The Powershares QQQ Trust Series 1 ETF tracks the NASDAQ-100 Index and holds the largest non-financial stocks listed on the NASDAQ. Over 37% of its holdings are in technology companies, while communications and consumer non-cyclical sectors each make up around 19% of the fund. It has a low expense ratio of 0.2% and trades with minimal bid-ask spreads, making it a cost-effective way to gain exposure to large-cap US growth stocks, particularly in the technology sector. Analysis of the fund's performance indicates it may outperform in the current economic environment and time of year.
1. INVESCO POWERSHARES QQQ TRUST
SERIES 1
POWERSHARES QQQ TRUST SERIES 1 IS AN EXCHANGE-TRADED FUND
INCORPORATED INTHE USA. THE ETF TRACKS THE PERFORMANCE OF
THE NASDAQ 100 INDEX. THE ETF HOLDS LARGE CAP U.S. STOCKS. ITS
INVESTMENTS EXCLUDE THE FINANCIAL SECTOR AND THEREFORE, TEND
TO BE FOCUSED ON THE TECHNOLOGY AND CONSUMER SECTOR. THE
ETF WEIGHTS THE HOLDINGS USING A MARKET CAPITALIZATION
METHODOLOGY.
NOVEMBER 12, 2015
ISIN:US73935A1043
SEDOL: 2402433
CUSIP: 73935A104
Group 18: Andy Voong, Mengyuan Tang and Hossein Goudarzi
QUEEN MARY UNIVERSITY OF LONDON
MileEnd Road, London, E1 4NS
2. 1
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0 10 20 30 40
Communications
Consumer, Cyclical
Consumer, Non-cyclical
Industrial
Technology
MARK E T B RE AK D OW N
0 20 40 60 80 100
US
China
UK
Singapore
Netherlands
Israel
Switzerland
G EOG RAPHICAL BREAKDOW N
Net of Fees Benchmark
Tracking
Error
Correlation Beta R2
3 months 1.4% 1.1% 0.8% 1.00 - -
1 year 13.0% 11.8% 0.7% 1.00 1.00 1.00
3 years 22.0% 20.6% 0.7% 1.00 0.99 1.00
5 years 18.1% 17.0% 0.7% 1.00 0.99 1.00
Inception 5.5% 5.1% 5.7% 0.97 0.96 0.95
Volatility 360D 14.07 16.48 - - - -
Clear Investment
Strategy
Actively Managed N
Replication Strategy Full
Leverage N
Securities Lending N
Proven 3rd Party
Index used as
Benchmark
NASDAQ 100 TOTAL
RETURN
Benchmark Ticker: XNDX Index
The NASDAQ-100 Index is a modified
capitalization-weighted index of the 100
largest and most active non-financial
domestic and international issueslisted on
the NASDAQ.
Sub-Fund Facts
Market price ($) 110.05
Sub-Fund AUM
($Billion)
42.35
Inception Date: 10/03/1999
Min. Investment: 0
Turnover: (%) 15
Average Bid Ask
Spread (%)
0.01
Expenses (%)
TER (%) 0.20
Investment Type Growth, Large-Cap
Fundamentals
Dividend 12 month
Yield (%)
1.02
Number of Holdings 109
Dividend Net 3yr
Growth Rate
23.05
P/B ratio 4.89
Outstanding Shares
(mln)
374.3
Sharpe ratio 1yr 0.76
P/E ratio 20.95
Average Volume 30d
(shares, mln)
31.9
Average Volume 3
Months (USD)
2,943,550,750.48
Implied Liquidity (mln) 13.412
Exchange Domicile
NASDAQ GM US
Bloomberg Currency
QQQ US equity USD
Outstanding Shares
(mln)
374.3
52 Week High 115.47
52 Week Low 84.74
10,000
20,000
30,000
40,000
50,000
50
100
150
200
250
Dec2005
Dec2006
Dec2007
Dec2008
Dec2009
Dec2010
Dec2011
Dec2012
Dec2013
Dec2014
AUM($mln)
EfficiencyAUM
QQQ US equity
NDX Index
POWERSHARES QQQ TRUST SERIES
3. 2
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Contents
POWERSHARES QQQ TRUST SERIES ............................................................................................... 1
Overview .....................................................................................................................................3
Industry Overview..................................................................................................................... 3
Advantages of an ETF................................................................................................................ 4
Powershares QQQ Trust Series 1...................................................................................................4
Comparative Analysis................................................................................................................ 5
Fundamental Analysis................................................................................................................... 7
Business Cycle Analysis.............................................................................................................. 7
Market Breakdown................................................................................................................... 8
Company breakdown................................................................................................................ 8
Geographical Breakdown ..........................................................................................................9
Seasonality Comparison............................................................................................................ 9
Risk Assessment......................................................................................................................... 10
Volatility................................................................................................................................. 10
Sector and Company Concentration......................................................................................... 10
