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The Invesco S&P 500 Momentum Portfolio tracks an index that selects and weights 100 of the highest-scoring securities by momentum held within the S&P 500.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.invesco.com
Inception date	Oct 09, 2015
Assets (mns)	$59
Currency	USD
Expense ratio	13 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	99
Wgt avg mkt cap (mns)	$570,217
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	51.3 %
MICROSOFT CORP	8.8 %
AMAZON.COM INC	8.5 %
APPLE INC	8.3 %
NVIDIA CORP	6.1 %
FACEBOOK	5.9 %
PAYPAL HOLDINGS INC	3.6 %
NETFLIX INC	2.6 %
ABBVIE INC	2.6 %
ADOBE SYSTEMS INC	2.6 %
HOME DEPOT INC	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	98.2 %
	BRITAIN	1.5 %
	SWITZERLAND	0.2 %

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.
15.5%	20.1%	--	--	14.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	88%
MSCI EAFE	0.90	72%
MSCI Emg. Mkts.	0.61	51%

Technical Indicators
Recent close	$51.12
30d moving avg.	$50.44
Annualized volatility	17.3%
Short interest (ETF)	4.7%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	35
Turnover	3.0%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$79,859

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Invesco S&P 500 Momentum ETF ETF based on the alternatives' overlap in portfolio holdings with SPMO. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SPMO

Expense:

13 bp

ALTAR Score™:

