ETF Research Center

The Invesco International Dividend Achievers� Portfolio (Fund) seeks to replicate, before fees and expenses, the International Dividend Achievers� Index. Companies in the index have increased their annual dividend for five or more consecutive fiscal years.

FUND BASICS
Category	International Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Sep 15, 2005
Assets (mns)	$731
Currency	USD
Expense ratio	54 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	64
Wgt avg mkt cap (mns)	$46,700
Large cap (>$10bn)	78.7%
Mid cap ($2-10bn)	21.3%
Small cap (<$2bn)	0.0%
Developed mkts	77.0%
Emerging mkts	23.0%

TOP TEN HOLDINGS
Total	30.5 %
SEVERSTAL - GDR REG S	3.6 %
NOVOLIPET STEEL-GDR REG S	3.5 %
ENBRIDGE INC	3.2 %
WPP PLC-SPONSORED ADR	3.2 %
BROOKFIELD PROPERTY PARTNERS LP	3.1 %
NIELSEN HOLDINGS PLC	2.9 %
GRUPO AEROPORTUARIO PAC-ADR	2.9 %
NATIONAL GRID PLC SPONSORED ADR	2.9 %
CAN IMPERIAL BK OF COMMERCE	2.7 %
VODAFONE GROUP PLC SPONSORED ADR	2.6 %

TOP COUNTRY EXPOSURE
	CANADA	41.9 %
	BRITAIN	14.8 %
	RUSSIA	7.1 %
	MEXICO	5.8 %
	BERMUDA	5.1 %
	SWITZERLAND	4.1 %
	UNITED STATES	3.7 %
	INDIA	2.1 %
	FRANCE	1.9 %
	NETHERLANDS	1.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
17.2%	13.8%	1.1%	5.6%	3.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.76	64%
MSCI EAFE	0.88	73%
MSCI Emg. Mkts.	0.63	62%

Technical Indicators
Recent close	$16.40
30d moving avg.	$16.07
Annualized volatility	11.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	97
Turnover	0.2%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$3,819

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PID

Expense:

54 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PID
Ticker	Fund Name	Overlap¹ vs PID (%)	Expense ratio (bp)	Savings vs PID (bp)	ALTAR Score™ (%)	ALTAR vs PID (%)
QCAN	SPDR MSCI Canada Quality Mix	34.1	14	40	7.3	-0.1
BBCA	JPMorgan BetaBuilders Canada	32.3	19	35	7.3	-0.1
EWC	iShares MSCI Canada	32.2	47	7	7.2	-0.2
FLCA	Franklin FTSE Canada	31.0	9	45	7.7	+0.3
ADRU	BLDRs Europe 100 ADR	15.0	30	24	8.1	+0.7
ADRD	BLDRs Developed Markets 100 ADR	13.6	30	24	9.0	+1.7
IGRO	iShares International Dividend Growth	13.1	22	32	8.0	+0.7
DWX	SPDR S&P International Dividend ETF	12.8	45	9	7.0	-0.3
AIIQ	AI Powered International Equity	12.7	79	-25	4.4	-3.0
VRAI	Virtus Real Asset Income ETF	11.6	55	-1	8.7	+1.3
LVL	Invesco S&P Global Dividend Opportunities	11.1	64	-10	6.8	-0.6
FCAN	First Trust Canada	10.1	80	-26	5.0	-2.3
GLIF	AGFiQ Global Infrastructure	9.4	45	9	5.3	-2.1
TOLZ	ProShares Global Infrastructure	9.4	46	8	5.3	-2.1
QVM	Arrow Investments Trust QVM Equity Factor	9.2	65	-11	8.3	+1.0
IXC	iShares S&P Global Energy Sector	9.2	46	8	5.2	-2.2
ICOW	Pacer Developed Markets Int'l Cash Cows 100	9.1	65	-11	9.6	+2.2
IGF	iShares S&P Global Infrastructure	9.0	46	8	4.8	-2.5
GII	SPDR FTSE/Macquarie Global Infrastructure	9.0	40	14	4.9	-2.5
FVD	First Trust Value Line Dividend	8.6	70	-16	5.8	-1.6

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 Dividend Achievers
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	13.9	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	54	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.