ETF Research Center

Invesco KBW Bank Portfolio is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that generally correspond (before fees and expenses) to the price and yield of the KBW Bank Index (the "Underlying Index"). The Fund will normally invest at least 90% of its total assets in securities that comprise the Underlying Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Nov 01, 2011
Assets (mns)	$571
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	24
Wgt avg mkt cap (mns)	$134,599
Large cap (>$10bn)	96.5%
Mid cap ($2-10bn)	3.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	60.3 %
CITIGROUP INC	8.6 %
JPMORGAN CHASE & CO	8.3 %
BANK OF AMERICA CORP	8.3 %
US BANCORP	7.3 %
WELLS FARGO & CO	7.2 %
STATE STREET CORP	4.4 %
CAPITAL ONE FINANCIAL CORP	4.1 %
FIRST REPUBLIC BANK/CA	4.1 %
BB&T CORP	4.1 %
NORTHERN TRUST CORP	4.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	100.0 %

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.
35.9%	35.9%	10.9%	--	16.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.43	69%
MSCI EAFE	1.29	46%
MSCI Emg. Mkts.	0.87	36%

Technical Indicators
Recent close	$56.56
30d moving avg.	$57.80
Annualized volatility	20.8%
Short interest (ETF)	2.0%
Short interest (Underlying)	2.3%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	159
Turnover	1.6%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$4,397

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

KBWB

Expense:

35 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH KBWB
Ticker	Fund Name	Overlap¹ vs KBWB (%)	Expense ratio (bp)	Savings vs KBWB (bp)	ALTAR Score™ (%)	ALTAR vs KBWB (%)
FTXO	First Trust Nasdaq Bank	69.7	60	-25	7.7	+0.2
IAT	iShares DJ US Regional Banks	46.5	42	-7	7.4	-0.1
IYG	iShares DJ US Financial Services	42.8	42	-7	6.1	-1.5
XLF	Financials Select Sector SPDR	42.0	13	22	6.7	-0.8
RWW	Invesco S&P Financials Revenue	38.2	45	-10	7.0	-0.6
DFNL	Davis Select Financial	37.3	64	-29	6.6	-1.0
FNCL	Fidelity MSCI Financials	37.2	8	27	7.1	-0.4
VFH	Vanguard Financials	36.6	10	25	7.1	-0.4
KBE	KBW Bank ETF	36.5	35	0	8.1	+0.6
KRE	SPDR KBW Regional Banking	34.6	35	0	8.0	+0.5
RYF	Invesco S&P Equal Weight Financials	32.3	40	-5	7.0	-0.5
IEFN	iShares Evolved U.S. Financials	31.9	18	17	7.1	-0.4
JHMF	John Hancock Multifactor Financials	30.5	40	-5	6.3	-1.2
IYF	iShares DJ US Financials	26.9	42	-7	5.8	-1.7
IXG	iShares S&P Global Financial Sector	22.5	46	-11	8.1	+0.6
DUSA	Davis Select U.S. Equity	21.5	63	-28	5.1	-2.4
SPVU	Invesco S&P 500 Value	21.4	13	22	10.2	+2.7
CLRG	IQ Chaikin U.S. Large Cap	20.2	25	10	7.7	+0.2
UTRN	Vesper U.S. Large Cap Short-Term Reversal Strategy	20.0	75	-40	7.2	-0.4
PWV	Invesco Dynamic Large Cap Value	16.8	55	-20	8.1	+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 KBW Bank Portfolio
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.1	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	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.