ETF Research Center

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

FUND BASICS
Category	International Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Dec 28, 2007
Assets (mns)	$195
Currency	USD
Expense ratio	80 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)	$27,560
Large cap (>$10bn)	65.6%
Mid cap ($2-10bn)	33.7%
Small cap (<$2bn)	0.7%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.3 %
REA GROUP LTD	3.0 %
RAMSAY HEALTH CARE LIMITED	2.9 %
ROYAL UNIBREW A/S	2.8 %
RYMAN HEALTHCARE LTD	2.8 %
CONSTELLATION SOFTWARE INC	2.6 %
KONE OYJ-B	2.4 %
ASHTEAD GROUP PLC	2.2 %
CSL LIMITED	2.0 %
FASTIGHETS AB BALDER-B SHRS	2.0 %
A2 MILK COMPANY LTD.	1.6 %

TOP COUNTRY EXPOSURE
	BRITAIN	15.0 %
	CANADA	14.0 %
	SWITZERLAND	12.6 %
	AUSTRALIA	9.7 %
	JAPAN	6.6 %
	FRANCE	5.6 %
	DENMARK	5.3 %
	SWEDEN	5.2 %
	NEW ZEALAND	5.0 %
	FINLAND	4.5 %

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.
0.2%	19.8%	5.4%	7.3%	2.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	68%
MSCI EAFE	0.93	72%
MSCI Emg. Mkts.	0.63	57%

Technical Indicators
Recent close	$28.44
30d moving avg.	$29.55
Annualized volatility	12.2%
Short interest (ETF)	0.6%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	34
Turnover	0.5%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$6,589

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

PIZ

Expense:

80 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PIZ
Ticker	Fund Name	Overlap¹ vs PIZ (%)	Expense ratio (bp)	Savings vs PIZ (bp)	ALTAR Score™ (%)	ALTAR vs PIZ (%)
DWCR	Arrow DWA Country Rotation ETF	23.5	95	-15	4.0	+0.2
IQLT	iShares Edge MSCI Intl Quality Factor ETF	19.8	30	50	6.2	+2.4
TPIF	Timothy Plan International ETF	19.8	62	18	6.7	+2.8
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	19.7	58	22	6.1	+2.3
IQDG	WisdomTree International Quality Dividend Growth Fund	19.5	38	42	6.4	+2.6
IMTM	iShares Edge MSCI Intl Momentum Factor ETF	19.5	30	50	4.7	+0.9
EFAD	ProShares MSCI EAFE Dividend Growers ETF	19.0	50	30	6.3	+2.5
QINT	American Century Quality Diversified International ETF	18.9	39	41	6.2	+2.4
IDHQ	Invesco S&P International Developed High Quality ETF	18.7	29	51	5.3	+1.5
TTAI	TrimTabs All Cap International Free-Cash-Flow ETF	18.6	61	19	5.0	+1.2
EFG	iShares MSCI EAFE Growth ETF	18.0	40	40	4.7	+0.9
EUDG	WisdomTree Europe Quality Dividend Growth Fund	17.9	58	22	6.3	+2.5
IDMO	Invesco S&P International Developed Momentum ETF	17.7	25	55	4.7	+0.9
PDEV	Principal International Multi-Factor Core Index ETF	17.0	25	55	6.8	+3.0
JPEU	JPMorgan Diversified Return Europe Equity ETF	16.4	37	43	6.6	+2.8
DNL	WisdomTree Global ex-US Dividend Growth Fund	16.4	58	22	7.2	+3.4
FDEV	Fidelity Targeted International Factor ETF	16.0	39	41	6.9	+3.0
VIGI	Vanguard International Dividend Appreciation ETF	15.8	25	55	5.9	+2.1
QEFA	SPDR MSCI EAFE Quality Mix ETF	15.5	30	50	6.8	+2.9
EUMV	iShares Edge MSCI Min Vol Europe ETF	15.4	25	55	5.3	+1.5

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 DWA Developed Markets Momentum ETF
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	15.7	%
Divided by: Fwd. P/BV	3.4	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.74	CATEGORY AVERAGE	1.64

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.