ETF Research Center

The Invesco Dynamic Biotechnology & Genome Portfolio ETF tracks a tiered equal-weighted index of companies principally engaged in biotechnology and genetic engineering.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Jun 23, 2005
Assets (mns)	$225
Currency	USD
Expense ratio	57 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	BNY Mellon
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	30
Wgt avg mkt cap (mns)	$26,786
Large cap (>$10bn)	37.0%
Mid cap ($2-10bn)	40.7%
Small cap (<$2bn)	22.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	50.5 %
BIOGEN IDEC INC	6.3 %
VERTEX PHARMACEUTICALS INC	5.7 %
NEUROCRINE BIOSCIENCES INC	5.7 %
CELGENE CORP	5.6 %
AMGEN INC	5.2 %
INCYTE CORP	5.2 %
GILEAD SCIENCES INC	5.0 %
ALEXION PHARMACEUTICALS INC	4.7 %
ARROWHEAD PHARMACEUTICALS, INC.	3.6 %
EMERGENT BIOSOLUTIONS INC	3.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.4 %
	IRELAND	2.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
8.4%	-0.4%	0.9%	13.2%	9.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.33	54%
MSCI EAFE	0.99	25%
MSCI Emg. Mkts.	0.78	26%

Technical Indicators
Recent close	$52.99
30d moving avg.	$50.69
Annualized volatility	21.9%
Short interest (ETF)	0.0%
Short interest (Underlying)	8.4%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.2%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$3,171

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PBE

Expense:

57 bp

ALTAR Score™:

0.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PBE
Ticker	Fund Name	Overlap¹ vs PBE (%)	Expense ratio (bp)	Savings vs PBE (bp)	ALTAR Score™ (%)	ALTAR vs PBE (%)
BBP	BioShares Biotech Products	42.4	79	-22	-3.7	-3.8
BBH	VanEck Vectors Biotech	39.9	35	22	5.2	+5.2
IBB	iShares NASDAQ Biotechnology	39.1	47	10	1.2	+1.2
FBT	First Trust NYSE-ARCA Biotechnology	37.3	57	0	-0.8	-0.8
XBI	SPDR S&P Biotech ETF	33.8	35	22	-4.9	-4.9
IEIH	iShares Evolved U.S. Innovative Healthcare	29.2	18	39	4.7	+4.7
PJP	Invesco Dynamic Pharmaceuticals	25.9	56	1	9.7	+9.7
GNOM	Global X Genomics & Biotechnology	18.4	68	-11	-6.2	-6.2
SBIO	ALPS Medical Breakthroughs	18.0	50	7	-6.0	-6.0
LNGR	Global X Longevity Thematic	16.2	50	7	3.7	+3.6
FTVA	Aptus Fortified Value	12.2	79	-22	11.4	+11.4
XLV	Health Care Select Sector SPDR	12.0	13	44	7.3	+7.3
IYH	iShares US Healthcare	12.0	43	14	6.4	+6.4
QQXT	First Trust NASDAQ-100 Ex-Tech	12.0	60	-3	6.0	+6.0
PSCH	Invesco S&P Small Cap Health Care	11.9	29	28	2.8	+2.8
RYH	Invesco S&P Equal Weight Healthcare	11.9	40	17	7.1	+7.1
FHLC	Fidelity MSCI Health Care	11.7	8	49	5.9	+5.9
VHT	Vanguard Health Care	11.5	10	47	5.9	+5.9
FXH	First Trust Health Care Alphadex	11.0	63	-6	7.1	+7.1
BTEC	Principal Healthcare Innovators Index	10.3	42	15	-4.4	-4.4

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 Dynamic Biotechnology & Genome
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	2.5	%
Divided by: Fwd. P/BV	4.2	x
Less: Expense ratio	57	bp
Equals: ALTAR Score	0.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.