ETF Research Center

The Invesco WilderHill Clean Energy Portfolio (Fund) seeks to replicate, before fees and expenses, the WilderHill Clean Energy Index, consisting of companies that focus on greener and generally renewable sources of energy and technologies.

FUND BASICS
Category	Global Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Mar 03, 2005
Assets (mns)	$186
Currency	USD
Expense ratio	70 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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	41
Wgt avg mkt cap (mns)	$5,399
Large cap (>$10bn)	6.4%
Mid cap ($2-10bn)	40.8%
Small cap (<$2bn)	50.8%
Developed mkts	89.3%
Emerging mkts	10.8%

TOP TEN HOLDINGS
Total	33.4 %
BLOOM ENERGY CORPORATION CLASS A	4.9 %
TESLA MOTORS INC	3.9 %
VEECO INSTRUMENTS INC	3.4 %
PLUG POWER INC	3.1 %
BALLARD POWER SYSTEMS INC	3.1 %
QUANTA SERVICES INC	3.1 %
RENEWABLE ENERGY GROUP INC	3.0 %
UNIVERSAL DISPLAY CORP	3.0 %
MYR GROUP INC/DELAWARE	2.9 %
LIVENT CORPORATION	2.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	81.9 %
	CHINA	6.0 %
	CANADA	4.8 %
	BRITAIN	2.6 %
	CHILE	2.2 %

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.
37.1%	27.0%	1.1%	-3.2%	-4.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.17	52%
MSCI EAFE	1.04	35%
MSCI Emg. Mkts.	0.74	29%

Technical Indicators
Recent close	$30.35
30d moving avg.	$29.71
Annualized volatility	19.6%
Short interest (ETF)	1.3%
Short interest (Underlying)	7.8%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	28
Turnover	0.5%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$3,119

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PBW

Expense:

70 bp

ALTAR Score™:

-1.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PBW
Ticker	Fund Name	Overlap¹ vs PBW (%)	Expense ratio (bp)	Savings vs PBW (bp)	ALTAR Score™ (%)	ALTAR vs PBW (%)
QCLN	First Trust NASDAQ Clean Edge Green Energy	45.4	60	10	1.5	+3.3
XKCP	SPDR Kensho Clean Power	34.8	45	25	3.0	+4.8
ACES	ALPS Clean Energy	33.2	65	5	0.7	+2.6
ICLN	iShares S&P Global Clean Energy	26.8	46	24	4.1	+5.9
PBD	Invesco Gbl Clean Energy	25.3	75	-5	-1.5	+0.3
TAN	Invesco Global Solar Energy	22.4	70	0	-3.4	-1.6
GEX	VanEck Vectors Global Alternative Energy	19.0	63	7	4.1	+5.9
PZD	Invesco Cleantech	17.8	68	2	4.9	+6.7
BOON	NYSE Pickens Oil Response	15.7	85	-15	3.5	+5.3
GRID	First Trust NASDAQ Clean Edge Smart Grid Infrastructure	15.4	70	0	5.2	+7.0
XKST	SPDR Kensho Smart Mobility	12.5	45	25	6.3	+8.1
LIT	Global X Lithium & Battery Tech ETF	11.4	75	-5	5.3	+7.2
KOMP	SPDR Kensho New Economies Composite	9.6	20	50	3.8	+5.6
GMAN	Goldman Sachs Motif Manufacturing Revolution	9.2	50	20	4.7	+6.6
XSD	SPDR S&P Semiconductors	8.9	35	35	5.0	+6.8
KARS	KraneShares Electric Vehicles & Future Mobility Index	8.4	70	0	6.8	+8.6
BATT	Amplify Advanced Battery Metals & Materials	7.4	72	-2	4.3	+6.1
FAN	First Trust Global Wind	5.7	60	10	5.7	+7.5
PSCT	Invesco S&P Small Cap Information Technology	5.5	29	41	5.4	+7.2
EKAR	Innovation Shares NextGen Vehicles & Technology	5.4	95	-25	7.1	+9.0

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 WilderHill 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	-2.8	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	-1.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.54

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.