ETF Research Center

Invesco S&P Small Cap 600 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 Small Cap 600 Equal Weight Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Security Investors LLC
Website	guggenheiminvestments.com
Inception date	Dec 08, 2010
Assets (mns)	$31
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	601
Wgt avg mkt cap (mns)	$1,364
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	21.5%
Small cap (<$2bn)	78.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	2.3 %
MOMENTA PHARMACEUTICALS INC	0.3 %
CINCINNATI BELL INC.	0.2 %
SIGNET JEWELERS LIMITED	0.2 %
TABULA RASA HEALTHCARE, INC.	0.2 %
RENEWABLE ENERGY GROUP INC	0.2 %
PLANTRONICS INC	0.2 %
TIVITY HEALTH, INC.	0.2 %
ENDO INTERNATIONAL PLC	0.2 %
3D SYSTEMS CORP	0.2 %
APPLIED OPTOELECTRONICS INC	0.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.7 %
	BERMUDA	0.8 %
	PUERTO RICO	0.5 %
	BRITAIN	0.4 %
	CAYMAN ISLANDS	0.4 %
	IRELAND	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.
20.5%	20.5%	5.7%	--	7.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.24	70%
MSCI EAFE	1.11	46%
MSCI Emg. Mkts.	0.65	27%

Technical Indicators
Recent close	$56.71
30d moving avg.	$56.58
Annualized volatility	18.0%
Short interest (ETF)	0.1%
Short interest (Underlying)	7.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$7,798

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Small Cap 600 Equal Weight ETF based on the alternatives' overlap in portfolio holdings with EWSC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EWSC

Expense:

40 bp

ALTAR Score™:

5.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWSC
Ticker	Fund Name	Overlap¹ vs EWSC (%)	Expense ratio (bp)	Savings vs EWSC (bp)	ALTAR Score™ (%)	ALTAR vs EWSC (%)
IJR	iShares Core S&P Small-Cap	73.4	7	33	6.0	+0.5
SLY	SPDR S&P 600 Small Cap	73.3	15	25	6.0	+0.5
VIOO	Vanguard S&P Small-Cap 600	71.1	15	25	5.7	+0.2
SLYV	SPDR S&P600 Small Cap Value	61.5	15	25	7.6	+2.1
IJS	iShares S&P 600 SmallCap Value	61.0	25	15	7.4	+1.9
RWJ	Invesco S&P SmallCap 600 Revenue ETF	59.9	39	1	6.1	+0.6
VIOV	Vanguard S&P Small-Cap 600 Value	57.8	20	20	7.1	+1.6
IJT	iShares S&P 600 SmallCap Growth	49.2	25	15	4.4	-1.1
SLYG	SPDR S&P600 Small Cap Growth	49.0	15	25	4.6	-0.9
VIOG	Vanguard S&P Small-Cap 600 Growth	48.0	20	20	4.3	-1.2
ISMD	Inspire Small/Mid Cap Impact	46.8	61	-21	4.7	-0.8
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	43.5	29	11	4.7	-0.8
CSF	Compass EMP US Discovery 500 Enhanced Vol.	42.0	35	5	7.0	+1.5
CSA	Victory CEMP US Small Cap Volatility Wtd	41.9	35	5	7.0	+1.5
TPSC	Timothy Plan US Small Cap Core	41.0	52	-12	6.6	+1.1
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	39.7	20	20	5.5	+0.1
FYX	First Trust Small Cap Core Alphadex	39.2	66	-26	5.3	-0.2
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	39.0	39	1	4.6	-0.9
EES	WisdomTree SmallCap Earnings	37.1	38	2	8.2	+2.7
IWM	iShares Russell 2000	36.1	19	21	3.4	-2.1

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

	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 Small Cap 600 Equal Weight
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	7.2	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	5.5	%

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.