ETF Research Center

Invesco S&P Mid Cap 400 Equal Weight ETF is an exchange-traded fund incorporated in the USA. The Fund's investment objective is to correspond as closely as possible, before fees and expenses, to the price and yield performance of the S&P Mid Cap 400 Equal Weight Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Security Investors LLC
Website	guggenheiminvestments.com
Inception date	Dec 08, 2010
Assets (mns)	$85
Currency	USD
Expense ratio	40 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	401
Wgt avg mkt cap (mns)	$4,842
Large cap (>$10bn)	4.5%
Mid cap ($2-10bn)	87.5%
Small cap (<$2bn)	8.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	2.9 %
GRUBHUB INC	0.3 %
ANTERO MIDSTREAM CORP.	0.3 %
EQUITRANS MIDSTREAM CORP.	0.3 %
ETSY, INC.	0.3 %
FLUOR CORP	0.3 %
THOR INDUSTRIES INC	0.3 %
SENIOR HOUSING PROP TRUST	0.3 %
II-VI INC	0.3 %
POLYONE CORPORATION	0.3 %
AECOM TECHNOLOGY CORP	0.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.8 %
	BRITAIN	0.9 %
	BERMUDA	0.5 %
	SWITZERLAND	0.2 %
	IRELAND	0.2 %
	NETHERLANDS	0.2 %

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.
23.0%	23.0%	7.2%	--	10.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.20	84%
MSCI EAFE	1.12	60%
MSCI Emg. Mkts.	0.71	41%

Technical Indicators
Recent close	$67.69
30d moving avg.	$67.13
Annualized volatility	15.9%
Short interest (ETF)	0.0%
Short interest (Underlying)	6.6%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.1%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$15,831

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Mid Cap 400 Equal Weight ETF based on the alternatives' overlap in portfolio holdings with EWMC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EWMC

Expense:

40 bp

ALTAR Score™:

6.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWMC
Ticker	Fund Name	Overlap¹ vs EWMC (%)	Expense ratio (bp)	Savings vs EWMC (bp)	ALTAR Score™ (%)	ALTAR vs EWMC (%)
MDY	S&P MidCap 400 SPDR	79.9	24	16	5.9	-0.4
IJH	iShares Core S&P MidCap	79.9	7	33	6.1	-0.3
IVOO	Vanguard S&P Mid-Cap 400	77.1	15	25	5.9	-0.4
IJJ	iShares S&P MidCap 400 Value	65.1	25	15	7.6	+1.2
MDYV	SPDR S&P400 Mid Cap Value	65.0	15	25	7.7	+1.3
SPMD	SPDR Portfolio Mid Cap	64.3	5	35	6.1	-0.3
IVOV	Vanguard S&P Mid-Cap 400 Value	62.9	20	20	7.2	+0.8
RWK	Invesco S&P MidCap 400 Revenue ETF	61.0	39	1	7.5	+1.2
IJK	iShares S&P MidCap 400 Growth	52.9	24	16	4.6	-1.7
MDYG	SPDR S&P400 Mid Cap Growth	52.9	15	25	4.7	-1.7
IVOG	Vanguard S&P Mid-Cap 400 Growth	52.4	20	20	4.7	-1.6
SFYX	SoFi Next 500	47.1	0	40	5.4	-0.9
JHSC	John Hancock Multifactor Small Cap	46.9	50	-10	5.5	-0.9
EZM	WisdomTree Midcap Earnings	45.6	38	2	8.3	+2.0
RNMC	First Trust Mid Cap US Equity Select	44.7	60	-20	6.3	+0.0
VBR	Vanguard Small-Cap Value ETF	44.5	7	33	7.4	+1.1
VB	Vanguard Smallcap ETF	43.0	5	35	5.3	-1.1
FNX	First Trust Mid Cap Core Alpadex	42.5	62	-22	6.4	+0.0
PBSM	Invesco PureBeta MSCI USA Small Cap	40.5	6	34	5.1	-1.2
FSMD	Fidelity Small-Mid Factor ETF	39.7	29	11	6.1	-0.2

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 S&P Mid Cap 400 Equal Weight
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	12.2	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.64	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.