ETF Research Center

Invesco Insider Sentiment ETF is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the performance of the Sabrient Insider Sentiment Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Guggenheim
Website	guggenheiminvestments.com
Inception date	Sep 21, 2006
Assets (mns)	$82
Currency	USD
Expense ratio	66 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	100
Wgt avg mkt cap (mns)	$35,481
Large cap (>$10bn)	67.9%
Mid cap ($2-10bn)	31.1%
Small cap (<$2bn)	1.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	11.8 %
AECOM TECHNOLOGY CORP	1.3 %
FAIR ISAAC CORP	1.3 %
LAM RESEARCH CORP	1.3 %
TRANSDIGM GROUP INC	1.2 %
MIRATI THERAPEUTICS INC	1.2 %
LIBERTY BROADBAND CORP. CLASS A	1.2 %
ANSYS INC	1.1 %
TERADYNE INC	1.1 %
SAIC INC	1.1 %
WESTERN UNION CO	1.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	IRELAND	2.0 %
	BERMUDA	1.1 %

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.
29.4%	29.4%	9.6%	12.3%	9.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.83	84%
MSCI EAFE	0.77	60%
MSCI Emg. Mkts.	0.50	44%

Technical Indicators
Recent close	$74.90
30d moving avg.	$72.63
Annualized volatility	10.9%
Short interest (ETF)	0.7%
Short interest (Underlying)	6.6%
Relative strength (RSI)	73

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$14,515

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

NFO

Expense:

66 bp

ALTAR Score™:

4.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NFO
Ticker	Fund Name	Overlap¹ vs NFO (%)	Expense ratio (bp)	Savings vs NFO (bp)	ALTAR Score™ (%)	ALTAR vs NFO (%)
SPLV	Invesco S&P 500 Low Volatility	29.1	25	41	5.0	+0.8
HUSV	First Trust Horizon Managed Volatility Domestic	27.9	70	-4	4.6	+0.5
LSLT	Salt Low truBeta US Market	25.8	0	66	6.4	+2.2
DEF	Invesco Defensive Equity	22.4	59	7	4.6	+0.5
USMV	iShares MSCI USA Minimum Volatility	22.4	15	51	4.9	+0.8
RBUS	Nationwide Risk-Based U.S. Equity	22.2	30	36	5.7	+1.6
XRLV	Invesco S&P 500 ex-Rate Sensitive Low Volatility	21.9	25	41	5.7	+1.5
KLCD	KFA Large Cap Quality Dividend Index	21.7	41	25	5.0	+0.9
JMIN	JPMorgan U.S. Minimum Volatility	21.4	12	54	5.3	+1.1
LGLV	SPDR Russell 1000 Low Volatility	21.2	12	54	5.0	+0.8
FLLV	Franklin Liberty U.S. Low Volatility	21.0	29	37	5.1	+0.9
FDMO	Fidelity Momentum Factor	20.9	29	37	3.8	-0.4
MTUM	iShares MSCI USA Momentum Factor	20.1	15	51	4.2	+0.0
SCIU	Global X Scientific Beta US	19.7	19	47	5.5	+1.3
AUSF	Global X Adaptive U.S. Factor	19.6	27	39	6.5	+2.4
SPMO	Invesco S&P 500 Momentum Portfolio	19.2	13	53	4.0	-0.2
FLQL	Franklin LibertyQ U.S. Equity	18.6	15	51	6.4	+2.2
ULVM	USAA MSCI USA Value Momentum Blend Index	18.5	20	46	7.0	+2.9
USMF	WisdomTree U.S. Multifactor Fund	18.5	28	38	6.1	+1.9
LVUS	Hartford Multifactor Low Volatility US Equity	18.5	21	45	5.6	+1.4

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Insider Sentiment
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	14.5	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	66	bp
Equals: ALTAR Score	4.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.