Invesco Golden Dragon China ETF
ALTAR
Score™
3.8% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
22.3x P/Sales
ratio
1.0x
P/BV
ratio
2.8x Div.
yield
0.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Invesco Golden Dragon China Portfolio seeks investment results that correspond to the price and yield of the NASDAQ Golden Dragon China Index. The index is composed of US exchange-listed companies that are headquartered in China.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Invesco PowerShares
Website www.powershares.com
Inception date Dec 09, 2004
Assets (mns) $166
Currency USD
Expense ratio 70 bp
Distributions Quarterly

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 67
Wgt avg mkt cap (mns) $68,715
Large cap (>$10bn) 71.6%
Mid cap ($2-10bn) 22.8%
Small cap (<$2bn) 5.0%
Developed mkts 23.9%
Emerging mkts 76.2%

TOP TEN HOLDINGS
JD.COM INC-ADR 10.4 %
NETEASE.COM INC-ADR 9.3 %
TAL EDUCATION GROUP UNSPONSORED AD 7.8 %
ALIBABA GROUP HOLDING LTD. SPONSOR 7.7 %
PINDUODUO, INC. SPONSORED ADR CLAS 7.7 %
BAIDU INC - SPON ADR 6.9 %
ZTO EXPRESS (CAYMAN) INC. SPONSORE 5.2 %
VIPSHOP HOLDINGS LTD SPONSORED ADR 3.6 %
NEW ORIENTAL EDUCATIO-SP ADR 3.5 %
CTRIP.COM INTERNATIONAL-ADR 3.1 %
Total 65.3 %

TOP COUNTRY EXPOSURE
CHINA 96.1 %
HONG KONG 2.5 %
CANADA 0.5 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-2.5% -3.6% 4.8% 6.2% 8.1%

Market Correlations
versus... Beta R-squared
S&P500 0.97 45%
MSCI EAFE 1.06 46%
MSCI Emg. Mkts. 0.91 52%

Technical Indicators
Recent close $41.60
30d moving avg. $40.70
Annualized volatility 24.5%
Short interest (ETF) 0.4%
Short interest (Underlying) 3.8%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 15
Turnover 0.4%
Bid/Ask (% of price) 0.77%
ADV underlying (mns) $6,964

