ETF Research Center

Claymore/Delta Global Shipping Index ETF objective is to provide investment results that correspond generally to the performance (before the Fund's fees and expenses) of the Delta Global Shipp

FUND BASICS
Category	Global Equities
Fund Sponsor	Guggenheim
Website	guggenheiminvestments.com
Inception date	Aug 25, 2008
Assets (mns)	$47
Currency	USD
Expense ratio	66 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	26
Wgt avg mkt cap (mns)	$6,566
Large cap (>$10bn)	19.2%
Mid cap ($2-10bn)	29.7%
Small cap (<$2bn)	51.1%
Developed mkts	86.1%
Emerging mkts	13.9%

TOP TEN HOLDINGS
Total	64.7 %
A.P. MOLLER - MAERSK A/S CLASS B	20.0 %
MITSUI OSK LINES LTD	8.1 %
NIPPON YUSEN	7.8 %
EURONAV SA	5.5 %
MATSON INC	4.4 %
SITC INTERNATIONAL HOLDINGS	4.1 %
SCORPIO TANKERS INC	3.9 %
KAWASAKI KISEN KAISHA LTD	3.9 %
GOLAR LNG LTD	3.7 %
SHIP FINANCE INTL LTD	3.3 %

TOP COUNTRY EXPOSURE
	DENMARK	20.0 %
	JAPAN	19.8 %
	BERMUDA	11.5 %
	UNITED STATES	11.0 %
	MONACO	9.7 %
	HONG KONG	9.6 %
	BELGIUM	5.5 %
	SOUTH KOREA	5.5 %
	CHINA	4.8 %
	BRITAIN	1.8 %

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.
20.3%	6.7%	-9.0%	--	-5.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.26	56%
MSCI EAFE	1.44	62%
MSCI Emg. Mkts.	1.02	51%

Technical Indicators
Recent close	$9.55
30d moving avg.	$9.45
Annualized volatility	20.3%
Short interest (ETF)	0.6%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	39
Turnover	0.8%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$269

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco Global Shipping ETF based on the alternatives' overlap in portfolio holdings with SEA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

SEA

Expense:

66 bp

ALTAR Score™:

1.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH SEA
Ticker	Fund Name	Overlap¹ vs SEA (%)	Expense ratio (bp)	Savings vs SEA (bp)	ALTAR Score™ (%)	ALTAR vs SEA (%)
PXJ	Invesco Dynamic Oil & Gas Services	10.0	63	3	2.4	+0.9
YMLP	Yorkville High Income MLP	8.1	84	-18	5.2	+3.8
XLTY	Cushing Transportation & MLP	4.4	65	1	7.6	+6.2
GREK	Global X MSCI Greece	3.8	59	7	4.5	+3.0
SDIV	Global X Superdividend	3.6	58	8	11.1	+9.7
EDEN	iShares MSCI Denmark Capped	3.2	53	13	4.8	+3.3
GHII	Invesco S&P High Income Infrastructure	3.1	45	21	4.9	+3.4
DIV	Global X SuperDividend US ETF	2.5	45	21	7.6	+6.2
PLCY	EventShares US Policy Alpha	2.2	75	-9	3.9	+2.5
IYT	iShares Transportation Average	2.1	42	24	8.6	+7.1
HAO	Invesco China Small Cap ETF	1.8	75	-9	9.3	+7.9
ZMLP	Direxion Zacks MLP High Income	1.8	65	1	7.0	+5.6
RFAP	First Trust Riverfront Dynamic Asia Pacific	1.7	83	-17	7.3	+5.9
CHIE	Global X MSCI China Energy	1.7	66	0	8.0	+6.6
EWK	iShares MSCI Belgium Investable	1.4	47	19	6.0	+4.5
GXF	Global X FTSE Nordic 30	1.3	58	8	5.1	+3.7
ECNS	iShares MSCI China Small Cap	1.2	59	7	9.8	+8.4
PSCI	Invesco S&P Small Cap Industrials	1.2	29	37	6.6	+5.2
DWMC	AdvisorShares Dorsey Wright Micro-Cap	1.2	125	-59	0.3	-1.2
NORW	Global X MSCI Norway	1.2	50	16	3.9	+2.5

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 Global Shipping
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	1.5	%
Divided by: Fwd. P/BV	0.7	x
Less: Expense ratio	66	bp
Equals: ALTAR Score	1.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	CATEGORY AVERAGE	1.54

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.