Invesco Golden Dragon China ETF
ALTAR
Score™
4.9% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
26.1x P/Sales
ratio
1.1x
P/BV
ratio
2.9x 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) $217
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 68
Wgt avg mkt cap (mns) $78,574
Large cap (>$10bn) 78.7%
Mid cap ($2-10bn) 14.8%
Small cap (<$2bn) 4.1%
Developed mkts 18.8%
Emerging mkts 81.2%

TOP TEN HOLDINGS
BAIDU INC - SPON ADR 8.2 %
JD.COM INC-ADR 7.9 %
TAL EDUCATION GROUP UNSPONSORED AD 6.9 %
NETEASE.COM INC-ADR 6.8 %
ALIBABA GROUP HOLDING LTD. SPONSOR 6.7 %
PINDUODUO, INC. SPONSORED ADR CLAS 5.7 %
VIPSHOP HOLDINGS LTD SPONSORED ADR 5.2 %
BILIBILI, INC. SPONSORED ADR CLASS 4.5 %
NEW ORIENTAL EDUCATIO-SP ADR 4.1 %
CTRIP.COM INTERNATIONAL-ADR 4.1 %
Total 60.2 %

TOP COUNTRY EXPOSURE
CHINA 96.3 %
HONG KONG 1.9 %
CANADA 1.1 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
40.6% 48.8% 13.6% 9.5% 10.3%

Market Correlations
versus... Beta R-squared
S&P500 0.91 46%
MSCI EAFE 0.90 44%
MSCI Emg. Mkts. 0.91 56%

Technical Indicators
Recent close $58.06
30d moving avg. $57.25
Annualized volatility 25.2%
Short interest (ETF) 2.8%
Short interest (Underlying) 3.8%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 24
Turnover 0.6%
Bid/Ask (% of price) 0.62%
ADV underlying (mns) $14,501

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 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™: 4.9%


