ETF Research Center

Invesco S&P Emerging Markets Low Volatility Portfolio is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S&P BMI Emerging Markets Low Volatility Index (the "Underlying Index").

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Jan 13, 2012
Assets (mns)	$335
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Volatility
Index replication	n/a
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	200
Wgt avg mkt cap (mns)	$18,860
Large cap (>$10bn)	41.1%
Mid cap ($2-10bn)	50.0%
Small cap (<$2bn)	7.0%
Developed mkts	2.7%
Emerging mkts	96.7%

TOP TEN HOLDINGS
Total	9.3 %
NESTLE (MALAYSIA) BHD.	1.1 %
KUALA LUMPUR KEPONG BHD	1.0 %
PUBLIC BANK BHD-FOREIGN MKT	1.0 %
MALAYAN BANKING BHD	0.9 %
TAIWAN COOPERATIVE FINANCIAL	0.9 %
HUA NAN FINANCIAL HOLDINGS C	0.9 %
FIRST FINANCIAL HOLDING CO	0.9 %
TAISHIN FINANCIAL HOLDING	0.9 %
TAIWAN MOBILE CO. LTD.	0.8 %
HONG LEONG BANK BERHAD	0.8 %

TOP COUNTRY EXPOSURE
	TAIWAN	27.6 %
	THAILAND	14.7 %
	SOUTH KOREA	11.1 %
	MALAYSIA	9.9 %
	CHINA	8.1 %
	CHILE	4.0 %
	SOUTH AFRICA	3.4 %
	MEXICO	2.4 %
	HONG KONG	2.2 %
	CZECH REPUBLIC	1.9 %

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.
4.3%	5.5%	0.0%	--	1.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.54	30%
MSCI EAFE	0.85	63%
MSCI Emg. Mkts.	0.76	83%

Technical Indicators
Recent close	$23.19
30d moving avg.	$23.17
Annualized volatility	11.9%
Short interest (ETF)	0.1%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	44
Turnover	0.3%
Bid/Ask (% of price)	0.46%
ADV underlying (mns)	$3,317

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EELV

Expense:

29 bp

ALTAR Score™:

10.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EELV
Ticker	Fund Name	Overlap¹ vs EELV (%)	Expense ratio (bp)	Savings vs EELV (bp)	ALTAR Score™ (%)	ALTAR vs EELV (%)
EEMV	iShares MSCI Emerg Mkt Minimum Volatility	37.0	25	4	8.9	-1.3
CEZ	Victory CEMP Emerging Market Volatility Weighted	27.6	50	-21	9.2	-1.0
QLVE	FlexShares Emerging Markets Quality Low Volatility	26.7	40	-11	8.4	-1.8
RNEM	First Trust Emerging Markets Equity Select	26.5	75	-46	9.7	-0.5
ROAM	Hartford Multifactor Emerging Markets	25.5	44	-15	11.2	+1.0
DVEM	WisdomTree Emerging Markets Dividend	25.0	32	-3	11.4	+1.2
EMMF	WisdomTree Emerging Markets Multifactor Fund	24.9	48	-19	10.1	-0.1
EWEM	Invesco MSCI Emerging Market Equal Weight	23.6	70	-41	9.3	-0.9
QEMM	SPDR MSCI Emerging Markets Quality Mix	23.6	30	-1	9.3	-0.9
EWT	iShares MSCI Taiwan	23.6	59	-30	6.7	-3.5
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	23.3	30	-1	8.7	-1.6
FLTW	Franklin FTSE Taiwan	23.0	19	10	7.0	-3.2
EMXC	iShares MSCI Emerging Markets ex China	22.8	49	-20	8.8	-1.5
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	22.7	45	-16	9.3	-1.0
UEVM	USAA MSCI Emerging Markets Value Momentum Blend Index	22.6	45	-16	13.2	+3.0
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	22.0	51	-22	12.3	+2.1
JHEM	John Hancock Multifactor Emerging Markets	21.6	55	-26	8.9	-1.3
ESGE	iShares MSCI EM ESG Optimized	20.9	25	4	9.4	-0.8
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	20.8	45	-16	8.9	-1.3
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	20.7	20	9	8.3	-1.9

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 Emg Mkts Low Volatility
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.7	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	10.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	CATEGORY AVERAGE	1.49

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.