ETF Research Center

REDV tracks a revenue-weighted index of high-yield emerging-market stocks.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	OppenheimerFunds
Website	www.invesco.com
Inception date	Aug 07, 2018
Assets (mns)	$3
Currency	USD
Expense ratio	46 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Revenue
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	101
Wgt avg mkt cap (mns)	$13,139
Large cap (>$10bn)	36.1%
Mid cap ($2-10bn)	53.7%
Small cap (<$2bn)	7.7%
Developed mkts	10.3%
Emerging mkts	89.6%

TOP TEN HOLDINGS
Total	40.0 %
CHINA EVERGRANDE GROUP	5.8 %
INDIAN OIL CORPORATION LTD	4.9 %
CHINA PETROLEUM & CHEMICAL-H	4.5 %
PETROBRAS DISTRIBUIDORA SA	4.5 %
TUPRAS-TURKIYE PETROL RAFINE	4.2 %
COAL INDIA LTD	3.7 %
SURGUTNEFTEGAS-PREFERENCE	3.3 %
SESA GOA LTD	3.3 %
CHINA HUARONG ASSET MANAGEMENT CO	3.1 %
TELEFONICA BRASIL SA PFD	2.8 %

TOP COUNTRY EXPOSURE
	CHINA	26.3 %
	INDIA	15.3 %
	RUSSIA	13.1 %
	BRAZIL	11.9 %
	TURKEY	8.0 %
	TAIWAN	3.8 %
	UAE	3.1 %
	MALAYSIA	3.1 %
	MEXICO	2.2 %
	SOUTH AFRICA	2.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
3.8%	1.5%	--	--	0.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.58	55%
MSCI EAFE	0.75	64%
MSCI Emg. Mkts.	0.73	84%

Technical Indicators
Recent close	$22.73
30d moving avg.	$22.84
Annualized volatility	13.8%
Short interest (ETF)	0.0%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$929

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

REDV

Expense:

46 bp

ALTAR Score™:

17.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH REDV
Ticker	Fund Name	Overlap¹ vs REDV (%)	Expense ratio (bp)	Savings vs REDV (bp)	ALTAR Score™ (%)	ALTAR vs REDV (%)
DVYE	iShares Emerging Markets Dividend	25.7	49	-3	13.6	-4.3
SDEM	Global X SuperDividend Emg Mkts	25.3	67	-21	17.4	-0.4
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	15.9	50	-4	13.3	-4.5
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	15.3	51	-5	12.4	-5.5
FLRU	Franklin FTSE Russia	11.1	19	27	17.2	-0.6
ECOW	Pacer Emerging Markets Cash Cows 100	10.8	70	-24	10.9	-6.9
CHIR	Global X MSCI China Real Estate	10.5	65	-19	15.1	-2.7
IQDE	FlexShares Int'l Quality Dividend Defensive	10.2	47	-1	9.6	-8.3
FEM	First Trust Emerging Markets AlphaDEX	9.9	80	-34	10.7	-7.1
DEM	WisdomTree Emerg Mkts High Yield Equity	9.4	63	-17	12.3	-5.6
IQDF	FlexShares Int'l Quality Dividend	9.4	47	-1	9.4	-8.4
ERUS	iShares MSCI Russia	9.2	59	-13	15.4	-2.4
FBZ	First Trust Brazil AlphaDEX	7.7	80	-34	6.9	-10.9
IQDY	FlexShares Int'l Quality Dividend Dynamic	7.5	47	-1	8.8	-9.0
EEMD	AAM S&P Emerging Markets High Dividend Value	7.4	50	-4	12.2	-5.6
ISEM	Invesco Strategic Emerging Markets	7.2	35	11	9.9	-7.9
EMGF	iShares Edge MSCI Multifactor Emerging Markets	7.0	45	1	9.9	-8.0
EPI	WisdomTree India Earnings	7.0	85	-39	9.5	-8.3
TUR	iShares MSCI Turkey Investable	7.0	59	-13	16.4	-1.4
EDOG	ALPS Emerging Sector Dividend Dogs	6.8	60	-14	9.3	-8.6

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 Emerging Markets 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	15.1	%
Divided by: Fwd. P/BV	0.8	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	17.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.49

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.