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Invesco Golden Dragon China ETF ETF based on the alternatives' overlap in portfolio holdings with PGJ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: PGJ Expense: 70 bp ALTAR Score™: 3.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH PGJ
Ticker Fund
Name
Overlap1
vs PGJ
(%)
Expense
ratio
(bp)
Savings
vs PGJ
(bp)
ALTAR
Score™
(%)
ALTAR
vs PGJ
(%)
KWEB KraneShares CSI China Internet ETF 62.9 76 -6 3.8 0.0
FNI First Trust Chindia ETF 60.5 59 11 3.8 +0.0
CHIQ Global X China Consumer ETF 42.9 65 5 10.1 +6.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 37.8 86 -16 2.5 -1.3
TTTN UP Fintech China-U.S. Internet Titans ETF 30.4 59 11 5.2 +1.4
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 30.3 80 -10 1.9 -1.8
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 29.6 18 52 6.5 +2.8
ECON Columbia Emerging Markets Consumer ETF 28.6 59 11 5.2 +1.4
CHIC Global X Nasdaq China Technology ETF 28.3 65 5 4.6 +0.9
CQQQ Invesco China Technology ETF 27.6 70 0 4.6 +0.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 26.5 32 38 7.4 +3.7
FDNI First Trust Dow Jones International Internet ETF 25.7 65 5 3.0 -0.8
EBIZ Global X E-Commerce ETF 22.1 50 20 3.2 -0.6
DINT Davis Select International ETF 21.9 75 -5 6.4 +2.6
CHIL Global X MSCI China Large-Cap 50 ETF 20.9 29 41 10.0 +6.2
GXC SPDR S&P China ETF 17.8 59 11 9.4 +5.7
MCHI iShares MSCI China ETF 17.8 59 11 9.6 +5.8
FLCH Franklin FTSE China ETF 17.7 19 51 9.7 +6.0
GIGE SoFi Gig Economy ETF 17.4 59 11 -0.4 -4.2
KALL KraneShares FTSE Emerging Markets Plus ETF 17.1 49 21 9.6 +5.9
DWLD Davis Select Worldwide ETF 16.8 64 6 7.0 +3.3
ISEM Invesco Strategic Emerging Markets ETF 16.2 35 35 11.1 +7.4
PEK VanEck Vectors ChinaAMC CSI 300 ETF 15.5 60 10 8.6 +4.8
ONLN ProShares Online Retail ETF 15.5 58 12 1.8 -2.0
GBUY Goldman Sachs Motif New Age Consumer ETF 15.4 50 20 2.3 -1.4
PNQI Invesco NASDAQ Internet ETF 15.1 62 8 1.3 -2.4
BKF iShares MSCI BRIC ETF 14.8 69 1 9.0 +5.3
CN Xtrackers MSCI All China Equity ETF 14.5 50 20 9.9 +6.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 13.8 32 38 7.3 +3.5
WCHN WisdomTree ICBCCS S&P China 500 Fund 13.6 55 15 9.3 +5.5
GMF SPDR S&P Emerging Asia Pacific ETF 13.5 49 21 8.5 +4.7
PLAT WisdomTree Modern Tech Platforms Fund 13.4 45 25 1.4 -2.3
SOCL Global X Social Media ETF 12.9 65 5 2.4 -1.4
EEMA iShares MSCI Emerging Markets Asia ETF 12.8 50 20 9.0 +5.3
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 12.1 30 40 9.3 +5.5
AADR WCM/BNY Mellon Focused Growth ADR ETF 12.1 110 -40 3.6 -0.2
SCHE Schwab Emerging Markets Equity ETF 12.0 13 57 9.2 +5.4
PBEE Invesco PureBeta FTSE Emerging Markets ETF 12.0 14 56 10.1 +6.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 12.0 68 2 8.5 +4.8
FLAX Franklin FTSE Asia Ex Japan ETF 11.9 19 51 9.1 +5.3
XBUY Amplify International Online Retail ETF 11.9 69 1 -1.0 -4.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 11.4 95 -25 10.9 +7.1
FPXI First Trust International Equity Opportunities ETF 11.2 70 0 3.0 -0.8
BICK First Trust BICK Index Fund 11.1 64 6 4.8 +1.1
GENY Principal Millennials Index ETF 11.1 45 25 4.4 +0.6
VWO Vanguard FTSE Emerging Markets ETF 10.9 10 60 9.4 +5.6
OGIG O'Shares Global Internet Giants ETF 10.7 48 22 0.6 -3.2
EEM iShares MSCI Emerging Markets ETF 10.6 68 2 8.8 +5.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 10.5 65 5 8.9 +5.2
SPEM SPDR Portfolio Emerging Markets ETF 10.0 11 59 9.1 +5.3
HERO Global X Video Games & Esports ETF 9.9 50 20 3.2 -0.6
IEMG iShares Core MSCI Emerging Markets ETF 9.7 14 56 9.3 +5.5
DVEM WisdomTree Emerging Markets Dividend Fund 9.6 32 38 9.6 +5.9
XITK SPDR FactSet Innovative Technology ETF 9.3 45 25 0.5 -3.3
ESGE iShares ESG MSCI EM ETF 9.3 25 45 10.3 +6.6
AVEM Avantis Emerging Markets Equity ETF 9.2 33 37 10.1 +6.4
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 9.1 45 25 9.1 +5.4
BUYZ Franklin Disruptive Commerce ETF 9.0 50 20 -0.1 -3.8
EEMO Invesco S&P Emerging Markets Momentum ETF 8.6 30 40 7.6 +3.9
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 8.5 20 50 8.1 +4.3
XNTK SPDR Morgan Stanley Technology ETF 8.3 35 35 4.1 +0.3
JOYY Infusive Compounding Global Equities ETF 8.2 50 20 4.0 +0.3
NUEM Nuveen ESG Emerging Markets Equity ETF 8.0 45 25 8.2 +4.4
JHEM John Hancock Multifactor Emerging Markets ETF 7.8 55 15 9.5 +5.7
EMCG WisdomTree Emerging Markets Consumer Growth Fund 7.7 32 38 8.0 +4.2
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 7.7 25 45 2.4 -1.3
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 7.5 40 30 8.1 +4.4
PIE Invesco DWA Emerging Markets Momentum ETF 7.4 90 -20 6.1 +2.3
IBUY Amplify Online Retail ETF 7.3 65 5 -1.5 -5.2
ESPO VanEck Vectors Video Gaming & eSports ETF 7.3 55 15 3.0 -0.8
ARKF ARK Fintech Innovation ETF 6.9 75 -5 1.1 -2.7
BLOK Amplify Transformational Data Sharing ETF 6.9 70 0 5.6 +1.8
CHII Global X China Industrials ETF 6.4 66 4 12.7 +9.0
DUSA Davis Select U.S. Equity ETF 6.0 63 7 5.9 +2.1
BLCN Reality Shares Nasdaq NextGen Economy ETF 5.8 68 2 4.6 +0.9
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 5.8 49 21 9.6 +5.8
IPO Renaissance IPO ETF 5.7 60 10 -6.6 -10.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 5.6 59 11 11.8 +8.1
GDAT Goldman Sachs Motif Data-Driven World Etf 5.4 50 20 5.4 +1.6
QTEC First Trust NASDAQ-100 Technology Sector Index Fund 5.1 57 13 5.2 +1.4
LEGR First Trust Index Digital Transaction & Process Technology E 4.9 65 5 7.5 +3.8
GVIP Goldman Sachs Hedge Industry VIP ETF 4.7 45 25 4.6 +0.9
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 4.7 45 25 10.4 +6.7
IRBO iShares Robotics & Artificial Intelligence ETF 4.7 47 23 2.7 -1.0
GURU Global X Guru Index ETF 4.5 75 -5 3.7 -0.0
EMMF WisdomTree Emerging Markets Multifactor Fund 4.5 48 22 10.4 +6.7
GAMR ETFMG Video Game Tech ETF 4.4 75 -5 3.7 -0.1
RTH VanEck Vectors Retail ETF 4.3 35 35 5.1 +1.3
PXH Invesco FTSE RAFI Emerging Markets ETF 4.2 50 20 14.6 +10.8
FDEM Fidelity Targeted Emerging Markets Factor ETF 4.1 45 25 10.4 +6.6
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 4.0 60 10 4.3 +0.6
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 4.0 35 35 4.6 +0.9
LOUP Innovator Loup Frontier Tech ETF 4.0 70 0 3.3 -0.5
AIQ Global X Future Analytics Tech ETF 3.9 68 2 4.3 +0.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 3.8 16 54 7.5 +3.8
CHNA Loncar China BioPharma ETF 3.8 79 -9 3.8 +0.1
EKAR Innovation Shares NextGen Vehicles & Technology ETF 3.6 65 5 9.3 +5.6
SRVR Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF 3.4 60 10 3.1 -0.7
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund 3.3 60 10 3.9 +0.1
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 3.3 64 6 5.8 +2.1

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Invesco Golden Dragon China ETF
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 11.7 %
Divided by: Fwd. P/BV 2.6 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 3.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.29 CATEGORY
AVERAGE
1.45
 
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.