Invesco China Technology ETF

Invesco China Technology ETF (CQQQ) tracks the FTSE China Incl A 25% Technology Capped Index, which is made up of Chinese technology companies listed in Hong Kong, the US and mainland China. The fund is concentrated: as of July 31, 2026, its ten largest holdings made up about 58% of assets, led by Meituan, PDD Holdings, Tencent and Baidu. Its annual fee of 0.65% is above the 0.5% average for similar China funds.

• Over the year to Oct 27, 2026, CQQQ returned -30.4%, 6th of 7 among similar funds.
• Its 5-year annualized return was -10.0% and its 10-year +0.4%.
• In the 2020 COVID crash it fell 23.2% and regained its old high 2.5 months after the low.
• Its worst full calendar year was 2018 (-34.8%); its best was 2017 (+74.3%).
• The deepest fall in its price history was 74% (Feb 16, 2021 to Feb 2, 2024), not yet recovered.

As of Jul 31, 2026, the fund held 180 securities; the ten largest made up 57.81% of assets. It also reported 7.33% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors added a net $367.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.59%, +7.75%, -12.13%.

CQQQ seeks to track the FTSE China Incl A 25% Technology Capped Index, which FTSE International Limited builds and maintains. FTSE starts with two broader lists, the FTSE China Index and the FTSE China A Stock Connect CNH Index, and keeps the companies it classifies as technology. So the fund can hold Hong Kong-listed shares, ADRs (American depositary receipts, which are US-traded certificates for foreign shares) and mainland A-shares bought through Stock Connect, a trading link to the Shanghai and Shenzhen exchanges. As of December 31, 2025, the index had 157 companies worth $257.3 million to $702.6 billion each.

The index weights stocks by modified market capitalization. Bigger companies get bigger weights, adjusted under the index's rules, as the word "Capped" in its name suggests. Invesco uses full replication, meaning it holds essentially every index stock at its index weight, and it keeps at least 90% of assets in index securities. The fund is non-diversified, so a few names can dominate. As of July 31, 2026, the top 10 positions were 57.8% of assets.

The fund trades only when the index changes, even if a stock is lagging. Stock Connect trades face daily quotas and price limits. The fund used no leverage or derivatives. Its 7.3% cash position appears to be mostly collateral from lending out shares.

• CQQQ charges 0.65% a year, versus an average of 0.5% for the similar funds below (6th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).

It is a concentrated, volatile bet on one country's technology sector, so it fits better as a small add-on than as a foundation.

CQQQ adds exposure to Chinese internet, e-commerce and chip companies, but the ride has been rough. In the 2020 COVID crash it fell 23.2% and recovered by June 3, 2020. In the 2022 bear market it dropped 45.8%. From its February 16, 2021 peak it lost 74% by February 2, 2024, and it had not fully recovered as of October 27, 2026. Its worst calendar year in the prospectus was 2018, at -34.21%. It launched in December 2009, so it has no 2008 record. Anyone who must cash out in a year like that would lock in deep losses. The trailing yield was 2.86% as of October 27, 2026, paid once a year. Costs run 0.65%, or $66 in year one on $10,000 under the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.