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)	$200
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	168
Wgt avg mkt cap (mns)	$1,082
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	12.9%
Small cap (<$2bn)	87.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	19.5 %
ULTRA CLEAN HOLDINGS	2.9 %
SONIC AUTOMOTIVE INC-CLASS A	2.5 %
GROUP 1 AUTOMOTIVE INC	2.0 %
M/I HOMES INC	2.0 %
GRIFFON CORPORATION	1.8 %
WILLIAM LYON HOMES-CL A	1.8 %
HIBBETT SPORTS INC	1.7 %
GMS INC.	1.7 %
LITHIA MOTORS INC-CL A	1.6 %
MERITAGE HOMES CORP	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	99.4 %
	BERMUDA	0.6 %

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.
14.1%	-5.1%	2.0%	9.7%	4.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.48	54%
MSCI EAFE	1.07	24%
MSCI Emg. Mkts.	0.52	9%

Technical Indicators
Recent close	$67.73
30d moving avg.	$64.44
Annualized volatility	24.2%
Short interest (ETF)	0.6%
Short interest (Underlying)	7.7%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.4%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$1,745

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™:

8.6%

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	43.2	39	-4	4.9	-3.7
XSVM	Invesco S&P SmallCap Value with Momentum	41.3	39	-4	8.4	-0.2
SLYV	SPDR S&P600 Small Cap Value	35.0	15	20	7.4	-1.2
IJS	iShares S&P 600 SmallCap Value	35.0	25	10	7.3	-1.3
VIOV	Vanguard S&P Small-Cap 600 Value	34.1	20	15	7.3	-1.3
EWSC	Invesco S&P Small Cap 600 Equal Weight	27.9	40	-5	5.7	-2.9
OMFS	Oppenheimer Russell 2000 Dynamic Multifactor	25.3	39	-4	7.2	-1.4
PSCD	Invesco S&P Small Cap Consumer Discretionary	23.9	29	6	8.3	-0.3
CALF	Pacer US Small Cap Cash Cows 100	23.7	59	-24	11.6	+3.0
EES	WisdomTree SmallCap Earnings	22.1	38	-3	9.2	+0.6
CSML	IQ Chaikin U.S. Small Cap	20.2	35	0	8.0	-0.5
IJR	iShares Core S&P Small-Cap	20.1	7	28	6.1	-2.4
SLY	SPDR S&P 600 Small Cap	20.1	15	20	6.1	-2.5
VIOO	Vanguard S&P Small-Cap 600	19.4	15	20	5.9	-2.6
BUY	USCF SummerHaven SHPEI Index	19.4	80	-45	11.3	+2.8
FYT	First Trust Small Cap Value AlphaDEX	19.1	76	-41	7.5	-1.1
VAMO	Cambria Value & Momentum	16.8	64	-29	6.3	-2.3
PQSV	PGIM QMA Strategic Alpha Small-Cap Value	14.9	29	6	6.4	-2.1
FYX	First Trust Small Cap Core Alphadex	14.3	66	-31	5.7	-2.9
PSCI	Invesco S&P Small Cap Industrials	14.1	29	6	6.6	-1.9

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:

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	7.7	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	8.6	%

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.