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)	$392
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	288
Wgt avg mkt cap (mns)	$217,269
Large cap (>$10bn)	94.9%
Mid cap ($2-10bn)	4.7%
Small cap (<$2bn)	0.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	30.1 %
MICROSOFT CORP	4.4 %
JOHNSON & JOHNSON	3.8 %
WAL-MART STORES INC	3.5 %
VISA INC-CLASS A SHARES	3.2 %
PROCTER & GAMBLE CO/THE	3.2 %
UNITEDHEALTH GROUP INC	2.9 %
HOME DEPOT INC	2.8 %
VERIZON COMMUNICATIONS INC	2.3 %
AT&T INC	2.1 %
COCA-COLA CO/THE	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.0 %
	IRELAND	3.2 %
	SWITZERLAND	0.6 %
	BERMUDA	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.1%	3.3%	9.4%	11.3%	7.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	94%
MSCI EAFE	0.86	79%
MSCI Emg. Mkts.	0.58	60%

Technical Indicators
Recent close	$30.47
30d moving avg.	$29.37
Annualized volatility	15.2%
Short interest (ETF)	1.5%
Short interest (Underlying)	2.2%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	78
Turnover	0.6%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$56,054

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™:

5.2%

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	76.2	6	48	5.1	-0.0
DGRO	iShares Core Dividend Growth ETF	55.2	8	46	6.4	+1.2
VYM	Vanguard High Dividend Yield Index ETF	55.0	6	48	7.2	+2.0
DLN	WisdomTree U.S. LargeCap Dividend Fund	53.8	28	26	6.2	+1.0
DTD	WisdomTree U.S.Total Dividend Fund	52.0	28	26	6.4	+1.2
SCHV	Schwab U.S. Large-Cap Value ETF	51.7	4	50	6.9	+1.8
MGV	Vanguard Mega Cap Value ETF	50.0	7	47	7.0	+1.9
OUSA	O'Shares FTSE US Quality Dividend ETF	49.2	48	6	5.5	+0.3
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	46.8	28	26	6.2	+1.0
SPYV	SPDR Portfolio S&P 500 Value ETF	46.7	4	50	7.1	+1.9
IVE	iShares S&P 500 Value ETF	46.6	18	36	7.0	+1.8
USDY	Pacific Global US Equity Income ETF	46.4	29	25	7.0	+1.8
VOOV	Vanguard S&P 500 Value ETF	46.2	15	39	7.0	+1.9
VTV	Vanguard Value Index Fund	46.0	4	50	7.1	+2.0
IWX	iShares Russell Top 200 Value ETF	45.7	20	34	6.6	+1.4
IUSV	iShares Core S&P U.S. Value ETF	44.9	4	50	7.2	+2.0
FLQL	Franklin LibertyQ U.S. Equity ETF	42.9	15	39	5.9	+0.7
QUS	SPDR MSCI USA StrategicFactors ETF	41.9	15	39	5.6	+0.5
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	40.9	29	25	5.8	+0.6
RAFE	PIMCO RAFI ESG U.S. ETF	40.3	29	25	7.4	+2.2
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	40.1	12	42	4.6	-0.6
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	40.0	10	44	5.1	-0.0
SUSL	iShares ESG MSCI USA Leaders ETF	39.9	10	44	5.1	-0.0
EPS	WisdomTree U.S. Earnings 500 Fund	39.8	8	46	6.2	+1.0
EQWL	Invesco Russell Top 200 Equal Weight ETF	39.8	25	29	5.9	+0.7
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	39.8	25	29	6.1	+1.0
QDEF	FlexShares Quality Dividend Defensive Index Fund	39.5	37	17	5.6	+0.5
FDLO	Fidelity Low Volatility Factor ETF	39.4	29	25	4.9	-0.3
JQUA	JPMorgan U.S. Quality Factor ETF	39.3	12	42	5.1	-0.0
IWD	iShares Russell 1000 Value ETF	39.3	19	35	6.7	+1.5
VONV	Vanguard Russell 1000 Value Index Fund	39.1	8	46	6.8	+1.6
FLLV	Franklin Liberty U.S. Low Volatility ETF	39.0	29	25	5.5	+0.4
ACIO	Aptus Collared Income Opportunity ETF	38.9	79	-25	4.0	-1.1
FDRR	Fidelity Dividend ETF for Rising Rates	38.7	29	25	6.7	+1.5
SPXT	ProShares S&P 500 Ex-Technology ETF	38.5	27	27	5.4	+0.2
PRF	Invesco FTSE RAFI US 1000 ETF	38.3	39	15	6.5	+1.3
SPXN	ProShares S&P 500 Ex-Financials ETF	38.2	27	27	4.7	-0.4
DIVB	iShares U.S. Dividend & Buyback ETF	38.1	25	29	6.3	+1.1
OEF	iShares S&P 100 ETF	38.1	20	34	4.6	-0.6
FQAL	Fidelity Quality Factor ETF	38.1	29	25	5.3	+0.1
PBP	Invesco S&P 500 BuyWrite ETF	37.9	49	5	4.7	-0.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	37.8	20	34	4.7	-0.5
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	37.7	25	29	6.1	+1.0