Market Risk............................................................................................................................ 10
Macro Risk ............................................................................................................................. 10
Currency Risk.......................................................................................................................... 11
Technical Analysis....................................................................................................................... 12
Moving Averages.................................................................................................................... 12
Relative Strength Index........................................................................................................... 12
MACD .................................................................................................................................... 13
Bollinger Bands....................................................................................................................... 13
Monte Carlo Simulation .......................................................................................................... 14
Fibonacci Retracement............................................................................................................ 14
Recommendations:................................................................................................................. 15
Conclusion ................................................................................................................................. 15
Appendix.................................................................................................................................... 16
Table 1................................................................................................................................... 16
Table 2................................................................................................................................... 16
Table 3................................................................................................................................... 17
Profitability of Top 10 Companiesin Fund ................................................................................ 17
Descriptions ........................................................................................................................... 18
References................................................................................................................................. 19
Premium to NAV 0.03%
4. 3
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Overview
Industry Overview
In comparisontoMutual funds,the ETF industryisstill veryyoung.The firstETFwasintroducedin
1993. The US ETF marketleads the waywith1,411 differentfundsandnearly $2 trillionin assets
undermanagementatthe endof 2014 and accounts for around73% of the Global ETF assets.1
2
1 http://www.icifactbook.org/fb_ch3.html#what
2
ETFs have become verypopularoverthe past10 years.Thisisdue to the relative performance of
equity,bondandcommoditymarkets.GainsinmajorUS stockindexesanddeclininglongterm
interestrateshave made itrelativelyattractive forinvestorsto accessthese markets;whichincludes
buyingETFsthat primarilytrackswithan index.
0
0.5
1
1.5
2
2.5
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
US Net ETF Assets (USD, Trillions)
0 10 20 30 40 50 60 70 80
United States
Europe
Africa and Asia-Pacific
Other Americas
Global ETF Market Distribution (%)
5. 4
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Advantages of an ETF
- Diversification
- Relativelysimple methodtogain exposure todifferent markets3
- Cost effective forbuy-and-holdstrategies
- Recommendbuyingandholdingtoavoidlarge commissionfeesfrombrokers
- Usuallyhave nominimuminvestment
- Trade Flexibilitywhichisideal fornon-institutionalinvestors4
Powershares QQQ Trust Series 1
5
3 i.e. Instead of havingto investin many individual stocks in a country,you can purchasea fund that tracks an
underlyingindex to gain exposure to a foreign market. The Powershares QQQ Trust Series 1 ETF tracks closely
with the NASDAQ 100 Stock Index in the US. In fact, the benchmark index is the NASDAQ 100 Total Returns
Index.
4 http://www.investopedia.com/articles/mutualfund/05/etfindexfund.asp
5 Data acquired for the period 12/11/2000 to 12/11/2015.
0
5
10
15
20
25
30
35
40
45
50
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
FundTotalAssets(USD,Billions)
QQQ US Equity Asset UnderManagement
40
50
60
70
80
90
100
110
120
Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015
0
50
100
150
200
250
300
QQQUSEquityPrice
Volume(Millions,USD)
QQQ Equity Price and Volume
Volume (USD, millions)
QQQ US Equity
6. 5
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Comparative Analysis6
Ticker8
ETF Sharpe Ratio Benchmark Sharpe
Ratio
1 Year NAV Tracking Error
(%)
