ETF Research Center

The Invesco DWA Healthcare Momentum Portfolio tracks an index of U.S. healthcare firms selected and weighted by price momentum.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Oct 12, 2006
Assets (mns)	$132
Currency	USD
Expense ratio	60 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	45
Wgt avg mkt cap (mns)	$21,657
Large cap (>$10bn)	41.4%
Mid cap ($2-10bn)	33.5%
Small cap (<$2bn)	25.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	39.4 %
INSULET CORP	4.5 %
THERMO FISHER SCIENTIFIC INC	4.4 %
MASIMO CORPORATION	4.4 %
EXACT SCIENCES CORP	4.2 %
DEXCOM INC	4.2 %
EDWARDS LIFESCIENCES CORP	4.0 %
HUMANA INC	3.7 %
MEDICINES COMPANY	3.4 %
ACADIA PHARMACEUTICALS INC	3.4 %
BECTON DICKINSON AND CO	3.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	100.0 %

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.
26.6%	8.1%	11.0%	15.2%	10.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.38	49%
MSCI EAFE	1.01	22%
MSCI Emg. Mkts.	0.76	20%

Technical Indicators
Recent close	$91.32
30d moving avg.	$83.98
Annualized volatility	23.8%
Short interest (ETF)	0.0%
Short interest (Underlying)	7.3%
Relative strength (RSI)	80

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.3%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$4,821

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PTH

Expense:

60 bp

ALTAR Score™:

-1.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PTH
Ticker	Fund Name	Overlap¹ vs PTH (%)	Expense ratio (bp)	Savings vs PTH (bp)	ALTAR Score™ (%)	ALTAR vs PTH (%)
IHI	iShares DJ US Medical Devices	28.5	43	17	3.8	+5.0
XHE	SPDR S&P Health Care Equipment	28.4	35	25	2.1	+3.3
IEHS	iShares Evolved U.S. Healthcare Staples	22.9	18	42	5.9	+7.1
FXH	First Trust Health Care Alphadex	21.0	63	-3	7.0	+8.3
DWAQ	Invesco DWA NASDAQ Momentum Portfolio	20.9	60	0	0.5	+1.7
HTEC	Robo Global Healthcare Technology and Innovation	20.0	68	-8	-0.0	+1.2
PSCH	Invesco S&P Small Cap Health Care	17.7	29	31	2.5	+3.7
BTEC	Principal Healthcare Innovators Index	17.2	42	18	-4.2	-3.0
XBI	SPDR S&P Biotech ETF	15.6	35	25	-4.4	-3.2
IYH	iShares US Healthcare	15.4	43	17	6.3	+7.5
FHLC	Fidelity MSCI Health Care	15.2	8	52	5.8	+7.0
GDNA	Goldman Sachs Motif Human Evolution	15.0	50	10	1.0	+2.3
VHT	Vanguard Health Care	15.0	10	50	5.9	+7.1
RYH	Invesco S&P Equal Weight Healthcare	14.7	40	20	7.0	+8.2
LNGR	Global X Longevity Thematic	14.4	50	10	3.3	+4.5
JHMH	John Hancock Multifactor Health Care	14.3	40	20	6.6	+7.8
XLV	Health Care Select Sector SPDR	14.0	13	47	7.2	+8.4
SLIM	Obesity	12.9	35	25	2.1	+3.4
DWAS	Invesco DWA Smallcap Technology	12.8	60	0	0.4	+1.7
BBC	Virtus LifeSci Biotech Clinical Trials	10.3	79	-19	-11.1	-9.9

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 DWA Healthcare Momentum
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	-4.2	%
Divided by: Fwd. P/BV	6.7	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	-1.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.30	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.