ETF Research Center

Invesco Defensive Equity ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the Sabrient Defensive Equity Index. The ETF invests in 100 companies with superior risk and return profiles during bear markets. The ETF holds large-cap stocks with its largest allocation to the U.S. and to financial companies. The ETF weights its holdings equally.

FUND BASICS
Category	US Equities
Fund Sponsor	Guggenheim
Website	guggenheiminvestments.com
Inception date	Dec 15, 2006
Assets (mns)	$280
Currency	USD
Expense ratio	59 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$84,579
Large cap (>$10bn)	98.0%
Mid cap ($2-10bn)	2.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.2 %
ALLEGION PLC	1.2 %
JPMORGAN CHASE & CO	1.1 %
EMERSON ELECTRIC CO	1.1 %
GARMIN LTD	1.1 %
CITRIX SYSTEMS INC	1.1 %
BLACKROCK INC	1.1 %
BANK OF AMERICA CORP	1.1 %
AMPHENOL CORP-CL A	1.1 %
PNC FINANCIAL SERVICES GROUP	1.1 %
RESMED INC	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	92.0 %
	IRELAND	5.3 %
	SWITZERLAND	1.1 %
	BRITAIN	1.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
26.2%	15.6%	9.8%	12.8%	8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	92%
MSCI EAFE	0.76	62%
MSCI Emg. Mkts.	0.53	49%

Technical Indicators
Recent close	$55.98
30d moving avg.	$55.00
Annualized volatility	10.6%
Short interest (ETF)	0.2%
Short interest (Underlying)	3.7%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	26
Turnover	0.5%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$32,781

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DEF

Expense:

59 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DEF
Ticker	Fund Name	Overlap¹ vs DEF (%)	Expense ratio (bp)	Savings vs DEF (bp)	ALTAR Score™ (%)	ALTAR vs DEF (%)
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility	55.1	25	34	5.9	+1.0
HUSV	First Trust Horizon Managed Volatility Domestic	45.0	70	-11	4.9	+0.0
USMV	iShares MSCI USA Minimum Volatility	41.2	15	44	5.2	+0.4
FLLV	Franklin Liberty U.S. Low Volatility	38.8	29	30	5.2	+0.4
SPLV	Invesco S&P 500 Low Volatility	38.3	25	34	5.3	+0.5
FDLO	Fidelity Low Volatility Factor	38.2	29	30	5.3	+0.5
LGLV	SPDR Russell 1000 Low Volatility	38.1	12	47	5.2	+0.4
LVUS	Hartford Multifactor Low Volatility US Equity	36.9	21	38	5.7	+0.9
LSLT	Salt Low truBeta US Market	35.2	0	59	6.7	+1.9
EQWL	Invesco Fundamental Pure Large Core	34.4	25	34	6.2	+1.4
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	33.5	19	40	5.6	+0.8
PSET	Principal Price Setters	33.3	29	30	5.4	+0.6
QUS	SPDR MSCI USA Quality Mix	30.3	15	44	5.9	+1.1
SPXT	ProShares S&P 500 Ex-Technology	29.8	27	32	5.9	+1.1
OMOM	Invesco Russell 1000 Momentum Factor ETF	29.2	19	40	5.2	+0.4
MMTM	SPDR S&P1500 Momentum Tilt	29.1	12	47	5.3	+0.5
MGC	Vanguard Mega Cap 300 ETF	29.0	7	52	5.7	+0.9
IWX	iShares Russell Top 200 Value	28.9	20	39	6.8	+2.0
IWL	iShares Russell Top 200	28.8	15	44	5.6	+0.8
RBUS	Nationwide Risk-Based U.S. Equity	28.7	30	29	6.0	+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%.

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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 Defensive Equity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.0	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	59	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.56

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.