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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)	$178
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)	$25,976
Large cap (>$10bn)	54.0%
Mid cap ($2-10bn)	43.9%
Small cap (<$2bn)	2.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	24.4 %
RAMSAY HEALTH CARE LIMITED	3.3 %
KONE OYJ-B	2.9 %
REA GROUP LTD	2.9 %
RYMAN HEALTHCARE LTD	2.8 %
CONSTELLATION SOFTWARE INC	2.7 %
ROYAL UNIBREW A/S	2.6 %
ASHTEAD GROUP PLC	2.1 %
CSL LIMITED	1.9 %
FASTIGHETS AB BALDER-B SHRS	1.7 %
AUCKLAND INTL AIRPORT LTD	1.6 %

TOP COUNTRY EXPOSURE
	BRITAIN	14.0 %
	CANADA	13.1 %
	AUSTRALIA	11.7 %
	SWITZERLAND	10.8 %
	JAPAN	6.5 %
	FRANCE	6.3 %
	SWEDEN	5.2 %
	DENMARK	5.2 %
	NEW ZEALAND	5.1 %
	FINLAND	4.4 %

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.
19.5%	12.3%	3.5%	6.6%	2.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	58%
MSCI EAFE	0.96	72%
MSCI Emg. Mkts.	0.70	63%

Technical Indicators
Recent close	$27.55
30d moving avg.	$27.05
Annualized volatility	12.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.2%
Bid/Ask (% of price)	0.27%
ADV underlying (mns)	$6,872

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco DWA Dev. Mkts. Technical Leaders 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™:

4.2%

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 (%)
TTAI	TrimTabs All Cap International Free-Cash-Flow	21.5	59	21	5.2	+1.0
IMTM	iShares MSCI Int'l Developed Momentum	21.1	30	50	5.3	+1.1
IHDG	Wisdomtree International Hed	17.5	58	22	6.4	+2.2
EUDG	WisdomTree Europe Dividend	17.2	58	22	6.5	+2.3
IQLT	iShares MSCI Int'l Developed Quality	17.2	30	50	6.2	+2.0
EFG	iShares MSCI EAFE Growth	17.0	40	40	5.1	+0.9
IQDG	WisdomTree International Quality Dividend Growth	16.8	38	42	6.6	+2.4
IDMO	Invesco S&P Int'l Dev. Momentum	16.6	25	55	4.7	+0.5
PDEV	Principal International Multi-Factor Core Index	16.1	25	55	6.9	+2.7
FDEV	Fidelity Targeted International Factor	16.0	39	41	6.9	+2.7
DNL	WisdomTree Global Ex-U.S. Growth	16.0	58	22	7.8	+3.6
IDHQ	Invesco Int'l Developed High Quality Portfolio	15.7	29	51	5.6	+1.3
VIGI	Vanguard Int'l Dividend Appreciation	15.1	25	55	6.1	+1.8
QEFA	SPDR MSCI EAFE Quality Mix	14.9	30	50	6.6	+2.4
QINT	American Century Quality Diversified International	14.7	39	41	6.3	+2.1
EFAD	ProShares EAFE Dividend Growers	14.6	50	30	6.2	+2.0
EUMV	iShares MSCI Europe Min Volatility	14.1	25	55	5.2	+1.0
IEV	iShares S&P Europe 350	13.5	59	21	6.4	+2.2
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	13.3	30	50	6.7	+2.5
BBEU	JPMorgan BetaBuilders Europe	13.3	9	71	6.9	+2.7

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 Dev. 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	15.1	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	4.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.70	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.