Average 0.75 0.77 0.12
QQQ 0.94 0.96 0.06
IBB 0.71 0.71 0.05
QQQE 0.58 0.62 0.26
QQXT 0.70 0.74 0.09
PNQI 1.27 1.28 0.10
QQEW 0.56 0.62 0.25
SPY 0.49 0.49 0.05
6 Tables in this section have been rounded to 2 decimal places.
7 Total Returns (%) figures are quoted as of 10/11/2015,2:14pm.
8 Comparableticker Descriptions Tablein the Appendix
Total Return (%)7
1m 3m YTD 1yr 3yr 5yr
Average 7.88 -0.33 8.2 10.98 23.15 18.49
XNDX 6.64 3.30 11.04 13.23 23.29 17.84
QQQ US 6.61 3.21 10.77 12.99 23.04 17.58
IBB US 7.14 -10.33 8.99 13.96 36.63 30.63
QQQE US 3.27 -1.03 2.63 6.23 21.88 -
QQXT US 2.01 -3.73 3.04 6.98 20.92 16.00
PNQI US 7.66 4.31 18.65 19.13 27.04 17.82
QQEW US 3.15 -1.16 2.24 5.79 21.54 14.57
SPY US 3.35 0.59 2.72 4.40 16.98 13.62
7. 6
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Ticker Expense Ratio (%)
Average Bid Ask
Spread (%) Premium (%)
52 Week Average
Premium (%)
Average 0.42 0.08 -0.01 0.00
QQQ 0.20 0.01 -0.03 0.00
IBB 0.48 0.10 -0.08 0.01
QQQE 0.35 0.06 -0.08 0.00
QQXT 0.60 0.20 0.02 0.04
PNQI 0.60 0.16 0.05 -0.03
QQEW 0.60 0.06 0.07 0.01
SPY 0.09 0.00 0.01 0.00
PowersharesQQQTrustSeries1 hasa low bidask spreadwhichgivingthe ETFadequate liquidity.
Thisis importantforus to be able to buyand sell atcertaintime periods.A Sharpe Ratioof 0.94 is
above the othercomparable ETFsindicatingQQQhas a good rewardto riskpremiumfor investors.
In addition,the ETFhas one of the lowestexpense ratiosincomparisontootherETFsthat are also
trackinglarge-cap,growthindexes.Thisstrongcomparative advantage willbe veryattractive for
QUMMIF and othernon-institutional investors.
8. 7
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Fundamental Analysis
Business Cycle Analysis
Technology,ConsumerGoodsandHealthcare sectorsare outperformingrightnow indicatingthat
we are inthe mid/late bullphase of the businesscycle. Infact,the Federal Reservehadannounced
that consumerborrowinghadincreasedby $29.8 billion10
inSeptemberindicatinganincrease in
domesticconsumptioninthe US;the biggestmonthlyjumpsince 1941. Asa result,if fundamentals
hold,QQQis likelytoperformwellsince approximately37% of the fundismade up of equityinthe
techsector.
9 Table quotes are from 12/11/2015,at 12.55pm. Data extrapolated from http://www.finviz.com/groups.ashx
10 http://www.nytimes.com/2015/11/07/business/economy/jobs-report-hiring-unemployment-
october.html?_r=0
Sector9
1 Day 1 Week 1 Month 3 Month 6 Month 1 Year YTD
Technology -0.3 -1.4 4.6 1.7 0.6 5.9 6.3
Healthcare -0.9 -2.8 2 -9.4 -7.3 4.2 2.9
ConsumerGoods -1 -2.8 1 -1.6 -4.4 3.2 2.9
Services -0.8 -1.8 3 -1.7 -2.9 3.7 0.4
Industrial Goods -1.2 -1.8 4 -0.7 -5.2 -0.4 -0.3
Financial -1.3 -1.6 2.9 -4.7 -6.1 -2 -3.2
Utilities -1.1 -2.9 -3.1 -5.1 -6.7 -6.5 -9.1
Conglomerates -2.3 -4.7 -2.6 -3.1 -12.9 -17.9 -16.3
Basic Materials -2 -5.9 -6.6 -9.3 -25.3 -27.8 -21.2
Stock Market
1. Technology++
2. ConsumerGoods +
3. Services+
4. Healthcare +
Trough
1
2, 3
Business Cycle
Peak
9. 8
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Market Breakdown
11
Company breakdown
11 Refer to table3 in Appendix.
Communications
34%
Consumer,Cyclical
9%
Consumer,Non-cyclical
19%
Industrial
1%
Technology
37%
QQQ US Equity Market Breakdown
12.86
8
5.524.62
4.38
4.04
3.01
2.97
2.71
2.45 TOP 10 HOLDINGS (%)
APPLE INC
MICROSOFT CORP
AMAZON.COM INC
ALPHABET INC-CL C
FACEBOOK INC-A
ALPHABET INC-CL A
INTEL CORP
GILEAD SCIENCES INC
CISCO SYSTEMS INC
COMCAST CORP-CLASS A
10. 9
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Geographical Breakdown12
Seasonality Comparison13
Accordingto the ETF’s average monthlyperformance,we wouldbe looking foranentryduringthe
November/Decemberperiod andexitduringthe peakoutperformancesinFebruaryorOctober.
