ETF Research Center

The Invesco Dynamic Large Cap Growth Portfolio ETF tracks an index that uses a multifactor selection methodology to select 50 large-cap stocks with growth characteristics.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Mar 03, 2005
Assets (mns)	$756
Currency	USD
Expense ratio	55 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	50
Wgt avg mkt cap (mns)	$259,325
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	35.7 %
NVIDIA CORP	4.0 %
MICROSOFT CORP	3.7 %
APPLE INC	3.7 %
NEXTERA ENERGY GROUP	3.6 %
MASTERCARD INC-CLASS A	3.6 %
ALPHABET INC. CLASS A	3.5 %
PAYPAL HOLDINGS INC	3.5 %
VISA INC-CLASS A SHARES	3.5 %
NIKE INC -CL B	3.3 %
THERMO FISHER SCIENTIFIC INC	3.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.0 %
	IRELAND	3.2 %
	BRITAIN	2.9 %

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.
0.6%	15.0%	13.2%	15.1%	9.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	89%
MSCI EAFE	0.89	60%
MSCI Emg. Mkts.	0.62	50%

Technical Indicators
Recent close	$54.99
30d moving avg.	$53.00
Annualized volatility	12.7%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.5%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	45
Turnover	0.3%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$39,045

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PWB

Expense:

55 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PWB
Ticker	Fund Name	Overlap¹ vs PWB (%)	Expense ratio (bp)	Savings vs PWB (bp)	ALTAR Score™ (%)	ALTAR vs PWB (%)
JKE	iShares Morningstar Large Cap Growth	46.2	25	30	3.4	-0.4
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	38.2	29	26	8.7	+4.9
NULG	NuShares ESG Large-Cap Growth	36.1	35	20	3.7	-0.0
MGK	Vanguard Mega Cap 300 Growth	35.0	7	48	4.4	+0.6
OQAL	Invesco Russell 1000 Quality Factor ETF	34.6	19	36	6.0	+2.2
IWY	iShares Russell Top 200 Growth	34.6	20	35	4.6	+0.8
LRGE	ClearBridge Large Cap Growth ESG	33.2	60	-5	3.8	+0.1
SCHG	Schwab U.S. Large-Cap Growth	33.2	4	51	4.3	+0.6
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	33.1	75	-20	3.8	+0.0
VUG	Vanguard Growth ETF	32.2	4	51	4.3	+0.5
IVW	iShares S&P 500 Growth	31.8	18	37	4.6	+0.8
SPYG	SPDR Portfolio S&P 500 Growth	31.8	4	51	4.7	+1.0
VOOG	Vanguard S&P 500 Growth	31.8	15	40	4.6	+0.8
IWF	iShares Russell 1000 Growth	31.6	19	36	4.5	+0.8
VONG	Vanguard Russell 1000 Growth	31.6	12	43	4.6	+0.8
IUSG	iShares Core U.S. Growth	30.5	4	51	4.7	+0.9
FDMO	Fidelity Momentum Factor	30.4	29	26	3.9	+0.1
MTUM	iShares MSCI USA Momentum Factor	30.3	15	40	4.1	+0.3
QUAL	iShares Edge MSCI USA Quality Factor	30.2	15	40	5.6	+1.8
IGM	iShares S&P N. American Technology	29.5	46	9	4.1	+0.3

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 Dynamic Large Cap Growth
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	22.0	%
Divided by: Fwd. P/BV	5.1	x
Less: Expense ratio	55	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	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.