ETF Research Center

Invesco Multi-Asset Income Index ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the Zacks Multi-Asset Income Index, which is comprised of 125 to 150 securities with superior risk-return potential selected from a universe of common stocks, ADRs, REITs, MLPs, closed-end funds and preferred stocks by Zacks Inv Research.

FUND BASICS
Category	US Equities
Fund Sponsor	Guggenheim
Website	guggenheiminvestments.com
Inception date	Sep 21, 2006
Assets (mns)	$215
Currency	USD
Expense ratio	97 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Multi-Factor
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	150
Wgt avg mkt cap (mns)	$24,229
Large cap (>$10bn)	35.9%
Mid cap ($2-10bn)	44.6%
Small cap (<$2bn)	19.6%
Developed mkts	93.0%
Emerging mkts	7.0%

TOP TEN HOLDINGS
Total	12.7 %
CHEMOURS CO.	1.4 %
PITNEY BOWES INC	1.4 %
DANA HOLDING CORP	1.4 %
NEWMARK GROUP, INC. CLASS A	1.3 %
XEROX CORP	1.3 %
USA COMPRESSION PARTNERS LP	1.3 %
COMMERCIAL METALS CO	1.2 %
OFFICE DEPOT INC	1.2 %
AMERIPRISE FINANCIAL INC	1.1 %
HOLLYFRONTIER CORP	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	73.4 %
	ARGENTINA	2.1 %
	BRITAIN	1.7 %
	CANADA	1.5 %
	SPAIN	1.2 %
	RUSSIA	1.1 %
	CHILE	0.9 %
	SOUTH KOREA	0.7 %
	PERU	0.6 %
	BERMUDA	0.6 %

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%	11.8%	3.2%	8.2%	4.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	79%
MSCI EAFE	0.92	61%
MSCI Emg. Mkts.	0.61	44%

Technical Indicators
Recent close	$23.07
30d moving avg.	$22.38
Annualized volatility	13.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.3%
Relative strength (RSI)	59

Liquidity measures
Avg. volume (thou.)	16
Turnover	0.2%
Bid/Ask (% of price)	0.20%
ADV underlying (mns)	$11,402

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Multi-Asset Income ETF based on the alternatives' overlap in portfolio holdings with CVY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CVY

Expense:

97 bp

ALTAR Score™:

9.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CVY
Ticker	Fund Name	Overlap¹ vs CVY (%)	Expense ratio (bp)	Savings vs CVY (bp)	ALTAR Score™ (%)	ALTAR vs CVY (%)
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	16.2	35	62	7.8	-1.5
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	16.2	35	62	7.8	-1.5
PY	Principal Shareholder Yield	14.9	29	68	8.0	-1.3
FXO	First Trust Financial Alphadex	14.6	63	34	8.0	-1.3
FAB	First Trust Multi Cap Value	13.5	71	26	8.5	-0.8
USDY	Pacific Global US Equity Income	13.5	29	68	7.7	-1.6
RPV	Invesco S&P 500 Pure Value ETF	13.4	35	62	9.8	+0.5
FTA	First Trust Large Cap Value	13.1	62	35	8.7	-0.6
VFVA	Vanguard U.S. Value Factor	13.0	13	84	9.4	+0.1
AUSF	Global X Adaptive U.S. Factor	13.0	27	70	8.3	-1.0
SPVU	Invesco S&P 500 Value	12.9	13	84	11.1	+1.8
QDYN	FlexShares Quality Dividend Dynamic	12.5	37	60	6.7	-2.6
SYLD	Cambria Shareholder Yield	12.3	59	38	9.0	-0.3
QDF	FlexShares Quality Dividend	12.2	37	60	7.0	-2.3
ONEY	SPDR Russell 1000 Yield Focus	12.2	20	77	8.3	-1.0
JVAL	JPMorgan U.S. Value Factor	12.0	12	85	8.6	-0.7
FLAG	Forensic Accounting	11.9	152	-55	8.5	-0.8
FNK	First Trust Mid Cap Value AlphaDEX	11.9	70	27	9.0	-0.3
KBE	KBW Bank ETF	11.7	35	62	8.3	-1.0
JDIV	JPMorgan U.S. Dividend	11.5	12	85	7.5	-1.8

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 Multi-Asset Income
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	12.3	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	97	bp
Equals: ALTAR Score	9.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.