ETF Research Center

Invesco S&P Global Water ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond generally to the performance of the S&P Global Water Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Guggenheim
Website	guggenheiminvestments.com
Inception date	May 14, 2007
Assets (mns)	$733
Currency	USD
Expense ratio	62 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	50
Wgt avg mkt cap (mns)	$13,713
Large cap (>$10bn)	38.3%
Mid cap ($2-10bn)	55.1%
Small cap (<$2bn)	6.6%
Developed mkts	96.0%
Emerging mkts	4.0%

TOP TEN HOLDINGS
Total	51.2 %
AMERICAN WATER WORKS CO INC	8.8 %
XYLEM INC	6.8 %
GEBERIT AG-REG	5.3 %
IDEX CORP	4.9 %
VEOLIA ENVIRONNEMENT	4.8 %
DANAHER CORP	4.7 %
HALMA PLC	4.5 %
AQUA AMERICA INC	4.2 %
ALFA LAVAL AB	3.6 %
PENTAIR PLC	3.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	44.2 %
	BRITAIN	16.4 %
	FRANCE	7.6 %
	SWITZERLAND	7.3 %
	HONG KONG	4.5 %
	SWEDEN	3.6 %
	CANADA	3.0 %
	NETHERLANDS	2.1 %
	SOUTH KOREA	2.0 %
	BRAZIL	2.0 %

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.
27.2%	25.5%	8.9%	10.6%	5.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.75	62%
MSCI EAFE	0.87	71%
MSCI Emg. Mkts.	0.62	60%

Technical Indicators
Recent close	$39.07
30d moving avg.	$38.81
Annualized volatility	11.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	135
Turnover	0.7%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$1,298

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Global Water ETF based on the alternatives' overlap in portfolio holdings with CGW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CGW

Expense:

62 bp

ALTAR Score™:

4.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CGW
Ticker	Fund Name	Overlap¹ vs CGW (%)	Expense ratio (bp)	Savings vs CGW (bp)	ALTAR Score™ (%)	ALTAR vs CGW (%)
TBLU	Tortoise Water Fund	62.0	40	22	5.0	+0.6
PIO	Invesco Global Water	51.0	75	-13	4.5	+0.1
PHO	Invesco Water Resources	39.3	60	2	4.2	-0.1
FIW	First Trust ISE Water	37.1	55	7	3.9	-0.5
FTRI	First Trust ISE Global Natural Resources Income	12.4	70	-8	10.0	+5.7
XKII	SPDR Kensho Intelligent Structures	11.9	45	17	6.6	+2.2
PUI	Invesco DWA Utilities Momentum	8.7	60	2	4.3	-0.1
PRN	Invesco DWA Industrials Momentum	7.7	60	2	4.2	-0.2
SMDV	ProShares Russell 2000 Dividend Growers	6.4	40	22	5.6	+1.2
GRES	Index IQ Global Resources	6.2	77	-15	6.2	+1.8
EMIF	iShares S&P Emerging Markets Infrastructure	6.1	75	-13	7.7	+3.3
IFRA	iShares U.S. Infrastructure	6.0	40	22	5.9	+1.5
KSCD	KFA Small Cap Quality Dividend Index	5.3	51	11	4.8	+0.5
TOLZ	ProShares Global Infrastructure	5.2	46	16	5.3	+0.9
IHI	iShares DJ US Medical Devices	4.7	43	19	3.9	-0.5
GUNR	Flexshares Global Upstream Natural Resources	4.6	46	16	5.7	+1.4
SDG	iShares MSCI Global Impact	4.5	49	13	6.2	+1.9
PAVE	Global X U.S. Infrastructure Development	4.4	47	15	5.8	+1.4
RGI	Invesco S&P Equal Weight Industrials	4.3	40	22	6.6	+2.3
CWS	AdvisorShares Focused Equity	4.2	85	-23	5.6	+1.2

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

	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

Content on this tab for subscribers only

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 S&P Global Water
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	13.2	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	62	bp
Equals: ALTAR Score	4.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	CATEGORY AVERAGE	1.54

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.