ETF Research Center

The Invesco FTSE RAFI Developed Markets ex-U.S. Portfolio is based on the FTSE RAFI Developed Markets ex-U.S. Index�. The Index weights stock of the largest developed markets (ex-U.S.), based on the following four fundamental measures of firm size: book value, income, sales and dividends.

FUND BASICS
Category	International Equities
Fund Sponsor	Invesco PowerShares
Website	www.powershares.com
Inception date	Jun 21, 2007
Assets (mns)	$1,257
Currency	USD
Expense ratio	45 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1027
Wgt avg mkt cap (mns)	$59,318
Large cap (>$10bn)	82.8%
Mid cap ($2-10bn)	16.1%
Small cap (<$2bn)	1.1%
Developed mkts	95.8%
Emerging mkts	4.2%

TOP TEN HOLDINGS
Total	11.4 %
TOYOTA MOTOR CORP	1.4 %
BP PLC	1.3 %
ROYAL DUTCH SHELL PLC-A SHS	1.2 %
SAMSUNG ELECTRONICS CO LTD	1.2 %
TOTAL SA	1.2 %
NESTLE SA-REG	1.1 %
HSBC HOLDINGS PLC	1.1 %
ROYAL DUTCH SHELL PLC-B SHS	1.0 %
BANCO SANTANDER SA	1.0 %
ALLIANZ SE-REG	0.9 %

TOP COUNTRY EXPOSURE
	JAPAN	22.0 %
	BRITAIN	16.3 %
	FRANCE	9.7 %
	GERMANY	9.5 %
	CANADA	7.5 %
	SWITZERLAND	6.5 %
	AUSTRALIA	4.8 %
	SOUTH KOREA	3.9 %
	SPAIN	3.5 %
	ITALY	3.4 %

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.
12.5%	6.4%	2.9%	4.2%	1.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.79	61%
MSCI EAFE	1.06	95%
MSCI Emg. Mkts.	0.74	75%

Technical Indicators
Recent close	$41.36
30d moving avg.	$40.56
Annualized volatility	12.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	79
Turnover	0.3%
Bid/Ask (% of price)	0.19%
ADV underlying (mns)	$48,832

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco FTSE-RAFI Developed ex-US ETF based on the alternatives' overlap in portfolio holdings with PXF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

PXF

Expense:

45 bp

ALTAR Score™:

8.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH PXF
Ticker	Fund Name	Overlap¹ vs PXF (%)	Expense ratio (bp)	Savings vs PXF (bp)	ALTAR Score™ (%)	ALTAR vs PXF (%)
FNDF	Schwab Fundamental Intl Large Cap	84.6	25	20	7.5	-0.6
SCHF	Schwab International Equity	71.1	6	39	7.4	-0.7
PBDM	Invesco PureBeta FTSE Developed ex-North America	68.6	7	38	7.6	-0.6
HFXI	IQ 50 Percent Hedged FTSE Int'l	68.0	20	25	7.3	-0.9
EFA	iShares MSCI EAFE	66.9	31	14	7.0	-1.2
VEA	Vanguard Europe Pacific	66.4	5	40	7.4	-0.8
DBEF	Xtrackers MSCI EAFE Hedged	66.1	35	10	6.9	-1.3
SPDW	SPDR Portfolio World ex-US	65.9	4	41	7.2	-1.0
IDEV	iShares Core MSCI Int'l Developed Markets	65.5	5	40	7.2	-1.0
REFA	Invesco International Revenue ETF	63.4	42	3	8.8	+0.7
DDWM	WisdomTree Dynamic Currency Hedged Int'l Equity	63.3	35	10	7.9	-0.3
DWM	WisdomTree DEFA Fund	63.1	48	-3	7.7	-0.5
IEFA	iShares Core MSCI EAFE	63.0	7	38	7.1	-1.1
EFAX	SPDR MSCI EAFE Fossil Fuel Free	62.3	20	25	7.2	-1.0
JHMD	John Hancock Multifactor Developed International	60.1	45	0	7.3	-0.9
DBAW	Xtrackers MSCI All World ex-US Hedged	59.3	40	5	7.3	-0.8
ACWX	iShares MSCI ACWI ex-US	59.1	31	14	7.5	-0.7
EFV	iShares MSCI EAFE Value	59.0	38	7	9.0	+0.9
VEU	Vanguard FTSE All-World ex-US	58.5	9	36	7.6	-0.5
ISDX	Invesco Strategic Developed ex-US	58.0	23	22	7.8	-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

	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 FTSE-RAFI Developed ex-US
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.2	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	8.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.