Invesco China Real Estate
ALTAR
Score™
13.5% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
7.4x P/Sales
ratio
1.0x
P/BV
ratio
0.7x Div.
yield
5.2%


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

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Guggenheim Funds Investment Advisors
Website guggenheiminvestments.com
Inception date Dec 18, 2007
Assets (mns) $50
Currency USD
Expense ratio 70 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 68
Wgt avg mkt cap (mns) $18,315
Large cap (>$10bn) 71.5%
Mid cap ($2-10bn) 23.1%
Small cap (<$2bn) 5.4%
Developed mkts 73.8%
Emerging mkts 26.2%

TOP TEN HOLDINGS
SUNAC CHINA HOLDINGS LTD 5.6 %
CHINA RESOURCES LAND LTD 5.5 %
COUNTRY GARDEN HOLDINGS CO 5.4 %
LINK REIT 4.9 %
SUN HUNG KAI PROPERTIES 4.8 %
CHINA OVERSEAS LAND & INVEST 4.7 %
CK ASSET HOLDINGS LIMITED 4.3 %
NEW WORLD DEVELOPMENT 4.2 %
HENDERSON LAND DEVELOPMENT 4.1 %
CHINA EVERGRANDE GROUP 3.8 %
Total 47.4 %

TOP COUNTRY EXPOSURE
HONG KONG 62.5 %
CHINA 31.4 %
BERMUDA 3.3 %
SINGAPORE 0.3 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
6.5% 15.9% 8.7% 6.8% 3.3%

Market Correlations
versus... Beta R-squared
S&P500 1.03 32%
MSCI EAFE 1.34 46%
MSCI Emg. Mkts. 1.29 71%

Technical Indicators
Recent close $25.60
30d moving avg. $25.91
Annualized volatility 21.8%
Short interest (ETF) 2.0%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 12
Turnover 0.6%
Bid/Ask (% of price) 0.44%
ADV underlying (mns) $608

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: TAO Expense: 70 bp ALTAR Score™: 13.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH TAO
Ticker Fund
Name
Overlap1
vs TAO
(%)
Expense
ratio
(bp)
Savings
vs TAO
(bp)
ALTAR
Score™
(%)
ALTAR
vs TAO
(%)
CHIR Global X MSCI China Real Estate 44.6 65 5 16.5 +3.0
DRW WisdomTree Global ex-US Real Estate 32.7 58 12 9.1 -4.5
FHK First Trust Hong Kong 24.2 80 -10 9.4 -4.1
EWH iShares MSCI Hong Kong 23.7 48 22 7.2 -6.3
FLHK Franklin FTSE Hong Kong 22.7 9 61 7.7 -5.9
VNQI Vanguard Global ex-US Real Estate 18.7 12 58 9.0 -4.6
ZHOK SPDR Solactive Hong Kong 18.0 14 56 7.1 -6.4
FPA First Trust Asia Pac Ex-Japan AlphaDEX 16.2 80 -10 8.9 -4.7
DBAP Xtrackers MSCI Asia Pacific Ex-Japan Hedged 14.5 10 60 7.9 -5.6
IFGL iShares FTSE EPRA/NARIET Developed REIT 13.9 48 22 6.7 -6.8
WPS iShares S&P Developed ex-US Property 13.1 48 22 7.0 -6.6
FCA First Trust China AlphaDEX 13.0 80 -10 12.5 -1.0
SCIX Global X Scientific Beta Asia ex-Japan 12.1 38 32 6.2 -7.3
2800-HK Tracker Fund of Hong Kong 12.0 9 61 9.7 -3.8
HAO Invesco China Small Cap ETF 11.7 75 -5 9.6 -4.0
GRI Cohen & Steers Global Realty 9.2 55 15 5.8 -7.7
FXI iShares China Large-Cap 8.9 74 -4 14.1 +0.6
GQRE FlexShares Global Quality Real Estate 8.8 45 25 6.5 -7.0
RWX SPDR DJ International REIT 8.0 59 11 5.9 -7.6
EPP iShares MSCI Pacific ex-Japan 7.2 48 22 6.4 -7.2

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Real Estate
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.7 %
Divided by: Fwd. P/BV 0.6 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 13.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.38 CATEGORY
AVERAGE
1.49
 
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.