3.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPMO
Ticker	Fund Name	Overlap¹ vs SPMO (%)	Expense ratio (bp)	Savings vs SPMO (bp)	ALTAR Score™ (%)	ALTAR vs SPMO (%)
GBGR	Global Beta Momentum-Growth ETF	58.7	29	-16	5.1	+1.2
MTUM	iShares MSCI USA Momentum Factor ETF	58.5	15	-2	4.0	+0.1
MGK	Vanguard Mega Cap Growth ETF	55.0	7	6	3.8	-0.1
VOOG	Vanguard S&P 500 Growth ETF	54.5	10	3	4.1	+0.2
IWY	iShares Russell Top 200 Growth ETF	53.1	20	-7	3.7	-0.2
IVW	iShares S&P 500 Growth ETF	53.0	18	-5	4.0	+0.1
SPYG	SPDR Portfolio S&P 500 Growth ETF	53.0	4	9	4.1	+0.2
SCHG	Schwab U.S. Large-Cap Growth ETF	52.4	4	9	3.3	-0.6
MMTM	SPDR S&P 1500 Momentum Tilt ETF	52.2	12	1	4.1	+0.2
QYLD	Global X NASDAQ 100 Covered Call ETF	51.7	60	-47	3.3	-0.6
SYG	SPDR MFS Systematic Growth Equity ETF	51.4	60	-47	4.0	+0.1
QYLG	Global X Nasdaq 100 Covered Call & Growth ETF	51.3	60	-47	3.3	-0.6
NUSI	Nationwide Risk-Managed Income ETF	51.2	68	-55	3.5	-0.4
IWF	iShares Russell 1000 Growth ETF	50.9	19	-6	3.6	-0.4
QQQM	Invesco NASDAQ 100 ETF	50.9	15	-2	3.7	-0.2
QQQ	Invesco QQQ Trust	50.9	20	-7	3.7	-0.3
VUG	Vanguard Growth Index Fund	50.8	4	9	3.7	-0.3
IUSG	iShares Core S&P US Growth ETF	50.7	4	9	4.1	+0.2
VONG	Vanguard Russell 1000 Growth Index Fund	50.0	8	5	3.7	-0.2
TMFC	Motley Fool 100 Index ETF	48.9	50	-37	3.2	-0.7
XOUT	GraniteShares XOUT U.S. Large Cap ETF	46.5	60	-47	3.8	-0.1
IGM	iShares Expanded Tech Sector ETF	46.5	46	-33	3.5	-0.4
ONEQ	Fidelity Nasdaq Composite Index Tracking Stock	44.9	21	-8	2.8	-1.1
HIPR	Direxion High Growth ETF	44.8	40	-27	4.3	+0.4
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	44.3	49	-36	3.9	-0.1
XLG	Invesco S&P 500 Top 50 ETF	44.3	20	-7	4.2	+0.3
ESGV	Vanguard ESG U.S. Stock ETF	43.9	12	1	4.7	+0.8
IETC	iShares Evolved U.S. Technology ETF	43.9	18	-5	3.6	-0.3
FDMO	Fidelity Momentum Factor ETF	43.4	29	-16	3.1	-0.8
PWB	Invesco Dynamic Large Cap Growth ETF	43.4	56	-43	3.2	-0.7
EFIV	SPDR S&P 500 ESG ETF	43.2	10	3	4.7	+0.8
SNPE	Xtrackers S&P 500 ESG ETF	43.2	10	3	4.7	+0.8
STLG	iShares Factors US Growth Style ETF	43.1	25	-12	4.1	+0.2
IQSU	IQ Candriam ESG US Equity ETF	42.2	9	4	4.7	+0.8
OEF	iShares S&P 100 ETF	42.2	20	-7	4.5	+0.6
JKE	iShares Morningstar Large-Cap Growth ETF	40.8	25	-12	2.8	-1.1
SPXN	ProShares S&P 500 Ex-Financials ETF	40.6	27	-14	4.6	+0.7
BKLC	BNY Mellon US Large Cap Core Equity ETF	40.2	0	13	4.7	+0.8
IWL	iShares Russell Top 200 ETF	40.0	15	-2	4.6	+0.7
LRGE	ClearBridge Large Cap Growth ESG ETF	39.9	59	-46	3.5	-0.4
MGC	Vanguard Mega Cap Index Fund	39.0	7	6	4.8	+0.8
PBP	Invesco S&P 500 BuyWrite ETF	38.6	49	-36	4.6	+0.7
HSPX	Global X S&P 500 Covered Call ETF	38.4	60	-47	4.6	+0.7
CATH	Global X S&P 500 Catholic Values Custom ETF	38.3	29	-16	4.7	+0.8
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	38.3	20	-7	4.6	+0.7
SPXE	ProShares S&P 500 Ex-Energy ETF	38.2	27	-14	4.9	+0.9
TECB	iShares US Tech Breakthrough Multisector ETF	38.2	40	-27	3.8	-0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	38.1	20	-7	4.9	+1.0
SYE	SPDR MFS Systematic Core Equity ETF	38.0	60	-47	5.3	+1.4
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	37.9	9	4	5.2	+1.3
SPXV	ProShares S&P 500 Ex-Health Care ETF	37.8	27	-14	4.6	+0.7
