ETF Research Center

RWL tracks a revenue-weighted index of S&P 500 stocks.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco
Website	www.invesco.com
Inception date	Feb 22, 2008
Assets (mns)	$999
Currency	USD
Expense ratio	39 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Revenue
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	502
Wgt avg mkt cap (mns)	$180,535
Large cap (>$10bn)	95.1%
Mid cap ($2-10bn)	4.9%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.2 %
WAL-MART STORES INC	4.1 %
APPLE INC	2.4 %
EXXON MOBIL CORP	2.1 %
BERKSHIRE HATHAWAY INC-CL B	2.0 %
UNITEDHEALTH GROUP INC	2.0 %
CVS CAREMARK CORP	2.0 %
AMAZON.COM INC	1.9 %
MCKESSON CORP	1.7 %
AT&T INC	1.5 %
AMERISOURCEBERGEN CORP	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.1 %
	IRELAND	1.5 %
	BRITAIN	1.0 %
	SWITZERLAND	0.4 %
	BERMUDA	0.1 %

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.
20.2%	10.1%	8.9%	13.1%	8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.06	94%
MSCI EAFE	0.92	60%
MSCI Emg. Mkts.	0.60	42%

Technical Indicators
Recent close	$56.94
30d moving avg.	$54.73
Annualized volatility	13.2%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.8%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	41
Turnover	0.2%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$133,549

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P 500 Revenue ETF ETF based on the alternatives' overlap in portfolio holdings with RWL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RWL

Expense:

39 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RWL
Ticker	Fund Name	Overlap¹ vs RWL (%)	Expense ratio (bp)	Savings vs RWL (bp)	ALTAR Score™ (%)	ALTAR vs RWL (%)
VLU	SPDR S&P 1500 Value Tilt	72.3	12	27	7.5	-0.0
FNDX	Schwab Fundamental Large Cap	70.0	25	14	6.7	-0.9
PRF	Invesco FTSE-RAFI U.S. 1000	68.8	39	0	6.7	-0.8
FNDB	Schwab Fundamental Broad Mkt	67.8	25	14	6.6	-0.9
IUS	Invesco Strategic US	65.0	19	20	6.7	-0.8
PBP	Invesco S&P 500 Buy/Write	63.9	49	-10	5.6	-2.0
HSPX	Global X S&P 500 Covered Call	63.2	65	-26	5.4	-2.1
SPY	S&P 500 SPDR	62.9	9	30	5.9	-1.6
IVV	iShares Core S&P 500	62.9	4	35	6.0	-1.5
VOO	Vanguard S&P 500 ETF	62.8	3	36	6.0	-1.5
JHML	John Hancock Multifactor Large Cap	61.2	34	5	6.0	-1.5
BBUS	JP Morgan Betabuilders U.S. Equity	61.1	2	37	5.9	-1.6
VV	Vanguard Large-Cap ETF	61.0	4	35	5.9	-1.7
PBUS	Invesco PureBeta MSCI USA	60.9	4	35	6.0	-1.5
IVE	iShares S&P 500 Value	60.8	18	21	7.0	-0.5
SPYV	SPDR Portfolio S&P 500 Value	60.8	4	35	7.2	-0.4
VOOV	Vanguard S&P 500 Value	60.7	15	24	7.0	-0.5
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	60.7	20	19	6.0	-1.6
SCHX	Schwab U.S. Large-Cap	60.6	3	36	5.9	-1.7
SPXT	ProShares S&P 500 Ex-Technology	60.2	27	12	6.0	-1.5

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 S&P 500 Revenue ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.2	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	7.5	%

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.