ETF Research Center

Invesco Dynamic Large Cap Portfolio is an open-end fund incorporated in the USA. The Fund seeks investment results that correspond to the price and yield of the Dynamic Large Cap Intellidex, which weights companies by analyzing numerous unique financial characteristics from four broad financial perspectives: fundamental, valuation, timeliness and risk.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Dec 01, 2006
Assets (mns)	$66
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	102
Wgt avg mkt cap (mns)	$195,876
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.0 %
OCCIDENTAL PETROLEUM CORP	1.2 %
APPLE INC	1.1 %
ELI LILLY & CO	1.1 %
MORGAN STANLEY	1.1 %
FACEBOOK	1.1 %
NETFLIX INC	1.1 %
NVIDIA CORP	1.1 %
GOLDMAN SACHS GROUP INC	1.1 %
SOUTHERN CO	1.1 %
VISA INC-CLASS A SHARES	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	IRELAND	3.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
29.6%	29.6%	--	--	12.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	95%
MSCI EAFE	0.94	76%
MSCI Emg. Mkts.	0.62	57%

Technical Indicators
Recent close	$62.93
30d moving avg.	$61.74
Annualized volatility	11.9%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.3%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.1%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$79,899

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EQWL

Expense:

25 bp

ALTAR Score™:

6.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EQWL
Ticker	Fund Name	Overlap¹ vs EQWL (%)	Expense ratio (bp)	Savings vs EQWL (bp)	ALTAR Score™ (%)	ALTAR vs EQWL (%)
OEF	iShares S&P 100	65.4	20	5	5.1	-0.9
IWL	iShares Russell Top 200	56.8	15	10	5.3	-0.7
MGC	Vanguard Mega Cap 300 ETF	54.8	7	18	5.5	-0.5
DLN	WisdomTree Large Cap Dividend	51.7	28	-3	6.3	+0.3
PBP	Invesco S&P 500 Buy/Write	50.9	49	-24	5.2	-0.8
MGV	Vanguard Mega Cap 300 Value	50.8	7	18	6.8	+0.8
EPS	WisdomTree Earnings 500	50.7	8	17	6.5	+0.5
DIVB	iShares U.S. Dividend & Buyback	50.4	25	0	6.4	+0.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity	49.8	20	5	5.2	-0.8
SPY	S&P 500 SPDR	49.8	9	16	5.5	-0.5
IVV	iShares Core S&P 500	49.7	4	21	5.6	-0.4
HSPX	Global X S&P 500 Covered Call	49.7	65	-40	5.0	-1.0
VOO	Vanguard S&P 500 ETF	49.6	3	22	5.6	-0.4
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	49.2	19	6	5.3	-0.7
FNDX	Schwab Fundamental Large Cap	48.9	25	0	6.3	+0.3
VV	Vanguard Large-Cap ETF	48.7	4	21	5.5	-0.5
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	48.7	20	5	5.6	-0.5
SPXE	ProShares S&P 500 Ex-Energy	48.6	27	-2	5.5	-0.5
SPXN	ProShares S&P 500 Ex-Financials	48.4	27	-2	5.5	-0.5
IWX	iShares Russell Top 200 Value	48.2	20	5	6.6	+0.6

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

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

	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 Fundamental Pure Large Core
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.9	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	CATEGORY AVERAGE	1.55

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.