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	94
Wgt avg mkt cap (mns)	$10,460
Large cap (>$10bn)	27.3%
Mid cap ($2-10bn)	57.1%
Small cap (<$2bn)	10.9%
Developed mkts	5.2%
Emerging mkts	94.6%

TOP TEN HOLDINGS
Total	41.3 %
ISHARES MSCI INDIA	5.0 %
INVESCO INDIA	5.0 %
CHINA PETROLEUM & CHEMICAL-H	4.9 %
TUPRAS-TURKIYE PETROL RAFINE	4.2 %
STERLITE INDUSTRIES INDI-ADR	3.9 %
AGILE PROPERTY HOLDINGS LTD	3.9 %
AU OPTRONICS CORP	3.8 %
CHINA CINDA ASSET MANAGEME-H	3.8 %
GUANGZHOU R&F PROPERTIES - H	3.5 %
TELEFONICA BRASIL SA PFD	3.4 %

TOP COUNTRY EXPOSURE
	CHINA	20.6 %
	RUSSIA	15.7 %
	TURKEY	8.4 %
	BRAZIL	5.7 %
	TAIWAN	5.0 %
	UAE	4.4 %
	INDIA	3.9 %
	MALAYSIA	3.7 %
	SOUTH AFRICA	2.9 %
	MEXICO	2.6 %

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.
-7.1%	-6.0%	--	--	-0.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.64	45%
MSCI EAFE	0.86	60%
MSCI Emg. Mkts.	0.81	85%

Technical Indicators
Recent close	$22.98
30d moving avg.	$23.60
Annualized volatility	15.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	42

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.7%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$1,159

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™:

15.2%

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 (%)
SDEM	Global X SuperDividend Emg Mkts	28.4	67	-21	16.8	+1.7
DVYE	iShares Emerging Markets Dividend	26.6	49	-3	11.9	-3.3
CEY	VictoryShares Emg. Mkt. High Dividend Volatility Wtd.	17.6	50	-4	12.7	-2.5
LVHE	Legg Mason Emerging Markets Low Volatility High Dividend	16.2	51	-5	11.4	-3.8
FLRU	Franklin FTSE Russia	14.7	19	27	16.7	+1.5
ERUS	iShares MSCI Russia	12.3	59	-13	15.1	-0.1
REEM	Invesco Emerging Markets Revenue ETF	12.1	46	0	11.0	-4.2
ECOW	Pacer Emerging Markets Cash Cows 100	11.7	70	-24	9.7	-5.5
FEM	First Trust Emerging Markets AlphaDEX	8.9	80	-34	10.7	-4.5
EMXC	iShares MSCI Emerging Markets ex China	8.3	49	-3	7.9	-7.3
IQDF	FlexShares Int'l Quality Dividend	8.3	47	-1	9.2	-6.0
IQDE	FlexShares Int'l Quality Dividend Defensive	8.0	47	-1	9.1	-6.1
DEM	WisdomTree Emerg Mkts High Yield Equity	7.7	63	-17	12.3	-2.9
ISEM	Invesco Strategic Emerging Markets	7.6	35	11	10.0	-5.2
EDOG	ALPS Emerging Sector Dividend Dogs	7.5	60	-14	9.2	-6.0
FTRI	First Trust ISE Global Natural Resources Income	7.4	70	-24	10.3	-4.9
TUR	iShares MSCI Turkey Investable	7.3	59	-13	15.3	+0.1
PBEE	Invesco PureBeta FTSE Emerging Markets	7.3	14	32	8.5	-6.7
EYLD	Cambria Emerging Shareholder Yield	7.0	66	-20	11.1	-4.1
IQDY	FlexShares Int'l Quality Dividend Dynamic	7.0	47	-1	9.3	-5.9

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 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	13.7	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	46	bp
Equals: ALTAR Score	15.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.68	CATEGORY AVERAGE	1.48

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.