ECON Columbia Emerging Markets Consumer ETF 9.0 49 21 12.9 -5.4
OND ProShares On-Demand ETF 8.8 58 12 1.5 -16.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 8.8 66 4 10.2 -8.2
EEM iShares MSCI Emerging Markets ETF 8.7 69 1 10.7 -7.6
EMGF iShares Emerging Markets Equity Factor ETF 8.7 25 45 12.4 -5.9
CHAT Roundhill Generative AI & Technology ETF 8.5 75 -5 14.8 -3.5
ESGE iShares ESG Aware MSCI EM ETF 8.4 25 45 10.7 -7.7
BKEM BNY Mellon Emerging Markets Equity ETF 8.4 11 59 11.8 -6.5
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 8.3 15 55 10.8 -7.6
DINT Davis Select International ETF 8.3 55 15 8.3 -10.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 8.3 36 34 11.2 -7.2
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 8.2 33 37 10.6 -7.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 8.2 45 25 11.0 -7.3
IBLC iShares Blockchain and Tech ETF 8.2 47 23 -4.1 -22.4
VWO Vanguard FTSE Emerging Markets ETF 8.1 8 62 10.9 -7.4
ONLN ProShares Online Retail ETF 8.1 58 12 2.6 -15.7
MEM Matthews Emerging Markets Equity Active ETF 7.9 79 -9 8.5 -9.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 7.8 32 38 9.6 -8.7
SPEM SPDR Portfolio Emerging Markets ETF 7.8 7 63 10.9 -7.4
FDEM Fidelity Emerging Markets Multifactor ETF 7.8 25 45 13.5 -4.8
IEMG iShares Core MSCI Emerging Markets ETF 7.6 9 61 10.9 -7.4
ISHP First Trust Nasdaq Retail ETF 7.6 60 10 5.5 -12.8
PATN Pacer Nasdaq International Patent Leaders ETF 7.5 65 5 4.0 -14.4
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 7.5 40 30 5.6 -12.8
IXP iShares Global Comm Services ETF 7.1 42 28 6.7 -11.6
LDEM iShares ESG MSCI EM Leaders ETF 7.0 17 53 12.9 -5.5
DFAE Dimensional Emerging Core Equity Market ETF 6.9 35 35 10.2 -8.2
FMET Fidelity Metaverse ETF 6.9 39 31 5.1 -13.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 6.5 41 29 9.4 -9.0
JHEM John Hancock Multifactor Emerging Markets ETF 6.5 49 21 10.5 -7.8
DWLD Davis Select Worldwide ETF 6.3 63 7 8.5 -9.8
AVEM Avantis Emerging Markets Equity ETF 6.3 33 37 9.7 -8.7
AIQ Global X Artificial Intelligence & Technology ETF 6.2 68 2 4.7 -13.7
PXH Invesco FTSE RAFI Emerging Markets ETF 6.1 49 21 16.7 -1.7
DFEM Dimensional Emerging Markets Core Equity 2 ETF 5.8 38 32 9.9 -8.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 5.8 95 -25 13.1 -5.3
ARVR First Trust Indxx Metaverse ETF 5.8 70 0 5.9 -12.4
NUEM Nuveen ESG Emerging Markets Equity ETF 5.6 36 34 8.1 -10.2
FCA First Trust China AlphaDEX Fund 5.6 80 -10 11.3 -7.0
MOTI VanEck Morningstar International Moat ETF 5.5 58 12 12.8 -5.5
OGIG ALPS O'Shares Global Internet Giants ETF 4.9 48 22 1.9 -16.5
FDCF Fidelity Disruptive Communications ETF 4.9 50 20 3.3 -15.0
EBIZ Global X E-Commerce ETF 4.8 50 20 4.3 -14.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 4.7 59 11 13.7 -4.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 4.7 39 31 16.9 -1.4
JIG JPMorgan International Growth ETF 4.4 55 15 4.8 -13.5
ECNS iShares MSCI China Small-Cap ETF 4.3 59 11 10.8 -7.5
METV Roundhill Ball Metaverse ETF 4.2 59 11 8.3 -10.1
EMXF iShares ESG Advanced MSCI EM ETF 4.2 16 54 8.4 -9.9
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 4.0 65 5 7.9 -10.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 3.9 30 40 9.3 -9.0
WUGI AXS Esoterica NextG Economy ETF 3.8 75 -5 2.9 -15.4
RNEM First Trust Emerging Markets Equity Select ETF 3.7 75 -5 1.0 -17.3
