ETF Research Center

Invesco Dividend Achievers Portfolio seeks investment results that correspond to then Broad Dividend Achievers Index, which tracks stocks that have increased their annual dividend for 10 or

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Sep 15, 2005
Assets (mns)	$333
Currency	USD
Expense ratio	54 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	292
Wgt avg mkt cap (mns)	$204,638
Large cap (>$10bn)	94.4%
Mid cap ($2-10bn)	5.2%
Small cap (<$2bn)	0.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	30.6 %
MICROSOFT CORP	4.6 %
JOHNSON & JOHNSON	4.0 %
WAL-MART STORES INC	3.5 %
VISA INC-CLASS A SHARES	3.4 %
UNITEDHEALTH GROUP INC	2.9 %
PROCTER & GAMBLE CO/THE	2.9 %
HOME DEPOT INC	2.7 %
VERIZON COMMUNICATIONS INC	2.4 %
AT&T INC	2.2 %
COCA-COLA CO/THE	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.0 %
	IRELAND	3.1 %
	SWITZERLAND	0.6 %
	BERMUDA	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-6.9%	7.3%	8.2%	11.1%	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	94%
MSCI EAFE	0.86	80%
MSCI Emg. Mkts.	0.61	62%

Technical Indicators
Recent close	$29.07
30d moving avg.	$27.33
Annualized volatility	15.1%
Short interest (ETF)	0.2%
Short interest (Underlying)	2.2%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	40
Turnover	0.4%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$71,467

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Invesco Dividend Achievers ETF ETF based on the alternatives' overlap in portfolio holdings with PFM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PFM

Expense:

54 bp

ALTAR Score™:

