P2P systems are becoming increasingly popular as they enable users to exchange digital information by participating in complex networks. However, limited work has been done on employing materialized views in P2P data ware-housing systems. We argue that this technique can be applied in P2P data sharing for (i) saving work for frequently asked queries and (ii) increasing availability in cases of failures. In this paper, we present an approach for dynamically selecting an effective set of views to be materialized and place them in key points in the P2P system so as to achieve the best combination of good query performance and low view maintenance cost, given a limited amount of storage space at each peer. Moreover, as the system is dynamic, our approach continuously monitors the incoming query and adjusts the system configuration by removing materialized views in order to replace the less beneficial views with more beneficial ones.