ETF Research Center

Invesco Global Water Portfolio seeks investment results that correspond to the price and yield of the Palisades Global Water Index, a modified equal-weighted index that tracks global companies.

FUND BASICS
Category	Global Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Jun 13, 2007
Assets (mns)	$211
Currency	USD
Expense ratio	75 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	43
Wgt avg mkt cap (mns)	$25,437
Large cap (>$10bn)	59.2%
Mid cap ($2-10bn)	38.9%
Small cap (<$2bn)	1.9%
Developed mkts	94.5%
Emerging mkts	5.5%

TOP TEN HOLDINGS
Total	54.8 %
DANAHER CORP	8.3 %
ECOLAB INC	8.1 %
GEBERIT AG-REG	7.3 %
WOLSELEY PLC	6.7 %
VEOLIA ENVIRONNEMENT	4.4 %
PENTAIR PLC	4.3 %
AMERICAN WATER WORKS CO INC	4.2 %
ROPER INDUSTRIES INC	4.0 %
CIA SANEAMENTO BASICO DE SP	3.9 %
WATERS CORP	3.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	40.1 %
	BRITAIN	26.4 %
	FRANCE	7.4 %
	SWITZERLAND	7.3 %
	JAPAN	4.2 %
	BRAZIL	3.9 %
	HONG KONG	2.5 %
	ITALY	1.9 %
	NETHERLANDS	1.8 %
	SOUTH KOREA	1.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.1%	25.5%	8.4%	7.6%	3.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	73%
MSCI EAFE	0.94	76%
MSCI Emg. Mkts.	0.63	58%

Technical Indicators
Recent close	$32.25
30d moving avg.	$31.49
Annualized volatility	11.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.2%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$1,900

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PIO

Expense:

75 bp

ALTAR Score™:

4.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PIO
Ticker	Fund Name	Overlap¹ vs PIO (%)	Expense ratio (bp)	Savings vs PIO (bp)	ALTAR Score™ (%)	ALTAR vs PIO (%)
CGW	Invesco S&P Global Water	53.4	62	13	3.8	-0.1
TBLU	Tortoise Water Fund	46.2	40	35	4.4	+0.5
PHO	Invesco Water Resources	43.9	60	15	3.7	-0.3
FIW	First Trust ISE Water	28.2	55	20	3.4	-0.6
FTRI	First Trust ISE Global Natural Resources Income	13.3	70	5	10.3	+6.3
IHI	iShares DJ US Medical Devices	9.4	43	32	3.6	-0.4
PRN	Invesco DWA Industrials Momentum	9.3	60	15	11.7	+7.8
XKII	SPDR Kensho Intelligent Structures	8.3	45	30	5.9	+1.9
IYM	iShares DJ US Basic Material	8.1	42	33	7.6	+3.7
XLB	Materials Select Sector SPDR	7.4	13	62	8.0	+4.1
RGI	Invesco S&P Equal Weight Industrials	7.1	40	35	6.4	+2.4
GRES	Index IQ Global Resources	6.6	77	-2	6.8	+2.9
KNG	Cboe Vest S&P 500 Dividend Aristocrats Target Income	6.2	75	0	5.3	+1.4
NOBL	ProShares S&P500 Aristocrats	6.2	35	40	5.7	+1.7
SUSA	iShares MSCI USA ESG Select	6.1	25	50	5.0	+1.0
PUI	Invesco DWA Utilities Momentum	6.0	60	15	3.7	-0.3
FMAT	Fidelity MSCI Materials	5.9	8	67	7.8	+3.9
VAW	Vanguard Materials	5.9	10	65	7.8	+3.9
PZD	Invesco Cleantech	5.8	68	7	4.2	+0.2
BIBL	Inspire 100	5.8	35	40	5.0	+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

	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 Global Water
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	15.6	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	4.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.77	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.