XNTK SPDR NYSE Technology ETF 3.6 35 35 4.4 -14.0
KGRN KraneShares MSCI China Clean Technology Index ETF 3.6 79 -9 3.8 -14.6
ANEW ProShares MSCI Transformational Changes ETF 3.6 45 25 7.0 -11.3
KSTR KraneShares SSE STAR Market 50 Index ETF 3.3 89 -19 1.6 -16.7
DSTX Distillate International Fundamental Stability & Value ETF 3.0 55 15 8.4 -9.9
TIME Clockwise Core Equity & Innovation ETF 3.0 95 -25 8.1 -10.2
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 3.0 55 15 8.1 -10.2
QTEC First Trust NASDAQ-100 Technology Sector Index Fund 3.0 57 13 4.3 -14.0
EVLU iShares MSCI Emerging Markets Value Factor ETF 2.7 35 35 21.6 +3.2
UMMA Wahed Dow Jones Islamic World ETF 2.6 65 5 5.3 -13.1
CNYA iShares MSCI China A ETF 2.6 60 10 7.2 -11.1
ACWX iShares MSCI ACWI ex U.S. ETF 2.6 34 36 8.1 -10.2
CWI SPDR MSCI ACWI ex-US ETF 2.6 30 40 8.2 -10.1
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 2.6 65 5 4.4 -13.9
TTAI FCF International Quality ETF 2.6 59 11 6.9 -11.4
MOTG VanEck Morningstar Global Wide Moat ETF 2.5 52 18 6.7 -11.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 2.5 41 29 7.1 -11.2
VEU Vanguard FTSE All-World ex-US Index Fund 2.4 8 62 8.5 -9.9
WRND IQ Global Equity R&D Leaders ETF 2.4 18 52 7.9 -10.5
GXUS Goldman Sachs MarketBeta Total International Equity ETF 2.4 18 52 8.1 -10.2
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 2.3 60 10 8.0 -10.4
IXUS iShares Core MSCI Total International Stock ETF 2.3 7 63 8.3 -10.0
VXUS Vanguard Total International Stock ETF 2.2 7 63 8.3 -10.0
CGXU Capital Group International Focus Equity ETF 2.2 54 16 5.9 -12.5
RXI iShares Global Consumer Discretionary ETF 2.2 41 29 9.2 -9.1
QNXT iShares Nasdaq-100 ex Top 30 ETF 2.2 20 50 4.5 -13.9
AIS VistaShares Artificial Intelligence Supercycle ETF 2.0 75 -5 4.6 -13.7
BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Co 1.8 61 9 1.4 -17.0
FEM First Trust Emerging Markets AlphaDEX Fund 1.8 80 -10 13.8 -4.5
FDTX Fidelity Disruptive Technology ETF 1.8 50 20 3.0 -15.3
BUYZ Franklin Disruptive Commerce ETF 1.7 50 20 2.6 -15.8
IBUY Amplify Online Retail ETF 1.6 65 5 3.7 -14.7
CGV Conductor Global Equity Value ETF 1.6 130 -60 9.2 -9.2
GINN Goldman Sachs Innovate Equity ETF 1.6 52 18 4.4 -14.0
SATO Invesco Alerian Galaxy Crypto Economy ETF 1.5 61 9 -1.1 -19.4
IOO iShares Global 100 ETF 1.5 41 29 5.4 -13.0
KOCG FIS Knights of Columbus Global Belief ETF 1.5 75 -5 6.1 -12.2
PGJ Invesco Golden Dragon China ETF 1.4 70 0 13.9 -4.4
BWEB Bitwise Web3 ETF 1.4 85 -15 0.1 -18.2
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 1.3 58 12 4.3 -14.0
XT iShares Exponential Technologies ETF 1.2 46 24 5.5 -12.8
SDG iShares MSCI Global Sustainable Development Goals ETF 1.2 49 21 6.0 -12.4
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 1.2 35 35 4.5 -13.8
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.2 25 45 6.5 -11.9
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.1 50 20 11.6 -6.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 1.1 30 40 8.6 -9.7
VSGX Vanguard ESG International Stock ETF 1.1 12 58 8.2 -10.2
IQDF FlexShares International Quality Dividend Index Fund 1.1 47 23 9.5 -8.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.1 45 25 11.1 -7.3
CGIE Capital Group International Equity ETF 1.1 54 16 5.1 -13.2
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.1 80 -10 13.6 -4.8
AVES Avantis Emerging Markets Value ETF 1.1 36 34 12.2 -6.1
