ETF Research Center

The Invesco Dynamic Semiconductors Portfolio ETF uses a quantitative model to select and weight semiconductor companies.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Jun 23, 2005
Assets (mns)	$203
Currency	USD
Expense ratio	58 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	BNY Mellon
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	30
Wgt avg mkt cap (mns)	$56,275
Large cap (>$10bn)	59.3%
Mid cap ($2-10bn)	24.9%
Small cap (<$2bn)	15.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	45.5 %
ADVANCED MICRO DEVICES	5.1 %
TEXAS INSTRUMENTS INC	5.1 %
MICRON TECHNOLOGY INC	5.0 %
BROADCOM INC.	5.0 %
QUALCOMM INC	5.0 %
NVIDIA CORP	4.9 %
APPLIED MATERIALS INC	4.9 %
INTEL CORP	4.9 %
DIODES INC	2.8 %
AMKOR TECHNOLOGY INC	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	91.9 %
	NETHERLANDS	2.8 %
	ISRAEL	2.8 %
	BERMUDA	2.5 %

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.
41.3%	28.9%	21.3%	18.9%	11.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.52	56%
MSCI EAFE	1.45	42%
MSCI Emg. Mkts.	1.13	41%

Technical Indicators
Recent close	$62.40
30d moving avg.	$62.30
Annualized volatility	24.5%
Short interest (ETF)	0.8%
Short interest (Underlying)	5.3%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	27
Turnover	0.8%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$8,478

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PSI

Expense:

58 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PSI
Ticker	Fund Name	Overlap¹ vs PSI (%)	Expense ratio (bp)	Savings vs PSI (bp)	ALTAR Score™ (%)	ALTAR vs PSI (%)
XSD	SPDR S&P Semiconductors	55.0	35	23	5.0	-0.8
SOXX	iShares PHLX SOX Semiconductor	54.6	46	12	6.1	+0.2
SMH	VanEck Vectors Semiconductors	51.0	35	23	6.3	+0.5
FTXL	First Trust Nasdaq Semiconductor	48.0	60	-2	6.4	+0.6
QTEC	First Trust NASDAQ 100 Tech	32.7	57	1	6.0	+0.2
XNTK	SPDR NYSE Technology	24.8	35	23	5.6	-0.2
JHMT	John Hancock Multifactor Technology	23.8	40	18	6.1	+0.2
PTF	Invesco DWA Technology Momentum	22.9	60	-2	1.5	-4.3
QTUM	Defiance Quantum	22.0	40	18	6.4	+0.6
TDIV	First Trust NASDAQ Technology Dividend	21.6	50	8	6.7	+0.9
DRIV	Global X Autonomous & Electric Vehicles	20.5	68	-10	7.5	+1.7
KARS	KraneShares Electric Vehicles & Future Mobility Index	18.4	70	-12	6.5	+0.7
IDRV	iShares Self-driving EV & Tech	17.4	47	11	8.9	+3.1
FXL	First Trust Technology Alphadex	16.8	63	-5	5.5	-0.3
RYT	Invesco S&P Equal Weight Technology	16.8	40	18	6.4	+0.6
PXLG	Invesco Fundamental Pure Large Growth	16.3	35	23	8.0	+2.2
XLK	Technology Select Sector SPDR	15.9	13	45	5.6	-0.2
IYW	iShares US Technology	15.8	42	16	5.2	-0.6
RDVY	First Trust Nasdaq Rising Dividend Achievers	14.7	50	8	7.2	+1.4
VGT	Vanguard Info Tech ETF	14.7	10	48	5.4	-0.4

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

	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

Content on this tab for subscribers only

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 Dynamic Semiconductors
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	19.6	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.