12 Refer to Table1 in Appendix for exact figures of other regions.
13 The months November and December only have 4 data points.Graph was produced in November 2015.
Refer to Table2 in Appendix.
US
96%
QQQ US EQUITY GEOGRAPHICAL BREAKDOWN
US
China
UK
Singapore
Netherlands
Israel
Switzerland
-1
0
1
2
3
4
5
6
MONTHLY AVERAGE TOTAL RETURN (%)
QQQ US Equity Average Total
Return (%)
11. 10
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Risk Assessment
Volatility
QQQ USEquity
VOLATILITY_30D 14.76248153
VOLATILITY_60D 26.16066906
VOLATILITY_90D 22.82878523
VOLATILITY_360D 16.39171763
VOLATILITY MEAN 16.97030578
Sector and Company Concentration
Due to the highconcentrationof the ETF intechnology,communicationsandconsumernon-cyclical
sectorsthe ETF performance willbe closelyimpactedbythe performance inthese sectors.In
particular,the performance of Apple,Google,AmazonandMicrosoft overthe Christmasperiodwill
be important.
Market Risk
Macro Risk
QQQ US Equity
EQY_BETA 0.999006152
EQY_ALPHA -0.024428736
EQY_RAW_BETA 0.998509228
CORR_COEF 0.998719536
STDDEV_ERROR 0.093072757
BETA_T_TEST 199.3811356
R^2(CORRELATION^2) 0.997510154
NUMBER OF POINTS 104
STD ERROR OF BETA 0.005005361
Dates
Probability of
Move (%) 0-0.25 0.25-0.5 05-0.75 0.75-1
12/16/2015 68 32 68 - -
01/27/2016 71.2 28.8 64.4 6.8 -
03/16/2016 85 15 47.3 34.4 3.3
04/27/2016 87.7 12.3 41.5 36.8 8.9
06/15/2016 92.9 7.1 29.2 38.7 20.6
07/27/2016 94.4 5.6 24.4 36.7 24.6
09/21/2016 96.4 3.6 17.6 32.2 28.9
11/02/2016 97.3 2.7 14.1 28.6 29.7
12. 11
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Currency Risk
Riskalsocomesfrom the likelihoodof anincrease ininterestrate inthe US. All factorsbeingequal,if
interestratesincrease,thenthe USDislikelytoappreciate.The forwardspotratesgivesthe implied
future spotprice,showinganappreciationin USdollar.Soif we investbefore the Fedincreases
interestrates,we couldsee gainsfromthe currencyconversionbackintoGBP.
14 Spot Prices as of 13/11/2015,Time: 5:34pm
Currency
GBP/USD
Spot Price14
0.6577
1 Month 0.657844
3 Month 0.657697
6 Month 0.657465
1 year 0.656858
2 year 0.655008
13. 12
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Technical Analysis
Moving Averages
The Moving Averageshelpsustosubjectivelylookatmovementof QQQ’sprice withoutthe sharp
decline fromBlackMonday.It isclearthat 50-Day MA isbelow the 100-Day and 200-Day MA curves
indicatingabearishmarketinDecember.
Relative Strength Index
85
90
95
100
105
110
115
120
Nov
2014
Dec
2014
Jan
2015
Feb
2015
Mar
2015
Apr
2015
May
2015
Jun
2015
Jul
2015
Aug
2015
Sep
2015
Oct
2015
Nov
2015
MA
QQQ US Equity
20 Day
50 Day
100 Day
0
10
20
30
40
50
60
70
80
90
Nov
2014
Dec
2014
Jan
2015
Feb
2015
Mar
2015
Apr
2015
May
2015
Jun
2015
Jul
2015
Aug
2015
Sep
2015
Oct
2015
Nov
2015
RSI
QQQ US Equity RSI
QQQ US Equity Overbought Line
QQQ US Equity Oversold Line
14. 13
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MACD
Bollinger Bands15
The Relative StrengthIndexindicatesthatthe ETF hasbeenoverbought andsuggeststhatthe ETF is
currentlyexperiencing pull-back.The 50-daymovingaverage line isbelowthe 100-dayand 200-day
line whichalsoindicatespressure infavourof the sell-side.MACDisshowingmixedsignals.Onthe
one hand, the buy side lookslike itcouldbe losingmomentumandonthe other, itcouldcontinue to
trendup inthe short term.
