ETF Research Center

The Invesco High Yield Equity Dividend Achievers Fund seeks investment results that correspond to the price and yield performance of the 50 highest yielding stocks in the Dividend Achievers Index published by Mergent. Companies in the index must have increased dividends annually for a minimum of 10 years.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Dec 09, 2004
Assets (mns)	$973
Currency	USD
Expense ratio	53 bp
Distributions	Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$52,693
Large cap (>$10bn)	54.8%
Mid cap ($2-10bn)	34.0%
Small cap (<$2bn)	11.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	31.7 %
OCCIDENTAL PETROLEUM CORP	4.4 %
VECTOR GROUP LTD	3.8 %
HELMERICH & PAYNE	3.8 %
INVESCO LTD	3.2 %
ALTRIA GROUP INC	3.1 %
UNIVERSAL CORP/VA	2.9 %
MEREDITH CORP	2.7 %
PHILIP MORRIS INTERNATIONAL	2.7 %
AT&T INC	2.6 %
LAZARD LTD-CL A	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	100.0 %

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.
24.8%	24.8%	11.0%	13.7%	5.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.89	81%
MSCI EAFE	0.84	61%
MSCI Emg. Mkts.	0.53	42%

Technical Indicators
Recent close	$19.30
30d moving avg.	$18.83
Annualized volatility	11.9%
Short interest (ETF)	0.1%
Short interest (Underlying)	4.9%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	161
Turnover	0.3%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$10,071

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PEY

Expense:

53 bp

ALTAR Score™:

6.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PEY
Ticker	Fund Name	Overlap¹ vs PEY (%)	Expense ratio (bp)	Savings vs PEY (bp)	ALTAR Score™ (%)	ALTAR vs PEY (%)
SPHD	Invesco S&P 500 High Dividend	39.5	30	23	7.5	+1.2
SDOG	ALPS Sector Dividend Dogs	36.8	40	13	9.6	+3.3
DVY	iShares Select Dividend	35.9	39	14	7.6	+1.4
FDL	First Trust Morningstar Dividend Leaders	31.2	45	8	8.3	+2.1
SPYD	SPDR Portfolio S&P 500 High Dividend	30.0	7	46	8.8	+2.5
DHS	WisdomTree Equity Income	28.1	38	15	7.6	+1.4
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	27.3	35	18	7.5	+1.2
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	27.2	35	18	7.5	+1.2
DTN	WisdomTree Dividend Ex-Financials	26.3	38	15	7.8	+1.5
LVHD	Legg Mason Low Volatility High Dividend ETF	24.3	27	26	6.6	+0.3
PFM	Invesco Dividend Achievers	24.0	54	-1	5.2	-1.1
FDVV	Fidelity Core Dividend	23.9	29	24	6.9	+0.6
OYLD	Invesco Russell 1000 Yield Factor ETF	23.3	19	34	6.8	+0.6
DIV	Global X SuperDividend US ETF	22.9	45	8	7.1	+0.8
WBIY	WBI Power Factor High Dividend	22.5	70	-17	9.7	+3.4
VYM	Vanguard High Dividend Yield ETF	22.2	6	47	6.9	+0.7
SDY	SPDR S&P Dividend ETF	21.9	35	18	6.4	+0.1
SCHD	Schwab US Dividend Equity	21.5	6	47	7.0	+0.8
RDIV	Invesco S&P Ultra Dividend Revenue ETF	21.2	39	14	9.9	+3.7
DLN	WisdomTree Large Cap Dividend	21.0	28	25	6.3	+0.0

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 High Yield Equity Dividend Acheivers
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	12.9	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	53	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.78	CATEGORY AVERAGE	1.55

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.