ETF Research Center

Invesco S&P 500 Pure Value ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible, before expenses, the performance of the S&P 500/Citigroup Pure Value Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Security Investors LLC
Website	guggenheiminvestments.com
Inception date	Mar 07, 2006
Assets (mns)	$1,044
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	109
Wgt avg mkt cap (mns)	$48,203
Large cap (>$10bn)	76.9%
Mid cap ($2-10bn)	23.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.1 %
MACY'S INC	2.8 %
BERKSHIRE HATHAWAY INC-CL B	2.6 %
FORD MOTOR CO	2.0 %
BAKER HUGHES, A GE COMPANY CLASS A	1.9 %
PRUDENTIAL FINANCIAL INC	1.9 %
MARATHON PETROLEUM	1.9 %
GENERAL MOTORS CO	1.8 %
UNUM GROUP	1.8 %
METLIFE INC	1.8 %
WESTROCK CO.	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.5 %
	BRITAIN	2.6 %
	IRELAND	0.7 %
	BERMUDA	0.7 %
	SWITZERLAND	0.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
24.8%	24.8%	7.0%	13.4%	8.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.19	84%
MSCI EAFE	1.14	63%
MSCI Emg. Mkts.	0.74	45%

Technical Indicators
Recent close	$68.47
30d moving avg.	$68.91
Annualized volatility	15.8%
Short interest (ETF)	0.2%
Short interest (Underlying)	5.3%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	138
Turnover	0.9%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$19,293

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P 500 Pure Value ETF ETF based on the alternatives' overlap in portfolio holdings with RPV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RPV

Expense:

35 bp

ALTAR Score™:

10.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RPV
Ticker	Fund Name	Overlap¹ vs RPV (%)	Expense ratio (bp)	Savings vs RPV (bp)	ALTAR Score™ (%)	ALTAR vs RPV (%)
SPVU	Invesco S&P 500 Value	52.2	13	22	10.2	-0.3
FTA	First Trust Large Cap Value	42.2	62	-27	8.2	-2.3
VLUE	iShares MSCI USA Value Factor	33.7	15	20	10.4	-0.1
SPVM	Invesco S&P 500 Value with Momentum	33.7	39	-4	7.9	-2.6
RWL	Invesco S&P 500 Revenue ETF	31.3	39	-4	7.2	-3.3
RYF	Invesco S&P Equal Weight Financials	30.8	40	-5	7.0	-3.5
FCTR	First Trust Lunt U.S. Factor Rotation	30.5	65	-30	6.2	-4.3
JKI	iShares Morningstar Mid Cap Value	29.1	30	5	8.2	-2.3
FLAG	Forensic Accounting	28.7	152	-117	8.2	-2.3
MAGA	Point Bridge GOP Stock Tracker	28.5	72	-37	6.1	-4.4
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	27.8	35	0	7.5	-3.0
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	27.8	35	0	7.5	-3.0
FAB	First Trust Multi Cap Value	27.6	71	-36	8.0	-2.5
ESGS	Columbia Sustainable U.S. Equity Income	27.3	35	0	8.0	-2.5
VFVA	Vanguard U.S. Value Factor	27.1	13	22	8.9	-1.6
RVRS	Reverse Cap Weighted US Large Cap	26.6	29	6	7.3	-3.3
RWW	Invesco S&P Financials Revenue	26.1	45	-10	7.0	-3.5
CLRG	IQ Chaikin U.S. Large Cap	26.1	25	10	7.7	-2.8
QDIV	Global X S&P 500 Quality Dividend	25.7	20	15	7.1	-3.4
FEX	First Trust Large Cap Core Alphadex	25.7	61	-26	6.0	-4.5

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

	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 500 Pure Value 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	11.3	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	10.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.