ETF Research Center

Rydex S&P Midcap 400 Pure Value ETF objective is to replicate as closely as possible, before expenses, the performance of the S&P 400 Midcap 400/Citigroup Pure Value Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Rydex Investments
Website	www.rydexfunds.com/etf
Inception date	Mar 07, 2006
Assets (mns)	$138
Currency	USD
Expense ratio	35 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Fundamental
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	90
Wgt avg mkt cap (mns)	$3,326
Large cap (>$10bn)	0.6%
Mid cap ($2-10bn)	76.5%
Small cap (<$2bn)	22.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.9 %
GENWORTH FINANCIAL INC-CL A	2.7 %
BRIGHTHOUSE FINANCIAL, INC.	2.5 %
RESIDEO TECHNOLOGIES, INC.	2.4 %
DILLARDS INC-CL A	2.1 %
PATTERSON COS INC	1.9 %
DANA HOLDING CORP	1.9 %
SYNNEX CORP	1.9 %
TELEPHONE AND DATA SYSTEMS, INC.	1.9 %
AVNET INC	1.9 %
GOODYEAR TIRE & RUBBER CO	1.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.0 %
	BRITAIN	2.4 %
	IRELAND	1.5 %

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.
-8.1%	-2.2%	5.9%	10.1%	7.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.54	74%
MSCI EAFE	1.49	57%
MSCI Emg. Mkts.	0.97	42%

Technical Indicators
Recent close	$65.67
30d moving avg.	$66.52
Annualized volatility	21.7%
Short interest (ETF)	0.2%
Short interest (Underlying)	9.0%
Relative strength (RSI)	43

Liquidity measures
Avg. volume (thou.)	17
Turnover	0.8%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$3,103

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Midcap 400 Pure Value ETF based on the alternatives' overlap in portfolio holdings with RFV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RFV

Expense:

35 bp

ALTAR Score™:

11.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RFV
Ticker	Fund Name	Overlap¹ vs RFV (%)	Expense ratio (bp)	Savings vs RFV (bp)	ALTAR Score™ (%)	ALTAR vs RFV (%)
RWK	Invesco S&P MidCap 400 Revenue ETF	40.1	39	-4	7.4	-3.6
PXMV	Invesco Fundamental Pure Mid Value	37.3	39	-4	8.7	-2.3
IJJ	iShares S&P MidCap 400 Value	32.6	25	10	7.6	-3.4
MDYV	SPDR S&P400 Mid Cap Value	32.5	15	20	7.7	-3.3
IVOV	Vanguard S&P Mid-Cap 400 Value	32.1	20	15	7.7	-3.3
JKL	iShares Morningstar Small Cap Value	23.0	30	5	8.7	-2.3
EWMC	Invesco S&P Mid Cap 400 Equal Weight	21.7	40	-5	6.3	-4.8
FNK	First Trust Mid Cap Value AlphaDEX	21.5	70	-35	9.2	-1.8
AFMC	First Trust Active Factor Mid Cap	19.3	65	-30	6.8	-4.3
SMDY	Syntax Stratified MidCap	19.1	30	5	6.2	-4.8
BUYN	USCF SummerHaven SHPEN Index	16.3	80	-45	6.7	-4.3
MDY	S&P MidCap 400 SPDR	16.0	24	11	5.6	-5.5
SPMD	SPDR Portfolio Mid Cap	16.0	5	30	5.7	-5.3
IJH	iShares Core S&P MidCap	16.0	7	28	5.7	-5.3
IVOO	Vanguard S&P Mid-Cap 400	15.7	15	20	5.7	-5.4
AVUV	Avantis U.S. Small Cap Value	15.0	25	10	7.9	-3.2
EZM	WisdomTree Midcap Earnings	14.9	38	-3	8.5	-2.6
FYT	First Trust Small Cap Value AlphaDEX	13.5	76	-41	7.4	-3.7
DGRS	WisdomTree US Small Cap Dividend Growth	13.1	38	-3	8.7	-2.3
FXO	First Trust Financial Alphadex	13.1	63	-28	7.8	-3.2

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 Midcap 400 Pure Value
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	9.8	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	11.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.74	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.