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)	$266
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	31
Wgt avg mkt cap (mns)	$55,624
Large cap (>$10bn)	56.5%
Mid cap ($2-10bn)	27.9%
Small cap (<$2bn)	15.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	45.5 %
ADVANCED MICRO DEVICES	5.7 %
MICRON TECHNOLOGY INC	5.3 %
NVIDIA CORP	5.1 %
QUALCOMM INC	5.0 %
TEXAS INSTRUMENTS INC	4.8 %
APPLIED MATERIALS INC	4.8 %
INTEL CORP	4.5 %
BROADCOM INC.	4.3 %
DIODES INC	3.1 %
SKYWORKS SOLUTIONS INC	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.0 %
	NETHERLANDS	2.8 %
	ISRAEL	2.7 %
	BERMUDA	2.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
52.5%	52.5%	22.0%	18.1%	11.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.53	56%
MSCI EAFE	1.49	44%
MSCI Emg. Mkts.	1.11	42%

Technical Indicators
Recent close	$71.06
30d moving avg.	$66.46
Annualized volatility	24.7%
Short interest (ETF)	0.6%
Short interest (Underlying)	5.3%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	37
Turnover	1.0%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$11,055

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™:

5.3%

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 (%)
SOXX	iShares PHLX SOX Semiconductor	54.4	46	12	5.4	+0.1
XSD	SPDR S&P Semiconductors	54.3	35	23	4.1	-1.2
SMH	VanEck Vectors Semiconductors	51.3	35	23	5.8	+0.5
FTXL	First Trust Nasdaq Semiconductor	45.2	60	-2	5.3	-0.0
PTF	Invesco DWA Technology Momentum	33.2	60	-2	2.1	-3.2
QTEC	First Trust NASDAQ 100 Tech	29.7	57	1	5.2	-0.1
XNTK	SPDR NYSE Technology	28.0	35	23	4.8	-0.6
JHMT	John Hancock Multifactor Technology	23.8	40	18	5.5	+0.2
BUL	Pacer US Cash Cows Growth	22.1	60	-2	6.5	+1.2
DRIV	Global X Autonomous & Electric Vehicles	21.4	68	-10	6.8	+1.5
TDIV	First Trust NASDAQ Technology Dividend	21.3	50	8	6.2	+0.9
QTUM	Defiance Quantum	20.1	40	18	5.4	+0.1
KARS	KraneShares Electric Vehicles & Future Mobility Index	17.6	70	-12	5.9	+0.6
FXL	First Trust Technology Alphadex	16.9	63	-5	5.2	-0.1
FIVG	Defiance Next Gen Connectivity ETF	16.4	30	28	5.1	-0.2
IDRV	iShares Self-driving EV & Tech	16.3	47	11	8.2	+2.9
IYW	iShares US Technology	16.2	42	16	4.7	-0.6
RYT	Invesco S&P Equal Weight Technology	16.0	40	18	6.0	+0.7
XLK	Technology Select Sector SPDR	15.8	13	45	5.0	-0.3
VGT	Vanguard Info Tech ETF	14.7	10	48	4.9	-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%.

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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 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	21.5	%
Divided by: Fwd. P/BV	3.7	x
Less: Expense ratio	58	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.