ETF Research Center

The Invesco S&P 500 BuyWrite Portfolio is an exchange traded Fund ('ETF') that purchases the S&P 500 stock portfolio and sells near term S&P 500 calls monthly. It is a passive investment that tracks the BXM .

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Dec 20, 2007
Assets (mns)	$268
Currency	USD
Expense ratio	49 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Fixed
Index replication	Full
Uses derivatives	Yes
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	506
Wgt avg mkt cap (mns)	$313,503
Large cap (>$10bn)	98.2%
Mid cap ($2-10bn)	1.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.1 %
APPLE INC	5.0 %
MICROSOFT CORP	4.8 %
AMAZON.COM INC	2.9 %
FACEBOOK	2.0 %
BERKSHIRE HATHAWAY INC-CL B	1.7 %
ALPHABET INC. CLASS A	1.7 %
ALPHABET INC. CLASS C	1.7 %
JPMORGAN CHASE & CO	1.6 %
JOHNSON & JOHNSON	1.5 %
VISA INC-CLASS A SHARES	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.6 %
	IRELAND	2.0 %
	BRITAIN	1.1 %
	SWITZERLAND	0.4 %
	BERMUDA	0.1 %

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.
15.2%	15.2%	6.2%	6.9%	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.60	85%
MSCI EAFE	0.54	56%
MSCI Emg. Mkts.	0.32	35%

Technical Indicators
Recent close	$21.76
30d moving avg.	$21.93
Annualized volatility	7.9%
Short interest (ETF)	0.4%
Short interest (Underlying)	2.4%
Relative strength (RSI)	34

Liquidity measures
Avg. volume (thou.)	54
Turnover	0.4%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$140,714

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P 500 Buy/Write ETF based on the alternatives' overlap in portfolio holdings with PBP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PBP

Expense:

49 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PBP
Ticker	Fund Name	Overlap¹ vs PBP (%)	Expense ratio (bp)	Savings vs PBP (bp)	ALTAR Score™ (%)	ALTAR vs PBP (%)
HSPX	Global X S&P 500 Covered Call	100.2	65	-16	5.0	-0.2
SPY	S&P 500 SPDR	100.0	9	40	5.5	+0.3
IVV	iShares Core S&P 500	99.7	4	45	5.6	+0.3
VOO	Vanguard S&P 500 ETF	99.4	3	46	5.6	+0.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	99.3	20	29	5.5	+0.3
SPXE	ProShares S&P 500 Ex-Energy	98.9	27	22	5.5	+0.2
VV	Vanguard Large-Cap ETF	95.8	4	45	5.5	+0.3
BBUS	JP Morgan Betabuilders U.S. Equity	94.5	2	47	5.5	+0.3
PBUS	Invesco PureBeta MSCI USA	94.2	4	45	5.6	+0.4
SCHX	Schwab U.S. Large-Cap	92.2	3	46	5.4	+0.2
SPLG	SPDR Portfolio Large Cap	91.2	3	46	5.4	+0.2
VONE	Vanguard Russell 1000	90.0	12	37	5.4	+0.2
IWB	iShares Russell 1000	89.6	15	34	5.3	+0.1
SCHK	Schwab 1000 Index	89.6	5	44	5.5	+0.2
SPXV	ProShares S&P 500 Ex-Health Care	88.5	27	22	5.3	+0.1
MGC	Vanguard Mega Cap 300 ETF	88.3	7	42	5.5	+0.3
IYY	iShares DJ US Total Market	87.7	20	29	5.3	+0.1
SPXN	ProShares S&P 500 Ex-Financials	87.0	27	22	5.5	+0.3
SFY	SoFi Select 500	86.5	0	49	5.2	0.0
CATH	Global X S&P 500 Catholic Values	86.0	29	20	5.5	+0.3

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 S&P 500 Buy/Write
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.5	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	5.2	%

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.