ETF Research Center

The Invesco DWA Energy Momentum Portfolio tracks an index of U.S. energy 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)	$37
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	41
Wgt avg mkt cap (mns)	$26,528
Large cap (>$10bn)	36.2%
Mid cap ($2-10bn)	31.5%
Small cap (<$2bn)	32.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	35.4 %
PHILLIPS 66	4.3 %
VALERO ENERGY CORP	4.1 %
MARATHON PETROLEUM	3.8 %
HOLLYFRONTIER CORP	3.6 %
CHENIERE ENERGY INC	3.6 %
HESS CORP	3.3 %
TARGA RESOURCES CORP	3.3 %
CHEVRON CORP	3.2 %
CONOCOPHILLIPS	3.2 %
PBF ENERGY INC-CLASS A	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.0 %
	SWITZERLAND	2.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-7.2%	-29.1%	-12.3%	1.4%	0.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.55	44%
MSCI EAFE	1.38	30%
MSCI Emg. Mkts.	0.70	13%

Technical Indicators
Recent close	$26.47
30d moving avg.	$26.09
Annualized volatility	28.1%
Short interest (ETF)	2.0%
Short interest (Underlying)	7.4%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.6%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$4,760

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PXI

Expense:

60 bp

ALTAR Score™:

-0.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PXI
Ticker	Fund Name	Overlap¹ vs PXI (%)	Expense ratio (bp)	Savings vs PXI (bp)	ALTAR Score™ (%)	ALTAR vs PXI (%)
XOP	SPDR S&P Oil & Gas Exploration	51.5	35	25	3.6	+4.2
FTXN	First Trust Nasdaq Oil & Gas	46.6	60	0	2.7	+3.3
JHME	John Hancock Multifactor Energy	45.7	40	20	3.4	+4.1
RYE	Invesco S&P Equal Weight Energy ETF	42.6	40	20	3.6	+4.3
IEO	iShares U.S. Oil & Gas Exploration & Production	41.8	42	18	3.2	+3.9
PXE	Invesco Dynamic Energy Exploration & Production	41.6	63	-3	1.2	+1.9
FXN	First Trust Energy Alphadex	39.5	63	-3	4.5	+5.2
VDE	Vanguard Energy ETF	36.3	10	50	3.9	+4.6
FENY	Fidelity MSCI Energy	36.0	8	52	4.1	+4.7
IYE	iShares DJ US Energy Sector	35.5	42	18	4.0	+4.7
XLEY	Cushing Energy & MLP	35.4	65	-5	3.7	+4.4
XLE	Energy Select Sector SPDR	33.5	13	47	4.5	+5.1
IGE	iShares North American Natural Resources	30.5	46	14	4.1	+4.7
FRAK	VanEck Vectors Unconventional Oil & Gas	22.5	54	6	1.7	+2.4
IXC	iShares S&P Global Energy Sector	21.9	46	14	5.2	+5.9
XLSY	Cushing Energy Supply Chain & MLP	20.8	65	-5	5.6	+6.3
CRAK	VanEck Vectors Oil Refiners	19.2	60	0	12.7	+13.4
FILL	iShares MSCI Global Energy Producers	18.4	39	21	5.6	+6.3
PSCE	Invesco S&P Small Cap Energy	17.3	29	31	-2.4	-1.8
USAI	American Energy Independence	15.9	75	-15	2.6	+3.3

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

	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 Energy Sector
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	-0.1	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	-0.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	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.