ETF Research Center

The Invesco Dynamic Large Cap Value Portfolio ETF tracks the Dynamic Large Cap Value Intellidex Index. The index selects its holdings using a 10-factor style isolation process and uses a tiered weighting scheme.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Mar 03, 2005
Assets (mns)	$1,127
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	51
Wgt avg mkt cap (mns)	$139,034
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	34.7 %
INTEL CORP	3.9 %
CISCO SYSTEMS INC	3.6 %
JOHNSON & JOHNSON	3.6 %
INTL BUSINESS MACHINES CORP	3.5 %
GENERAL ELECTRIC CO	3.4 %
CITIGROUP INC	3.4 %
PFIZER INC	3.4 %
AT&T INC	3.4 %
COMCAST CORP-CL A	3.3 %
BANK OF AMERICA CORP	3.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.4 %
	IRELAND	2.8 %
	SWITZERLAND	1.4 %
	BRITAIN	1.3 %

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.
29.9%	29.9%	8.1%	11.9%	9.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	86%
MSCI EAFE	0.87	57%
MSCI Emg. Mkts.	0.55	40%

Technical Indicators
Recent close	$41.27
30d moving avg.	$41.41
Annualized volatility	12.6%
Short interest (ETF)	0.3%
Short interest (Underlying)	2.0%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	164
Turnover	0.6%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$16,120

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PWV

Expense:

55 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PWV
Ticker	Fund Name	Overlap¹ vs PWV (%)	Expense ratio (bp)	Savings vs PWV (bp)	ALTAR Score™ (%)	ALTAR vs PWV (%)
JKF	iShares Morningstar Large Value	50.2	25	30	7.4	-0.7
REVS	Columbia Research Enhanced Value	40.0	19	36	7.2	-0.9
IWX	iShares Russell Top 200 Value	39.3	20	35	6.7	-1.5
RAFE	PIMCO RAFI ESG U.S. ETF	38.3	29	26	7.6	-0.5
SPVU	Invesco S&P 500 Value	37.1	13	42	10.4	+2.2
FMK	First Trust Mega Cap AlphaDEX	35.9	70	-15	5.4	-2.8
MGV	Vanguard Mega Cap 300 Value	35.4	7	48	6.9	-1.3
OYLD	Invesco Russell 1000 Yield Factor ETF	35.4	19	36	6.9	-1.3
ACIO	Aptus Collared Income Opportunity	34.3	79	-24	6.8	-1.3
VYM	Vanguard High Dividend Yield ETF	33.9	6	49	7.0	-1.1
VLUE	iShares MSCI USA Value Factor	33.3	15	40	10.5	+2.3
SCHV	Schwab U.S. Large-Cap Value	32.0	4	51	6.7	-1.4
HDV	iShares High Dividend	31.6	8	47	7.0	-1.2
SYV	SPDR MFS Systematic Value Equity	31.5	60	-5	7.0	-1.2
OVLU	Invesco Russell 1000 Value Factor ETF	31.1	19	36	7.6	-0.6
DHS	WisdomTree Equity Income	30.6	38	17	7.7	-0.4
SPYV	SPDR Portfolio S&P 500 Value	30.4	4	51	7.0	-1.2
IVE	iShares S&P 500 Value	30.3	18	37	6.9	-1.3
VOOV	Vanguard S&P 500 Value	30.0	15	40	6.8	-1.4
NULV	NuShares ESG Large-Cap Value	29.8	35	20	6.6	-1.6

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

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.2	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	55	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.