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)	$317
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	259
Wgt avg mkt cap (mns)	$191,489
Large cap (>$10bn)	93.7%
Mid cap ($2-10bn)	5.8%
Small cap (<$2bn)	0.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	32.7 %
MICROSOFT CORP	4.3 %
JOHNSON & JOHNSON	4.0 %
WAL-MART STORES INC	3.7 %
VISA INC-CLASS A SHARES	3.4 %
PROCTER & GAMBLE CO/THE	3.4 %
EXXON MOBIL CORP	3.2 %
AT&T INC	3.0 %
VERIZON COMMUNICATIONS INC	2.7 %
COCA-COLA CO/THE	2.5 %
CHEVRON CORP	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.5 %
	IRELAND	3.1 %
	SWITZERLAND	0.8 %
	BERMUDA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
23.7%	13.3%	9.0%	11.6%	7.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	89%
MSCI EAFE	0.74	58%
MSCI Emg. Mkts.	0.49	41%

Technical Indicators
Recent close	$30.22
30d moving avg.	$29.88
Annualized volatility	10.6%
Short interest (ETF)	0.4%
Short interest (Underlying)	2.2%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	15
Turnover	0.1%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$42,005

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Dividend Achievers 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™:

5.4%

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	66.4	6	48	5.5	+0.0
VYM	Vanguard High Dividend Yield ETF	50.5	6	48	7.2	+1.8
DLN	WisdomTree Large Cap Dividend	46.0	28	26	6.5	+1.0
OUSA	O'Shares FTSE U.S. Quality Dividend	45.4	48	6	5.9	+0.5
DGRO	iShares Core Dividend Growth	45.3	8	46	6.4	+1.0
SCHV	Schwab U.S. Large-Cap Value	44.5	4	50	6.9	+1.5
OYLD	Invesco Russell 1000 Yield Factor ETF	43.8	19	35	7.0	+1.6
DGRW	WisdomTree US Dividend Growth	43.8	28	26	6.7	+1.3
USMC	Principal U.S. Mega-Cap Multi-Factor Index	43.3	12	42	5.4	-0.1
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity	43.1	29	25	6.2	+0.8
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	42.6	19	35	5.6	+0.2
DTD	WisdomTree Total Dividend	42.6	28	26	6.5	+1.1
IWX	iShares Russell Top 200 Value	41.9	20	34	6.9	+1.5
MGV	Vanguard Mega Cap 300 Value	41.4	7	47	7.0	+1.6
QUS	SPDR MSCI USA Quality Mix	40.1	15	39	5.9	+0.5
VTV	Vanguard Value ETF	38.4	4	50	7.2	+1.7
ESG	FlexShares STOXX US ESG Impact Index Fund	38.0	32	22	5.4	-0.1
DHS	WisdomTree Equity Income	37.8	38	16	7.2	+1.7
KNG	Cboe Vest S&P 500 Dividend Aristocrats Target Income	37.8	75	-21	5.4	-0.1
NOBL	ProShares S&P500 Aristocrats	37.7	35	19	5.8	+0.3

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 Dividend Achievers
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	19.4	%
Divided by: Fwd. P/BV	3.2	x
Less: Expense ratio	54	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.56

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.