15 Bollinger Bands drawn using20 day moving average, and 2 standard deviations aboveand below the moving
average.
-2.5
-2
-1.5
-1
-0.5
0
0.5
1
1.5
2
2.5
Nov
2014
Dec
2014
Jan
2015
Feb
2015
Mar
2015
Apr
2015
May
2015
Jun
2015
Jul
2015
Aug
2015
Sep
2015
Oct
2015
Nov
2015
MACD
QQQ US Equity MACD Difference
QQQ US Equity MACD
QQQ US Equity MACD Signal
85
90
95
100
105
110
115
120
Nov
2014
Dec
2014
Jan
2015
Feb
2015
Mar
2015
Apr
2015
May
2015
Jun
2015
Jul
2015
Aug
2015
Sep
2015
Oct
2015
Nov
2015
BollingerBands
20 Day Moving Average
Upper Bollinger
Lower Bollinger
QQQ US Equity
15. 14
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Monte Carlo Simulation
Usingthe Monte Carlo Simulationandapplyingthe GeometricBrownianMotion(havingthe average
and standarddeviationof the time seriespricesforthe lasttwoyears) we can see thatthere isa
verystronguptrend.A longstrategywill be veryideal giventhisbullmarket.
Fibonacci Retracement
Fibonacci Level Price Colour
100% 115.02 Red
76.40% 99.6824 Grey
61.80% 90.1938 Green
50% 82.525 LightBlue
38.20% 74.8562 Green
23.60% 65.3676 Grey
0% 50.03 Red
110
115
120
125
130
135
140
Oct 2015 Dec 2015 Jan 2016 Mar 2016 May 2016 Jun 2016 Aug 2016 Oct 2016 Nov 2016
Monte Carlo Simulation
40
50
60
70
80
90
100
110
120
Nov 2010 Nov 2011 Nov 2012 Nov 2013 Nov 2014 Nov 2015
FibbonacciRetracement
100%
76.4%
%61.8%
50%
38.2%
23.6%
0%
16. 15
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The BollingerBandsandthe 20-Day movingaverage are stronglytrendingupwardsindicatinga
strongbuy signal andan upwardtrendin the price of the ETF.
Recommendations:
52 WeekHigh:115.47
52 WeekLow:84.74
SupportLevel 1: 100.0026
SupportLevel 2: 99.6824
Resistance Level 1: 115.02
Resistance Level 2: 115.47
Target BuyPrice:between100 and 110
Target Sell Price:130
Conclusion
Strong Returns
Diversification
Low Expense
Ratio
Low Tracking
Error
17. 16
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Appendix
ETFs have become verypopularoverthe past10 years.Thisis due to the relative performance of
equity,bondandcommoditymarkets.GainsinmajorUS stockindexesanddeclininglongterm
interestrateshave made itrelativelyattractive forinvestorstoaccessthese markets;whichincludes
buyingETFsthat primarilytrackswithan index.
Table 1
Country Proportion (%)
US 95.87
China 1.48
UK 0.99
Singapore 0.63
Netherlands 0.49
Israel 0.28
Switzerland 0.13
Table 2
Month
Average Total
Return (%)
January 1.98
February 4.46
March 0.51
April 1.17
May 0.41
June -0.03
July 2.94
August -0.42
September -0.35
October 4.82
November* 1.68
December* -0.12
18. 17
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Table 3
Market Breakdown Proportion (%)
Communications 34.146394
Consumer,Cyclical 9.069215
Consumer,Non-cyclical 18.610342
Industrial 0.942575
Technology 37.099202
Profitability of Top 10 Companies in Fund
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015
Profit Margin
AAPL US Equity MSFT US Equity AMZN US Equity GOOG US Equity FB US Equity
GOOGLUS Equity INTC US Equity GILD US Equity CSCO US Equity CMCSA US Equity
19. 18
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Descriptions
Name Ticker
Benchmark
Index Ticker Description
Powershares QQQ
Trust Series 1 QQQ US XNDX
PowerShares QQQ™, formerly known as "QQQ" or the "NASDAQ- 100 Index
Tracking Stock®", is an exchange-tradedfundbasedon the Nasdaq-100 Index®. The
Fund will, under most circumstances, consist of all ofstocks inthe Index. The Index
includes 100 of the largest domestic andinternational nonfinancial companies
listed onthe NasdaqStockMarket basedon market capitalization. The Fund and
the Index are rebalanced quarterly and reconstituted annually.
