ETF Research Center

Invesco DWA Emerging Markets Technical Leaders Portfolio seeks investment results that correspond to the price and yield of the Dorsey Wright Emerging Markets Technical Leaders Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Dec 28, 2007
Assets (mns)	$205
Currency	USD
Expense ratio	90 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$30,033
Large cap (>$10bn)	36.3%
Mid cap ($2-10bn)	53.0%
Small cap (<$2bn)	7.3%
Developed mkts	6.2%
Emerging mkts	93.8%

TOP TEN HOLDINGS
Total	24.8 %
SHENZHOU INTERNATIONAL GROUP	3.1 %
TAL EDUCATION GROUP UNSPONSORED AD	2.9 %
TENCENT HOLDINGS LTD	2.8 %
HARTALEGA HOLDINGS BHD	2.8 %
ANTA SPORTS PRODUCTS LTD	2.5 %
TISCO FINANCIAL GROUP-NVDR	2.4 %
CLICKS GROUP LTD	2.2 %
NEW ORIENTAL EDUCATIO-SP ADR	2.2 %
SUNWAY BHD	2.0 %
LARGAN PRECISION CO LTD	1.9 %

TOP COUNTRY EXPOSURE
	CHINA	22.6 %
	TAIWAN	21.0 %
	BRAZIL	10.9 %
	SOUTH AFRICA	9.2 %
	THAILAND	8.3 %
	MALAYSIA	7.6 %
	HONG KONG	7.6 %
	INDONESIA	2.6 %
	PHILIPPINES	2.1 %
	INDIA	1.7 %

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.
25.6%	25.6%	3.6%	4.0%	-1.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.80	45%
MSCI EAFE	0.99	57%
MSCI Emg. Mkts.	0.85	72%

Technical Indicators
Recent close	$19.49
30d moving avg.	$19.35
Annualized volatility	14.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	73
Turnover	0.7%
Bid/Ask (% of price)	0.33%
ADV underlying (mns)	$3,726

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco DWA Emg. Mkts. Technical Leaders ETF based on the alternatives' overlap in portfolio holdings with PIE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PIE

Expense:

90 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PIE
Ticker	Fund Name	Overlap¹ vs PIE (%)	Expense ratio (bp)	Savings vs PIE (bp)	ALTAR Score™ (%)	ALTAR vs PIE (%)
DGRE	WisdomTree Emg Mkt Dividend Growth	17.5	32	58	8.5	+3.8
EEMO	Invesco S&P Emg Mkts Momentum	16.9	30	60	7.6	+2.8
EMCG	WisdomTree Emg Mkts Consumer Growth	16.2	32	58	6.4	+1.7
EMGF	iShares Edge MSCI Multifactor Emerging Markets	15.6	45	45	9.3	+4.5
DWCR	Arrow DWA Country Rotation	14.3	134	-44	3.6	-1.1
MXDE	Nationwide Maximum Diversification Emg Mkts Core	14.0	64	26	5.2	+0.4
XSOE	WisdomTree Emg Mkt ex-SOE	13.5	32	58	6.4	+1.7
EEMA	iShares MSCI Emg Mkts Asia	13.5	50	40	8.2	+3.4
FEM	First Trust Emerging Markets AlphaDEX	13.5	80	10	10.1	+5.3
PBEE	Invesco PureBeta FTSE Emerging Markets	13.4	14	76	8.6	+3.9
JHEM	John Hancock Multifactor Emerging Markets	13.3	55	35	8.3	+3.6
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	13.3	45	45	8.5	+3.8
SCHE	Schwab Emerging Markets Equity	13.2	13	77	8.1	+3.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	12.9	30	60	8.0	+3.3
CHIQ	Global X MSCI China Consumer Discretionary	12.7	65	25	5.1	+0.3
EWT	iShares MSCI Taiwan	12.7	59	31	6.4	+1.6
VWO	Vanguard Emerging Markets	12.6	12	78	8.2	+3.4
RFEM	First Trust Riverfront Dynamic Emerging Markets	12.4	95	-5	9.7	+4.9
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	12.4	65	25	7.9	+3.1
EEM	iShares MSCI Emerging Markets	12.3	67	23	7.9	+3.1

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

	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 DWA Emg. Mkts. Technical Leaders
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	14.0	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	90	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	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.