ETF Research Center

The Invesco S&P International Developed Momentum Portfolio is based on the S&P Momentum Developed ex U.S. & South Korea LargeMidCap Index, which tracks the performance of stocks in the S&P Developed ex U.S. & South Korea LargeMidCap Index that have the highest momentum score.

FUND BASICS
Category	International Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Feb 24, 2012
Assets (mns)	$3
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	221
Wgt avg mkt cap (mns)	$98,389
Large cap (>$10bn)	89.0%
Mid cap ($2-10bn)	10.7%
Small cap (<$2bn)	0.3%
Developed mkts	99.7%
Emerging mkts	0.3%

TOP TEN HOLDINGS
Total	32.8 %
NESTLE SA-REG	8.1 %
NOVARTIS AG-REG	6.0 %
ROCHE HOLDING AG-GENUSSCHEIN	4.0 %
DIAGEO PLC	2.3 %
ASTRAZENECA PLC	2.3 %
LVMH MOET HENNESSY LOUIS VUI	2.3 %
IBERDROLA SA	2.1 %
ENEL SPA	2.0 %
ALLIANZ SE-REG	2.0 %
SHOPIFY, INC. CLASS A	1.8 %

TOP COUNTRY EXPOSURE
	SWITZERLAND	20.2 %
	BRITAIN	13.9 %
	CANADA	12.3 %
	AUSTRALIA	11.4 %
	FRANCE	8.6 %
	GERMANY	6.0 %
	JAPAN	5.6 %
	ITALY	3.8 %
	SWEDEN	3.2 %
	SPAIN	2.7 %

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.
0.9%	16.5%	3.7%	--	3.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.76	60%
MSCI EAFE	0.95	77%
MSCI Emg. Mkts.	0.64	60%

Technical Indicators
Recent close	$28.96
30d moving avg.	$28.51
Annualized volatility	11.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$11,531

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

IDMO

Expense:

25 bp

ALTAR Score™:

4.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IDMO
Ticker	Fund Name	Overlap¹ vs IDMO (%)	Expense ratio (bp)	Savings vs IDMO (bp)	ALTAR Score™ (%)	ALTAR vs IDMO (%)
IMTM	iShares MSCI Int'l Developed Momentum	55.2	30	-5	4.5	+0.0
IDHQ	Invesco Int'l Developed High Quality Portfolio	41.7	29	-4	5.1	+0.6
EFG	iShares MSCI EAFE Growth	38.4	40	-15	4.5	+0.0
IQLT	iShares MSCI Int'l Developed Quality	37.8	30	-5	5.9	+1.4
IEV	iShares S&P Europe 350	31.4	59	-34	6.2	+1.7
BBEU	JPMorgan BetaBuilders Europe	30.7	9	16	6.7	+2.2
QEFA	SPDR MSCI EAFE Quality Mix	30.4	30	-5	6.4	+1.9
DBEU	Xtrackers Europe Hedged	29.9	45	-20	6.1	+1.6
FLEE	Franklin FTSE Europe	29.6	9	16	6.7	+2.2
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	29.6	30	-5	6.4	+1.9
GSEU	Goldman Sachs ActiveBeta Europe Equity	29.1	25	0	6.3	+1.8
RFEU	First Trust Riverfront Dynamic Europe	29.1	83	-58	6.5	+2.0
FLEH	Franklin FTSE Europe Hedged	29.1	9	16	6.5	+2.1
IQSI	IQ Candriam ESG International Equity ETF	28.9	15	10	6.7	+2.2
VIGI	Vanguard Int'l Dividend Appreciation	28.2	25	0	5.7	+1.2
EUMV	iShares MSCI Europe Min Volatility	27.8	25	0	5.2	+0.7
EFAV	iShares MSCI EAFE Minimum Volatility	27.5	20	5	5.5	+1.0
IEUR	iShares Core MSCI Europe	27.1	9	16	6.7	+2.2
PDEV	Principal International Multi-Factor Core Index	26.8	25	0	6.5	+2.0
FDEV	Fidelity Targeted International Factor	26.8	39	-14	6.6	+2.1

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 Int'l Dev. Momentum
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.2	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	4.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	CATEGORY AVERAGE	1.64

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.