ETF Research Center

Invesco NASDAQ Internet Portfolio seeks investment results that correspond generally to the price and yield of the NASDAQ Internet Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Jun 12, 2008
Assets (mns)	$988
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	88
Wgt avg mkt cap (mns)	$378,604
Large cap (>$10bn)	93.4%
Mid cap ($2-10bn)	5.9%
Small cap (<$2bn)	0.7%
Developed mkts	79.6%
Emerging mkts	20.4%

TOP TEN HOLDINGS
Total	54.2 %
ALPHABET INC. CLASS C	8.2 %
FACEBOOK	7.2 %
AMAZON.COM INC	7.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR	7.0 %
SALESFORCE.COM INC	6.8 %
SHOPIFY, INC. CLASS A	3.9 %
ZOOM VIDEO COMMUNICATIONS, INC. CL	3.6 %
UBER TECHNOLOGIES, INC.	3.6 %
ADOBE SYSTEMS INC	3.5 %
NETFLIX INC	3.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	71.1 %
	CHINA	15.5 %
	CANADA	4.4 %
	ARGENTINA	3.2 %
	LUXEMBOURG	2.2 %
	SINGAPORE	1.9 %
	NETHERLANDS	0.9 %
	ISRAEL	0.6 %
	IRELAND	0.1 %
	INDIA	0.1 %

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.
58.4%	62.6%	22.4%	20.6%	20.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.10	77%
MSCI EAFE	0.99	60%
MSCI Emg. Mkts.	0.86	57%

Technical Indicators
Recent close	$223.04
30d moving avg.	$216.62
Annualized volatility	23.7%
Short interest (ETF)	0.7%
Short interest (Underlying)	4.8%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	24
Turnover	0.5%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$64,630

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Invesco NASDAQ Internet ETF ETF based on the alternatives' overlap in portfolio holdings with PNQI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PNQI

Expense:

60 bp

ALTAR Score™:

