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)	$327
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	194
Wgt avg mkt cap (mns)	$18,619
Large cap (>$10bn)	40.4%
Mid cap ($2-10bn)	49.3%
Small cap (<$2bn)	9.3%
Developed mkts	3.0%
Emerging mkts	97.0%

TOP TEN HOLDINGS
Total	12.2 %
ISHARES MSCI SAUDI ARABIA CAPPED	3.9 %
NESTLE (MALAYSIA) BHD.	1.1 %
TAIWAN COOPERATIVE FINANCIAL	1.0 %
MALAYAN BANKING BHD	1.0 %
TAISHIN FINANCIAL HOLDING	0.9 %
FIRST FINANCIAL HOLDING CO	0.9 %
CHINA STEEL CORP	0.9 %
HUA NAN FINANCIAL HOLDINGS C	0.9 %
E.SUN FINANCIAL HOLDING CO	0.8 %
CHUNGHWA TELECOM CO., LTD	0.7 %

TOP COUNTRY EXPOSURE
	TAIWAN	31.8 %
	THAILAND	9.6 %
	CHINA	9.5 %
	SOUTH KOREA	8.6 %
	MALAYSIA	8.5 %
	MEXICO	3.6 %
	KUWAIT	2.6 %
	SOUTH AFRICA	2.5 %
	HONG KONG	2.4 %
	INDONESIA	1.9 %

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.
-7.0%	-5.6%	0.6%	--	1.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.60	35%
MSCI EAFE	0.89	63%
MSCI Emg. Mkts.	0.77	82%

Technical Indicators
Recent close	$22.81
30d moving avg.	$23.23
Annualized volatility	12.4%
Short interest (ETF)	0.1%
Relative strength (RSI)	39

Liquidity measures
Avg. volume (thou.)	72
Turnover	0.5%
Bid/Ask (% of price)	0.46%
ADV underlying (mns)	$4,550

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™:

9.9%

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	34.4	25	4	7.9	-2.1
CEZ	Victory CEMP Emerging Market Volatility Weighted	27.5	50	-21	8.6	-1.3
RNEM	First Trust Emerging Markets Equity Select	27.4	75	-46	9.0	-1.0
EWT	iShares MSCI Taiwan	26.0	59	-30	6.2	-3.7
FLTW	Franklin FTSE Taiwan	25.1	19	10	6.5	-3.4
ROAM	Hartford Multifactor Emerging Markets	25.1	44	-15	10.6	+0.7
QLVE	FlexShares Emerging Markets Quality Low Volatility	24.9	40	-11	7.8	-2.2
EWEM	Invesco MSCI Emerging Market Equal Weight	24.2	70	-41	8.4	-1.5
DVEM	WisdomTree Emerging Markets Dividend	24.1	32	-3	10.9	+1.0
EMMF	WisdomTree Emerging Markets Multifactor Fund	23.4	48	-19	9.2	-0.7
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	23.1	45	-16	7.7	-2.2
QEMM	SPDR MSCI Emerging Markets Quality Mix	22.4	30	-1	8.5	-1.4
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	21.9	30	-1	7.7	-2.2
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	21.7	51	-22	11.4	+1.5
EMXC	iShares MSCI Emerging Markets ex China	21.3	49	-20	8.0	-2.0
PBEE	Invesco PureBeta FTSE Emerging Markets	21.2	14	15	8.5	-1.4
FNDE	Schwab Fundamental Emg Mkt Large Cap	21.2	39	-10	10.0	+0.0
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	21.1	45	-16	8.4	-1.5
UEVM	USAA MSCI Emerging Markets Value Momentum Blend Index	21.0	45	-16	12.6	+2.7
JHEM	John Hancock Multifactor Emerging Markets	20.6	55	-26	8.3	-1.6

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 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	10.1	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	9.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	CATEGORY AVERAGE	1.48

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.