ETF Research Center

The Invesco S&P Small Cap Utilities is based on the S&P SmallCap 600 Capped Utilities 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)	$44
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	23
Wgt avg mkt cap (mns)	$1,966
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	53.8%
Small cap (<$2bn)	46.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	61.7 %
AMERICAN STATES WATER CO	9.8 %
AVISTA CORP	9.7 %
SOUTH JERSEY INDUSTRIES	8.7 %
VONAGE HOLDINGS CORP.	5.7 %
COGENT COMMUNICATIONS HOLDINGS INC	5.0 %
EW SCRIPPS CO-CL A	5.0 %
EL PASO ELECTRIC CO	4.6 %
SCHOLASTIC CORP	4.5 %
MARCUS CORPORATION	4.4 %
GANNETT CO., INC.	4.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	100.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
9.2%	-2.9%	10.3%	--	11.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.70	39%
MSCI EAFE	0.52	18%
MSCI Emg. Mkts.	0.25	7%

Technical Indicators
Recent close	$51.22
30d moving avg.	$52.11
Annualized volatility	13.5%
Short interest (ETF)	0.0%
Short interest (Underlying)	4.6%
Relative strength (RSI)	43

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.4%
Bid/Ask (% of price)	0.44%
ADV underlying (mns)	$302

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PSCU

Expense:

29 bp

ALTAR Score™:

-3.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PSCU
Ticker	Fund Name	Overlap¹ vs PSCU (%)	Expense ratio (bp)	Savings vs PSCU (bp)	ALTAR Score™ (%)	ALTAR vs PSCU (%)
XSHD	Invesco S&P SmallCap High Div Low Volatility	15.2	30	-1	8.1	+11.6
PBS	Invesco Dyn Media Port	9.2	63	-34	6.3	+9.8
XTL	SPDR S&P Telecom	8.5	35	-6	5.3	+8.8
SMDV	ProShares Russell 2000 Dividend Growers	7.2	40	-11	5.5	+9.0
PXSG	Invesco Fundamental Pure Small Growth	6.7	39	-10	4.7	+8.2
XSLV	Invesco S&P SmallCap Low Volatility	6.7	25	4	6.8	+10.3
KSCD	KFA Small Cap Quality Dividend Index	6.4	51	-22	4.8	+8.3
FIW	First Trust ISE Water	5.7	55	-26	3.8	+7.3
SLYG	SPDR S&P600 Small Cap Growth	4.6	15	14	4.6	+8.1
IJT	iShares S&P 600 SmallCap Growth	4.6	25	4	4.5	+8.0
DES	WisdomTree Smallcap Dividend	4.4	38	-9	7.2	+10.7
VIOG	Vanguard S&P Small-Cap 600 Growth	4.3	20	9	4.5	+8.0
TBLU	Tortoise Water Fund	4.3	40	-11	4.9	+8.4
UFO	Procure Space	4.3	75	-46	2.0	+5.5
PUI	Invesco DWA Utilities Momentum	4.2	60	-31	4.4	+7.9
SLY	SPDR S&P 600 Small Cap	4.1	15	14	5.8	+9.3
IJR	iShares Core S&P Small-Cap	4.1	7	22	5.8	+9.3
IFRA	iShares U.S. Infrastructure	4.0	40	-11	5.7	+9.2
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	3.9	29	0	4.2	+7.7
PHO	Invesco Water Resources	3.9	60	-31	4.2	+7.7

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 Utilities
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	-10.9	%
Divided by: Fwd. P/BV	3.4	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	-3.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.82	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.