1.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PNQI
Ticker	Fund Name	Overlap¹ vs PNQI (%)	Expense ratio (bp)	Savings vs PNQI (bp)	ALTAR Score™ (%)	ALTAR vs PNQI (%)
TTTN	UP Fintech China-U.S. Internet Titans ETF	61.3	59	1	4.8	+3.6
FDN	First Trust Dow Jones Internet Index Fund	44.3	52	8	1.9	+0.7
OGIG	O'Shares Global Internet Giants ETF	36.2	48	12	0.7	-0.4
BUYZ	Franklin Disruptive Commerce ETF	33.6	50	10	-0.3	-1.4
PLAT	WisdomTree Modern Tech Platforms Fund	32.3	20	40	1.7	+0.5
GIGE	SoFi Gig Economy ETF	31.1	59	1	-0.5	-1.7
EBIZ	Global X E-Commerce ETF	30.0	50	10	2.9	+1.7
IGM	iShares Expanded Tech Sector ETF	29.4	46	14	3.6	+2.4
AIQ	Global X Future Analytics Tech ETF	28.9	68	-8	3.8	+2.6
TMFC	Motley Fool 100 Index ETF	26.6	50	10	3.2	+2.1
MMLG	First Trust Multi-Manager Large Growth ETF	26.4	85	-25	2.0	+0.8
XNTK	SPDR NYSE Technology ETF	26.2	35	25	3.2	+2.0
ENTR	Entrepreneur 30 Fund	26.0	49	11	1.0	-0.2
IETC	iShares Evolved U.S. Technology ETF	26.0	18	42	3.6	+2.5
MILN	Global X Millennials Thematic ETF	25.9	50	10	2.1	+1.0
FDG	American Century Focused Dynamic Growth ETF	25.8	45	15	1.5	+0.4
TECB	iShares US Tech Breakthrough Multisector ETF	25.6	40	20	3.9	+2.7
FDNI	First Trust Dow Jones International Internet ETF	24.2	65	-5	2.5	+1.3
FCOM	Fidelity MSCI Telecommunication Services Index ETF	24.2	8	52	4.4	+3.3
VOX	Vanguard Telecommunication Services Index Fund	23.9	10	50	4.3	+3.1
QYLD	Global X NASDAQ 100 Covered Call ETF	23.4	60	0	3.3	+2.2
DWLD	Davis Select Worldwide ETF	23.2	63	-3	5.9	+4.7
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	23.0	60	0	3.3	+2.1
SCHG	Schwab U.S. Large-Cap Growth ETF	23.0	4	56	3.4	+2.2
NUSI	Nationwide Risk-Managed Income ETF	23.0	68	-8	3.3	+2.1
QQQM	Invesco NASDAQ 100 ETF	22.8	15	45	3.7	+2.6
QQQ	Invesco QQQ Trust	22.8	20	40	3.7	+2.5
XITK	SPDR FactSet Innovative Technology ETF	22.8	45	15	0.5	-0.7
DUSA	Davis Select U.S. Equity ETF	22.7	63	-3	5.6	+4.4
JKE	iShares Morningstar Large-Cap Growth ETF	22.4	25	35	2.9	+1.7
SYG	SPDR MFS Systematic Growth Equity ETF	22.1	60	0	4.1	+2.9
LRGE	ClearBridge Large Cap Growth ESG ETF	22.1	59	1	3.5	+2.3
IBUY	Amplify Online Retail ETF	21.8	65	-5	-0.4	-1.6
MGK	Vanguard Mega Cap Growth ETF	21.8	7	53	3.8	+2.7
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	21.7	86	-26	2.8	+1.6
IGV	iShares Expanded Tech-Software ETF	21.7	46	14	2.2	+1.1
ARKW	ARK Web x.0 ETF	21.5	76	-16	-0.8	-1.9
GVIP	Goldman Sachs Hedge Industry VIP ETF	21.1	45	15	3.6	+2.4
XWEB	SPDR S&P Internet ETF	21.0	35	25	-0.0	-1.2
CLOU	Global X Cloud Computing ETF	21.0	68	-8	0.7	-0.5
IWY	iShares Russell Top 200 Growth ETF	20.6	20	40	3.8	+2.6
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	20.6	21	39	3.2	+2.0
XLC	The Communication Services Select Sector SPDR Fund	20.5	13	47	5.3	+4.2
VUG	Vanguard Growth Index Fund	20.2	4	56	3.7	+2.5
IWF	iShares Russell 1000 Growth ETF	20.1	19	41	3.7	+2.5
ARKF	ARK Fintech Innovation ETF	20.0	75	-15	0.4	-0.8
SFYF	SoFi 50 ETF	19.9	29	31	0.8	-0.3
IXP	iShares Global Comm Services ETF	19.8	46	14	5.4	+4.3
VONG	Vanguard Russell 1000 Growth Index Fund	19.7	8	52	3.8	+2.6
JOYY	Infusive Compounding Global Equities ETF	19.7	50	10	3.6	+2.5
EWEB	Global X Emerging Markets Internet & E-commerce ETF	19.5	65	-5	3.2	+2.0
