ETF Research Center

The Invesco S&P 500 Minimum Variance Portfolio tracks an index of stocks selected from the S&P 500. Holdings are selected and weighted to create a low-volatility portfolio, subject to constraints.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.invesco.com
Inception date	Jul 13, 2017
Assets (mns)	$2
Currency	USD
Expense ratio	10 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	117
Wgt avg mkt cap (mns)	$178,969
Large cap (>$10bn)	97.7%
Mid cap ($2-10bn)	2.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.4 %
UNITEDHEALTH GROUP INC	2.3 %
CVS CAREMARK CORP	2.3 %
MICROSOFT CORP	2.2 %
MARSH & MCLENNAN COS	2.1 %
WASTE MANAGEMENT INC	2.0 %
ADOBE SYSTEMS INC	1.9 %
NIKE INC -CL B	1.9 %
JPMORGAN CHASE & CO	1.9 %
QUALCOMM INC	1.9 %
AT&T INC	1.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.4 %
	IRELAND	2.6 %
	SWITZERLAND	1.3 %
	BRITAIN	0.7 %

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.
27.7%	16.8%	--	--	12.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	92%
MSCI EAFE	0.92	71%
MSCI Emg. Mkts.	0.66	56%

Technical Indicators
Recent close	$31.41
30d moving avg.	$31.07
Annualized volatility	13.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$58,932

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

SPMV

Expense:

10 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPMV
Ticker	Fund Name	Overlap¹ vs SPMV (%)	Expense ratio (bp)	Savings vs SPMV (bp)	ALTAR Score™ (%)	ALTAR vs SPMV (%)
IWL	iShares Russell Top 200	39.3	15	-5	5.7	-0.4
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	38.9	19	-9	5.7	-0.4
MGC	Vanguard Mega Cap 300 ETF	38.8	7	3	5.9	-0.2
USMV	iShares MSCI USA Minimum Volatility	38.0	15	-5	5.2	-0.9
PBP	Invesco S&P 500 Buy/Write	37.6	49	-39	5.5	-0.6
IVV	iShares Core S&P 500	37.3	4	6	6.0	-0.1
SPY	S&P 500 SPDR	37.3	9	1	5.9	-0.2
VOO	Vanguard S&P 500 ETF	37.2	3	7	6.0	-0.1
HSPX	Global X S&P 500 Covered Call	37.1	65	-55	5.3	-0.7
QUS	SPDR MSCI USA Quality Mix	37.1	15	-5	6.0	-0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	36.8	20	-10	5.9	-0.2
SPXE	ProShares S&P 500 Ex-Energy	36.8	27	-17	5.9	-0.2
JUST	Goldman Sachs JUST U.S. Large Cap Equity	36.4	20	-10	5.6	-0.5
VV	Vanguard Large-Cap ETF	36.3	4	6	5.8	-0.2
CATH	Global X S&P 500 Catholic Values	36.2	29	-19	5.9	-0.2
BBUS	JP Morgan Betabuilders U.S. Equity	35.8	2	8	5.9	-0.2
PBUS	Invesco PureBeta MSCI USA	35.7	4	6	6.0	-0.1
SPXV	ProShares S&P 500 Ex-Health Care	35.6	27	-17	5.7	-0.4
SNPE	Xtrackers S&P 500 ESG	35.5	11	-1	5.8	-0.3
USMC	Principal U.S. Mega-Cap Multi-Factor Index	35.4	12	-2	5.4	-0.7

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 Minimum Variance
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	17.9	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	10	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	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.