ETF Research Center

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)	$214
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)	$67,792
Large cap (>$10bn)	65.7%
Mid cap ($2-10bn)	28.4%
Small cap (<$2bn)	5.3%
Developed mkts	20.1%
Emerging mkts	79.9%

TOP TEN HOLDINGS
Total	59.5 %
JD.COM INC-ADR	8.6 %
BAIDU INC - SPON ADR	8.2 %
CTRIP.COM INTERNATIONAL-ADR	8.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR	7.9 %
NETEASE.COM INC-ADR	7.7 %
TAL EDUCATION GROUP UNSPONSORED AD	4.2 %
ZTO EXPRESS (CAYMAN) INC. SPONSORE	3.9 %
NEW ORIENTAL EDUCATIO-SP ADR	3.9 %
PINDUODUO, INC. SPONSORED ADR CLAS	3.8 %
58.COM INC. SPONSORED ADR CLASS A	3.4 %

TOP COUNTRY EXPOSURE
	CHINA	94.1 %
	HONG KONG	3.1 %
	CANADA	0.6 %

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.
32.2%	32.2%	9.4%	6.9%	8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.46	53%
MSCI EAFE	1.74	62%
MSCI Emg. Mkts.	1.35	64%

Technical Indicators
Recent close	$45.52
30d moving avg.	$42.17
Annualized volatility	24.3%
Short interest (ETF)	0.1%
Short interest (Underlying)	3.8%
Relative strength (RSI)	78

Liquidity measures
Avg. volume (thou.)	17
Turnover	0.4%
Bid/Ask (% of price)	0.57%
ADV underlying (mns)	$4,947

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Golden Dragon China 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™:

3.2%

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	63.3	76	-6	3.5	+0.3
FNI	First Trust ISE Chindia	53.0	59	11	3.6	+0.4
EMQQ	Emerging Markets Internet & E-Commerce	39.2	86	-16	3.2	-0.0
CHIQ	Global X MSCI China Consumer Discretionary	37.4	65	5	4.7	+1.5
CQQQ	Invesco China Technology	36.6	70	0	4.6	+1.4
TTTN	TigerShares China-U.S. Internet Titans	33.6	59	11	3.6	+0.4
KEMQ	KraneShares EM Consumer Focus	33.2	80	-10	8.3	+5.1
CHIC	Global X MSCI China Communication Services	32.2	65	5	4.7	+1.5
EEB	Invesco BRIC	30.6	64	6	6.1	+2.9
FDNI	First Trust Dow Jones International Internet	28.1	65	5	3.7	+0.5
EBIZ	Global X E-commerce	27.4	68	2	2.5	-0.7
PLAT	WisdomTree Modern Tech Platforms	27.3	45	25	2.7	-0.5
CXSE	WisdomTree China ex-State Owned Enterprises	25.9	32	38	6.1	+2.9
ADRE	BLDRs Emerging Markets 50 ADR	25.7	30	40	5.7	+2.5
ECON	Columbia Emerging Markets Consumer	24.3	59	11	5.0	+1.8
PNQI	Invesco Nasdaq Internet	23.4	62	8	2.4	-0.8
DINT	Davis Select International	23.0	75	-5	5.2	+2.0
ADRA	BLDRs Asia 50 ADR	22.5	30	40	8.6	+5.4
CHIL	Global X MSCI China Large-Cap 50	20.6	29	41	9.3	+6.1
DWLD	Davis Select Worldwide	18.8	64	6	5.4	+2.2

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	**	**	**	**	**	**	**
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 Golden Dragon China
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	9.9	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	3.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.33	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.