ETF Research Center

The Invesco S&P Emerging Markets Momentum Portfolio is based on the S&P Momentum Emerging Plus LargeMidCap Index. The Fund will invest at least 90% of its total assets in the securities of companies that comprise the Underlying Index, as well as ADRs/GDRs representing ownership in the securities in the Underlying Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Feb 24, 2012
Assets (mns)	$6
Currency	USD
Expense ratio	30 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Momentum
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	180
Wgt avg mkt cap (mns)	$41,223
Large cap (>$10bn)	64.1%
Mid cap ($2-10bn)	32.1%
Small cap (<$2bn)	2.8%
Developed mkts	3.5%
Emerging mkts	96.5%

TOP TEN HOLDINGS
Total	33.2 %
GAZPROM OAO	5.6 %
PING AN INSURANCE GROUP CO-H	5.1 %
ISHARES MSCI SAUDI ARABIA CAPPED	4.4 %
LUKOIL OAO	3.1 %
NATIONAL BANK OF KUWAIT	2.8 %
BANK CENTRAL ASIA PT	2.5 %
MMC NORILSK NICKEL OJSC	2.5 %
BANCO BRADESCO SA-PREF	2.4 %
BM&FBOVESPA SA	2.4 %
ITAU UNIBANCO HOLDING SA	2.3 %

TOP COUNTRY EXPOSURE
	BRAZIL	27.2 %
	RUSSIA	13.8 %
	TAIWAN	12.2 %
	CHINA	10.7 %
	INDIA	7.0 %
	INDONESIA	4.8 %
	SOUTH AFRICA	4.8 %
	KUWAIT	3.2 %
	THAILAND	2.7 %
	HONG KONG	1.7 %

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.
21.2%	21.2%	2.1%	--	-0.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.64	30%
MSCI EAFE	0.90	50%
MSCI Emg. Mkts.	0.85	75%

Technical Indicators
Recent close	$17.93
30d moving avg.	$17.66
Annualized volatility	14.1%
Short interest (ETF)	0.1%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.6%
Bid/Ask (% of price)	0.83%
ADV underlying (mns)	$4,684

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EEMO

Expense:

30 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EEMO
Ticker	Fund Name	Overlap¹ vs EEMO (%)	Expense ratio (bp)	Savings vs EEMO (bp)	ALTAR Score™ (%)	ALTAR vs EEMO (%)
FLLA	Franklin FTSE Latin America	26.8	19	11	5.7	-1.9
FLBR	Franklin FTSE Brazil	26.5	19	11	5.1	-2.5
EWZ	iShares MSCI Brazil	25.9	59	-29	4.8	-2.8
JPEM	JPMorgan Diversified Rtn Emg Mkt Equity	23.7	45	-15	8.5	+0.9
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	22.2	45	-15	8.5	+0.9
PXH	Invesco FTSE-RAFI Emerging Markets	21.9	50	-20	11.8	+4.2
UEVM	USAA MSCI Emerging Markets Value Momentum Blend Index	20.8	45	-15	12.7	+5.1
BKF	iShares MSCI BRIC	20.8	67	-37	7.9	+0.3
KEMX	KraneShares MSCI Emerging Markets EX China Index	19.2	49	-19	8.2	+0.6
PBEE	Invesco PureBeta FTSE Emerging Markets	19.0	14	16	8.6	+1.1
EELV	Invesco S&P Emg Mkts Low Volatility	18.1	29	1	10.4	+2.8
RFEM	First Trust Riverfront Dynamic Emerging Markets	18.1	95	-65	9.7	+2.1
EMXC	iShares MSCI Emerging Markets ex China	17.7	49	-19	8.1	+0.5
ESGE	iShares MSCI EM ESG Optimized	17.4	25	5	8.8	+1.2
FEM	First Trust Emerging Markets AlphaDEX	17.3	80	-50	10.1	+2.5
EWEM	Invesco MSCI Emerging Market Equal Weight	17.0	70	-40	8.6	+1.0
PIE	Invesco DWA Emg. Mkts. Technical Leaders	16.9	90	-60	4.8	-2.8
MXDE	Nationwide Maximum Diversification Emg Mkts Core	16.7	64	-34	5.2	-2.4
EMGF	iShares Edge MSCI Multifactor Emerging Markets	16.5	45	-15	9.3	+1.7
SCHE	Schwab Emerging Markets Equity	16.2	13	17	8.1	+0.5

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Momentum
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	12.7	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.