ETF Research Center

The Invesco S&P Small Cap Consumer Discretionary is based on the S&P SmallCap 600 Capped Consumer Discretionary Index. The Index is a subset of the S&P SmallCap 600 Index, which is a float-adjusted, market-capitalization-weighted index reflecting the U.S. small-cap market.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.invescopowershares.com
Inception date	Apr 07, 2010
Assets (mns)	$22
Currency	USD
Expense ratio	29 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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	95
Wgt avg mkt cap (mns)	$1,995
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	44.9%
Small cap (<$2bn)	55.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.9 %
TOPBUILD CORP	3.6 %
LITHIA MOTORS INC-CL A	3.4 %
STEVEN MADDEN LTD	3.2 %
RH	3.0 %
STRAYER EDUCATION INC	2.9 %
WOLVERINE WORLD WIDE INC	2.5 %
LCI INDUSTRIES	2.5 %
MONRO MUFFLER BRAKE INC	2.3 %
MERITAGE HOMES CORP	2.3 %
FOX FACTORY HOLDING CORP	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.2 %
	BERMUDA	0.9 %

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.
14.8%	3.2%	5.4%	--	10.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.12	60%
MSCI EAFE	0.97	38%
MSCI Emg. Mkts.	0.53	18%

Technical Indicators
Recent close	$61.83
30d moving avg.	$62.03
Annualized volatility	17.4%
Short interest (ETF)	0.0%
Short interest (Underlying)	8.8%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.43%
ADV underlying (mns)	$1,784

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Small Cap Consumer Discretionary ETF based on the alternatives' overlap in portfolio holdings with PSCD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PSCD

Expense:

29 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PSCD
Ticker	Fund Name	Overlap¹ vs PSCD (%)	Expense ratio (bp)	Savings vs PSCD (bp)	ALTAR Score™ (%)	ALTAR vs PSCD (%)
RWJ	Invesco S&P SmallCap 600 Revenue ETF	25.4	39	-10	-5.2	-13.5
RZV	Invesco S&P Smallcap 600 Pure Value	23.9	35	-6	6.6	-1.6
XRT	SPDR S&P Retail	22.5	35	-6	8.8	+0.6
PXSG	Invesco Fundamental Pure Small Growth	17.3	39	-10	4.6	-3.6
XSVM	Invesco S&P SmallCap Value with Momentum	17.1	39	-10	8.2	-0.1
CALF	Pacer US Small Cap Cash Cows 100	17.0	59	-30	11.2	+3.0
EWSC	Invesco S&P Small Cap 600 Equal Weight	15.9	40	-11	3.0	-5.3
IJS	iShares S&P 600 SmallCap Value	15.5	25	4	6.8	-1.5
SLYV	SPDR S&P600 Small Cap Value	15.5	15	14	6.9	-1.4
VIOV	Vanguard S&P Small-Cap 600 Value	15.3	20	9	6.9	-1.4
EES	WisdomTree SmallCap Earnings	15.1	38	-9	9.1	+0.9
FLQS	Franklin LibertyQ U.S. Small Cap Equity	14.1	35	-6	6.2	-2.0
IJR	iShares Core S&P Small-Cap	14.0	7	22	5.8	-2.5
SLY	SPDR S&P 600 Small Cap	13.9	15	14	5.7	-2.5
PMR	Invesco Dynamic Retail	13.9	63	-34	7.2	-1.0
VIOO	Vanguard S&P Small-Cap 600	13.8	15	14	5.8	-2.5
XSHQ	Invesco S&P SmallCap Quality Portfolio	13.7	29	0	5.5	-2.8
DGRS	WisdomTree US Small Cap Dividend Growth	13.3	38	-9	8.3	+0.1
RZG	Invesco S&P Smallcap 600 Pure Growth	13.3	35	-6	3.9	-4.3
PKB	Invesco Dynamic Building & Construction	12.6	60	-31	6.6	-1.7

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

	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 S&P Small Cap Consumer Discretionary
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.1	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.