ETF Research Center

The Invesco Russell 1000 Enhanced Equal Weight Portfolio tracks an equal-weighted index of stocks selected from the 1000 largest US companies. Holdings are screened for valuation and momentum.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.invesco.com
Inception date	Jul 13, 2017
Assets (mns)	$15
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	705
Wgt avg mkt cap (mns)	$41,269
Large cap (>$10bn)	59.0%
Mid cap ($2-10bn)	40.6%
Small cap (<$2bn)	0.4%
Developed mkts	99.9%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	2.4 %
FISERV INC	0.3 %
GLOBAL PAYMENTS INC	0.3 %
HARRIS CORP	0.3 %
BRISTOL-MYERS SQUIBB CO	0.2 %
QORVO INC	0.2 %
UBIQUITI NETWORKS INC	0.2 %
TARGET CORP	0.2 %
KLA-TENCOR CORPORATION	0.2 %
JABIL CIRCUIT INC	0.2 %
LAM RESEARCH CORP	0.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.2 %
	IRELAND	1.2 %
	BRITAIN	1.2 %
	BERMUDA	1.0 %
	SWITZERLAND	0.3 %
	PANAMA	0.2 %
	NETHERLANDS	0.1 %
	CHINA	0.1 %
	CAYMAN ISLANDS	0.1 %
	PUERTO RICO	0.1 %

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.
25.2%	12.7%	--	--	9.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	94%
MSCI EAFE	1.04	71%
MSCI Emg. Mkts.	0.73	54%

Technical Indicators
Recent close	$29.58
30d moving avg.	$29.33
Annualized volatility	14.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.4%
Bid/Ask (% of price)	0.25%
ADV underlying (mns)	$133,763

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Russell 1000 Enhanced Equal Weight ETF based on the alternatives' overlap in portfolio holdings with USEQ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

USEQ

Expense:

29 bp

ALTAR Score™:

6.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH USEQ
Ticker	Fund Name	Overlap¹ vs USEQ (%)	Expense ratio (bp)	Savings vs USEQ (bp)	ALTAR Score™ (%)	ALTAR vs USEQ (%)
SIZE	iShares MSCI USA Size Factor	67.4	15	14	6.3	-0.4
EUSA	iShares MSCI USA Equal Weight	67.0	15	14	6.4	-0.2
ONEO	SPDR Russell 1000 Momentum Focus	64.0	20	9	6.5	-0.2
DEUS	Xtrackers Russell 1000 Comprehensive Factor	62.5	17	12	6.4	-0.3
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	60.7	35	-6	6.1	-0.6
CFA	Compass EMP US 500 Volatility Weighted	60.7	35	-6	6.1	-0.6
EQAL	Invesco Russel 1000 Equal Weight	60.1	20	9	5.9	-0.8
RSP	Invesco S&P 500 Equal Weight	57.9	20	9	6.8	+0.1
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	56.0	9	20	6.0	-0.7
OSIZ	Invesco Russell 1000 Size Factor ETF	55.1	19	10	6.2	-0.4
IWR	iShares Russell Midcap	54.7	19	10	5.9	-0.8
JHMM	John Hancock Multifactor Mid Cap	54.5	44	-15	5.9	-0.8
JHML	John Hancock Multifactor Large Cap	53.6	34	-5	6.0	-0.7
USLB	Invesco Russell 1000 Low Beta Equal Weight	50.0	35	-6	5.8	-0.8
ONEV	SPDR Russell 1000 Low Volatility Focus	48.1	20	9	6.9	+0.3
IWS	iShares Russell Midcap Value	47.8	24	5	7.0	+0.3
JPUS	JPMorgan Diversified Return U.S. Equity	46.9	19	10	6.3	-0.3
RNLC	Large Cap US Equity Select	46.6	60	-31	6.3	-0.3
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	45.5	24	5	6.1	-0.6
AVUS	Avantis U.S. Equity	44.5	15	14	6.1	-0.5

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 Russell 1000 Enhanced Equal Weight
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.2	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	6.6	%

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.