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)	$6
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	88
Wgt avg mkt cap (mns)	$6,919
Large cap (>$10bn)	21.9%
Mid cap ($2-10bn)	64.1%
Small cap (<$2bn)	14.0%
Developed mkts	99.3%
Emerging mkts	0.7%

TOP TEN HOLDINGS
Total	39.6 %
ALEXANDRIA REAL ESTATE EQUIT	7.8 %
DAIWA HOUSE INDUSTRY CO LTD	6.6 %
BERKELEY GROUP HOLDINGS PLC	4.6 %
UNIBAIL-RODAMCO-WESTFIELD STAPLED	3.9 %
BOSTON PROPERTIES INC	3.7 %
CAPITAMALL TRUST	3.0 %
ASCENDAS REAL ESTATE INV TRT	2.9 %
NIPPON BUILDING FUND INC	2.5 %
KLEPIERRE	2.3 %
LAND SECURITIES GROUP PLC	2.3 %

TOP COUNTRY EXPOSURE
	JAPAN	31.2 %
	UNITED STATES	27.7 %
	SINGAPORE	10.9 %
	FRANCE	6.2 %
	NETHERLANDS	4.1 %
	BRITAIN	3.9 %
	HONG KONG	3.0 %
	AUSTRALIA	2.4 %
	SPAIN	2.4 %
	SWEDEN	1.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.9%	7.9%	--	--	-8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	59%
MSCI EAFE	1.01	77%
MSCI Emg. Mkts.	0.82	55%

Technical Indicators
Recent close	$16.06
30d moving avg.	$16.40
Annualized volatility	19.9%
Short interest (ETF)	0.1%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.49%
ADV underlying (mns)	$1,000

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 12 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™:

8.3%

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 (%)
FTHI	First Trust BuyWrite Income ETF	1.4	75	-36	5.4	-2.8
RYLD	Global X Russell 2000 Covered Call ETF	0.8	60	-21	3.3	-5.0
DDLS	WisdomTree Dynamic Currency Hedged International SmallCap Eq	0.8	48	-9	8.8	+0.6
ISVL	iShares International Developed Small Cap Value Factor ETF	0.4	30	9	7.4	-0.9
EFIV	SPDR S&P 500 ESG ETF	0.1	10	29	5.2	-3.0
XYLE	Global X S&P 500 ESG Covered Call ETF	0.1	60	-21	4.9	-3.4
XYLD	Global X S&P 500 Covered Call ETF	0.1	60	-21	4.7	-3.6
XRMI	Global X S&P 500 Risk Managed Income ETF	0.1	60	-21	4.7	-3.6
XYLG	Global X S&P 500 Covered Call & Growth ETF	0.1	60	-21	4.7	-3.6
PBP	Invesco S&P 500 BuyWrite ETF	0.1	49	-10	4.8	-3.5
XTR	Global X S&P 500 Tail Risk ETF	0.1	26	13	5.1	-3.1
XCLR	Global X S&P 500 Collar 95-110 ETF	0.0	25	14	5.1	-3.1

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
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	6.9	%
Divided by: Fwd. P/BV	0.8	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	8.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	CATEGORY AVERAGE	1.50

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.