ETF Research Center

GBLD is a market-cap-weighted index of global companies focused on the sustainability of the worlds green building ecosystem.

FUND BASICS
Category	Global Equities
Fund Sponsor	Invesco
Website	www.invesco.com
Inception date	Apr 22, 2021
Assets (mns)	$5
Currency	USD
Expense ratio	39 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	Yes
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	90
Wgt avg mkt cap (mns)	$5,958
Large cap (>$10bn)	24.1%
Mid cap ($2-10bn)	58.5%
Small cap (<$2bn)	17.4%
Developed mkts	95.0%
Emerging mkts	5.1%

TOP TEN HOLDINGS
Total	33.1 %
SWISS PRIME SITE-REG	4.4 %
ALEXANDRIA REAL ESTATE EQUIT	4.2 %
BOSTON PROPERTIES INC	3.8 %
CAPITAMALL TRUST	3.7 %
UNIBAIL-RODAMCO-WESTFIELD STAPLED	3.7 %
KLEPIERRE	3.1 %
ASCENDAS REAL ESTATE INV TRT	2.9 %
NIPPON BUILDING FUND INC	2.6 %
VICINITY CENTRES	2.3 %
VORNADO REALTY TRUST	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	23.9 %
	JAPAN	23.5 %
	SINGAPORE	10.8 %
	FRANCE	7.1 %
	SWITZERLAND	4.4 %
	NETHERLANDS	4.0 %
	BRITAIN	3.9 %
	HONG KONG	3.5 %
	SPAIN	2.9 %
	MEXICO	2.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
7.7%	5.4%	--	--	-5.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	47%
MSCI EAFE	0.97	66%
MSCI Emg. Mkts.	0.85	50%

Technical Indicators
Recent close	$17.42
30d moving avg.	$17.15
Annualized volatility	20.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.49%
ADV underlying (mns)	$912

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 11 potential alternatives to the Invesco MSCI Green Building ETF ETF based on the alternatives' overlap in portfolio holdings with GBLD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GBLD

Expense:

39 bp

ALTAR Score™:

9.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GBLD
Ticker	Fund Name	Overlap¹ vs GBLD (%)	Expense ratio (bp)	Savings vs GBLD (bp)	ALTAR Score™ (%)	ALTAR vs GBLD (%)
ISVL	iShares International Developed Small Cap Value Factor ETF	1.3	30	9	8.8	-0.9
DDLS	WisdomTree Dynamic Currency Hedged International SmallCap Eq	1.0	48	-9	8.6	-1.1
FTHI	First Trust BuyWrite Income ETF	1.0	75	-36	4.5	-5.2
SFLR	Innovator Equity Managed Floor ETF	0.1	89	-50	3.9	-5.8
EFIV	SPDR S&P 500 ESG ETF	0.1	10	29	5.3	-4.4
XRMI	Global X S&P 500 Risk Managed Income ETF	0.1	60	-21	4.7	-4.9
XTR	Global X S&P 500 Tail Risk ETF	0.1	26	13	4.9	-4.8
PBP	Invesco S&P 500 BuyWrite ETF	0.0	49	-10	4.8	-4.9
XCLR	Global X S&P 500 Collar 95-110 ETF	0.0	25	14	5.0	-4.7
XYLD	Global X S&P 500 Covered Call ETF	0.0	60	-21	4.7	-5.0
XYLG	Global X S&P 500 Covered Call & Growth ETF	0.0	60	-21	4.6	-5.1

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Invesco MSCI Green Building ETF
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	9.2	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	9.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	CATEGORY AVERAGE	1.57

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.