ETF Research Center

The Invesco Dynamic Leisure and Entertainment ETF tracks a multifactor, tiered equal-weighted index of U.S. entertainment and leisure industry stocks.

FUND BASICS
Category	Global Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Jun 23, 2005
Assets (mns)	$54
Currency	USD
Expense ratio	63 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	BNY Mellon
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$28,255
Large cap (>$10bn)	47.0%
Mid cap ($2-10bn)	42.5%
Small cap (<$2bn)	10.6%
Developed mkts	97.2%
Emerging mkts	2.8%

TOP TEN HOLDINGS
Total	44.8 %
UNITED CONTINENTAL HOLDINGS	5.6 %
DELTA AIR LINES INC	5.0 %
YUM CHINA HOLDINGS, INC.	4.9 %
BOOKING HOLDINGS INC.	4.9 %
MCDONALD'S CORP	4.4 %
CHIPOTLE MEXICAN GRILL-CL A	4.4 %
YUM! BRANDS INC	4.3 %
STARBUCKS CORP	4.2 %
EVERI HOLDINGS, INC.	3.8 %
BRINKER INTERNATIONAL INC	3.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	89.6 %
	CHINA	4.9 %
	PANAMA	2.9 %
	BERMUDA	2.7 %

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.
6.4%	0.3%	5.0%	14.2%	8.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	77%
MSCI EAFE	0.76	41%
MSCI Emg. Mkts.	0.49	27%

Technical Indicators
Recent close	$42.81
30d moving avg.	$42.28
Annualized volatility	13.3%
Short interest (ETF)	0.7%
Short interest (Underlying)	5.3%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.2%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$3,646

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PEJ

Expense:

63 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PEJ
Ticker	Fund Name	Overlap¹ vs PEJ (%)	Expense ratio (bp)	Savings vs PEJ (bp)	ALTAR Score™ (%)	ALTAR vs PEJ (%)
PBJ	Invesco Dynamic Food & Beverage	26.3	63	0	8.6	+2.4
JETS	US Global Jets	20.0	60	3	16.6	+10.4
XLY	Consumer Discretionary Select Sector SPDR	14.9	13	50	5.7	-0.6
IYC	iShares DJ US Consumer Services	14.8	42	21	5.0	-1.2
FTXR	First Trust Nasdaq Transportation	13.7	60	3	10.2	+4.0
VCR	Vanguard Consumer Discretionary	13.2	10	53	5.5	-0.7
FDIS	Fidelity MSCI Consumer Discrettionary	13.2	8	55	5.4	-0.9
XTN	SPDR S&P Transportation	12.6	35	28	8.3	+2.0
JHMC	John Hancock Multifactor Consumer Discretionary	12.3	40	23	6.0	-0.3
IECS	iShares Evolved U.S. Consumer Staples	11.8	18	45	6.3	+0.0
IEDI	iShares Evolved U.S. Discretionary Spending	11.2	18	45	5.0	-1.3
PEZ	Invesco DWA Consumer Discretionary Momentum	10.4	60	3	4.9	-1.3
RXI	iShares S&P Global Consumer Discretionary	10.0	46	17	6.8	+0.6
MILN	Global X Millennials Thematic	9.8	50	13	3.0	-3.2
IYT	iShares Transportation Average	9.4	42	21	8.7	+2.5
PKW	Invesco Buyback Acheivevers	8.9	62	1	6.0	-0.3
RCD	Invesco S&P Equal Weight Consumer Discretionary	8.5	40	23	8.4	+2.2
PWB	Invesco Dynamic Large Cap Growth	7.3	55	8	4.4	-1.9
SPMO	Invesco S&P 500 Momentum Portfolio	7.3	13	50	4.2	-2.0
QGRO	American Century STOXX U.S. Quality Growth	6.9	29	34	4.8	-1.4

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 Dynamic Leisure & Entertainment
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	28.7	%
Divided by: Fwd. P/BV	4.2	x
Less: Expense ratio	63	bp
Equals: ALTAR Score	6.2	%

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.