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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)	$68
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	100
Wgt avg mkt cap (mns)	$245,255
Large cap (>$10bn)	99.8%
Mid cap ($2-10bn)	0.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	44.1 %
MICROSOFT CORP	9.9 %
PROCTER & GAMBLE CO/THE	7.4 %
VISA INC-CLASS A SHARES	4.5 %
MASTERCARD INC-CLASS A	3.8 %
WALT DISNEY CO/THE	3.6 %
MERCK & CO. INC.	3.6 %
MCDONALD'S CORP	3.2 %
CISCO SYSTEMS INC	2.9 %
STARBUCKS CORP	2.7 %
WAL-MART STORES INC	2.5 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.8 %
	IRELAND	2.3 %
	BRITAIN	0.8 %

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.
23.5%	12.7%	--	--	12.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.94	80%
MSCI EAFE	0.84	53%
MSCI Emg. Mkts.	0.58	42%

Technical Indicators
Recent close	$41.06
30d moving avg.	$40.53
Annualized volatility	12.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	34
Turnover	2.1%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$32,780

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P 500 Momentum Portfolio 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™:

4.3%

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 (%)
MTUM	iShares MSCI USA Momentum Factor	57.6	15	-2	4.4	+0.2
FDMO	Fidelity Momentum Factor	38.6	29	-16	4.1	-0.2
JMOM	JPMorgan U.S. Momentum Factor	37.2	12	1	4.3	+0.1
USMV	iShares MSCI USA Minimum Volatility	37.2	15	-2	5.2	+0.9
PWB	Invesco Dynamic Large Cap Growth	36.7	55	-42	4.3	0.0
VOOG	Vanguard S&P 500 Growth	35.5	15	-2	5.0	+0.7
SPYG	SPDR Portfolio S&P 500 Growth	35.5	4	9	5.1	+0.8
MMTM	SPDR S&P1500 Momentum Tilt	35.5	12	1	5.4	+1.1
IVW	iShares S&P 500 Growth	35.5	18	-5	4.9	+0.7
VIG	Vanguard Dividend Appreciation	35.4	6	7	5.5	+1.2
OMOM	Invesco Russell 1000 Momentum Factor ETF	33.8	19	-6	5.3	+1.0
FDLO	Fidelity Low Volatility Factor	33.4	29	-16	5.4	+1.1
IUSG	iShares Core U.S. Growth	33.3	4	9	5.1	+0.8
SPHQ	Invesco S&P High Quality Portfolio	32.4	15	-2	5.7	+1.4
DSI	iShares MSCI KLD 400 Social	32.2	25	-12	5.6	+1.3
JKE	iShares Morningstar Large Cap Growth	32.1	25	-12	4.0	-0.2
AUSF	Global X Adaptive U.S. Factor	31.9	27	-14	6.9	+2.7
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	31.9	19	-6	5.7	+1.4
FTC	First Trust Large Cap Growth	31.0	61	-48	3.7	-0.6
XLK	Technology Select Sector SPDR	30.8	13	0	5.7	+1.4

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 Momentum Portfolio
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	21.9	%
Divided by: Fwd. P/BV	5.0	x
Less: Expense ratio	13	bp
Equals: ALTAR Score	4.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	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.