ETF Research Center

The Invesco PureBeta MSCI USA Portfolio tracks a market-cap-selected and -weighted index of mid- and large-cap US stocks.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.invesco.com
Inception date	Sep 22, 2017
Assets (mns)	$3
Currency	USD
Expense ratio	4 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	640
Wgt avg mkt cap (mns)	$275,307
Large cap (>$10bn)	96.5%
Mid cap ($2-10bn)	3.5%
Small cap (<$2bn)	0.0%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	21.0 %
APPLE INC	4.4 %
MICROSOFT CORP	4.0 %
AMAZON.COM INC	2.7 %
FACEBOOK	1.8 %
JPMORGAN CHASE & CO	1.6 %
ALPHABET INC. CLASS C	1.5 %
ALPHABET INC. CLASS A	1.4 %
JOHNSON & JOHNSON	1.3 %
VISA INC-CLASS A SHARES	1.2 %
PROCTER & GAMBLE CO/THE	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.1 %
	IRELAND	1.9 %
	BRITAIN	1.1 %
	SWITZERLAND	0.4 %
	BERMUDA	0.2 %
	ARGENTINA	0.1 %
	CANADA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
28.1%	17.1%	--	--	12.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	95%
MSCI EAFE	0.99	77%
MSCI Emg. Mkts.	0.72	63%

Technical Indicators
Recent close	$31.19
30d moving avg.	$30.81
Annualized volatility	13.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$166,503

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PBUS

Expense:

4 bp

ALTAR Score™:

6.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PBUS
Ticker	Fund Name	Overlap¹ vs PBUS (%)	Expense ratio (bp)	Savings vs PBUS (bp)	ALTAR Score™ (%)	ALTAR vs PBUS (%)
BBUS	JP Morgan Betabuilders U.S. Equity	96.6	2	2	5.9	-0.1
VV	Vanguard Large-Cap ETF	95.9	4	0	5.8	-0.1
SCHX	Schwab U.S. Large-Cap	95.2	3	1	5.8	-0.1
PBP	Invesco S&P 500 Buy/Write	94.7	49	-45	5.5	-0.5
SPY	S&P 500 SPDR	94.6	9	-5	5.9	-0.1
HSPX	Global X S&P 500 Covered Call	94.3	65	-61	5.3	-0.6
VOO	Vanguard S&P 500 ETF	94.3	3	1	6.0	+0.0
IVV	iShares Core S&P 500	94.3	4	0	5.9	-0.0
SCHK	Schwab 1000 Index	92.7	5	-1	5.8	-0.1
IWB	iShares Russell 1000	92.6	15	-11	5.7	-0.2
VONE	Vanguard Russell 1000	92.4	12	-8	5.8	-0.2
SPLG	SPDR Portfolio Large Cap	91.6	3	1	5.8	-0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	91.4	20	-16	5.9	-0.0
IYY	iShares DJ US Total Market	91.0	20	-16	5.7	-0.3
SPXE	ProShares S&P 500 Ex-Energy	90.8	27	-23	5.9	-0.1
SCHB	Schwab U.S. Broad Market	87.2	3	1	5.7	-0.2
ITOT	iShares Core S&P Total US	87.0	3	1	5.6	-0.3
IWV	iShares Russell 3000	86.8	20	-16	5.5	-0.4
VTHR	Vanguard Russell 3000	86.7	15	-11	5.6	-0.4
SPTM	SPDR Portfolio Total Stock Market	86.5	3	1	5.7	-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%.

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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 PureBeta MSCI USA
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	18.0	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.56

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.