ETF Research Center

Invesco Spin-Off ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the Beacon Spin-Off Total Return Index, which is comprised of approximately 40 U.S. stocks of companies that are spin-offs, carve-outs or partial initial public offerings within the past two years.

FUND BASICS
Category	US Equities
Fund Sponsor	Guggenheim
Website	guggenheiminvestments.com
Inception date	Dec 15, 2006
Assets (mns)	$115
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	37
Wgt avg mkt cap (mns)	$13,066
Large cap (>$10bn)	45.9%
Mid cap ($2-10bn)	39.7%
Small cap (<$2bn)	14.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	61.6 %
DOW, INC.	8.5 %
HEWLETT PACKARD ENTERPRISE CO.	8.4 %
SYNCHRONY FINANCIAL	7.9 %
FORTIVE CORP.	7.6 %
LAMB WESTON HOLDINGS, INC.	7.5 %
CORTEVA INC	6.7 %
IAA, INC.	4.1 %
PARK HOTELS & RESORTS, INC.	3.9 %
WYNDHAM HOTELS & RESORTS, INC.	3.8 %
JBG SMITH PROPERTIES	3.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.3 %
	BRITAIN	3.4 %
	IRELAND	1.3 %

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.
11.0%	-5.0%	2.0%	11.9%	6.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.27	79%
MSCI EAFE	1.17	58%
MSCI Emg. Mkts.	0.80	44%

Technical Indicators
Recent close	$47.90
30d moving avg.	$47.41
Annualized volatility	17.2%
Short interest (ETF)	0.0%
Short interest (Underlying)	6.3%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	19
Turnover	0.8%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$1,646

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Invesco Spin-Off ETF based on the alternatives' overlap in portfolio holdings with CSD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CSD

Expense:

62 bp

ALTAR Score™:

9.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CSD
Ticker	Fund Name	Overlap¹ vs CSD (%)	Expense ratio (bp)	Savings vs CSD (bp)	ALTAR Score™ (%)	ALTAR vs CSD (%)
IYM	iShares DJ US Basic Material	10.7	42	20	8.8	-0.7
FTAG	First Trust Indxx Global Agriculture	9.0	70	-8	8.6	-0.9
DJD	Invesco Dow Jones Industrial Average Dividend	8.5	7	55	7.4	-2.1
XLB	Materials Select Sector SPDR	7.8	13	49	9.4	-0.1
FMAT	Fidelity MSCI Materials	7.6	8	54	8.8	-0.7
VAW	Vanguard Materials	7.5	10	52	8.7	-0.7
RTM	Invesco S&P Equal Weight Materials	7.0	40	22	8.6	-0.9
FPX	First Trust US IPO	5.8	59	3	5.6	-3.9
XKST	SPDR Kensho Smart Mobility	5.8	45	17	6.3	-3.2
XLSY	Cushing Energy Supply Chain & MLP	5.5	65	-3	5.7	-3.8
JHMA	John Hancock Multifactor Materials	5.4	40	22	7.6	-1.9
VEGI	iShares MSCI Global Agriculture Producers	5.4	39	23	7.0	-2.5
FLAG	Forensic Accounting	5.0	152	-90	8.9	-0.5
TCLD	Tortoise Cloud Infrastructure Fund	4.9	40	22	5.0	-4.5
DIET	Defiance Next Gen Food & Agriculture	4.4	30	32	5.9	-3.6
JHMS	John Hancock Multifactor Consumer Staples	4.3	40	22	7.6	-1.8
RFV	Invesco S&P Midcap 400 Pure Value	4.1	35	27	10.0	+0.5
MOO	VanEck Vectors Agribusiness ETF	3.9	54	8	6.4	-3.0
GRID	First Trust NASDAQ Clean Edge Smart Grid Infrastructure	3.8	70	-8	5.2	-4.3

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 Spin-Off
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.9	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	62	bp
Equals: ALTAR Score	9.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	CATEGORY AVERAGE	1.55

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.