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Invesco Dynamic Consumer Discretionary Sector Portfolio seeks investment results that correspond to the price and yield of the Dynamic Consumer Discretionary Sector Intellidex, which picks s

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Oct 12, 2006
Assets (mns)	$31
Currency	USD
Expense ratio	60 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	41
Wgt avg mkt cap (mns)	$40,249
Large cap (>$10bn)	51.3%
Mid cap ($2-10bn)	31.7%
Small cap (<$2bn)	17.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	36.5 %
ROSS STORES INC	4.3 %
TRADE DESK, INC. CLASS A	4.0 %
O'REILLY AUTOMOTIVE INC	3.9 %
CROCS INC	3.7 %
PLANET FITNESS INC CLASS A	3.7 %
CHARTER COMMUNICATIONS, INC. CLASS	3.7 %
BEST BUY CO INC	3.6 %
VF CORP	3.3 %
BURLINGTON STORES INC	3.3 %
NIKE INC -CL B	3.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.4 %
	SWITZERLAND	2.6 %

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.
18.1%	18.1%	4.8%	11.4%	6.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.19	76%
MSCI EAFE	1.04	48%
MSCI Emg. Mkts.	0.60	28%

Technical Indicators
Recent close	$56.00
30d moving avg.	$55.06
Annualized volatility	16.5%
Short interest (ETF)	1.1%
Short interest (Underlying)	6.3%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.6%
Bid/Ask (% of price)	0.28%
ADV underlying (mns)	$7,920

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PEZ

Expense:

60 bp

ALTAR Score™:

4.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PEZ
Ticker	Fund Name	Overlap¹ vs PEZ (%)	Expense ratio (bp)	Savings vs PEZ (bp)	ALTAR Score™ (%)	ALTAR vs PEZ (%)
PMR	Invesco Dynamic Retail	31.2	63	-3	5.4	+1.2
FTXD	First Trust Nasdaq Retail	25.7	60	0	6.7	+2.5
JHMC	John Hancock Multifactor Consumer Discretionary	24.8	40	20	5.6	+1.4
IEDI	iShares Evolved U.S. Discretionary Spending	20.8	18	42	4.8	+0.5
RTH	VanEck Vectors Retail	20.6	35	25	5.6	+1.4
IYC	iShares DJ US Consumer Services	19.3	42	18	4.8	+0.5
RCD	Invesco S&P Equal Weight Consumer Discretionary	19.1	40	20	8.1	+3.9
XLY	Consumer Discretionary Select Sector SPDR	18.9	13	47	5.3	+1.1
VCR	Vanguard Consumer Discretionary	18.1	10	50	5.1	+0.9
FXD	First Trust Consumer Discretionary	18.1	64	-4	7.6	+3.4
FDIS	Fidelity MSCI Consumer Discrettionary	18.0	8	52	5.1	+0.9
XRT	SPDR S&P Retail	17.6	35	25	8.4	+4.2
MILN	Global X Millennials Thematic	14.7	50	10	2.7	-1.5
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	14.3	75	-15	3.6	-0.6
PSCD	Invesco S&P Small Cap Consumer Discretionary	13.8	29	31	7.8	+3.6
RXI	iShares S&P Global Consumer Discretionary	13.8	46	14	6.4	+2.2
PWB	Invesco Dynamic Large Cap Growth	12.3	55	5	3.7	-0.5
VSDA	VictoryShares Dividend Accelerator	12.0	35	25	4.6	+0.4
ALFA	AlphaClone Alternative Alpha	11.6	65	-5	4.1	-0.1
PDP	Invesco DWA Technical Leaders	11.5	62	-2	3.2	-1.1

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 DWA Consumer Discretionary Momentum
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	20.9	%
Divided by: Fwd. P/BV	4.3	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	4.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.