5.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PFM
Ticker	Fund Name	Overlap¹ vs PFM (%)	Expense ratio (bp)	Savings vs PFM (bp)	ALTAR Score™ (%)	ALTAR vs PFM (%)
VIG	Vanguard Dividend Appreciation Index Fund	59.8	6	48	5.1	-0.2
DLN	WisdomTree U.S. LargeCap Dividend Fund	54.4	28	26	6.3	+1.0
VYM	Vanguard High Dividend Yield Index ETF	53.4	6	48	7.1	+1.8
DTD	WisdomTree U.S.Total Dividend Fund	51.9	28	26	6.5	+1.2
DGRO	iShares Core Dividend Growth ETF	51.9	8	46	6.4	+1.1
SCHV	Schwab U.S. Large-Cap Value ETF	51.3	4	50	7.0	+1.7
OUSA	O'Shares FTSE US Quality Dividend ETF	49.7	48	6	5.6	+0.4
MGV	Vanguard Mega Cap Value ETF	48.4	7	47	7.0	+1.8
SPYV	SPDR Portfolio S&P 500 Value ETF	46.7	4	50	7.2	+1.9
IVE	iShares S&P 500 Value ETF	46.7	18	36	7.1	+1.8
VTV	Vanguard Value Index Fund	46.4	4	50	7.2	+1.9
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	46.2	28	26	6.5	+1.2
VOOV	Vanguard S&P 500 Value ETF	46.0	15	39	7.1	+1.8
IUSV	iShares Core S&P U.S. Value ETF	45.1	4	50	7.3	+2.0
QUS	SPDR MSCI USA StrategicFactors ETF	43.8	15	39	5.8	+0.5
FLQL	Franklin LibertyQ U.S. Equity ETF	42.3	15	39	6.2	+0.9
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	42.0	29	25	6.1	+0.8
USDY	Pacific Global US Equity Income ETF	41.9	29	25	7.6	+2.3
IWX	iShares Russell Top 200 Value ETF	41.9	20	34	6.9	+1.6
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor ETF	41.6	29	25	4.3	-1.0
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	41.2	10	44	5.4	+0.1
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	41.2	12	42	4.8	-0.5
SUSL	iShares ESG MSCI USA Leaders ETF	41.2	10	44	5.4	+0.1
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	41.1	25	29	6.4	+1.2
PBP	Invesco S&P 500 BuyWrite ETF	41.1	49	5	5.1	-0.2
IWD	iShares Russell 1000 Value ETF	40.8	19	35	6.9	+1.6
FDLO	Fidelity Low Volatility Factor ETF	40.6	29	25	5.2	-0.1
EPS	WisdomTree U.S. Earnings 500 Fund	40.4	8	46	6.4	+1.1
VONV	Vanguard Russell 1000 Value Index Fund	40.4	8	46	7.0	+1.7
RECS	Columbia Research Enhanced Core ETF	40.3	15	39	5.6	+0.3
SPXN	ProShares S&P 500 Ex-Financials ETF	40.2	27	27	5.1	-0.2
OEF	iShares S&P 100 ETF	40.1	20	34	4.9	-0.4
HSPX	Global X S&P 500 Covered Call ETF	40.0	65	-11	4.9	-0.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	39.7	20	34	5.0	-0.3
RAFE	PIMCO RAFI ESG U.S. ETF	39.6	29	25	7.6	+2.3
SPXT	ProShares S&P 500 Ex-Technology ETF	39.5	27	27	5.6	+0.3
JQUA	JPMorgan U.S. Quality Factor ETF	39.3	12	42	5.2	-0.1
ESG	FlexShares STOXX US ESG Impact Index Fund	39.2	32	22	5.1	-0.2
FDRR	Fidelity Dividend ETF for Rising Rates	39.2	29	25	6.9	+1.6
FQAL	Fidelity Quality Factor ETF	39.1	29	25	5.4	+0.1
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	39.1	25	29	6.4	+1.1
IWL	iShares Russell Top 200 ETF	39.0	15	39	5.1	-0.2
WOMN	Impact Shares YWCA Women's Empowerment ETF	39.0	75	-21	4.5	-0.8
MGC	Vanguard Mega Cap Index Fund	38.9	7	47	5.3	-0.0
PRF	Invesco FTSE RAFI US 1000 ETF	38.9	39	15	6.7	+1.4
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	38.9	19	35	5.6	+0.3
IUS	Invesco Strategic US ETF	38.7	19	35	6.1	+0.8
DSI	iShares MSCI KLD 400 Social ETF	38.5	25	29	5.2	-0.1
SPLG	SPDR Portfolio Large Cap ETF	38.2	3	51	5.5	+0.2
IVV	iShares Core S&P 500 ETF	38.2	4	50	5.4	+0.2
SPY	SPDR S&P 500 ETF Trust	38.2	9	45	5.4	+0.1
EQWL	Invesco Russell Top 200 Equal Weight ETF	38.1	25	29	5.9	+0.6
SNPE	Xtrackers S&P 500 ESG ETF	38.0	11	43	5.2	-0.1
FLLV	Franklin Liberty U.S. Low Volatility ETF	37.9	29	25	5.6	+0.3
VOO	VANGUARD S&P 500 ETF	37.9	3	51	5.5	+0.2
SPXV	ProShares S&P 500 Ex-Health Care ETF	37.9	27	27	5.1	-0.2
USMV	iShares Edge MSCI Min Vol USA ETF	37.8	15	39	5.6	+0.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	37.6	20	34	5.4	+0.2
SPXE	ProShares S&P 500 Ex-Energy ETF	37.5	27	27	5.4	+0.1
QDEF	FlexShares Quality Dividend Defensive Index Fund	37.5	37	17	6.2	+0.9
DIVB	iShares U.S. Dividend & Buyback ETF	37.5	25	29	6.4	+1.1
PBUS	Invesco PureBeta MSCI USA ETF	37.5	4	50	5.3	0.0
IQSU	IQ Candriam ESG US Equity ETF	37.4	9	45	5.2	-0.1
VV	Vanguard Large-Cap Index Fund	37.1	4	50	5.3	+0.0
SPTM	SPDR Portfolio Total Stock Market ETF	36.9	3	51	5.5	+0.3
XLG	Invesco S&P 500 Top 50 ETF	36.9	20	34	4.7	-0.6
RWL	Invesco S&P 500 Revenue ETF	36.9	39	15	6.7	+1.4
LVUS	Hartford Multifactor Low Volatility US Equity ETF	36.8	19	35	5.9	+0.6
ESGU	iShares MSCI USA ESG Optimized ETF	36.8	15	39	5.1	-0.2
QVM	Arrow QVM Equity Factor ETF	36.7	65	-11	4.9	-0.4
SCHX	Schwab U.S. Large-Cap ETF	36.7	3	51	5.3	+0.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	36.5	2	52	5.4	+0.1
DIA	SPDR Dow Jones Industrial Average ETF Trust	36.5	16	38	5.5	+0.2
EDOW	First Trust Dow 30 Equal Weight ETF	36.3	50	4	5.7	+0.4
IWB	iShares Russell 1000 ETF	36.1	15	39	5.2	-0.1
JHML	John Hancock Multifactor Large Cap ETF	36.1	34	20	5.5	+0.2
SCHK	Schwab 1000 Index ETF	35.9	5	49	5.3	+0.0
VONE	Vanguard Russell 1000 ETF	35.8	8	46	5.3	+0.0
IYY	iShares Dow Jones U.S. ETF	35.7	20	34	5.2	-0.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	35.5	9	45	5.5	+0.3
DYNF	BlackRock U.S. Equity Factor Rotation ETF	35.4	30	24	6.6	+1.4
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	35.3	49	5	4.1	-1.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	35.1	12	42	5.1	-0.2
SPMV	Invesco S&P 500 Minimum Variance ETF	34.9	10	44	5.7	+0.4
CCOR	Core Alternative ETF	34.9	123	-69	4.3	-1.0
IWV	iShares Russell 3000 ETF	34.7	20	34	5.1	-0.2
VTI	Vanguard Total Stock Market Index Fund	34.7	3	51	5.2	-0.1
SCHB	Schwab U.S. Broad Market ETF	34.7	3	51	5.3	0.0
CATH	Global X S&P 500 Catholic Values Custom ETF	34.7	29	25	5.3	0.0
ITOT	iShares Core S&P Total U.S. Stock Market ETF	34.5	3	51	5.2	-0.1
VTHR	Vanguard Russell 3000 Index Fund	34.5	10	44	5.2	-0.1
NACP	Impact Shares NAACP Minority Empowerment ETF	34.1	75	-21	4.5	-0.8
KLCD	KFA Large Cap Quality Dividend Index ETF	33.9	41	13	5.2	-0.1
QDF	FlexShares Quality Dividend Index Fund	33.8	37	17	6.8	+1.5
DIVO	Amplify YieldShares CWP Dividend & Option Income ETF	33.8	49	5	4.7	-0.5
ACIO	Aptus Collared Income Opportunity ETF	33.4	79	-25	4.5	-0.8
DJD	Invesco Dow Jones Industrial Average Dividend ETF	33.3	7	47	6.5	+1.2
SFY	SoFi Select 500 ETF	33.1	0	54	5.3	+0.0
REVS	Columbia Research Enhanced Value ETF	33.0	19	35	7.4	+2.1
HDIV	QRAFT AI-Enhanced U.S. High Dividend ETF	32.8	75	-21	6.0	+0.7

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 Dividend Achievers ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	19.7	%
Divided by: Fwd. P/BV	3.4	x
Less: Expense ratio	54	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.53

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.