XYLG	Global X S&P 500 Covered Call & Growth ETF	37.7	60	-47	4.6	+0.7
SPY	SPDR S&P 500 ETF Trust	37.4	9	4	4.9	+1.0
SPLG	SPDR Portfolio Large Cap ETF	37.3	3	10	5.0	+1.1
IVV	iShares Core S&P 500 ETF	37.3	3	10	5.0	+1.1
VOO	VANGUARD S&P 500 ETF	36.8	3	10	5.0	+1.1
IYW	iShares U.S. Technology ETF	36.5	43	-30	3.6	-0.3
ADME	Aptus Drawdown Managed Equity ETF	36.5	79	-66	3.4	-0.5
JMOM	JPMorgan U.S. Momentum Factor ETF	36.1	12	1	3.2	-0.7
ESGU	iShares MSCI USA ESG Optimized ETF	35.9	15	-2	4.6	+0.7
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	35.9	7	6	4.8	+0.9
ESG	FlexShares STOXX US ESG Impact Index Fund	35.3	32	-19	4.7	+0.8
XLK	Technology Select Sector SPDR Fund	35.2	13	0	4.5	+0.6
USXF	iShares ESG Advanced MSCI USA ETF	34.9	10	3	4.6	+0.7
AFLG	First Trust Active Factor Large Cap ETF	34.9	55	-42	4.9	+1.0
BBUS	JP Morgan Betabuilders U.S. Equity ETF	34.9	2	11	4.8	+0.9
PBUS	Invesco PureBeta MSCI USA ETF	34.9	4	9	4.8	+0.9
ACIO	Aptus Collared Income Opportunity ETF	34.4	79	-66	4.3	+0.4
VV	Vanguard Large-Cap Index Fund	34.3	4	9	4.8	+0.9
RECS	Columbia Research Enhanced Core ETF	34.3	15	-2	5.2	+1.3
SPTM	SPDR Portfolio Total Stock Market ETF	34.2	3	10	5.1	+1.1
SCHX	Schwab U.S. Large-Cap ETF	33.5	3	10	4.8	+0.8
EXT	WisdomTree U.S. Total Earnings Fund	33.2	28	-15	5.2	+1.2
DSI	iShares MSCI KLD 400 Social ETF	33.1	25	-12	4.7	+0.8
FTEC	Fidelity MSCI Information Technology Index ETF	32.8	8	5	4.2	+0.3
SFY	SoFi Select 500 ETF	32.8	0	13	4.7	+0.8
IWB	iShares Russell 1000 ETF	32.8	15	-2	4.7	+0.8
SCHK	Schwab 1000 Index ETF	32.7	5	8	4.8	+0.9
VGT	Vanguard Information Technology Index Fund	32.6	10	3	4.2	+0.3
IYY	iShares Dow Jones U.S. ETF	32.4	20	-7	4.6	+0.7
QLC	FlexShares US Quality Large Cap Index Fund	32.3	32	-19	4.8	+0.9
VEGN	US Vegan Climate ETF	32.1	60	-47	4.7	+0.7
IXN	iShares Global Tech ETF	32.0	46	-33	4.1	+0.2
VTHR	Vanguard Russell 3000 Index Fund	31.6	10	3	4.6	+0.7
KRMA	Global X Conscious Companies ETF	31.6	43	-30	4.8	+0.9
FCPI	Fidelity Stocks for Inflation ETF	31.3	29	-16	6.0	+2.1
MMLG	First Trust Multi-Manager Large Growth ETF	31.2	85	-72	2.0	-1.9
NACP	Impact Shares NAACP Minority Empowerment ETF	31.1	75	-62	4.5	+0.6
JKD	iShares Morningstar Large-Cap ETF	31.0	20	-7	5.3	+1.4
FQAL	Fidelity Quality Factor ETF	30.8	29	-16	5.1	+1.2
IWV	iShares Russell 3000 ETF	30.7	20	-7	4.5	+0.6
SCHB	Schwab U.S. Broad Market ETF	30.6	3	10	4.7	+0.8
FVL	First Trust Value Line 100 Exchange-Traded Fund	30.6	70	-57	4.9	+0.9
FLRG	Fidelity U.S. Multifactor ETF	30.5	29	-16	6.1	+2.2
CACG	ClearBridge All Cap Growth ETF	30.4	54	-41	4.0	+0.1
ITOT	iShares Core S&P Total U.S. Stock Market ETF	30.4	3	10	4.6	+0.7
STLC	iShares Factors US Blend Style ETF	30.3	25	-12	4.9	+1.0
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	30.3	15	-2	5.8	+1.9
SPQQ	Siren Large Cap Blend Index ETF	30.2	20	-7	4.4	+0.5
SFYF	SoFi 50 ETF	30.2	29	-16	1.0	-2.9

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

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	28.1	%
Divided by: Fwd. P/BV	6.9	x
Less: Expense ratio	13	bp
Equals: ALTAR Score	3.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.36	CATEGORY AVERAGE	1.49

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.