ETF Research Center

The Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF tracks an index of large-cap US equities, selected for positive price sensitivity to rising interest rates and for low volatility. Stocks are weighted inversely to volatility.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Apr 09, 2015
Assets (mns)	$140
Currency	USD
Expense ratio	25 bp
Distributions	Monthly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$84,696
Large cap (>$10bn)	97.2%
Mid cap ($2-10bn)	2.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	12.6 %
REPUBLIC SERVICES INC	1.5 %
WASTE MANAGEMENT INC	1.3 %
MCDONALD'S CORP	1.3 %
MONDELEZ INTERNATIONAL INC-A	1.3 %
VERISK ANALYTICS INC-CLASS A	1.3 %
CITRIX SYSTEMS INC	1.2 %
MARSH & MCLENNAN COS	1.2 %
ARTHUR J GALLAGHER & CO	1.2 %
YUM! BRANDS INC	1.2 %
INTERCONTINENTALEXCHANGE INC	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	89.7 %
	BRITAIN	4.1 %
	IRELAND	3.9 %
	SWITZERLAND	1.1 %
	BERMUDA	1.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
29.8%	29.8%	--	--	13.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	91%
MSCI EAFE	0.76	62%
MSCI Emg. Mkts.	0.49	45%

Technical Indicators
Recent close	$41.85
30d moving avg.	$41.17
Annualized volatility	10.6%
Short interest (ETF)	0.3%
Short interest (Underlying)	2.9%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.2%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$31,779

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XRLV

Expense:

25 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XRLV
Ticker	Fund Name	Overlap¹ vs XRLV (%)	Expense ratio (bp)	Savings vs XRLV (bp)	ALTAR Score™ (%)	ALTAR vs XRLV (%)
HUSV	First Trust Horizon Managed Volatility Domestic	59.0	70	-45	4.7	-1.1
DEF	Invesco Defensive Equity	54.9	59	-34	4.6	-1.1
LGLV	SPDR Russell 1000 Low Volatility	44.8	12	13	5.0	-0.8
SPLV	Invesco S&P 500 Low Volatility	43.3	25	0	5.0	-0.7
FLLV	Franklin Liberty U.S. Low Volatility	41.6	29	-4	5.1	-0.7
USMV	iShares MSCI USA Minimum Volatility	40.2	15	10	4.9	-0.8
LVUS	Hartford Multifactor Low Volatility US Equity	40.1	21	4	5.6	-0.2
FDLO	Fidelity Low Volatility Factor	35.4	29	-4	5.0	-0.7
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	32.7	19	6	5.3	-0.4
EQWL	Invesco Fundamental Pure Large Core	31.1	25	0	6.0	+0.3
RBUS	Nationwide Risk-Based U.S. Equity	30.5	30	-5	5.8	+0.0
IWX	iShares Russell Top 200 Value	30.3	20	5	6.6	+0.9
ROUS	Lattice U.S. Equity Strategy ETF	29.8	19	6	6.1	+0.4
RYF	Invesco S&P Equal Weight Financials	29.4	40	-15	7.0	+1.3
LSLT	Salt Low truBeta US Market	29.0	0	25	6.4	+0.7
QUS	SPDR MSCI USA Quality Mix	28.5	15	10	5.6	-0.1
SPYV	SPDR Portfolio S&P 500 Value	28.4	4	21	6.9	+1.2
IVE	iShares S&P 500 Value	28.4	18	7	6.8	+1.1
SPXT	ProShares S&P 500 Ex-Technology	28.1	27	-2	5.6	-0.1
DGRO	iShares Core Dividend Growth	27.8	8	17	6.1	+0.4

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

	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 ex-Rate Sensitive Low Volatility
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	16.0	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.