ETF Research Center

Invesco Global Clean Energy Portfolio seeks to track the investment performance of the WilderHill New Energy Global Innovation Index, a modified equal-weighted index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Jun 13, 2007
Assets (mns)	$69
Currency	USD
Expense ratio	75 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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	92
Wgt avg mkt cap (mns)	$5,077
Large cap (>$10bn)	14.5%
Mid cap ($2-10bn)	26.9%
Small cap (<$2bn)	57.5%
Developed mkts	77.4%
Emerging mkts	22.6%

TOP TEN HOLDINGS
Total	14.5 %
TESLA MOTORS INC	1.8 %
BLOOM ENERGY CORPORATION CLASS A	1.5 %
BALLARD POWER SYSTEMS INC	1.5 %
ENPHASE ENERGY INC	1.4 %
NIO INC. SPONSORED ADR CLASS A	1.4 %
SAMSUNG SDI CO LTD	1.4 %
SUNRUN INC.	1.4 %
VIVINT SOLAR INC	1.4 %
PLUG POWER INC	1.3 %
DAQO NEW ENERGY CORP. SPONSORED AD	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	23.9 %
	CHINA	7.9 %
	CANADA	7.1 %
	TAIWAN	4.9 %
	SPAIN	4.5 %
	DENMARK	3.1 %
	BRITAIN	3.0 %
	SWITZERLAND	3.0 %
	NEW ZEALAND	2.9 %
	GERMANY	2.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.2%	28.6%	7.4%	1.4%	-3.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	64%
MSCI EAFE	1.16	63%
MSCI Emg. Mkts.	0.86	61%

Technical Indicators
Recent close	$16.32
30d moving avg.	$15.29
Annualized volatility	16.0%
Short interest (ETF)	2.1%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	32
Turnover	0.8%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$13,988

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PBD

Expense:

75 bp

ALTAR Score™:

0.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PBD
Ticker	Fund Name	Overlap¹ vs PBD (%)	Expense ratio (bp)	Savings vs PBD (bp)	ALTAR Score™ (%)	ALTAR vs PBD (%)
PBW	Invesco WilderHill Clean Energy	31.3	70	5	-0.7	-1.1
ICLN	iShares S&P Global Clean Energy	27.8	46	29	3.2	+2.8
QCLN	First Trust NASDAQ Clean Edge Green Energy	24.9	60	15	1.3	+0.9
ACES	ALPS Clean Energy	23.3	65	10	0.7	+0.3
TAN	Invesco Global Solar Energy	19.9	70	5	1.2	+0.8
XKCP	SPDR Kensho Clean Power	18.5	45	30	-7.6	-8.0
GEX	VanEck Vectors Global Alternative Energy	17.7	63	12	3.4	+3.1
YLCO	Global X YieldCo & Renewable Energy Income	16.5	65	10	4.0	+3.6
PZD	Invesco Cleantech	15.2	68	7	4.2	+3.9
FAN	First Trust Global Wind	10.4	60	15	5.0	+4.6
KARS	KraneShares Electric Vehicles & Future Mobility Index	9.0	70	5	5.1	+4.7
SDG	iShares MSCI Global Impact	8.9	49	26	4.9	+4.6
GMAN	Goldman Sachs Motif Manufacturing Revolution	8.1	50	25	4.3	+3.9
KOMP	SPDR Kensho New Economies Composite	8.0	20	55	2.0	+1.6
KGRN	KraneShares MSCI China Environment Index	7.7	80	-5	7.3	+6.9
GRID	First Trust NASDAQ Clean Edge Smart Grid Infrastructure	7.6	70	5	4.4	+4.0
SDGA	Impact Shares Sustainable Development Goals Global	6.9	75	0	5.0	+4.6
WOMN	Impact Shares YWCA Women's Empowerment	6.6	75	0	4.8	+4.4
DTEC	ALPS Disruptive Technologies	6.6	50	25	3.2	+2.9
NACP	Impact Shares NAACP Minority Empowerment	6.3	75	0	4.9	+4.5

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Invesco Gbl Clean Energy
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	2.3	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	0.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.