Invesco China Small Cap ETF
ALTAR
Score™
9.9% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
9.7x P/Sales
ratio
0.6x
P/BV
ratio
0.9x Div.
yield
3.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco China Small Cap Index ETF seeks investment results that correspond to the price and yield performance of the AlphaShares China Small Cap Index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Guggenheim Funds Investment Advisors
Website guggenheiminvestments.com
Inception date Jan 30, 2008
Assets (mns) $58
Currency USD
Expense ratio 75 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 313
Wgt avg mkt cap (mns) $3,175
Large cap (>$10bn) 2.0%
Mid cap ($2-10bn) 63.4%
Small cap (<$2bn) 33.1%
Developed mkts 43.3%
Emerging mkts 56.7%

TOP TEN HOLDINGS
51JOB INC-ADR 1.1 %
CHINA AOYUAN PROPERTY GROUP 1.0 %
FUTURE LAND DEVELOPMENT HOLDINGS L 1.0 %
LOGAN PROPERTY HOLDINGS CO., LTD. 1.0 %
ZHONGSHENG GROUP HOLDINGS 0.9 %
HUANENG RENEWABLES CORP-H 0.9 %
GREENTOWN CHINA HOLDINGS 0.9 %
CHINA COMMUNICATIONS SERVICES CORP 0.8 %
HAITIAN INTERNATIONAL HLDGS 0.8 %
BILIBILI, INC. SPONSORED ADR CLASS 0.8 %
Total 9.2 %

TOP COUNTRY EXPOSURE
CHINA 63.9 %
HONG KONG 22.7 %
SINGAPORE 0.4 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
13.9% 13.9% 3.1% 2.5% 2.5%

Market Correlations
versus... Beta R-squared
S&P500 1.07 47%
MSCI EAFE 1.24 52%
MSCI Emg. Mkts. 1.08 67%

Technical Indicators
Recent close $26.44
30d moving avg. $25.34
Annualized volatility 18.9%
Short interest (ETF) 0.4%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 13
Turnover 0.6%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $1,061

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco China Small Cap ETF ETF based on the alternatives' overlap in portfolio holdings with HAO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: HAO Expense: 75 bp ALTAR Score™: 9.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH HAO
Ticker Fund
Name
Overlap1
vs HAO
(%)
Expense
ratio
(bp)
Savings
vs HAO
(bp)
ALTAR
Score™
(%)
ALTAR
vs HAO
(%)
ECNS iShares MSCI China Small Cap 24.1 59 16 8.4 -1.5
CHII Global X MSCI China Industrials 13.6 66 9 11.8 +1.9
TAO Invesco China Real Estate 13.0 70 5 11.7 +1.8
DGS WisdomTree Emg. Mkts. Small Cap Dividend 11.9 63 12 11.4 +1.5
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 10.8 59 16 12.1 +2.3
UEVM USAA MSCI Emerging Markets Value Momentum Blend Index 10.3 45 30 12.4 +2.5
FEMS First Trust Emerging Markets Small Cap 10.3 80 -5 9.3 -0.5
EWX SPDR S&P Emerging Markets Small Cap 9.9 65 10 7.3 -2.5
FCA First Trust China AlphaDEX 8.4 80 -5 11.3 +1.5
KWEB KraneShares CSI China Internet 7.9 76 -1 3.5 -6.4
GXC SPDR S&P China ETF 7.5 59 16 8.1 -1.7
EEMS iShares MSCI Emerging Market Small Cap 7.4 67 8 6.4 -3.4
EMGF iShares Edge MSCI Multifactor Emerging Markets 7.4 45 30 9.2 -0.7
EMMF WisdomTree Emerging Markets Multifactor Fund 7.1 48 27 8.7 -1.2
CHIR Global X MSCI China Real Estate 7.1 65 10 13.3 +3.4
PGJ Invesco Golden Dragon China 7.1 70 5 3.2 -6.7
ISEM Invesco Strategic Emerging Markets 6.4 35 40 9.2 -0.7
FEM First Trust Emerging Markets AlphaDEX 6.4 80 -5 9.9 +0.0
FNI First Trust ISE Chindia 5.3 59 16 3.6 -6.2
CHNA Loncar China BioPharma 5.2 79 -4 4.6 -5.3

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

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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 Small Cap ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.2 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 9.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.48
 
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.