ETF Research Center

ISDX tracks an index of stocks from large firms in developed markets, ex-US. The index determines firm size by fundamental metrics and also screens by quality metrics. Stocks are weighted by firm size. lf

FUND BASICS
Category	International Equities
Fund Sponsor	Invesco
Website	www.invesco.com
Inception date	Sep 12, 2018
Assets (mns)	$260
Currency	USD
Expense ratio	23 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Fundamental
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	788
Wgt avg mkt cap (mns)	$60,480
Large cap (>$10bn)	79.1%
Mid cap ($2-10bn)	18.1%
Small cap (<$2bn)	2.8%
Developed mkts	93.3%
Emerging mkts	6.7%

TOP TEN HOLDINGS
Total	13.7 %
SAMSUNG ELECTRONICS CO LTD	2.7 %
BP PLC	1.4 %
ROYAL DUTCH SHELL PLC-A SHS	1.3 %
NESTLE SA-REG	1.3 %
VOLKSWAGEN AG-PFD	1.3 %
TOTAL SA	1.2 %
ENBRIDGE INC	1.2 %
VODAFONE GROUP PLC	1.1 %
NOVARTIS AG-REG	1.1 %
CHUBB LIMITED	1.1 %

TOP COUNTRY EXPOSURE
	BRITAIN	17.3 %
	CANADA	17.0 %
	JAPAN	16.8 %
	FRANCE	8.3 %
	SWITZERLAND	7.5 %
	GERMANY	7.2 %
	SOUTH KOREA	6.5 %
	AUSTRALIA	3.7 %
	NETHERLANDS	3.3 %
	SPAIN	1.9 %

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.
19.1%	19.1%	--	--	11.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.95	54%
MSCI EAFE	1.42	72%
MSCI Emg. Mkts.	0.97	57%

Technical Indicators
Recent close	$26.57
30d moving avg.	$26.14
Annualized volatility	20.6%
Short interest (ETF)	0.2%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.1%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$31,884

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Invesco Strategic Developed ex-US ETF based on the alternatives' overlap in portfolio holdings with ISDX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ISDX

Expense:

23 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ISDX
Ticker	Fund Name	Overlap¹ vs ISDX (%)	Expense ratio (bp)	Savings vs ISDX (bp)	ALTAR Score™ (%)	ALTAR vs ISDX (%)
FNDF	Schwab Fundamental Intl Large Cap	62.8	25	-2	7.4	+0.0
PXF	Invesco FTSE-RAFI Developed ex-US	58.5	45	-22	7.8	+0.5
IQIN	IQ 500 International	51.4	25	-2	8.2	+0.9
SCHF	Schwab International Equity	48.9	6	17	7.0	-0.3
HFXI	IQ 50 Percent Hedged FTSE Int'l	47.7	20	3	7.0	-0.4
PBDM	Invesco PureBeta FTSE Developed ex-North America	47.4	7	16	7.2	-0.2
SPDW	SPDR Portfolio World ex-US	47.4	4	19	6.9	-0.5
REFA	Invesco International Revenue ETF	47.2	42	-19	8.5	+1.2
EFA	iShares MSCI EAFE	46.6	31	-8	6.6	-0.7
IDEV	iShares Core MSCI Int'l Developed Markets	46.3	5	18	6.8	-0.5
VEA	Vanguard Europe Pacific	46.0	5	18	7.0	-0.3
DBEF	Xtrackers MSCI EAFE Hedged	45.7	35	-12	6.5	-0.8
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	44.3	35	-12	7.5	+0.2
DWM	WisdomTree DEFA Fund	44.1	48	-25	7.4	+0.0
IEFA	iShares Core MSCI EAFE	43.7	7	16	6.8	-0.6
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity	43.5	39	-16	6.0	-1.3
JHMD	John Hancock Multifactor Developed International	42.8	45	-22	6.9	-0.4
GSIE	Goldman Sachs ActiveBeta Int'l Equity	41.5	25	-2	6.3	-1.1
ACWX	iShares MSCI ACWI ex-US	41.5	31	-8	7.0	-0.3

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 Strategic Developed ex-US
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	10.0	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	23	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.