ETF Research Center

Invesco International BuyBack Achievers Portfolio is an exchange-traded fund incorporated in the USA. The Fund is based on the NASDAQ International BuyBack AchieversTM Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index.

FUND BASICS
Category	International Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Feb 27, 2014
Assets (mns)	$145
Currency	USD
Expense ratio	55 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Grantor Trust
Custodian	Bank of New York Mellon/The
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	55
Wgt avg mkt cap (mns)	$19,768
Large cap (>$10bn)	38.7%
Mid cap ($2-10bn)	49.5%
Small cap (<$2bn)	10.5%
Developed mkts	95.6%
Emerging mkts	4.4%

TOP TEN HOLDINGS
Total	43.8 %
TOSHIBA CORP	5.4 %
NTT DOCOMO, INC.	5.1 %
RIO TINTO PLC	5.0 %
THOMSON REUTERS CORPORATION	5.0 %
ROYAL AHOLD DELHAIZE N.V.	4.9 %
MAGNA INTERNATIONAL INC-CL A	4.7 %
ISUZU MOTORS LTD	4.3 %
IDEMITSU KOSAN CO LTD	3.6 %
YAHOO! JAPAN CORP	2.9 %
ASM INTERNATIONAL N.V.	2.9 %

TOP COUNTRY EXPOSURE
	JAPAN	29.8 %
	CANADA	27.0 %
	NETHERLANDS	10.5 %
	BRITAIN	8.1 %
	GERMANY	4.4 %
	SWITZERLAND	4.0 %
	SOUTH KOREA	3.3 %
	DENMARK	3.2 %
	IRELAND	2.9 %
	AUSTRALIA	2.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
17.0%	8.3%	7.4%	--	6.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.93	64%
MSCI EAFE	1.15	82%
MSCI Emg. Mkts.	0.89	79%

Technical Indicators
Recent close	$33.06
30d moving avg.	$32.74
Annualized volatility	14.0%
Short interest (ETF)	0.5%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	25
Turnover	0.6%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$1,234

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco International BuyBack Achievers Portfolio ETF based on the alternatives' overlap in portfolio holdings with IPKW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

IPKW

Expense:

55 bp

ALTAR Score™:

9.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH IPKW
Ticker	Fund Name	Overlap¹ vs IPKW (%)	Expense ratio (bp)	Savings vs IPKW (bp)	ALTAR Score™ (%)	ALTAR vs IPKW (%)
FYLD	Cambria Foreign Shareholder	11.9	59	-4	8.0	-1.0
FCAN	First Trust Canada	9.3	80	-25	4.9	-4.1
ICOW	Pacer Developed Markets Int'l Cash Cows 100	8.8	65	-10	9.3	+0.4
INTF	iShares FactorSelect MSCI International	7.7	30	25	8.2	-0.8
ESGN	Columbia Sustainable International Equity Income	7.4	45	10	9.4	+0.4
EWN	iShares MSCI NetherlanIds	6.1	47	8	5.2	-3.8
HDEF	Xtrackers MSCI EAFE High Div Yld Hedged	5.9	20	35	8.6	-0.4
FEP	First Trust Europe AlphaDEX	5.9	80	-25	7.2	-1.8
CRAK	VanEck Vectors Oil Refiners	5.6	60	-5	12.9	+3.9
PID	Invesco International Dividend Achievers	5.4	54	1	7.3	-1.7
FIDI	Fidelity International High Dividend	5.3	39	16	10.0	+1.1
PICK	iShares MSCI Global Select Metals & Mining	5.0	39	16	7.0	-2.0
EWC	iShares MSCI Canada	4.6	47	8	7.1	-1.9
IDHQ	Invesco Int'l Developed High Quality Portfolio	4.6	29	26	5.4	-3.6
URA	Global X Uranium	4.5	69	-14	1.4	-7.6
MVIN	Natixis Seeyond International Minimum Volatility	4.4	55	0	6.0	-2.9
IVAL	Valueshares Int'l Quantitative Value	4.4	59	-4	9.0	+0.0
FEUZ	First Trust Eurozone AlphaDex	4.3	80	-25	6.9	-2.1
FDT	First Trust Developed Markets ex-US AlphaDEX	4.2	80	-25	8.0	-1.0
FSZ	First Trust Switzerland	4.0	80	-25	5.3	-3.7

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 International BuyBack Achievers Portfolio
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.3	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	55	bp
Equals: ALTAR Score	9.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	CATEGORY AVERAGE	1.63

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.