ETF Research Center

Invesco DWA Technical Leaders Portfolio seeks investment results that correspond generally to an equity index called the Dorsey Wright Technical Leaders Index, which is constructed according to the firms proprietary methodology based on technical analysis.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Mar 01, 2007
Assets (mns)	$1,735
Currency	USD
Expense ratio	62 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Momentum
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$101,378
Large cap (>$10bn)	82.1%
Mid cap ($2-10bn)	18.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.6 %
APPLE INC	3.2 %
AMERICAN TOWER CORP-CL A	2.9 %
MASTERCARD INC-CLASS A	2.7 %
ANSYS INC	2.5 %
WR BERKLEY CORP	2.4 %
ROPER INDUSTRIES INC	2.3 %
O'REILLY AUTOMOTIVE INC	2.3 %
WEST PHARMACEUTICAL SERVICES	2.2 %
PAYCOM SOFTWARE INC	2.1 %
SHERWIN-WILLIAMS CO/THE	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.2 %
	BRITAIN	1.4 %
	IRELAND	1.0 %
	BERMUDA	0.8 %
	SWITZERLAND	0.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
2.5%	25.9%	10.4%	14.5%	8.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	79%
MSCI EAFE	0.81	44%
MSCI Emg. Mkts.	0.52	31%

Technical Indicators
Recent close	$61.95
30d moving avg.	$67.57
Annualized volatility	13.5%
Short interest (ETF)	0.2%
Short interest (Underlying)	4.1%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	111
Turnover	0.4%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$41,080

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PDP

Expense:

62 bp

ALTAR Score™:

3.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PDP
Ticker	Fund Name	Overlap¹ vs PDP (%)	Expense ratio (bp)	Savings vs PDP (bp)	ALTAR Score™ (%)	ALTAR vs PDP (%)
FCTR	First Trust Lunt U.S. Factor Rotation ETF	37.7	65	-3	3.6	-0.1
FTC	First Trust Large Cap Growth AlphaDEX Fund	33.7	61	1	3.5	-0.1
RPG	Invesco S&P 500 Pure Growth ETF	29.2	35	27	5.2	+1.6
DWAQ	Invesco DWA NASDAQ Momentum ETF	27.5	60	2	0.7	-2.9
JMOM	JPMorgan U.S. Momentum Factor ETF	27.3	12	50	4.5	+0.9
DWEQ	AdvisorShares Dorsey Wright Alpha Equal Weight ETF	25.0	99	-37	4.0	+0.4
FDMO	Fidelity Momentum Factor ETF	24.9	29	33	4.5	+0.9
MTUM	iShares Edge MSCI USA Momentum Factor ETF	24.6	15	47	4.8	+1.1
PRN	Invesco DWA Industrials Momentum ETF	24.4	60	2	12.6	+9.0
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor ETF	24.1	29	33	4.8	+1.2
JKE	iShares Morningstar Large-Cap Growth ETF	23.7	25	37	4.0	+0.3
SCHG	Schwab U.S. Large-Cap Growth ETF	23.7	4	58	4.9	+1.2
OMOM	Invesco Russell 1000 Momentum Factor ETF	23.3	19	43	4.9	+1.2
IWP	iShares Russell Mid-Cap Growth ETF	23.1	24	38	4.9	+1.3
VUG	Vanguard Growth Index Fund	22.7	4	58	4.8	+1.1
VONG	Vanguard Russell 1000 Growth Index Fund	22.6	8	54	5.0	+1.4
IWF	iShares Russell 1000 Growth ETF	22.4	19	43	4.9	+1.3
JKH	iShares Morningstar Mid-Cap Growth ETF	22.3	30	32	3.0	-0.7
FAD	First Trust Multi Cap Growth AlphaDEX Fund	22.1	66	-4	3.3	-0.4
MGK	Vanguard Mega Cap Growth ETF	22.1	7	55	4.9	+1.3

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

	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 DWA Momentum ETF
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	24.6	%
Divided by: Fwd. P/BV	5.8	x
Less: Expense ratio	62	bp
Equals: ALTAR Score	3.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	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.