iShares Nasdaq
Biotechnology IBB US XNBI
iShares NasdaqBiotechnologyETF is anexchange-tradedfundincorporated in the
USA. The Fund's objective s eeks investment results that correspond to the
performance of the NasdaqBiotechnology Index. The Fund will concentrate its
investments in companies primarilyengagedin using biomedical research for the
discovery or development of new treatments or cures for human disease.
Direxion NASDAQ-
100 Equal Weighted
Index Shares QQQE US NDXE
The Direxion NASDAQ-100® Equal WeightedIndex Shares seeks investment results,
before fees and expenses, that track the NASDAQ-100 Equal Weighted TR
Index. There is noguarantee the fundwill meet its stated investment objective.
First Trust NASDAQ-
100 Ex-Tech QQXT US NDXM
The First Trust NASDAQ-100 Ex-Technology Sector Index Fund is an exchange-
traded index fund. The objective of the Fund is to seek investment results that
correspond generallyto the price andyield(before the Fund's fees and expenses)
of an equity index called the NASDAQ-100 Ex-Tech Sector IndexSM
PowerShares
NASDAQ Internet
Portfolio PNQI US NETX
The PowerShares NASDAQ Internet Portfolio (Fund) is based on the NASDAQ
Internet Index® (Index). The Fund will normally invest at least 90% of its total
assets in common stocks that comprise the Index. The Index is designed to track
the performance of the largest andmost liquidUS-listed companies engaged in
internet-relatedbusinesses and that are listed on one of the major US stock
exchanges. The Underlying Index employs a modified market capitalization -
weighted methodology based on the market capitalization ranking of the
Underlying Index securities. The Fund and the Index are rebalanced and
reconstituted quarterly.
First Trust NASDAQ-
100 Equal Weighted
Index Fund QQEW US NDXE
The First Trust NASDAQ-100 Equal WeightedIndex Fund is an exchange-traded
index fund. The investment objective of the Fund is to replicate as closely as
possible, before fees andexpenses, the price andyieldof the NASDAQ-100 Equal
Weighted IndexSM
SPDR S&P 500 ETF
Trust SPY US SPXT
SPDR S&P500 ETF Trust is anexchange-tradedfundincorporated in the USA. The
ETF tracks the S&P500 Index. The Trust consists of a portfolio representing all 500
stocks inthe S&P500 Index. It holds predominantlylarge-cap U.S. stocks. This ETF
is structuredas a Unit Investment Trust andpays dividends on a quarterly basis.
The holdings are weighted by market capitalization.
20. 19
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Ticker Leverage
UK
Reporting
Status
UCITS
Complaint
Fund China QDII Fund ISIN SEDOL
QQQ US No No No No US73935A1043 2402433
IBB US No No No No US4642875565 2724892
QQQE US No No No No US25459Y2072 B7F2946
QQXT US No No No No US33733E4017 B1RMJQ4
PNQIUS No No No No US73935X1467 B39XXY5
QQEW US No No No No US3373441050 B13HML9
SPY US No - No No US78462F1030 2840215
References
http://www.icifactbook.org/fb_ch3.html#what
http://www.finviz.com/
http://www.nytimes.com/
*Unreferencedgraphsandtableshave beenimportedfromBloomberg,andcomputedthrough
excel.
Contributions:
Overview sectioncompletedby:AndyVoong
Fundamental Analysiscompletedby:AndyVoong
RiskAssessmentcompletedby:AndyVoongandMengyuanTang
Technical Analysiscompletedby:AndyVoong
PresentationproducedbyAndyVoong
ResearchTeam:AndyVoong,MengyuanTangand HosseinGoudarzi