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)	$1,026
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	119
Wgt avg mkt cap (mns)	$36,015
Large cap (>$10bn)	77.5%
Mid cap ($2-10bn)	22.6%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	18.7 %
VALERO ENERGY CORP	2.2 %
FORD MOTOR CO	2.1 %
METLIFE INC	2.0 %
LENNAR CORP-CL A	1.9 %
COTY INC-CL A	1.8 %
PRUDENTIAL FINANCIAL INC	1.8 %
BAKER HUGHES, A GE COMPANY CLASS A	1.8 %
TYSON FOODS INC-CL A	1.7 %
PHILLIPS 66	1.7 %
ASSURANT INC	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.1 %
	IRELAND	1.9 %
	BRITAIN	1.8 %
	BERMUDA	1.2 %
	SWITZERLAND	0.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
17.3%	3.7%	6.1%	13.8%	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.22	82%
MSCI EAFE	1.05	51%
MSCI Emg. Mkts.	0.67	34%

Technical Indicators
Recent close	$67.49
30d moving avg.	$66.57
Annualized volatility	16.3%
Short interest (ETF)	0.0%
Short interest (Underlying)	5.3%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	161
Turnover	1.1%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$24,208

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™:

9.8%

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	52.8	13	22	11.1	+1.3
PXLV	Invesco Fundamental Pure Large Value	40.9	39	-4	8.5	-1.4
FTA	First Trust Large Cap Value	38.6	62	-27	8.7	-1.1
VLUE	iShares MSCI USA Value Factor	37.1	15	20	11.0	+1.2
RYF	Invesco S&P Equal Weight Financials	31.9	40	-5	7.5	-2.3
RWL	Invesco S&P 500 Revenue ETF	31.9	39	-4	7.5	-2.3
JKI	iShares Morningstar Mid Cap Value	30.7	30	5	8.7	-1.1
ULVM	USAA MSCI USA Value Momentum Blend Index	29.0	20	15	7.8	-2.0
FLAG	Forensic Accounting	27.5	152	-117	8.9	-0.9
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	27.5	35	0	7.9	-2.0
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	27.5	35	0	7.9	-2.0
OVLU	Invesco Russell 1000 Value Factor ETF	26.9	19	16	7.9	-1.9
VLU	SPDR S&P 1500 Value Tilt	26.9	12	23	7.5	-2.3
CLRG	IQ Chaikin U.S. Large Cap	26.8	25	10	8.2	-1.7
VOE	Vanguard Mid-Cap Value	26.7	7	28	7.7	-2.2
JVAL	JPMorgan U.S. Value Factor	26.5	12	23	8.6	-1.2
USDY	Pacific Global US Equity Income	26.2	29	6	7.7	-2.2
SPDV	AAM S&P 500 High Dividend Value	26.2	29	6	10.8	+1.0
RVRS	Reverse Cap Weighted US Large Cap	26.2	29	6	8.0	-1.8
MAGA	Point Bridge GOP Stock Tracker	25.8	72	-37	6.6	-3.3

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	11.4	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	9.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	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.