ETF Research Center

The Invesco S&P 500 High Beta Portolio seeks investment results that correspond (before fees and expenses) generally to the price and yield of the S&P 500 High Beta Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	May 05, 2011
Assets (mns)	$150
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	99
Wgt avg mkt cap (mns)	$90,183
Large cap (>$10bn)	81.0%
Mid cap ($2-10bn)	19.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	14.9 %
NVIDIA CORP	1.8 %
ADVANCED MICRO DEVICES	1.7 %
UNITED RENTALS INC	1.7 %
ALIGN TECHNOLOGY INC	1.6 %
QORVO INC	1.4 %
LAM RESEARCH CORP	1.4 %
MICRON TECHNOLOGY INC	1.4 %
APPLIED MATERIALS INC	1.4 %
KLA-TENCOR CORPORATION	1.3 %
NETAPP INC	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.3 %
	IRELAND	2.1 %
	BRITAIN	0.7 %

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.
21.1%	9.7%	6.0%	--	8.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.48	83%
MSCI EAFE	1.22	48%
MSCI Emg. Mkts.	0.81	35%

Technical Indicators
Recent close	$44.19
30d moving avg.	$42.36
Annualized volatility	19.6%
Short interest (ETF)	6.7%
Short interest (Underlying)	6.2%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	135
Turnover	4.0%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$46,732

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SPHB

Expense:

25 bp

ALTAR Score™:

6.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPHB
Ticker	Fund Name	Overlap¹ vs SPHB (%)	Expense ratio (bp)	Savings vs SPHB (bp)	ALTAR Score™ (%)	ALTAR vs SPHB (%)
RYT	Invesco S&P Equal Weight Technology	44.6	40	-15	6.5	+0.2
SLT	Salt TruBeta High Exposure	42.0	29	-4	6.4	+0.1
QQEW	First Trust NASDAQ 100 Equal Weight	37.5	60	-35	6.0	-0.3
QQQE	Direxion NASDAQ-100 Equal Weight	37.5	35	-10	6.3	0.0
JHMT	John Hancock Multifactor Technology	32.8	40	-15	6.0	-0.3
RPG	Invesco S&P 500 Pure Growth ETF	28.7	35	-10	4.4	-1.9
QTEC	First Trust NASDAQ 100 Tech	28.5	57	-32	6.0	-0.2
PXLG	Invesco Fundamental Pure Large Growth	28.3	35	-10	8.1	+1.9
FXL	First Trust Technology Alphadex	27.6	63	-38	5.5	-0.7
IGM	iShares S&P N. American Technology	26.4	46	-21	4.6	-1.7
XLK	Technology Select Sector SPDR	25.3	13	12	5.5	-0.8
SPYB	SPDR S&P 500 Buyback	24.7	35	-10	7.3	+1.1
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation	24.7	60	-35	6.6	+0.4
PEXL	Pacer US Export Leaders	24.1	60	-35	6.1	-0.2
IETC	iShares Evolved U.S. Technology	23.7	18	7	4.8	-1.5
FTEC	Fidelity MSCI Info Technology	23.6	8	17	5.4	-0.9
VGT	Vanguard Info Tech ETF	23.4	10	15	5.4	-0.9
VUG	Vanguard Growth ETF	23.1	4	21	4.8	-1.4
QYLD	Global X NASDAQ 100 Covered Call ETF	23.0	60	-35	4.9	-1.4
IXN	iShares S&P Global Technology	22.7	46	-21	5.3	-1.0

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 High Beta
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.1	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	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.