ETF Research Center

Invesco S&P Equal Weight 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 Equal Weight Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Security Investors LLC
Website	guggenheiminvestments.com
Inception date	Apr 30, 2003
Assets (mns)	$17,017
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	505
Wgt avg mkt cap (mns)	$59,332
Large cap (>$10bn)	87.3%
Mid cap ($2-10bn)	12.7%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	2.4 %
APACHE CORP	0.3 %
WESTERN DIGITAL CORP	0.2 %
ADVANCED MICRO DEVICES	0.2 %
OCCIDENTAL PETROLEUM CORP	0.2 %
ALBEMARLE CORP	0.2 %
CONAGRA FOODS INC	0.2 %
LIVE NATION INC	0.2 %
MOSAIC CO/THE	0.2 %
WYNN RESORTS LTD	0.2 %
APPLE INC	0.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.8 %
	IRELAND	2.2 %
	BRITAIN	1.8 %
	SWITZERLAND	0.6 %
	BERMUDA	0.2 %

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.
28.9%	28.9%	9.4%	13.1%	11.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	95%
MSCI EAFE	0.99	71%
MSCI Emg. Mkts.	0.65	53%

Technical Indicators
Recent close	$117.76
30d moving avg.	$115.67
Annualized volatility	12.9%
Short interest (ETF)	0.5%
Short interest (Underlying)	4.3%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	487
Turnover	0.3%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$140,375

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

RSP

Expense:

20 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RSP
Ticker	Fund Name	Overlap¹ vs RSP (%)	Expense ratio (bp)	Savings vs RSP (bp)	ALTAR Score™ (%)	ALTAR vs RSP (%)
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	85.6	9	11	5.7	-0.7
EUSA	iShares MSCI USA Equal Weight	77.0	15	5	5.8	-0.6
SIZE	iShares MSCI USA Size Factor	76.5	15	5	5.9	-0.5
RVRS	Reverse Cap Weighted US Large Cap	67.6	29	-9	7.3	+0.9
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	67.3	35	-15	5.8	-0.6
CFA	Compass EMP US 500 Volatility Weighted	67.3	35	-15	5.8	-0.6
JHML	John Hancock Multifactor Large Cap	63.9	34	-14	5.6	-0.8
RNLC	Large Cap US Equity Select	63.6	60	-40	5.9	-0.5
SCIU	Global X Scientific Beta US	61.1	19	1	5.5	-0.9
USEQ	Invesco Russell 1000 Enhanced Equal Weight	58.1	29	-9	6.3	-0.1
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	56.9	17	3	6.6	+0.2
FEX	First Trust Large Cap Core Alphadex	55.7	61	-41	6.0	-0.4
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	55.6	9	11	5.7	-0.7
PBP	Invesco S&P 500 Buy/Write	53.4	49	-29	5.2	-1.2
HSPX	Global X S&P 500 Covered Call	53.0	65	-45	5.0	-1.4
JPUS	JPMorgan Diversified Return U.S. Equity	52.9	19	1	6.0	-0.4
SPY	S&P 500 SPDR	52.4	9	11	5.5	-0.9
IVV	iShares Core S&P 500	52.4	4	16	5.6	-0.8
VOO	Vanguard S&P 500 ETF	52.1	3	17	5.6	-0.8
DEUS	Xtrackers Russell 1000 Comprehensive Factor	51.9	17	3	6.4	+0.1

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 Equal Weight
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.7	%
Divided by: Fwd. P/BV	2.4	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.