ETF Research Center

Invesco S&P 500 High Dividend Portfolio is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S&P 500� Low Volatility High Dividend Index (the "Underlying Index").

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Oct 18, 2012
Assets (mns)	$3,836
Currency	USD
Expense ratio	30 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Dividend
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$60,807
Large cap (>$10bn)	88.5%
Mid cap ($2-10bn)	11.5%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	27.3 %
AT&T INC	3.0 %
IRON MOUNTAIN INC	3.0 %
ALTRIA GROUP INC	3.0 %
KIMCO REALTY CORP	2.9 %
PPL CORPORATION	2.8 %
WEYERHAEUSER CO	2.7 %
PHILIP MORRIS INTERNATIONAL	2.7 %
ONEOK INC	2.4 %
OCCIDENTAL PETROLEUM CORP	2.4 %
SOUTHERN CO	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.7 %
	BRITAIN	2.2 %

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.
20.3%	20.3%	10.2%	--	12.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	70%
MSCI EAFE	0.71	49%
MSCI Emg. Mkts.	0.46	36%

Technical Indicators
Recent close	$44.35
30d moving avg.	$43.60
Annualized volatility	11.1%
Short interest (ETF)	0.8%
Short interest (Underlying)	4.2%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	461
Turnover	0.5%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$11,179

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SPHD

Expense:

30 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPHD
Ticker	Fund Name	Overlap¹ vs SPHD (%)	Expense ratio (bp)	Savings vs SPHD (bp)	ALTAR Score™ (%)	ALTAR vs SPHD (%)
SPYD	SPDR Portfolio S&P 500 High Dividend	54.6	7	23	8.8	+1.3
SPDV	AAM S&P 500 High Dividend Value	46.3	29	1	10.3	+2.8
SDOG	ALPS Sector Dividend Dogs	44.8	40	-10	9.6	+2.1
FDL	First Trust Morningstar Dividend Leaders	39.7	45	-15	8.3	+0.8
DTN	WisdomTree Dividend Ex-Financials	39.7	38	-8	7.8	+0.3
PEY	Invesco High Yield Equity Dividend Acheivers	39.4	53	-23	6.3	-1.2
RDIV	Invesco S&P Ultra Dividend Revenue ETF	36.9	39	-9	9.9	+2.5
DHS	WisdomTree Equity Income	34.4	38	-8	7.6	+0.2
DVY	iShares Select Dividend	33.1	39	-9	7.6	+0.2
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	33.0	35	-5	7.5	0.0
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	33.0	35	-5	7.5	0.0
LVHD	Legg Mason Low Volatility High Dividend ETF	29.8	27	3	6.5	-1.0
WBIY	WBI Power Factor High Dividend	29.6	70	-40	9.7	+2.2
FDVV	Fidelity Core Dividend	28.2	29	1	6.9	-0.6
JKF	iShares Morningstar Large Value	26.7	25	5	7.4	-0.1
OYLD	Invesco Russell 1000 Yield Factor ETF	26.5	19	11	6.8	-0.7
ACIO	Aptus Collared Income Opportunity	24.6	79	-49	6.8	-0.7
USDY	Pacific Global US Equity Income	24.0	29	1	7.1	-0.4
DEW	WisdomTree Global Equity Income	23.6	58	-28	8.0	+0.5
DLN	WisdomTree Large Cap Dividend	23.5	28	2	6.3	-1.2

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 Dividend
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	15.2	%
Divided by: Fwd. P/BV	2.0	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	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.