ETF Research Center

The Invesco Russell 1000 Low Beta Equal Weight Portfolio tracks an index of stocks selected from the 1000 largest US firms. The index selects stocks with low beta and positive earnings, and weights them equally.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Nov 05, 2015
Assets (mns)	$96
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Equal
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	413
Wgt avg mkt cap (mns)	$38,707
Large cap (>$10bn)	59.8%
Mid cap ($2-10bn)	39.7%
Small cap (<$2bn)	0.6%
Developed mkts	99.7%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	3.7 %
GLOBAL PAYMENTS INC	0.5 %
HARRIS CORP	0.5 %
INSULET CORP	0.4 %
JABIL CIRCUIT INC	0.3 %
SKYWORKS SOLUTIONS INC	0.3 %
APPLE INC	0.3 %
PHILLIPS 66	0.3 %
EDWARDS LIFESCIENCES CORP	0.3 %
WESTERN UNION CO	0.3 %
LAMB WESTON HOLDINGS, INC.	0.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.3 %
	BRITAIN	1.6 %
	BERMUDA	1.5 %
	IRELAND	0.5 %
	PANAMA	0.3 %
	NETHERLANDS	0.2 %
	CAYMAN ISLANDS	0.2 %
	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.
21.0%	10.4%	--	--	9.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.90	86%
MSCI EAFE	0.71	46%
MSCI Emg. Mkts.	0.45	31%

Technical Indicators
Recent close	$34.16
30d moving avg.	$33.53
Annualized volatility	11.6%
Short interest (ETF)	0.0%
Short interest (Underlying)	4.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	12
Turnover	0.4%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$72,073

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

USLB

Expense:

35 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH USLB
Ticker	Fund Name	Overlap¹ vs USLB (%)	Expense ratio (bp)	Savings vs USLB (bp)	ALTAR Score™ (%)	ALTAR vs USLB (%)
USEQ	Invesco Russell 1000 Enhanced Equal Weight	49.9	29	6	6.7	+0.9
CFA	Compass EMP US 500 Volatility Weighted	48.9	35	0	6.1	+0.3
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	48.8	35	0	6.1	+0.3
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	48.6	9	26	6.4	+0.7
DEUS	Xtrackers Russell 1000 Comprehensive Factor	48.1	17	18	6.3	+0.6
RSP	Invesco S&P 500 Equal Weight	47.7	20	15	6.8	+1.0
JPUS	JPMorgan Diversified Return U.S. Equity	45.7	19	16	6.3	+0.5
ONEO	SPDR Russell 1000 Momentum Focus	44.8	20	15	6.4	+0.6
SIZE	iShares MSCI USA Size Factor	44.6	15	20	6.3	+0.5
EUSA	iShares MSCI USA Equal Weight	42.8	15	20	6.5	+0.7
EQAL	Invesco Russel 1000 Equal Weight	42.4	20	15	6.0	+0.2
ROUS	Lattice U.S. Equity Strategy ETF	42.3	19	16	6.4	+0.6
SCIU	Global X Scientific Beta US	41.5	19	16	5.7	-0.1
RBUS	Nationwide Risk-Based U.S. Equity	41.4	30	5	6.1	+0.3
IWR	iShares Russell Midcap	40.2	19	16	5.9	+0.1
ONEV	SPDR Russell 1000 Low Volatility Focus	39.9	20	15	7.0	+1.2
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	39.5	24	11	6.1	+0.3
RNLC	Large Cap US Equity Select	38.9	60	-25	6.3	+0.6
JHML	John Hancock Multifactor Large Cap	38.9	34	1	5.9	+0.2
JHMM	John Hancock Multifactor Mid Cap	38.9	44	-9	5.9	+0.1

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 Low Beta Equal Weight
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	15.3	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.55

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.