ETF Research Center

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)	$56
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	40
Wgt avg mkt cap (mns)	$48,577
Large cap (>$10bn)	54.1%
Mid cap ($2-10bn)	30.9%
Small cap (<$2bn)	15.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	42.3 %
O'REILLY AUTOMOTIVE INC	6.4 %
NIKE INC -CL B	5.7 %
BURLINGTON STORES INC	4.5 %
CHARTER COMMUNICATIONS, INC. CLASS	4.4 %
IAC/INTERACTIVECORP	3.9 %
HOME DEPOT INC	3.7 %
ETSY, INC.	3.7 %
LIVE NATION INC	3.5 %
CABLE ONE INC	3.3 %
CROCS INC	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.6 %
	SWITZERLAND	3.0 %
	IRELAND	1.6 %

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.
14.8%	3.0%	5.6%	12.1%	6.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.21	76%
MSCI EAFE	0.95	39%
MSCI Emg. Mkts.	0.57	23%

Technical Indicators
Recent close	$53.41
30d moving avg.	$53.47
Annualized volatility	16.8%
Short interest (ETF)	3.0%
Short interest (Underlying)	6.3%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	31
Turnover	3.0%
Bid/Ask (% of price)	0.32%
ADV underlying (mns)	$7,183

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™:

4.9%

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 (%)
IYC	iShares DJ US Consumer Services	21.1	42	18	5.0	+0.1
PMR	Invesco Dynamic Retail	18.8	63	-3	7.1	+2.2
JHMC	John Hancock Multifactor Consumer Discretionary	18.0	40	20	6.0	+1.0
IEDI	iShares Evolved U.S. Discretionary Spending	18.0	18	42	5.0	+0.1
MILN	Global X Millennials Thematic	17.5	50	10	3.0	-1.9
XLY	Consumer Discretionary Select Sector SPDR	16.9	13	47	5.7	+0.8
FXD	First Trust Consumer Discretionary	16.8	64	-4	8.1	+3.2
FTXD	First Trust Nasdaq Retail	16.4	60	0	6.5	+1.5
FDIS	Fidelity MSCI Consumer Discrettionary	15.9	8	52	5.4	+0.5
VCR	Vanguard Consumer Discretionary	15.9	10	50	5.5	+0.6
FMK	First Trust Mega Cap AlphaDEX	15.0	70	-10	5.6	+0.7
IEME	iShares Evolved U.S. Media and Entertainment	14.4	18	42	6.8	+1.9
XRT	SPDR S&P Retail	14.4	35	25	8.8	+3.9
RTH	VanEck Vectors Retail	14.3	35	25	5.7	+0.8
RCD	Invesco S&P Equal Weight Consumer Discretionary	14.1	40	20	8.4	+3.5
JHCS	John Hancock Multifactor Media & Communications	13.3	40	20	6.3	+1.4
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	13.1	75	-15	3.6	-1.3
RXI	iShares S&P Global Consumer Discretionary	12.4	46	14	6.8	+1.9
PSCD	Invesco S&P Small Cap Consumer Discretionary	12.3	29	31	8.3	+3.4
PDP	Invesco DWA Technical Leaders	10.9	62	-2	3.9	-1.0

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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	18.9	%
Divided by: Fwd. P/BV	3.4	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	4.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	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.