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)	$22
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	620
Wgt avg mkt cap (mns)	$482,425
Large cap (>$10bn)	98.0%
Mid cap ($2-10bn)	1.7%
Small cap (<$2bn)	0.0%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	25.9 %
APPLE INC	6.8 %
MICROSOFT CORP	4.7 %
AMAZON.COM INC	4.0 %
FACEBOOK	1.9 %
TESLA MOTORS INC	1.8 %
ALPHABET INC. CLASS C	1.6 %
ALPHABET INC. CLASS A	1.6 %
JOHNSON & JOHNSON	1.2 %
JPMORGAN CHASE & CO	1.2 %
VISA INC-CLASS A SHARES	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.3 %
	IRELAND	1.6 %
	BRITAIN	1.0 %
	SWITZERLAND	0.4 %
	ARGENTINA	0.3 %
	BERMUDA	0.2 %
	NETHERLANDS	0.1 %
	CANADA	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.
21.7%	21.7%	--	--	16.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	97%
MSCI EAFE	0.91	86%
MSCI Emg. Mkts.	0.72	68%

Technical Indicators
Recent close	$39.36
30d moving avg.	$38.42
Annualized volatility	18.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	12
Turnover	2.2%
Bid/Ask (% of price)	0.35%
ADV underlying (mns)	$295,358

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Invesco PureBeta MSCI USA ETF 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™:

