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)	$34,502
Large cap (>$10bn)	49.5%
Mid cap ($2-10bn)	34.4%
Small cap (<$2bn)	16.2%
Developed mkts	96.7%
Emerging mkts	3.3%

TOP TEN HOLDINGS
Total	11.2 %
CONE MIDSTREAM PARTNERS LP	1.2 %
BLACK STONE MINERALS LP	1.2 %
MPLX LP	1.2 %
GENESIS ENERGY L.P.	1.2 %
BRISTOL-MYERS SQUIBB CO	1.1 %
USA COMPRESSION PARTNERS LP	1.1 %
WELLS FARGO & COMPANY	1.1 %
WFC 5.85	1.1 %
STATE STREET CORP	1.1 %
CONOCOPHILLIPS	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	71.6 %
	BRITAIN	2.9 %
	SPAIN	1.3 %
	BRAZIL	1.0 %
	CYPRUS	0.8 %
	FRANCE	0.7 %
	CANADA	0.7 %
	ITALY	0.7 %
	NORWAY	0.7 %
	JAPAN	0.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
26.0%	26.0%	5.4%	7.8%	4.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	79%
MSCI EAFE	0.96	65%
MSCI Emg. Mkts.	0.63	49%

Technical Indicators
Recent close	$23.39
30d moving avg.	$23.24
Annualized volatility	13.0%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.3%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	22
Turnover	0.2%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$8,719

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™:

7.8%

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	22.4	35	62	7.5	-0.3
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	22.3	35	62	7.5	-0.3
PY	Principal Shareholder Yield	18.5	29	68	7.7	-0.1
FXO	First Trust Financial Alphadex	17.3	63	34	7.6	-0.2
FTA	First Trust Large Cap Value	16.8	62	35	8.1	+0.4
USDY	Pacific Global US Equity Income	16.7	29	68	7.1	-0.6
ESGS	Columbia Sustainable U.S. Equity Income	16.3	35	62	7.9	+0.2
KBE	KBW Bank ETF	16.3	35	62	8.0	+0.3
SPVU	Invesco S&P 500 Value	16.2	13	84	10.1	+2.4
ONEY	SPDR Russell 1000 Yield Focus	15.9	20	77	7.8	+0.1
RPV	Invesco S&P 500 Pure Value ETF	15.8	35	62	10.3	+2.5
RYF	Invesco S&P Equal Weight Financials	15.6	40	57	7.0	-0.8
SYLD	Cambria Shareholder Yield	14.6	59	38	8.5	+0.7
JHMF	John Hancock Multifactor Financials	14.4	40	57	6.4	-1.4
QSY	WisdomTree U.S. Quality Shareholder Yield	14.3	38	59	6.7	-1.1
IEFN	iShares Evolved U.S. Financials	14.2	18	79	7.1	-0.6
FAB	First Trust Multi Cap Value	14.1	71	26	8.0	+0.2
KRE	SPDR KBW Regional Banking	13.9	35	62	7.9	+0.2
SPVM	Invesco S&P 500 Value with Momentum	13.7	39	58	7.9	+0.1
CLRG	IQ Chaikin U.S. Large Cap	13.7	25	72	7.8	+0.0

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	10.7	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	97	bp
Equals: ALTAR Score	7.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.