ETF Research Center

The Invesco S&P 500 Low Volatility Portfolio seeks results that correspond (before fees and expenses) generally to the price and yield of the S&P 500 Low Volatility Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	May 05, 2011
Assets (mns)	$12,454
Currency	USD
Expense ratio	25 bp
Distributions	Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$66,589
Large cap (>$10bn)	93.0%
Mid cap ($2-10bn)	7.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.1 %
EVERSOURCE ENERGY	1.3 %
REPUBLIC SERVICES INC	1.2 %
DTE ENERGY COMPANY	1.2 %
DUKE ENERGY CORP	1.2 %
AMERICAN ELECTRIC POWER	1.2 %
NEXTERA ENERGY GROUP	1.2 %
SOUTHERN CO	1.2 %
WESTAR ENERGY INC	1.2 %
ALLIANT ENERGY CORP	1.2 %
CMS ENERGY CORP	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.2 %
	IRELAND	1.9 %
	SWITZERLAND	1.0 %
	BERMUDA	0.9 %
	BRITAIN	0.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
25.7%	17.1%	11.3%	--	13.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.59	65%
MSCI EAFE	0.51	40%
MSCI Emg. Mkts.	0.34	28%

Technical Indicators
Recent close	$57.43
30d moving avg.	$57.20
Annualized volatility	8.8%
Short interest (ETF)	3.0%
Short interest (Underlying)	2.8%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	3,714
Turnover	1.7%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$25,356

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SPLV

Expense:

25 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPLV
Ticker	Fund Name	Overlap¹ vs SPLV (%)	Expense ratio (bp)	Savings vs SPLV (bp)	ALTAR Score™ (%)	ALTAR vs SPLV (%)
LVHB	Elkhorn Lunt Low Vol/High Beta Tactical	99.5	52	-27	5.0	-0.2
HUSV	First Trust Horizon Managed Volatility Domestic	61.1	70	-45	4.9	-0.4
USMV	iShares MSCI USA Minimum Volatility	45.9	15	10	5.2	-0.1
LSLT	Salt Low truBeta US Market	43.3	0	25	6.7	+1.4
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility	43.3	25	0	5.9	+0.7
LGLV	SPDR Russell 1000 Low Volatility	42.1	12	13	5.2	-0.0
DEF	Invesco Defensive Equity	38.3	59	-34	4.9	-0.4
FDLO	Fidelity Low Volatility Factor	35.6	29	-4	5.4	+0.1
JMIN	JPMorgan U.S. Minimum Volatility	35.1	12	13	5.6	+0.4
KLCD	KFA Large Cap Quality Dividend Index	34.5	41	-16	5.0	-0.2
RBUS	Nationwide Risk-Based U.S. Equity	33.5	30	-5	6.1	+0.8
FLLV	Franklin Liberty U.S. Low Volatility	33.5	29	-4	5.3	+0.0
FCTR	First Trust Lunt U.S. Factor Rotation	32.8	65	-40	5.6	+0.4
LVUS	Hartford Multifactor Low Volatility US Equity	32.6	21	4	5.8	+0.6
SCIU	Global X Scientific Beta US	32.2	19	6	5.7	+0.5
DVOL	First Trust Dorsey Wright Momentum & Low Volatility	30.8	60	-35	4.5	-0.7
FVD	First Trust Value Line Dividend	30.6	70	-45	5.8	+0.5
NFO	Invesco Insider Sentiment	29.2	66	-41	4.5	-0.8
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	28.5	19	6	5.6	+0.4
SPMV	Invesco S&P 500 Minimum Variance	28.2	10	15	6.1	+0.8

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 Low Volatility
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	14.3	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	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.