ETF Research Center

The Invesco PureBeta FTSE Emerging Markets Portfolio tracks a market-cap-weighted index of large- and midcap emerging-market companies.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Invesco PowerShares
Website	www.invesco.com
Inception date	Sep 22, 2017
Assets (mns)	$2
Currency	USD
Expense ratio	14 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	963
Wgt avg mkt cap (mns)	$103,361
Large cap (>$10bn)	69.3%
Mid cap ($2-10bn)	26.5%
Small cap (<$2bn)	2.5%
Developed mkts	8.5%
Emerging mkts	91.4%

TOP TEN HOLDINGS
Total	30.3 %
ALIBABA GROUP HOLDING LTD. SPONSOR	6.9 %
TENCENT HOLDINGS LTD	5.5 %
TAIWAN SEMICONDUCTOR MANUFAC	4.8 %
INVESCO INDIA ETF	3.7 %
ISHARES MSCI SAUDI ARABIA CAPPED E	2.3 %
INFOSYS TECHNOLOGIES-SP ADR	1.7 %
CHINA CONSTRUCTION BANK-H	1.4 %
NASPERS LTD-N SHS	1.4 %
RELIANCE INDS-SPONS GDR 144A	1.4 %
PING AN INSURANCE GROUP CO-H	1.2 %

TOP COUNTRY EXPOSURE
	CHINA	33.2 %
	TAIWAN	12.9 %
	BRAZIL	8.3 %
	INDIA	6.7 %
	SOUTH AFRICA	5.3 %
	HONG KONG	4.9 %
	RUSSIA	4.3 %
	MEXICO	2.9 %
	THAILAND	2.8 %
	MALAYSIA	2.4 %

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.
-6.0%	3.2%	--	--	1.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.82	54%
MSCI EAFE	1.08	72%
MSCI Emg. Mkts.	0.94	94%

Technical Indicators
Recent close	$23.83
30d moving avg.	$25.14
Annualized volatility	15.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	43

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.44%
ADV underlying (mns)	$31,992

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco PureBeta FTSE Emerging Markets ETF ETF based on the alternatives' overlap in portfolio holdings with PBEE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PBEE

Expense:

14 bp

ALTAR Score™:

8.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PBEE
Ticker	Fund Name	Overlap¹ vs PBEE (%)	Expense ratio (bp)	Savings vs PBEE (bp)	ALTAR Score™ (%)	ALTAR vs PBEE (%)
SCHE	Schwab Emerging Markets Equity ETF	79.8	13	1	8.2	-0.7
EEM	iShares MSCI Emerging Markets ETF	70.0	68	-54	8.1	-0.8
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	68.9	65	-51	8.1	-0.8
VWO	Vanguard FTSE Emerging Markets ETF	68.6	10	4	8.3	-0.6
IEMG	iShares Core MSCI Emerging Markets ETF	64.3	14	0	8.5	-0.4
FLAX	Franklin FTSE Asia Ex Japan ETF	57.7	19	-5	8.3	-0.6
EEMA	iShares MSCI Emerging Markets Asia ETF	56.2	50	-36	8.3	-0.5
SPEM	SPDR Portfolio Emerging Markets ETF	55.1	11	3	8.3	-0.6
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	55.0	30	-16	8.1	-0.8
AAXJ	iShares MSCI All Country Asia ex Japan ETF	55.0	68	-54	7.8	-1.1
JHEM	John Hancock Multifactor Emerging Markets ETF	53.9	55	-41	8.8	-0.1
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	50.6	45	-31	8.9	0.0
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	50.5	32	-18	6.8	-2.1
GMF	SPDR S&P Emerging Asia Pacific ETF	50.1	49	-35	7.7	-1.2
PXH	Invesco FTSE RAFI Emerging Markets ETF	48.8	50	-36	12.3	+3.4
BKF	iShares MSCI BRIC ETF	47.7	69	-55	8.2	-0.7
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	46.3	20	-6	7.6	-1.2
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	45.2	59	-45	13.2	+4.3
ESGE	iShares ESG MSCI EM ETF	43.2	25	-11	8.6	-0.3
EMXC	iShares MSCI Emerging Markets ex China ETF	42.2	49	-35	8.4	-0.4

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 PureBeta FTSE Emerging Markets ETF
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	13.4	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	14	bp
Equals: ALTAR Score	8.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	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.