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)	$158
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	98
Wgt avg mkt cap (mns)	$89,338
Large cap (>$10bn)	80.2%
Mid cap ($2-10bn)	19.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.6 %
ADVANCED MICRO DEVICES	2.4 %
NVIDIA CORP	1.9 %
MICRON TECHNOLOGY INC	1.6 %
WESTERN DIGITAL CORP	1.5 %
TWITTER INC	1.4 %
NETFLIX INC	1.4 %
AUTODESK INC	1.4 %
ALBEMARLE CORP	1.3 %
ADOBE SYSTEMS INC	1.3 %
L BRANDS, INC.	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.4 %
	IRELAND	2.7 %
	BRITAIN	0.7 %

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.
-4.1%	13.8%	8.1%	--	9.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.45	87%
MSCI EAFE	1.40	67%
MSCI Emg. Mkts.	0.96	55%

Technical Indicators
Recent close	$44.46
30d moving avg.	$47.00
Annualized volatility	18.9%
Short interest (ETF)	5.9%
Short interest (Underlying)	6.2%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	136
Turnover	3.8%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$54,446

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P 500 High Beta ETF 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™:

7.2%

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 500 Equal Weight Technology ETF	43.9	40	-15	6.5	-0.7
SLT	Salt TruBeta High Exposure ETF	42.2	29	-4	7.4	+0.1
JHMT	John Hancock Multifactor Technology ETF	33.3	40	-15	6.0	-1.3
QQEW	First Trust Nasdaq-100 Equal Weighted Index Fund	32.1	60	-35	5.0	-2.3
QQQE	Direxion NASDAQ-100 Equal Weighted Index Shares	32.1	35	-10	5.2	-2.0
RPG	Invesco S&P 500 Pure Growth ETF	31.5	35	-10	5.3	-2.0
QTEC	First Trust NASDAQ-100 Technology Sector Index Fund	29.5	57	-32	5.5	-1.7
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	27.9	60	-35	7.2	+0.0
SPYB	SPDR S&P 500 Buyback ETF	26.0	35	-10	8.7	+1.5
FXL	First Trust Technology AlphaDEX Fund	25.6	61	-36	4.5	-2.7
SPGP	Invesco S&P 500 GARP ETF	24.8	35	-10	8.2	+1.0
XLK	Technology Select Sector SPDR Fund	24.1	13	12	5.3	-1.9
IGM	iShares North American Tech ETF	23.9	46	-21	4.4	-2.9
TECB	iShares US Tech Breakthrough Multisector ETF	23.4	40	-15	4.5	-2.7
PEXL	Pacer US Export Leaders ETF	23.4	60	-35	6.6	-0.6
VGT	Vanguard Information Technology Index Fund	22.9	10	15	5.2	-2.0
FTEC	Fidelity MSCI Information Technology Index ETF	22.7	8	17	5.2	-2.0
IXN	iShares Global Tech ETF	21.9	46	-21	5.0	-2.2
RVRS	Reverse Cap Weighted U.S. Large Cap ETF	21.9	29	-4	7.6	+0.4
QYLD	Global X NASDAQ 100 Covered Call ETF	21.4	60	-35	4.6	-2.6

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

	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 S&P 500 High Beta 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	16.1	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.