ETF Research Center

Invesco S&P SmallCap Value with Momentum ETF tracks the S&P 600 High Momentum Value Index which holds 120 securities in the S&P SmallCap 600 that have the highest value scores and momentum scores.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Mar 03, 2005
Assets (mns)	$76
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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	121
Wgt avg mkt cap (mns)	$1,233
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	17.6%
Small cap (<$2bn)	82.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	15.4 %
OFFICE DEPOT INC	2.3 %
SPARTANNASH CO	2.0 %
KELLY SERVICES INC -CL A	1.5 %
CENTURY COMMUNITIES INC	1.5 %
ISTAR FINANCIAL INC	1.4 %
RED ROBIN GOURMET BURGERS	1.4 %
ERA GROUP INC	1.4 %
GROUP 1 AUTOMOTIVE INC	1.4 %
FGL HOLDINGS CLASS A	1.3 %
SONIC AUTOMOTIVE INC-CLASS A	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.4 %
	PUERTO RICO	1.4 %
	CAYMAN ISLANDS	1.3 %

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.
-6.2%	10.1%	7.4%	--	10.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	57%
MSCI EAFE	1.00	42%
MSCI Emg. Mkts.	0.59	25%

Technical Indicators
Recent close	$31.62
30d moving avg.	$32.83
Annualized volatility	17.2%
Short interest (ETF)	0.1%
Short interest (Underlying)	4.7%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	11
Turnover	0.5%
Bid/Ask (% of price)	0.41%
ADV underlying (mns)	$1,151

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

XSVM

Expense:

39 bp

ALTAR Score™:

9.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XSVM
Ticker	Fund Name	Overlap¹ vs XSVM (%)	Expense ratio (bp)	Savings vs XSVM (bp)	ALTAR Score™ (%)	ALTAR vs XSVM (%)
RZV	Invesco S&P Smallcap 600 Pure Value ETF	29.6	35	4	7.2	-2.0
SLYV	SPDR S&P 600 Small Cap Value ETF	28.7	15	24	7.7	-1.5
RWJ	Invesco S&P SmallCap 600 Revenue ETF	28.1	39	0	6.8	-2.3
VIOV	Vanguard S&P Small-Cap 600 Value ETF	28.0	15	24	7.6	-1.6
IJS	iShares S&P Small-cap 600 Value ETF	28.0	25	14	7.5	-1.7
PSCF	Invesco S&P SmallCap Financials ETF	25.4	29	10	8.8	-0.4
XSLV	Invesco S&P SmallCap Low Volatility ETF	25.2	25	14	6.7	-2.5
FYT	First Trust Small Cap Value AlphaDEX Fund	21.1	72	-33	7.7	-1.5
CSML	IQ Chaikin U.S. Small Cap ETF	20.5	35	4	8.4	-0.8
CALF	Pacer US Small Cap Cash Cows 100 ETF	19.7	59	-20	10.8	+1.6
EWSC	Invesco S&P Smallcap 600 Equal Weight ETF	19.6	40	-1	5.6	-3.6
IJR	iShares Core S&P Small Cap ETF	19.1	7	32	6.3	-2.8
SPSM	SPDR Portfolio Small Cap ETF	19.1	5	34	6.4	-2.8
SLY	SPDR S&P 600 Small Cap ETF	19.1	15	24	6.3	-2.9
VIOO	Vanguard S&P Small-Cap 600 ETF	18.7	10	29	6.2	-2.9
PSCD	Invesco S&P SmallCap Consumer Discretionary ETF	16.8	29	10	8.4	-0.8
VAMO	Cambria Value & Momentum ETF	16.1	64	-25	7.0	-2.2
AFSM	First Trust Active Factor Small Cap ETF	16.1	75	-36	7.1	-2.1
XSHD	Invesco S&P SmallCap High Dividend Low Volatility ETF	15.8	30	9	7.9	-1.3
ROGS	Hartford Multifactor Global Small Cap ETF	15.4	34	5	7.7	-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 SmallCap Value with Momentum ETF
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	9.7	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	9.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.