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Sunday, August 23, 2026The Morning Brief →Sign in

Invesco Golden Dragon China ETF

$24.32+0.25% today
223552-WK

The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index is composed of securities of U.S. exchange-listed companies that are headquartered or incorporated in the People's Republic of China. The fund is non-diversified.

Price & daily flows
31.828.224.624.32DAILY NET FLOWAug 22Dec 19Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN · NET −$27M OVER THIS RANGE

The desk’s read

Money is leaving — −$2M walked out over the past month, about 1.8% of the fund's asset base, while the price has returned -19.1% so far this year. At 0.70% a year it is not the cheapest way in — FLOW runs the same ground at 0.25%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$92Massets under management
0.70%expense ratio · $70 per $10,000 a year
−$2Mnet flow, trailing month
21Kavg daily volume, 30 days
62holdings · US-domiciled
2004listed December 8, 2004 · beta 1.00
The book at a glance
YUMC+1.3%JD-0.1%BABA-8.6%NTES+7.0%BIDU+1.3%HTHT-0.8%BZ+1.1%VIPS+1.6%EDU+1.6%YMM+1.7%MAAS-0.0%NIO+2.2%TME-0.6%TAL-1.3%BEKE+4.5%ZTO-0.0%ATAT+1.5%GDS+0.0%LI+1.0%XPEV+1.6%BILI+2.4%WRDATHM+0.5%QFIN+1.1%RLX+0.0%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1YUMCYUM CHINA HOLDINGS9.43%$49.52+1.3%
2JDJD.COM8.35%$29.37-0.1%
3BABAALIBABA8.60%$119.34-8.6%
4NTESNETEASE6.26%$128.17+7.0%
5BIDUBAIDU5.56%$93.21+1.3%
6HTHTH WORLD GROUP4.47%$49.16-0.8%
7BZKANZHUN4.01%$15.95+1.1%
8VIPSVIPSHOP HOLDINGS3.86%$14.53+1.6%
9EDUNEW ORIENTAL EDUCATION & TECHNOLOGY GROUP3.73%$55.80+1.6%
10YMMFULL TRUCK ALLIANCE CO3.70%$8.77+1.7%
11MAASHIGHEST PERFORMANCES HOLDINGS INC3.66%$15.63-0.0%
12NIONIO3.31%$4.63+2.2%
13TMETENCENT MUSIC ENTERTAINMENT3.14%$8.80-0.6%
14TALTAL EDUCATION GROUP3.13%$11.32-1.3%
15BEKEKE HOLDINGS2.39%$17.75+4.5%

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Sector weights
Consumer Discretionary56%
Consumer Cyclical50.82%
Technology Services29.63%
Consumer Services21.91%
Communication Services21.46%
Retail Trade19.31%
Consumer Durables9.8%
Consumer Defensive7%
Technology6.91%
Information Technology6.44%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
China99.3%
Hong Kong30.42%
Singapore1.08%
United States0.7%
Canada0.63%
Indonesia0.11%
Other0.1%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week+0.1%
1 month+2.6%
3 months-3.3%
6 months-16.2%
YTD-19.1%
1 year-21.1%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month−$2M
3 months−$8M
YTD−$31M
1 year−$27M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
JunJulAugSepOctFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
23%realized volatility, 30 days (annualized)
25%realized volatility, 1 year
-36.5%deepest fall from a peak, 1 year
-29.6%where it sits vs. that peak today

The top holding is 9.4% of the book; the top ten carry 58%. Spread across 69+ names, it behaves like roughly 22 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
5calls today
2puts today
0.40put/call ratio
32Kshares traded
Most-traded holdings, options premiumBullishBearish
BABA ALIBABA$54M$77M
BIDU BAIDU$6M$7M
GDS GDS HOLDINGS$2M$5M
NIO NIO$2M$2M
BILI BILIBILI$2M$1M

TODAY’S OPTIONS PREMIUM IN THE FUND’S UNDERLYING NAMES

The case against PGJ

Due diligence cuts both ways. These funds sit on the same shelf and beat PGJ on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
IDEV iShares Core MSCI International Developed Markets ETF0.04%$32.7B+$104M-66bp on fee · 354× the assets · +$104M in over the monthHead-to-head
IEFA iShares Core MSCI EAFE ETF0.07%$193.2B+$631M-63bp on fee · 2090× the assets · +$631M in over the monthHead-to-head
IEMG iShares Core MSCI Emerging Markets ETF0.09%$160.6B+$1.9B-61bp on fee · 1738× the assets · +$1.9B in over the monthHead-to-head
IAGG iShares Core International Aggregate Bond ETF0.07%$11.4B+$739M-63bp on fee · 123× the assets · +$739M in over the monthHead-to-head
IXUS iShares Core MSCI Total International Stock ETF0.07%$46.2B-63bp on fee · 500× the assetsHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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