ETF Research Center

The Invesco Dow Jones Industrial Average Dividend ETF follows an index comprising dividend-paying securities of the companies listed on the Dow Jones Industrial Average, weighted by yield.

FUND BASICS
Category	US Equities
Fund Sponsor	Guggenheim
Website	guggenheiminvestments.com
Inception date	Dec 16, 2015
Assets (mns)	$84
Currency	USD
Expense ratio	7 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Dividend
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	31
Wgt avg mkt cap (mns)	$259,497
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	48.2 %
DOW, INC.	7.7 %
INTL BUSINESS MACHINES CORP	5.8 %
EXXON MOBIL CORP	4.8 %
VERIZON COMMUNICATIONS INC	4.7 %
PFIZER INC	4.6 %
JPMORGAN CHASE & CO	4.3 %
CHEVRON CORP	4.2 %
CATERPILLAR INC	4.2 %
JOHNSON & JOHNSON	4.0 %
WALGREENS BOOTS ALLIANCE INC	3.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-3.7%	11.8%	--	--	12.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	84%
MSCI EAFE	0.82	66%
MSCI Emg. Mkts.	0.57	55%

Technical Indicators
Recent close	$37.42
30d moving avg.	$39.09
Annualized volatility	11.1%
Short interest (ETF)	0.3%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	23
Turnover	1.0%
Bid/Ask (% of price)	0.30%
ADV underlying (mns)	$38,173

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DJD

Expense:

7 bp

ALTAR Score™:

7.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DJD
Ticker	Fund Name	Overlap¹ vs DJD (%)	Expense ratio (bp)	Savings vs DJD (bp)	ALTAR Score™ (%)	ALTAR vs DJD (%)
EDOW	First Trust Dow 30 Equal Weight ETF	81.9	50	-43	6.4	-1.2
DIA	SPDR Dow Jones Industrial Average ETF Trust	65.4	16	-9	6.2	-1.4
DIVO	Amplify YieldShares CWP Dividend & Option Income ETF	49.2	49	-42	5.2	-2.5
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	46.0	12	-5	5.4	-2.2
OUSA	O'Shares FTSE US Quality Dividend ETF	42.5	48	-41	6.1	-1.5
JKF	iShares Morningstar Large Cap Value ETF	38.7	25	-18	7.9	+0.2
DGRO	iShares Core Dividend Growth ETF	38.5	8	-1	6.6	-1.1
DURA	VanEck Vectors Morningstar Durable Dividend ETF	37.2	29	-22	6.9	-0.7
XLG	Invesco S&P 500 Top 50 ETF	36.6	20	-13	5.2	-2.5
MGV	Vanguard Mega Cap Value ETF	36.4	7	0	7.2	-0.4
OYLD	Invesco Russell 1000 Yield Factor ETF	36.3	19	-12	7.4	-0.2
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	35.4	19	-12	6.6	-1.0
IWX	iShares Russell Top 200 Value ETF	34.9	20	-13	7.0	-0.6
DLN	WisdomTree U.S. LargeCap Dividend Fund	34.7	28	-21	6.7	-1.0
RAFE	PIMCO RAFI ESG U.S. ETF	34.6	29	-22	8.2	+0.5
VYM	Vanguard High Dividend Yield Index ETF	34.2	6	1	7.4	-0.3
OEF	iShares S&P 100 ETF	33.6	20	-13	5.5	-2.1
FMK	First Trust Mega Cap AlphaDEX Fund	32.6	70	-63	5.6	-2.0
DVOP	Source Dividend Opportunity ETF	32.6	50	-43	9.3	+1.7
SCHD	Schwab U.S. Dividend Equity ETF	32.5	6	1	7.5	-0.1

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Invesco Dow Jones Industrial Average Dividend ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	19.5	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	7	bp
Equals: ALTAR Score	7.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	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.