ETF Research Center

Invesco S&P 500 Top 50 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 Top 50 Index. The Index consists of the common stocks of the 50 largest US companies based on total market capitalization as represented in the S&P 500 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Security Investors LLC
Website	guggenheiminvestments.com
Inception date	May 10, 2005
Assets (mns)	$977
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$553,723
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	45.1 %
APPLE INC	9.3 %
MICROSOFT CORP	8.8 %
AMAZON.COM INC	5.6 %
FACEBOOK	3.8 %
BERKSHIRE HATHAWAY INC-CL B	3.2 %
ALPHABET INC. CLASS A	3.1 %
ALPHABET INC. CLASS C	3.1 %
JPMORGAN CHASE & CO	3.1 %
JOHNSON & JOHNSON	2.7 %
VISA INC-CLASS A SHARES	2.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.8 %
	IRELAND	2.1 %

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.
32.0%	32.0%	12.7%	13.1%	8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	97%
MSCI EAFE	0.89	64%
MSCI Emg. Mkts.	0.60	50%

Technical Indicators
Recent close	$241.08
30d moving avg.	$232.96
Annualized volatility	12.2%
Short interest (ETF)	1.3%
Short interest (Underlying)	1.4%
Relative strength (RSI)	77

Liquidity measures
Avg. volume (thou.)	20
Turnover	0.5%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$58,260

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Invesco S&P Top 50 ETF based on the alternatives' overlap in portfolio holdings with XLG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

XLG

Expense:

20 bp

ALTAR Score™:

4.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH XLG
Ticker	Fund Name	Overlap¹ vs XLG (%)	Expense ratio (bp)	Savings vs XLG (bp)	ALTAR Score™ (%)	ALTAR vs XLG (%)
OEF	iShares S&P 100	78.4	20	0	5.1	+0.3
USMC	Principal U.S. Mega-Cap Multi-Factor Index	73.4	12	8	5.1	+0.3
IWY	iShares Russell Top 200 Growth	63.5	20	0	4.6	-0.2
IWL	iShares Russell Top 200	63.3	15	5	5.3	+0.5
WOMN	Impact Shares YWCA Women's Empowerment	60.6	75	-55	5.1	+0.2
NACP	Impact Shares NAACP Minority Empowerment	60.3	75	-55	5.1	+0.3
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	59.6	19	1	5.4	+0.5
MGC	Vanguard Mega Cap 300 ETF	59.4	7	13	5.5	+0.7
VOOG	Vanguard S&P 500 Growth	59.2	15	5	4.6	-0.2
ESG	FlexShares STOXX US ESG Impact Index Fund	59.2	32	-12	5.0	+0.2
SPYG	SPDR Portfolio S&P 500 Growth	58.8	4	16	4.7	-0.1
IVW	iShares S&P 500 Growth	58.7	18	2	4.6	-0.3
OQAL	Invesco Russell 1000 Quality Factor ETF	58.3	19	1	4.9	+0.1
XOUT	GraniteShares XOUT US Large Cap	57.9	60	-40	4.7	-0.1
IOO	iShares S&P Global 100	57.3	40	-20	5.1	+0.3
SPUS	SP Funds S&P 500 Sharia Industry Exclusions	56.9	49	-29	4.7	-0.1
VONG	Vanguard Russell 1000 Growth	56.1	12	8	4.7	-0.1
IWF	iShares Russell 1000 Growth	55.7	19	1	4.6	-0.3
IUSG	iShares Core U.S. Growth	54.8	4	16	4.7	-0.1
SNPE	Xtrackers S&P 500 ESG	54.7	11	9	5.4	+0.6

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 Top 50
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	19.2	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	4.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	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.