DSI	iShares MSCI KLD 400 Social ETF	37.0	25	29	5.0	-0.2
EDOW	First Trust Dow 30 Equal Weight ETF	37.0	50	4	5.7	+0.5
ESG	FlexShares STOXX US ESG Impact Index Fund	37.0	32	22	4.8	-0.4
LVUS	Hartford Multifactor Low Volatility US Equity ETF	36.9	19	35	5.8	+0.7
HSPX	Global X S&P 500 Covered Call ETF	36.9	65	-11	4.6	-0.6
IUS	Invesco Strategic US ETF	36.9	19	35	6.2	+1.1
BKLC	BNY Mellon US Large Cap Core Equity ETF	36.6	0	54	4.9	-0.2
SNPE	Xtrackers S&P 500 ESG ETF	36.6	11	43	4.9	-0.3
SPY	SPDR S&P 500 ETF Trust	36.5	9	45	5.1	-0.1
RECS	Columbia Research Enhanced Core ETF	36.5	15	39	5.4	+0.2
MGC	Vanguard Mega Cap Index Fund	36.5	7	47	5.0	-0.2
IVV	iShares Core S&P 500 ETF	36.5	4	50	5.2	-0.0
SPLG	SPDR Portfolio Large Cap ETF	36.5	3	51	5.2	+0.0
IWL	iShares Russell Top 200 ETF	36.4	15	39	4.7	-0.4
VOO	VANGUARD S&P 500 ETF	36.3	3	51	5.2	+0.0
SPXV	ProShares S&P 500 Ex-Health Care ETF	36.1	27	27	4.7	-0.4
RWL	Invesco S&P 500 Revenue ETF	36.0	39	15	6.8	+1.7
SPXE	ProShares S&P 500 Ex-Energy ETF	36.0	27	27	5.1	-0.1
XLG	Invesco S&P 500 Top 50 ETF	35.9	20	34	4.3	-0.9
USMV	iShares Edge MSCI Min Vol USA ETF	35.8	15	39	5.3	+0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	35.8	20	34	5.1	-0.1
WOMN	Impact Shares YWCA Women's Empowerment ETF	35.7	75	-21	4.2	-1.0
NACP	Impact Shares NAACP Minority Empowerment ETF	35.6	75	-21	4.6	-0.6
QVM	Arrow QVM Equity Factor ETF	35.6	65	-11	4.8	-0.4
DIA	SPDR Dow Jones Industrial Average ETF Trust	35.5	16	38	5.3	+0.1
IQSU	IQ Candriam ESG US Equity ETF	35.3	9	45	4.9	-0.3
JHML	John Hancock Multifactor Large Cap ETF	35.2	29	25	5.3	+0.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	35.2	7	47	5.0	-0.2
QDF	FlexShares Quality Dividend Index Fund	35.2	37	17	5.9	+0.8
SPTM	SPDR Portfolio Total Stock Market ETF	35.2	3	51	5.3	+0.1
PBUS	Invesco PureBeta MSCI USA ETF	35.2	4	50	5.0	-0.2
SCHX	Schwab U.S. Large-Cap ETF	34.9	3	51	5.1	-0.1
SPMV	Invesco S&P 500 Minimum Variance ETF	34.9	10	44	5.6	+0.4
BBUS	JP Morgan Betabuilders U.S. Equity ETF	34.9	2	52	5.1	-0.1
ESGU	iShares MSCI USA ESG Optimized ETF	34.9	15	39	4.9	-0.3
VV	Vanguard Large-Cap Index Fund	34.6	4	50	5.0	-0.2
KLCD	KFA Large Cap Quality Dividend Index ETF	34.6	41	13	5.0	-0.2
DIVO	Amplify YieldShares CWP Dividend & Option Income ETF	34.4	49	5	4.3	-0.9
CCOR	Core Alternative ETF	34.4	123	-69	4.1	-1.1
JKF	iShares Morningstar Large Cap Value ETF	34.2	25	29	7.4	+2.2
SCHK	Schwab 1000 Index ETF	34.2	5	49	5.0	-0.1
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	34.0	19	35	5.8	+0.6
VONE	Vanguard Russell 1000 ETF	34.0	8	46	5.0	-0.2
IYY	iShares Dow Jones U.S. ETF	34.0	20	34	4.9	-0.3
IWB	iShares Russell 1000 ETF	33.9	15	39	4.9	-0.3
DYNF	BlackRock U.S. Equity Factor Rotation ETF	33.9	30	24	6.2	+1.0
KNG	Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF	33.5	75	-21	5.4	+0.3
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	33.5	35	19	5.8	+0.7
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	33.3	9	45	5.3	+0.1
QLV	FlexShares US Quality Low Volatility Index Fund	33.2	22	32	4.6	-0.6
SCHB	Schwab U.S. Broad Market ETF	32.9	3	51	5.0	-0.2
VSDA	VictoryShares Dividend Accelerator ETF	32.9	35	19	4.6	-0.5
CATH	Global X S&P 500 Catholic Values Custom ETF	32.9	29	25	5.0	-0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	32.8	3	51	4.9	-0.2
IWV	iShares Russell 3000 ETF	32.7	20	34	4.8	-0.4
VTHR	Vanguard Russell 3000 Index Fund	32.6	10	44	4.8	-0.3
JKD	iShares Morningstar Large-Cap ETF	32.6	20	34	5.3	+0.1

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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	19.9	%
Divided by: Fwd. P/BV	3.5	x
Less: Expense ratio	54	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	CATEGORY AVERAGE	1.52

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.