KLMT Invesco MSCI Global Climate 500 ETF 1.0 10 60 6.1 -12.3
ERTH Invesco MSCI Sustainable Future ETF 1.0 62 8 2.5 -15.9
RAYC Rayliant Quantamental China Equity ETF 1.0 80 -10 9.0 -9.3
FFTY Innovator IBD 50 ETF 1.0 80 -10 -2.5 -20.9
CRBN iShares MSCI ACWI Low Carbon Target ETF 1.0 20 50 6.3 -12.0
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 1.0 12 58 5.2 -13.2
LEGR First Trust Indxx Innovative Transaction & Process ETF 1.0 65 5 8.6 -9.8
ACWI iShares MSCI ACWI ETF 0.9 32 38 6.1 -12.3
DFEV Dimensional Emerging Markets Value ETF 0.9 43 27 14.5 -3.9
DGT SPDR Global Dow ETF 0.9 50 20 8.1 -10.2
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.9 47 23 9.0 -9.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.9 9 61 6.0 -12.4
TRFM AAM Transformers ETF 0.8 49 21 1.9 -16.5
VT Vanguard Total World Stock ETF 0.8 7 63 6.4 -12.0
WFH Direxion Work From Home ETF 0.8 45 25 4.8 -13.6
AWAY ETFMG Travel Tech ETF 0.8 76 -6 0.0 -18.3
FCLD Fidelity Cloud Computing ETF 0.8 39 31 3.0 -15.4
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.8 70 0 15.8 -2.6
QQQS Invesco NASDAQ Future Gen 200 ETF 0.8 20 50 -9.4 -27.7
APIE ActivePassive International Equity ETF 0.7 45 25 7.7 -10.7
IGPT Invesco AI and Next Gen Software ETF 0.7 60 10 4.9 -13.4
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.6 70 0 7.8 -10.5
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.6 65 5 3.5 -14.9
QQQ Invesco QQQ Trust Series I 0.6 20 50 4.6 -13.8
QQQM Invesco NASDAQ 100 ETF 0.6 15 55 4.6 -13.7
KOMP SPDR S&P Kensho New Economies Composite ETF 0.5 20 50 3.7 -14.6
GLOF iShares Global Equity Factor ETF 0.5 20 50 7.0 -11.4
CNXT VanEck ChiNext ETF 0.5 65 5 5.9 -12.5
EWX SPDR S&P Emerging Markets Small Cap ETF 0.3 65 5 8.1 -10.3
GGME Invesco Next Gen Media and Gaming ETF 0.3 60 10 5.0 -13.4
QQMG Invesco ESG NASDAQ 100 ETF 0.3 20 50 4.6 -13.7
FBCG Fidelity Blue Chip Growth ETF 0.3 59 11 3.5 -14.9
ONEQ Fidelity Nasdaq Composite Index ETF 0.3 21 49 4.3 -14.1
DVYE iShares Emerging Markets Dividend ETF 0.3 49 21 18.9 +0.6
ROAM Hartford Multifactor Emerging Markets ETF 0.2 44 26 11.3 -7.0
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.2 50 20 6.5 -11.9
JSTC Adasina Social Justice All Cap Global ETF 0.2 89 -19 4.5 -13.9
FNDC Schwab Fundamental International Small Co. Index ETF 0.2 39 31 6.3 -12.0
ETEC iShares Breakthrough Environmental Solutions ETF 0.1 47 23 5.8 -12.6
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 50 7.6 -10.8
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.1 58 12 10.1 -8.2
PNQI Invesco NASDAQ Internet ETF 0.1 60 10 3.8 -14.5
ICLN iShares Global Clean Energy ETF 0.1 41 29 6.4 -12.0
VYMI Vanguard International High Dividend Yield ETF 0.0 22 48 10.0 -8.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.0 39 31 7.0 -11.4
VIGI Vanguard International Dividend Appreciation ETF 0.0 15 55 6.2 -12.1

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

  2020 2021 2022 2023 2024 2025E 2026E
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

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VALUATION METRICS
  2024 2025E 2026E
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 ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 25.3 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 18.3 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.44 CATEGORY
AVERAGE		 1.50
 
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.