ETF Research Center

The Invesco S&P Small Cap Information Technology is based on the S&P SmallCap 600 Capped Technology 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)	$344
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	79
Wgt avg mkt cap (mns)	$1,907
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	47.3%
Small cap (<$2bn)	52.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	26.5 %
VIAVI SOLUTIONS INC.	3.1 %
POWER INTEGRATIONS INC	2.9 %
QUALYS INC	2.8 %
ITRON INC	2.8 %
BROOKS AUTOMATION INC	2.8 %
ANIXTER INTERNATIONAL INC	2.7 %
ADVANCED ENERGY INDUSTRIES	2.7 %
EXLSERVICE HOLDINGS INC	2.4 %
FABRINET	2.2 %
MANTECH INTERNATIONAL CORP-A	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	CAYMAN ISLANDS	2.2 %
	PUERTO RICO	1.9 %

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.
-2.6%	20.8%	14.3%	--	14.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	64%
MSCI EAFE	1.13	46%
MSCI Emg. Mkts.	0.73	33%

Technical Indicators
Recent close	$95.50
30d moving avg.	$97.03
Annualized volatility	18.5%
Short interest (ETF)	1.2%
Short interest (Underlying)	5.7%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	11
Turnover	0.3%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$891

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PSCT

Expense:

29 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PSCT
Ticker	Fund Name	Overlap¹ vs PSCT (%)	Expense ratio (bp)	Savings vs PSCT (bp)	ALTAR Score™ (%)	ALTAR vs PSCT (%)
RZG	Invesco S&P Smallcap 600 Pure Growth	21.6	35	-6	5.9	+0.5
IJT	iShares S&P 600 SmallCap Growth	20.1	25	4	4.9	-0.5
SLYG	SPDR S&P600 Small Cap Growth	20.0	15	14	5.0	-0.4
VIOG	Vanguard S&P Small-Cap 600 Growth	19.5	16	13	4.8	-0.6
XSHQ	Invesco S&P SmallCap Quality Portfolio	18.0	29	0	5.6	+0.2
CALF	Pacer US Small Cap Cash Cows 100	16.7	59	-30	10.3	+4.8
JSML	Janus Small Cap Growth Alpha	15.3	35	-6	6.7	+1.3
PXSG	Invesco Fundamental Pure Small Growth	15.2	39	-10	4.7	-0.7
IJR	iShares Core S&P Small-Cap	14.0	7	22	6.1	+0.7
SLY	SPDR S&P 600 Small Cap	14.0	15	14	6.0	+0.6
SPSM	SPDR Portfolio Small Cap	14.0	5	24	6.1	+0.7
VIOO	Vanguard S&P Small-Cap 600	13.7	10	19	6.0	+0.5
XSW	SPDR S&P Software & Services	13.5	35	-6	3.6	-1.9
EWSC	Invesco S&P Small Cap 600 Equal Weight	13.3	40	-11	5.4	-0.1
XTH	SPDR S&P Technology Hardware	13.0	35	-6	5.8	+0.4
SCAP	AdvisorShares Cornerstone Small Cap	12.6	90	-61	3.8	-1.7
CSML	IQ Chaikin U.S. Small Cap	11.7	35	-6	8.1	+2.6
ROGS	Lattice Global Small Cap Strategy	11.2	34	-5	7.5	+2.0
RWJ	Invesco S&P SmallCap 600 Revenue ETF	11.1	39	-10	6.5	+1.1
TPSC	Timothy Plan US Small Cap Core	9.1	52	-23	6.9	+1.5

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%.

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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 S&P SmallCap Information Technology 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	12.8	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	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.