ETF Research Center

The Invesco S&P MidCap Momentum ETF tracks the S&P Midcap 400 Momentum Index which holds 80 securities in the S&P Midcap 400 Index that have the highest momentum scores.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Mar 03, 2005
Assets (mns)	$739
Currency	USD
Expense ratio	39 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	73
Wgt avg mkt cap (mns)	$7,420
Large cap (>$10bn)	16.8%
Mid cap ($2-10bn)	83.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.4 %
FAIR ISAAC CORP	4.3 %
TELEDYNE TECHNOLOGIES INC	3.2 %
CABLE ONE INC	3.2 %
FACTSET RESEARCH SYSTEMS INC	3.1 %
MASIMO CORPORATION	2.7 %
BROWN & BROWN INC	2.6 %
RENAISSANCERE HOLDINGS LTD	2.5 %
WEST PHARMACEUTICAL SERVICES	2.4 %
MEDICAL PROPERTIES TRUST INC	2.3 %
UNIVERSAL DISPLAY CORP	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.7 %
	BERMUDA	3.3 %

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.
2.3%	22.9%	15.5%	--	13.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	71%
MSCI EAFE	0.96	41%
MSCI Emg. Mkts.	0.62	30%

Technical Indicators
Recent close	$65.10
30d moving avg.	$62.95
Annualized volatility	16.7%
Short interest (ETF)	0.4%
Short interest (Underlying)	6.8%
Relative strength (RSI)	71

Liquidity measures
Avg. volume (thou.)	91
Turnover	0.8%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$3,140

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XMMO

Expense:

39 bp

ALTAR Score™:

3.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XMMO
Ticker	Fund Name	Overlap¹ vs XMMO (%)	Expense ratio (bp)	Savings vs XMMO (bp)	ALTAR Score™ (%)	ALTAR vs XMMO (%)
XMLV	Invesco S&P MidCap Low Volatility	35.6	25	14	5.5	+1.8
EQWM	Invesco Fundamental Pure Mid Core	34.5	25	14	5.1	+1.5
IJK	iShares S&P MidCap 400 Growth	33.3	24	15	3.8	+0.1
MDYG	SPDR S&P400 Mid Cap Growth	33.3	15	24	3.9	+0.2
IVOG	Vanguard S&P Mid-Cap 400 Growth	33.0	20	19	3.8	+0.2
RFG	Invesco S&P Midcap 400 Pure Growth	31.6	35	4	1.6	-2.0
REGL	ProShares S&P MidCap 400 Dividend Aristocrats	25.0	40	-1	5.4	+1.8
MDY	S&P MidCap 400 SPDR	24.2	24	15	5.6	+1.9
IJH	iShares Core S&P MidCap	24.2	7	32	5.7	+2.1
SPMD	SPDR Portfolio Mid Cap	24.2	5	34	5.7	+2.1
IVOO	Vanguard S&P Mid-Cap 400	24.1	15	24	5.7	+2.0
SMDY	Syntax Stratified MidCap	22.7	30	9	6.2	+2.6
EWMC	Invesco S&P Mid Cap 400 Equal Weight	19.0	40	-1	6.3	+2.6
FNY	First Trust Mid Cap Growth AlphaDEX	15.5	70	-31	2.9	-0.7
AFMC	First Trust Active Factor Mid Cap	15.0	65	-26	6.8	+3.1
FSMD	Fidelity Small-Mid Factor ETF	14.2	29	10	6.3	+2.7
IJJ	iShares S&P MidCap 400 Value	14.0	25	14	7.6	+4.0
IVOV	Vanguard S&P Mid-Cap 400 Value	14.0	20	19	7.7	+4.1
MDYV	SPDR S&P400 Mid Cap Value	14.0	15	24	7.7	+4.1
SMMV	iShares Edge MSCI Min Vol USA Small-Cap	14.0	20	19	5.1	+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

	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 MidCap Momentum
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	13.4	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	3.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	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.