ETF Research Center

Invesco S&P Smallcap 600 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 Smallcap 600/Citigroup Pure Value Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Security Investors LLC
Website	guggenheiminvestments.com
Inception date	Mar 07, 2006
Assets (mns)	$202
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	148
Wgt avg mkt cap (mns)	$835
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	5.5%
Small cap (<$2bn)	94.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	13.8 %
WHITING PETROLEUM CORPORATION	1.6 %
COOPER-STANDARD HOLDING	1.4 %
SOUTHWESTERN ENERGY CO	1.4 %
OASIS PETROLEUM INC	1.4 %
DENBURY RESOURCES INC	1.4 %
KELLY SERVICES INC -CL A	1.3 %
ATLAS AIR WORLDWIDE HOLDINGS	1.3 %
ANDERSONS INC/THE	1.3 %
OFFICE DEPOT INC	1.3 %
GREENBRIER COMPANIES INC	1.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.6 %
	BERMUDA	1.4 %
	BRITAIN	1.3 %
	CAYMAN ISLANDS	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.
22.3%	22.3%	3.1%	9.6%	5.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.39	58%
MSCI EAFE	1.24	38%
MSCI Emg. Mkts.	0.70	21%

Technical Indicators
Recent close	$67.31
30d moving avg.	$68.50
Annualized volatility	22.1%
Short interest (ETF)	0.4%
Short interest (Underlying)	7.7%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	11
Turnover	0.4%
Bid/Ask (% of price)	0.35%
ADV underlying (mns)	$1,820

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Smallcap 600 Pure Value ETF based on the alternatives' overlap in portfolio holdings with RZV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RZV

Expense:

35 bp

ALTAR Score™:

7.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RZV
Ticker	Fund Name	Overlap¹ vs RZV (%)	Expense ratio (bp)	Savings vs RZV (bp)	ALTAR Score™ (%)	ALTAR vs RZV (%)
RWJ	Invesco S&P SmallCap 600 Revenue ETF	38.4	39	-4	6.1	-1.0
SLYV	SPDR S&P600 Small Cap Value	28.5	15	20	7.4	+0.3
IJS	iShares S&P 600 SmallCap Value	28.2	25	10	7.3	+0.2
XSVM	Invesco S&P SmallCap Value with Momentum	27.5	39	-4	8.9	+1.8
EWSC	Invesco S&P Small Cap 600 Equal Weight	24.5	40	-5	5.4	-1.7
OMFS	Oppenheimer Russell 2000 Dynamic Multifactor	23.2	39	-4	6.5	-0.6
VIOV	Vanguard S&P Small-Cap 600 Value	22.4	20	15	7.0	-0.1
PSCE	Invesco S&P Small Cap Energy	20.8	29	6	-1.4	-8.5
FYT	First Trust Small Cap Value AlphaDEX	20.5	76	-41	6.8	-0.3
PSCD	Invesco S&P Small Cap Consumer Discretionary	18.1	29	6	7.8	+0.7
CALF	Pacer US Small Cap Cash Cows 100	17.5	59	-24	9.8	+2.7
BUY	USCF SummerHaven SHPEI Index	16.7	80	-45	10.8	+3.7
IJR	iShares Core S&P Small-Cap	14.9	7	28	5.9	-1.2
SLY	SPDR S&P 600 Small Cap	14.8	15	20	5.9	-1.2
EES	WisdomTree SmallCap Earnings	14.7	38	-3	8.0	+0.9
VIOO	Vanguard S&P Small-Cap 600	14.1	15	20	5.7	-1.5
PQSV	PGIM QMA Strategic Alpha Small-Cap Value	13.1	29	6	6.0	-1.1
CSML	IQ Chaikin U.S. Small Cap	12.6	35	0	7.5	+0.4
FYX	First Trust Small Cap Core Alphadex	12.5	66	-31	5.2	-1.9
AVUV	Avantis U.S. Small Cap Value	12.1	25	10	7.2	+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 Smallcap 600 Pure Value
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	4.3	%
Divided by: Fwd. P/BV	0.6	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	7.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.71	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.