Invesco Golden Dragon China ETF
ALTAR
Score™
3.3% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
28.3x P/Sales
ratio
1.2x
P/BV
ratio
3.2x 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) $188
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 63
Wgt avg mkt cap (mns) $96,362
Large cap (>$10bn) 78.8%
Mid cap ($2-10bn) 15.3%
Small cap (<$2bn) 4.3%
Developed mkts 18.7%
Emerging mkts 81.3%

TOP TEN HOLDINGS
JD.COM INC-ADR 9.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR 8.7 %
TAL EDUCATION GROUP UNSPONSORED AD 8.7 %
NETEASE.COM INC-ADR 8.1 %
BAIDU INC - SPON ADR 7.7 %
NEW ORIENTAL EDUCATIO-SP ADR 4.2 %
PINDUODUO, INC. SPONSORED ADR CLAS 4.0 %
CTRIP.COM INTERNATIONAL-ADR 3.6 %
GDS HOLDINGS LTD. SPONSORED ADR CL 3.5 %
BILIBILI, INC. SPONSORED ADR CLASS 3.2 %
Total 60.7 %

TOP COUNTRY EXPOSURE
CHINA 95.8 %
HONG KONG 2.3 %
CANADA 0.8 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
29.4% 46.9% 16.6% 10.0% 9.9%

Market Correlations
versus... Beta R-squared
S&P500 0.96 46%
MSCI EAFE 1.06 47%
MSCI Emg. Mkts. 0.90 53%

Technical Indicators
Recent close $52.30
30d moving avg. $52.76
Annualized volatility 24.9%
Short interest (ETF) 0.8%
Short interest (Underlying) 3.8%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 20
Turnover 0.6%
Bid/Ask (% of price) 0.56%
ADV underlying (mns) $1,375