HIPR	Direxion High Growth ETF	19.3	40	20	4.3	+3.2
WUGI	Esoterica NextG Economy ETF	19.1	75	-15	1.3	+0.2
ALFA	AlphaClone Alternative Alpha ETF	18.8	65	-5	-0.2	-1.4
VOOG	Vanguard S&P 500 Growth ETF	18.7	10	50	4.1	+3.0
GENY	Principal Millennials Index ETF	18.6	45	15	3.8	+2.6
SPMO	Invesco S&P 500 Momentum ETF	18.6	13	47	4.0	+2.9
SLT	Pacer Salt High TruBeta US Market ETF	18.5	60	0	3.1	+1.9
XLG	Invesco S&P 500 Top 50 ETF	18.5	20	40	4.3	+3.1
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum ETF	18.4	75	-15	1.9	+0.7
CACG	ClearBridge All Cap Growth ETF	18.4	54	6	4.0	+2.8
SPYG	SPDR Portfolio S&P 500 Growth ETF	18.2	4	56	4.2	+3.0
IVW	iShares S&P 500 Growth ETF	18.2	18	42	4.0	+2.9
IYW	iShares U.S. Technology ETF	18.0	43	17	3.7	+2.5
IUSG	iShares Core S&P US Growth ETF	17.6	4	56	4.2	+3.0
IYC	iShares U.S. Consumer Services ETF	17.6	43	17	3.4	+2.2
SOCL	Global X Social Media ETF	17.5	65	-5	2.6	+1.4
JHCS	John Hancock Multifactor Media & Communications ETF	17.3	40	20	5.2	+4.0
IWFH	iShares Virtual Work and Life Multisector ETF	17.3	47	13	0.9	-0.3
FPX	First Trust US IPO Index Fund	17.3	58	2	1.4	+0.2
THNQ	ROBO Global Artificial Intelligence ETF	16.9	68	-8	1.5	+0.3
MTUM	iShares MSCI USA Momentum Factor ETF	16.8	15	45	3.0	+1.9
CCON	Direxion Connected Consumer ETF	16.7	45	15	1.5	+0.3
OEF	iShares S&P 100 ETF	16.6	20	40	4.5	+3.3
SKYY	First Trust Cloud Computing ETF	16.5	60	0	2.0	+0.9
LCG	Sterling Capital Focus Equity ETF	16.3	59	1	2.4	+1.3
ESGV	Vanguard ESG U.S. Stock ETF	16.2	12	48	4.7	+3.6
JKH	iShares Morningstar Mid-Cap Growth ETF	16.2	30	30	1.9	+0.7
KWEB	KraneShares CSI China Internet ETF	16.0	76	-16	3.1	+1.9
MMTM	SPDR S&P 1500 Momentum Tilt ETF	15.9	12	48	4.2	+3.0
GURU	Global X Guru Index ETF	15.8	75	-15	3.5	+2.3
ESG	FlexShares STOXX US ESG Impact Index Fund	15.6	32	28	4.8	+3.6
PGJ	Invesco Golden Dragon China ETF	15.6	70	-10	4.9	+3.7
FTC	First Trust Large Cap Growth AlphaDEX Fund	15.5	61	-1	2.5	+1.3
ADRE	Invesco BLDRS Emerging Markets 50 ADR Index Fund	15.4	18	42	5.0	+3.8
ANEW	ProShares MSCI Transformational Changes ETF	15.3	45	15	2.7	+1.5
FDMO	Fidelity Momentum Factor ETF	15.2	29	31	2.7	+1.5
JHMC	John Hancock Multifactor Consumer Discretionary ETF	15.1	40	20	3.9	+2.7
XOUT	GraniteShares XOUT U.S. Large Cap ETF	15.0	60	0	3.8	+2.7
ECOZ	TrueMark ESG Active Opportunities ETF	15.0	58	2	3.3	+2.1
FNI	First Trust Chindia ETF	14.9	60	0	3.2	+2.0
QQEW	First Trust Nasdaq-100 Equal Weighted Index Fund	14.7	59	1	4.0	+2.9
QQQE	Direxion NASDAQ-100 Equal Weighted Index Shares	14.7	35	25	4.3	+3.1
SPQQ	Siren Large Cap Blend Index ETF	14.6	20	40	4.4	+3.2
VIRS	Pacer BioThreat Strategy ETF	14.6	70	-10	4.7	+3.5
MXDU	Nationwide Maximum Diversification US Core Equity ETF	14.6	34	26	4.5	+3.3
CHIL	Global X MSCI China Large-Cap 50 ETF	14.3	29	31	7.9	+6.7
ACSI	American Customer Satisfaction Core Alpha ETF	14.3	66	-6	3.7	+2.5

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 NASDAQ Internet ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.8	%
Divided by: Fwd. P/BV	7.8	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	1.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.34	CATEGORY AVERAGE	1.50

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.