ETF Research Center

RDIV tracks an index that selects the 60-highest-yielding stocks from the S&P 900 and weights them by revenue.

FUND BASICS
Category	US Equities
Fund Sponsor	Invesco
Website	www.invesco.com
Inception date	Oct 01, 2013
Assets (mns)	$1,616
Currency	USD
Expense ratio	39 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	60
Wgt avg mkt cap (mns)	$61,176
Large cap (>$10bn)	77.6%
Mid cap ($2-10bn)	18.3%
Small cap (<$2bn)	4.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	48.2 %
CARDINAL HEALTH INC	5.5 %
LYONDELLBASELL INDU-CL A	5.3 %
ABBVIE INC	5.1 %
GENERAL MOTORS CO	5.0 %
PRUDENTIAL FINANCIAL INC	5.0 %
INTL BUSINESS MACHINES CORP	4.9 %
EXXON MOBIL CORP	4.9 %
VERIZON COMMUNICATIONS INC	4.8 %
SCHLUMBERGER LTD	4.5 %
INTERNATIONAL PAPER CO	3.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.0 %
	BRITAIN	5.3 %
	IRELAND	1.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
15.4%	5.5%	9.2%	--	10.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	70%
MSCI EAFE	0.85	40%
MSCI Emg. Mkts.	0.50	23%

Technical Indicators
Recent close	$38.20
30d moving avg.	$38.28
Annualized volatility	14.9%
Short interest (ETF)	0.0%
Short interest (Underlying)	4.2%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	171
Turnover	0.4%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$7,870

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Ultra Dividend Revenue ETF ETF based on the alternatives' overlap in portfolio holdings with RDIV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RDIV

Expense:

39 bp

ALTAR Score™:

10.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RDIV
Ticker	Fund Name	Overlap¹ vs RDIV (%)	Expense ratio (bp)	Savings vs RDIV (bp)	ALTAR Score™ (%)	ALTAR vs RDIV (%)
WBIY	WBI Power Factor High Dividend	41.9	70	-31	10.3	+0.2
SPYD	SPDR Portfolio S&P 500 High Dividend	38.8	7	32	9.3	-0.8
SPHD	Invesco S&P 500 High Dividend	35.8	30	9	7.9	-2.2
SDOG	ALPS Sector Dividend Dogs	35.6	40	-1	9.4	-0.7
FDL	First Trust Morningstar Dividend Leaders	34.4	45	-6	8.6	-1.5
SPDV	AAM S&P 500 High Dividend Value	28.6	29	10	10.8	+0.7
DVY	iShares Select Dividend	24.6	39	0	8.1	-2.1
DHS	WisdomTree Equity Income	24.6	38	1	7.3	-2.8
DTN	WisdomTree Dividend Ex-Financials	23.9	38	1	7.9	-2.2
ACIO	Aptus Collared Income Opportunity	22.6	79	-40	6.8	-3.4
PEY	Invesco High Yield Equity Dividend Acheivers	22.4	53	-14	6.9	-3.2
XLSY	Cushing Energy Supply Chain & MLP	20.8	65	-26	5.6	-4.5
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	18.4	35	4	7.9	-2.3
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	18.4	35	4	7.9	-2.3
FDVV	Fidelity Core Dividend	18.4	29	10	7.4	-2.7
DURA	VanEck Vectors Morningstar Durable Dividend	17.9	29	10	6.7	-3.4
OYLD	Invesco Russell 1000 Yield Factor ETF	17.4	19	20	7.1	-3.1
JKF	iShares Morningstar Large Value	17.3	25	14	7.7	-2.4
SCHD	Schwab US Dividend Equity	17.2	6	33	7.3	-2.8
RNDV	US Equity Dividend Select	16.5	50	-11	7.8	-2.4

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%.

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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 Ultra Dividend Revenue ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.8	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	10.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.71	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.