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)	$1,445
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)	$60,956
Large cap (>$10bn)	80.2%
Mid cap ($2-10bn)	17.5%
Small cap (<$2bn)	2.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	47.7 %
CARDINAL HEALTH INC	5.6 %
INTL BUSINESS MACHINES CORP	5.4 %
GENERAL MOTORS CO	5.1 %
PRUDENTIAL FINANCIAL INC	5.0 %
VERIZON COMMUNICATIONS INC	4.9 %
VALERO ENERGY CORP	4.7 %
LYONDELLBASELL INDU-CL A	4.7 %
EXXON MOBIL CORP	4.5 %
SCHLUMBERGER LTD	4.2 %
DUKE ENERGY CORP	3.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.6 %
	BRITAIN	4.7 %
	IRELAND	1.2 %
	NETHERLANDS	0.1 %

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.
-5.8%	5.1%	8.2%	--	9.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.02	68%
MSCI EAFE	0.96	50%
MSCI Emg. Mkts.	0.61	35%

Technical Indicators
Recent close	$36.86
30d moving avg.	$38.56
Annualized volatility	15.0%
Short interest (ETF)	0.1%
Short interest (Underlying)	4.2%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	193
Turnover	0.5%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$8,750

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 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™:

10.4%

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 (%)
GBDV	Global Beta Smart Income ETF	50.5	29	10	11.3	+1.0
WBIY	WBI Power Factor High Dividend ETF	40.2	70	-31	11.5	+1.2
SPYD	SPDR S&P 500 High Dividend ETF	36.4	7	32	9.0	-1.4
SDOG	ALPS Sector Dividend Dogs ETF	33.9	40	-1	9.7	-0.7
FDL	First Trust Morningstar Dividend Leaders Index Fund	31.5	45	-6	8.7	-1.7
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	29.6	30	9	7.9	-2.5
SPDV	AAM S&P 500 High Dividend Value ETF	23.6	29	10	10.4	-0.0
DHS	WisdomTree U.S. High Dividend Fund	23.3	38	1	7.9	-2.5
DVY	iShares Select Dividend ETF	22.0	39	0	7.8	-2.6
DTN	WisdomTree U.S. Dividend ex-Financials Fund	21.0	38	1	8.0	-2.4
DVP	Deep Value ETF	20.7	59	-20	14.6	+4.3
PEY	Invesco High Yield Equity Dividend Achievers ETF	19.9	53	-14	6.6	-3.7
DVOP	Source Dividend Opportunity ETF	19.4	50	-11	9.3	-1.1
HDV	iShares Core High Dividend ETF	18.3	8	31	7.2	-3.2
RNDV	US Equity Dividend Select ETF	18.2	50	-11	8.0	-2.3
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd Index ETF	18.1	35	4	8.0	-2.3
CDL	Victory CEMP US Large Cap High Dividend Volatility Wtd Idx E	18.1	35	4	8.0	-2.3
SCHD	Schwab U.S. Dividend Equity ETF	17.3	6	33	7.5	-2.8
JKF	iShares Morningstar Large Cap Value ETF	16.6	25	14	7.9	-2.5

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 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	15.9	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	39	bp
Equals: ALTAR Score	10.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.72	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.