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 54.5 76 -6 3.1 -1.8
FNI First Trust Chindia ETF 47.2 60 10 3.2 -1.7
EWEB Global X Emerging Markets Internet & E-commerce ETF 43.6 65 5 3.2 -1.7
CHIQ Global X China Consumer ETF 36.5 65 5 6.1 +1.2
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 33.6 86 -16 2.8 -2.1
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 30.9 60 10 4.7 -0.2
TTTN UP Fintech China-U.S. Internet Titans ETF 30.6 59 11 4.8 -0.1
CHIC Global X Nasdaq China Technology ETF 29.0 66 4 5.8 +0.9
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 28.5 18 52 5.0 +0.1
EBIZ Global X E-Commerce ETF 27.0 50 20 2.9 -2.0
ECON Columbia Emerging Markets Consumer ETF 26.0 59 11 5.4 +0.5
FDNI First Trust Dow Jones International Internet ETF 23.6 65 5 2.5 -2.4
CHIL Global X MSCI China Large-Cap 50 ETF 23.3 29 41 7.9 +3.0
CQQQ Invesco China Technology ETF 20.2 70 0 5.8 +0.9
EEMO Invesco S&P Emerging Markets Momentum ETF 18.8 29 41 4.2 -0.7
GXC SPDR S&P China ETF 18.7 59 11 7.7 +2.8
MCHI iShares MSCI China ETF 18.4 59 11 7.8 +2.9
FLCH Franklin FTSE China ETF 18.4 19 51 8.3 +3.4
DINT Davis Select International ETF 18.1 68 2 5.9 +1.0
CXSE WisdomTree China ex-State-Owned Enterprises Fund 17.4 32 38 6.4 +1.5
KALL KraneShares FTSE Emerging Markets Plus ETF 16.6 49 21 7.8 +2.9
AADR AdvisorShares Dorsey Wright ADR ETF 15.9 110 -40 3.4 -1.6
PNQI Invesco NASDAQ Internet ETF 15.6 60 10 1.2 -3.7
PEK VanEck Vectors ChinaAMC CSI 300 ETF 15.4 60 10 4.8 -0.1
BKF iShares MSCI BRIC ETF 15.3 69 1 7.3 +2.4
DWLD Davis Select Worldwide ETF 15.2 63 7 5.9 +1.0
ISEM Invesco Strategic Emerging Markets ETF 14.7 35 35 10.3 +5.4
CN Xtrackers MSCI All China Equity ETF 14.4 50 20 7.8 +2.9
GIGE SoFi Gig Economy ETF 14.3 59 11 -0.5 -5.4
SOCL Global X Social Media ETF 13.7 65 5 2.6 -2.3
XBUY Amplify International Online Retail ETF 13.5 69 1 0.6 -4.3
GMF SPDR S&P Emerging Asia Pacific ETF 13.3 49 21 6.9 +2.0
CCON Direxion Connected Consumer ETF 13.1 45 25 1.5 -3.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 12.6 95 -25 8.3 +3.4
EEMA iShares MSCI Emerging Markets Asia ETF 12.6 50 20 7.3 +2.4
OGIG O'Shares Global Internet Giants ETF 12.5 48 22 0.7 -4.2
HERO Global X Video Games & Esports ETF 12.1 50 20 4.0 -0.9
SCHE Schwab Emerging Markets Equity ETF 12.1 11 59 7.6 +2.7
AAXJ iShares MSCI All Country Asia ex Japan ETF 12.1 68 2 6.7 +1.8
PBEE Invesco PureBeta FTSE Emerging Markets ETF 12.0 15 55 8.2 +3.3
FLAX Franklin FTSE Asia Ex Japan ETF 12.0 19 51 7.3 +2.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 11.9 30 40 7.3 +2.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 11.8 36 34 7.7 +2.8
EEM iShares MSCI Emerging Markets ETF 11.5 68 2 7.0 +2.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 11.5 65 5 6.9 +2.0
VWO Vanguard FTSE Emerging Markets ETF 11.4 10 60 7.7 +2.8
DVEM WisdomTree Emerging Markets Dividend Fund 11.4 32 38 7.1 +2.2
GENY Principal Millennials Index ETF 11.3 45 25 3.8 -1.1
EDUT Global X Education ETF 11.1 50 20 1.1 -3.8
SPEM SPDR Portfolio Emerging Markets ETF 11.0 11 59 7.4 +2.5
AVEM Avantis Emerging Markets Equity ETF 11.0 33 37 8.3 +3.4
IEMG iShares Core MSCI Emerging Markets ETF 10.7 13 57 7.5 +2.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 10.7 45 25 7.1 +2.2
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 10.5 25 45 3.4 -1.5
ESGE iShares ESG Aware MSCI EM ETF 10.4 25 45 8.1 +3.2
EMMF WisdomTree Emerging Markets Multifactor Fund 10.1 48 22 9.5 +4.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 9.7 40 30 6.9 +2.0
BUYZ Franklin Disruptive Commerce ETF 9.7 50 20 -0.3 -5.2
KESG KraneShares MSCI China ESG Leaders Index ETF 9.1 59 11 10.2 +5.3
BICK First Trust BICK Index Fund 9.1 64 6 4.4 -0.5
ESPO VanEck Vectors Video Gaming & eSports ETF 9.0 55 15 3.2 -1.8
XNTK SPDR NYSE Technology ETF 8.8 35 35 3.2 -1.7
JHEM John Hancock Multifactor Emerging Markets ETF 8.7 49 21 8.3 +3.4
PIE Invesco DWA Emerging Markets Momentum ETF 8.7 90 -20 4.9 0.0
XITK SPDR FactSet Innovative Technology ETF 8.6 45 25 0.5 -4.4
FDEM Fidelity Targeted Emerging Markets Factor ETF 8.1 45 25 8.3 +3.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 7.8 49 21 8.8 +3.9
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 7.6 45 25 8.8 +3.9
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 7.2 20 50 6.4 +1.5
NUEM Nuveen ESG Emerging Markets Equity ETF 6.8 45 25 6.4 +1.5
BOUT Innovator IBD Breakout Opportunities ETF 6.8 84 -14 2.6 -2.3
DUSA Davis Select U.S. Equity ETF 6.7 63 7 5.6 +0.7
IWFH iShares Virtual Work and Life Multisector ETF 6.5 47 23 0.9 -4.0
BLOK Amplify Transformational Data Sharing ETF 6.4 70 0 5.0 +0.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 6.3 32 38 5.8 +0.9
BLCN Reality Shares Nasdaq NextGen Economy ETF 6.1 68 2 5.3 +0.4
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund 6.1 60 10 3.5 -1.4
JIG JPMorgan International Growth ETF 5.9 55 15 2.7 -2.2
ARKQ Ark Industrial Innovation ETF 5.8 75 -5 0.3 -4.6
IRBO iShares Robotics & Artificial Intelligence ETF 5.8 47 23 2.4 -2.5
ARKF ARK Fintech Innovation ETF 5.7 75 -5 0.4 -4.5
KOMP SPDR Kensho New Economies Composite ETF 5.6 20 50 2.3 -2.6
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 5.5 59 11 4.0 -0.9
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 5.5 35 35 4.3 -0.6
FPXI First Trust International Equity Opportunities ETF 5.4 70 0 3.4 -1.5
IBUY Amplify Online Retail ETF 5.2 65 5 -0.4 -5.3
ECNS iShares MSCI China Small-Cap ETF 5.2 59 11 10.7 +5.8
LDEM iShares ESG MSCI EM Leaders ETF 5.1 16 54 7.5 +2.6
WUGI Esoterica NextG Economy ETF 5.1 75 -5 1.3 -3.6
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 5.1 25 45 7.7 +2.8
PXH Invesco FTSE RAFI Emerging Markets ETF 4.9 50 20 12.7 +7.8
BKEM BNY Mellon Emerging Markets Equity ETF 4.9 11 59 8.0 +3.1
RTH VanEck Vectors Retail ETF 4.9 35 35 5.2 +0.3
IFLY ETFMG Drone Economy Strategy ETF 4.9 68 2 2.4 -2.5
JOYY Infusive Compounding Global Equities ETF 4.9 50 20 3.6 -1.3
VPN Global X Data Center REITs & Digital Infrastructure ETF 4.8 50 20 4.9 -0.1
SRVR Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF 4.8 60 10 3.3 -1.6

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:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.2 %
Divided by: Fwd. P/BV 2.5 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.30 CATEGORY
AVERAGE
1.40
 
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.