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 3.3%


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 55.8 76 -6 2.0 -1.4
FNI First Trust Chindia ETF 49.4 60 10 2.6 -0.8
CHIQ Global X China Consumer ETF 39.0 65 5 7.4 +4.0
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 34.3 86 -16 2.3 -1.1
CHIC Global X Nasdaq China Technology ETF 31.0 66 4 4.1 +0.8
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 30.3 18 52 5.4 +2.1
TTTN UP Fintech China-U.S. Internet Titans ETF 30.3 59 11 4.2 +0.9
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 28.9 60 10 4.4 +1.1
CQQQ Invesco China Technology ETF 28.3 70 0 4.0 +0.7
CXSE WisdomTree China ex-State-Owned Enterprises Fund 26.9 32 38 6.0 +2.7
EBIZ Global X E-Commerce ETF 26.3 50 20 2.8 -0.6
ECON Columbia Emerging Markets Consumer ETF 26.3 59 11 4.5 +1.2
FDNI First Trust Dow Jones International Internet ETF 25.7 65 5 2.2 -1.1
CHIL Global X MSCI China Large-Cap 50 ETF 24.8 29 41 7.9 +4.6
DINT Davis Select International ETF 22.2 68 2 5.9 +2.6
MCHI iShares MSCI China ETF 19.6 59 11 7.9 +4.6
FLCH Franklin FTSE China ETF 19.5 19 51 8.4 +5.1
GXC SPDR S&P China ETF 19.3 59 11 8.2 +4.8
DWLD Davis Select Worldwide ETF 18.7 63 7 6.6 +3.3
KALL KraneShares FTSE Emerging Markets Plus ETF 18.5 49 21 8.2 +4.8
GIGE SoFi Gig Economy ETF 17.6 59 11 -0.7 -4.0
PNQI Invesco NASDAQ Internet ETF 17.5 60 10 1.1 -2.3
BKF iShares MSCI BRIC ETF 17.4 69 1 7.6 +4.2
CN Xtrackers MSCI All China Equity ETF 15.9 50 20 8.2 +4.8
GBUY Goldman Sachs Motif New Age Consumer ETF 15.8 50 20 1.8 -1.5
PEK VanEck Vectors ChinaAMC CSI 300 ETF 14.9 60 10 7.2 +3.9
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 14.9 32 38 5.9 +2.6
ISEM Invesco Strategic Emerging Markets ETF 14.6 35 35 10.7 +7.3
EEMA iShares MSCI Emerging Markets Asia ETF 14.5 50 20 7.6 +4.3
XBUY Amplify International Online Retail ETF 14.4 69 1 -0.5 -3.8
GMF SPDR S&P Emerging Asia Pacific ETF 14.4 49 21 7.4 +4.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 13.9 95 -25 8.0 +4.7
AAXJ iShares MSCI All Country Asia ex Japan ETF 13.8 68 2 7.1 +3.7
CCON Direxion Connected Consumer ETF 13.7 45 25 1.4 -1.9
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 13.6 30 40 7.8 +4.4
PBEE Invesco PureBeta FTSE Emerging Markets ETF 13.4 15 55 8.7 +5.3
SCHE Schwab Emerging Markets Equity ETF 13.4 11 59 8.0 +4.6
FLAX Franklin FTSE Asia Ex Japan ETF 13.0 19 51 7.7 +4.4
DVEM WisdomTree Emerging Markets Dividend Fund 13.0 32 38 7.3 +4.0
EDUT Global X Education ETF 12.8 50 20 1.2 -2.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 12.8 36 34 7.4 +4.0
OGIG O'Shares Global Internet Giants ETF 12.8 48 22 0.8 -2.5
SOCL Global X Social Media ETF 12.5 65 5 1.9 -1.5
EEM iShares MSCI Emerging Markets ETF 12.3 68 2 7.4 +4.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 12.3 65 5 7.5 +4.2
VWO Vanguard FTSE Emerging Markets ETF 12.1 10 60 8.1 +4.7
AADR AdvisorShares Dorsey Wright ADR ETF 12.1 110 -40 2.9 -0.5
ESGE iShares ESG MSCI EM ETF 11.4 25 45 8.7 +5.3
GENY Principal Millennials Index ETF 11.3 45 25 4.2 +0.9
HERO Global X Video Games & Esports ETF 11.3 50 20 2.9 -0.4
IEMG iShares Core MSCI Emerging Markets ETF 11.2 13 57 7.9 +4.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 11.2 40 30 7.3 +4.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 10.9 45 25 7.5 +4.2
SPEM SPDR Portfolio Emerging Markets ETF 10.8 11 59 8.0 +4.6
AVEM Avantis Emerging Markets Equity ETF 10.4 33 37 8.9 +5.5
EMMF WisdomTree Emerging Markets Multifactor Fund 10.3 48 22 9.6 +6.3
BUYZ Franklin Disruptive Commerce ETF 10.1 50 20 -0.1 -3.5
XITK SPDR FactSet Innovative Technology ETF 10.0 45 25 0.5 -2.9
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 9.6 25 45 1.9 -1.5
EEMO Invesco S&P Emerging Markets Momentum ETF 9.1 29 41 6.4 +3.0
XNTK SPDR NYSE Technology ETF 9.0 35 35 4.1 +0.7
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 9.0 20 50 6.8 +3.5
NUEM Nuveen ESG Emerging Markets Equity ETF 8.7 45 25 6.9 +3.6
JHEM John Hancock Multifactor Emerging Markets ETF 8.7 49 21 8.6 +5.2
FPXI First Trust International Equity Opportunities ETF 8.6 70 0 3.3 -0.1
FDEM Fidelity Targeted Emerging Markets Factor ETF 8.3 45 25 8.6 +5.2
BICK First Trust BICK Index Fund 7.9 64 6 4.4 +1.1
ESPO VanEck Vectors Video Gaming & eSports ETF 7.8 55 15 2.7 -0.6
BLOK Amplify Transformational Data Sharing ETF 7.6 70 0 4.4 +1.1
PIE Invesco DWA Emerging Markets Momentum ETF 7.5 90 -20 5.0 +1.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 7.4 49 21 7.9 +4.5
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 7.3 45 25 9.0 +5.6
DUSA Davis Select U.S. Equity ETF 7.1 63 7 6.0 +2.7
IBUY Amplify Online Retail ETF 6.6 65 5 -1.2 -4.6
GDAT Goldman Sachs Motif Data-Driven World Etf 6.4 50 20 5.3 +1.9
BLCN Reality Shares Nasdaq NextGen Economy ETF 6.2 68 2 3.7 +0.4
IRBO iShares Robotics & Artificial Intelligence ETF 6.2 47 23 2.8 -0.6
LEGR First Trust Index Digital Transaction & Process Technology E 5.6 65 5 7.0 +3.7
ARKQ Ark Industrial Innovation ETF 5.5 75 -5 1.1 -2.3
ARKF ARK Fintech Innovation ETF 5.5 75 -5 0.7 -2.6
JOYY Infusive Compounding Global Equities ETF 5.4 50 20 6.1 +2.8
KOMP SPDR Kensho New Economies Composite ETF 5.2 20 50 2.5 -0.8
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 5.1 59 11 4.3 +0.9
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 5.1 35 35 4.5 +1.2
QTEC First Trust NASDAQ-100 Technology Sector Index Fund 5.0 57 13 5.4 +2.1
RTH VanEck Vectors Retail ETF 5.0 35 35 5.0 +1.7
PXH Invesco FTSE RAFI Emerging Markets ETF 5.0 50 20 13.6 +10.3
LOUP Innovator Loup Frontier Tech ETF 4.9 70 0 3.8 +0.5
WUGI Esoterica NextG Economy ETF 4.9 75 -5 1.6 -1.7
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 4.9 25 45 7.9 +4.6
SKYY First Trust Cloud Computing ETF 4.8 60 10 2.3 -1.1
THNQ ROBO Global Artificial Intelligence ETF 4.8 68 2 1.6 -1.7
BKEM BNY Mellon Emerging Markets Equity ETF 4.7 11 59 8.4 +5.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 4.5 16 54 6.8 +3.5
GVIP Goldman Sachs Hedge Industry VIP ETF 4.4 45 25 4.0 +0.7
GAMR ETFMG Video Game Tech ETF 4.3 75 -5 2.3 -1.0
CHII Global X China Industrials ETF 4.3 66 4 11.8 +8.5
VSGX Vanguard ESG International Stock ETF 4.3 17 53 7.0 +3.7
SRVR Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF 4.2 60 10 2.5 -0.9

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 11.5 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 3.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.30 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.