4.6%

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 ETF	96.4	2	2	4.6	+0.0
SCHX	Schwab U.S. Large-Cap ETF	95.9	3	1	4.6	-0.0
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	95.4	7	-3	4.5	-0.1
VV	Vanguard Large-Cap Index Fund	95.2	4	0	4.6	0.0
SCHK	Schwab 1000 Index ETF	93.3	5	-1	4.6	-0.0
IWB	iShares Russell 1000 ETF	93.1	15	-11	4.5	-0.1
IYY	iShares Dow Jones U.S. ETF	92.8	20	-16	4.4	-0.2
PBP	Invesco S&P 500 BuyWrite ETF	92.5	49	-45	4.3	-0.3
SPY	SPDR S&P 500 ETF Trust	92.5	9	-5	4.7	+0.1
SPLG	SPDR Portfolio Large Cap ETF	92.5	3	1	4.7	+0.1
IVV	iShares Core S&P 500 ETF	92.5	3	1	4.7	+0.1
XYLG	Global X S&P 500 Covered Call & Growth ETF	92.4	60	-56	4.4	-0.2
VOO	VANGUARD S&P 500 ETF	92.1	3	1	4.8	+0.2
SPTM	SPDR Portfolio Total Stock Market ETF	90.6	3	1	4.8	+0.2
VTHR	Vanguard Russell 3000 Index Fund	90.3	10	-6	4.4	-0.2
SPXE	ProShares S&P 500 Ex-Energy ETF	89.6	27	-23	4.6	+0.0
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	89.0	20	-16	4.8	+0.2
SCHB	Schwab U.S. Broad Market ETF	87.4	3	1	4.5	-0.1
IWV	iShares Russell 3000 ETF	87.0	20	-16	4.3	-0.3
ITOT	iShares Core S&P Total U.S. Stock Market ETF	86.8	3	1	4.4	-0.2
VONE	Vanguard Russell 1000 ETF	85.3	8	-4	4.6	-0.0
VTI	Vanguard Total Stock Market Index Fund	84.6	3	1	4.4	-0.2
ESGV	Vanguard ESG U.S. Stock ETF	84.6	12	-8	4.5	-0.1
XVV	iShares ESG Screened S&P 500 ETF	82.0	8	-4	4.9	+0.3
DFAU	Dimensional US Core Equity Market ETF	81.5	12	-8	4.7	+0.1
ESGU	iShares MSCI USA ESG Optimized ETF	80.8	15	-11	4.4	-0.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	80.6	20	-16	4.6	-0.0
SPXN	ProShares S&P 500 Ex-Financials ETF	80.4	27	-23	4.3	-0.2
MGC	Vanguard Mega Cap Index Fund	79.9	7	-3	4.6	-0.0
SFY	SoFi Select 500 ETF	79.8	0	4	4.6	-0.0
SPXV	ProShares S&P 500 Ex-Health Care ETF	79.2	27	-23	4.3	-0.3
BKLC	BNY Mellon US Large Cap Core Equity ETF	78.1	0	4	4.4	-0.1
CATH	Global X S&P 500 Catholic Values Custom ETF	77.9	29	-25	4.6	-0.0
JHML	John Hancock Multifactor Large Cap ETF	77.4	29	-25	4.9	+0.3
IWL	iShares Russell Top 200 ETF	77.2	15	-11	4.4	-0.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	74.8	9	-5	4.8	+0.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	71.4	9	-5	5.0	+0.4
TOK	iShares MSCI Kokusai ETF	71.3	25	-21	4.9	+0.3
MMTM	SPDR S&P 1500 Momentum Tilt ETF	70.9	12	-8	4.0	-0.6
IQSU	IQ Candriam ESG US Equity ETF	70.0	9	-5	4.5	-0.1
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	69.8	15	-11	4.7	+0.1
EPS	WisdomTree U.S. Earnings 500 Fund	69.0	8	-4	5.9	+1.3
SNPE	Xtrackers S&P 500 ESG ETF	67.9	10	-6	4.6	-0.0
EFIV	SPDR S&P 500 ESG ETF	67.9	10	-6	4.6	-0.0
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	67.8	25	-21	4.9	+0.3
QUS	SPDR MSCI USA StrategicFactors ETF	66.3	15	-11	5.3	+0.7
DYNF	BlackRock U.S. Equity Factor Rotation ETF	66.2	30	-26	5.3	+0.7
SPXT	ProShares S&P 500 Ex-Technology ETF	66.1	27	-23	4.9	+0.3
URTH	iShares MSCI World ETF	65.7	24	-20	5.0	+0.4
AVUS	Avantis U.S. Equity ETF	65.6	15	-11	4.8	+0.3
ESG	FlexShares STOXX US ESG Impact Index Fund	63.7	32	-28	4.5	-0.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	63.6	60	-56	3.6	-1.0
PRF	Invesco FTSE RAFI US 1000 ETF	63.5	39	-35	5.7	+1.2
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	62.7	25	-21	5.7	+1.2
VOOG	Vanguard S&P 500 Growth ETF	62.6	10	-6	3.9	-0.7
IUSG	iShares Core S&P US Growth ETF	62.3	4	0	3.6	-1.0
SPYG	SPDR Portfolio S&P 500 Growth ETF	62.2	4	0	3.6	-1.0
IVW	iShares S&P 500 Growth ETF	62.2	18	-14	3.5	-1.1
OEF	iShares S&P 100 ETF	62.0	20	-16	4.2	-0.4
DIVB	iShares U.S. Dividend & Buyback ETF	61.1	25	-21	5.9	+1.3
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	60.8	25	-21	5.7	+1.1
IUS	Invesco Strategic US ETF	59.2	19	-15	5.5	+0.9
IWF	iShares Russell 1000 Growth ETF	59.0	19	-15	3.4	-1.2
VONG	Vanguard Russell 1000 Growth Index Fund	58.7	8	-4	3.5	-1.1
VOOV	Vanguard S&P 500 Value ETF	58.1	10	-6	6.6	+2.0
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	57.4	15	-11	0.0	-4.6
RWL	Invesco S&P 500 Revenue ETF	56.7	39	-35	6.3	+1.7
ACWI	iShares MSCI ACWI ETF	56.7	32	-28	5.1	+0.5
SPYV	SPDR Portfolio S&P 500 Value ETF	56.6	4	0	6.5	+1.9
IVE	iShares S&P 500 Value ETF	56.6	18	-14	6.3	+1.7
IUSV	iShares Core S&P U.S. Value ETF	56.4	4	0	6.5	+1.9
VUG	Vanguard Growth Index Fund	55.6	4	0	3.5	-1.1
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	55.6	30	-26	5.1	+0.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	55.4	20	-16	5.3	+0.7
LOWC	SPDR MSCI ACWI Low Carbon Target ETF	55.1	20	-16	5.3	+0.7
VLU	SPDR S&P 1500 Value Tilt ETF	54.8	12	-8	6.2	+1.6
RESP	WisdomTree US ESG Fund of Benef Interest	54.0	28	-24	5.0	+0.5
VONV	Vanguard Russell 1000 Value Index Fund	53.3	8	-4	6.2	+1.6
HIPR	Direxion High Growth ETF	53.2	40	-36	3.8	-0.8
DLN	WisdomTree U.S. LargeCap Dividend Fund	53.0	28	-24	6.1	+1.5
IWD	iShares Russell 1000 Value ETF	52.9	19	-15	6.1	+1.5
DTD	WisdomTree U.S.Total Dividend Fund	52.6	28	-24	6.2	+1.7
SCHV	Schwab U.S. Large-Cap Value ETF	52.1	4	0	6.1	+1.5
ESGG	FlexShares STOXX Global ESG Impact Index Fund	52.0	42	-38	4.6	-0.0
AFLG	First Trust Active Factor Large Cap ETF	51.2	55	-51	4.7	+0.1
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	51.1	9	-5	5.0	+0.4
DSI	iShares MSCI KLD 400 Social ETF	50.7	25	-21	4.6	-0.0
KRMA	Global X Conscious Companies ETF	50.7	43	-39	4.8	+0.3
IWY	iShares Russell Top 200 Growth ETF	50.5	20	-16	3.5	-1.0
QWLD	SPDR MSCI World StrategicFactors ETF	50.5	30	-26	5.4	+0.8
EUSA	iShares MSCI USA Equal Weighted ETF	50.1	15	-11	5.2	+0.6
VT	Vanguard Total World Stock ETF	50.1	8	-4	5.4	+0.8
NACP	Impact Shares NAACP Minority Empowerment ETF	49.9	49	-45	4.7	+0.1
SUSA	iShares MSCI USA ESG Select ETF	49.5	25	-21	4.2	-0.4
XLG	Invesco S&P 500 Top 50 ETF	49.4	20	-16	4.0	-0.6
RECS	Columbia Research Enhanced Core ETF	48.9	15	-11	5.1	+0.5
SIZE	iShares MSCI USA Size Factor ETF	48.9	15	-11	5.2	+0.6
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	48.8	49	-45	3.4	-1.2

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 PureBeta MSCI USA ETF
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	17.2	%
Divided by: Fwd. P/BV	3.7	x
Less: Expense ratio	4	bp
Equals: ALTAR Score	4.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	CATEGORY AVERAGE	1.49

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.