ETF Research Center

SPVM tracks the S&P500 High Momentum Value Index which holds 100 stocks within the S&P500 with attractive valuations with a momentum overlay.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Jun 16, 2011
Assets (mns)	$52
Currency	USD
Expense ratio	39 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$54,606
Large cap (>$10bn)	90.0%
Mid cap ($2-10bn)	10.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	16.6 %
GENERAL MOTORS CO	2.1 %
METLIFE INC	2.1 %
PRUDENTIAL FINANCIAL INC	1.9 %
LENNAR CORP-CL A	1.7 %
WHIRLPOOL CORP	1.6 %
CAPITAL ONE FINANCIAL CORP	1.5 %
PRINCIPAL FINANCIAL GROUP	1.5 %
DELTA AIR LINES INC	1.4 %
MICRON TECHNOLOGY INC	1.4 %
CITIGROUP INC	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.3 %
	IRELAND	2.9 %
	SWITZERLAND	1.6 %
	BERMUDA	1.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.9%	15.1%	10.0%	--	11.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	84%
MSCI EAFE	0.93	66%
MSCI Emg. Mkts.	0.62	51%

Technical Indicators
Recent close	$38.42
30d moving avg.	$42.87
Annualized volatility	12.6%
Short interest (ETF)	0.0%
Short interest (Underlying)	2.0%
Relative strength (RSI)	36

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.7%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$24,922

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Invesco S&P 500 Value With Momentum ETF (old) ETF based on the alternatives' overlap in portfolio holdings with SPVM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SPVM

Expense:

39 bp

ALTAR Score™:

9.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SPVM
Ticker	Fund Name	Overlap¹ vs SPVM (%)	Expense ratio (bp)	Savings vs SPVM (bp)	ALTAR Score™ (%)	ALTAR vs SPVM (%)
FTA	First Trust Large Cap Value AlphaDEX Fund	44.4	60	-21	9.2	-0.2
SPVU	Invesco S&P 500 Enhanced Value ETF	35.8	13	26	11.6	+2.2
RPV	Invesco S&P 500 Pure Value ETF	34.3	35	4	12.1	+2.7
RYF	Invesco S&P 500 Equal Weight Financials ETF	33.5	40	-1	8.5	-0.9
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	30.5	35	4	8.8	-0.6
CDL	Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E	30.4	35	4	8.8	-0.6
SPYB	SPDR S&P 500 Buyback ETF	29.8	35	4	8.7	-0.7
PWV	Invesco Dynamic Large Cap Value ETF	28.5	55	-16	9.1	-0.3
RWW	Invesco S&P Financials Revenue ETF	28.3	45	-6	7.6	-1.8
SPLV	Invesco S&P 500 Low Volatility ETF	27.0	25	14	5.5	-3.9
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF	26.9	25	14	6.4	-3.1
LVHB	Innovator Lunt Low Vol/High Beta Tactical ETF	26.9	49	-10	5.2	-4.2
ULVM	VictoryShares USAA MSCI USA Value Momentum ETF	26.9	20	19	8.0	-1.5
VLUE	iShares Edge MSCI USA Value Factor ETF	26.1	15	24	11.4	+2.0
OVLU	Invesco Russell 1000 Value Factor ETF	25.6	19	20	7.3	-2.2
PQLC	PGIM QMA Strategic Alpha Large-Cap Core ETF	25.4	17	22	7.1	-2.3
VLU	SPDR S&P 1500 Value Tilt ETF	25.1	12	27	7.8	-1.6
FEX	First Trust Large Cap Core AlphaDEX Fund	25.1	60	-21	6.4	-3.0
RWL	Invesco S&P 500 Revenue ETF	25.0	39	0	7.8	-1.7

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

	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 Value With Momentum ETF (old)
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.9	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	9.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.