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Farhan Sharaff
Managing Director & Chief Investment Officer


Mr. Sharaff is the Chief Investment Officer of Transparent Value, LLC and its U.S. subsidiaries and a Managing Director of Guggenheim Investment Management, LLC. Mr. Sharaff is responsible for managing and monitoring the investment portfolios of all Transparent Value investment products.

Mr. Sharaff has more than 20 years of experience in investment research and investment management. Before joining Transparent Value, LLC in June of 2009, he was a Partner and Chief Investment Officer at MJX Capital Advisors, a wealth management firm focused on providing advice and investment management for its clients, especially in the traditional and alternative asset classes. Prior to that, Mr. Sharaff served as the global Chief Investment Officer at CIGNA Corporation, Zurich Scudder Investments and at Citigroup. In all of the above engagements, Mr. Sharaff was responsible for research, investment management, product development and investment risk management. He was also a member of the business management teams at Citigroup and Zurich Scudder. A guest speaker at numerous investment conferences, Mr. Sharaff has also appeared on various radio and television shows related to the investment markets.

Mr. Sharaff has a Bachelor of Science in Electrical Engineering from the University of Aston (U.K.) and an MBA in Finance from the Manchester Business School (U.K.). In addition, Mr. Sharaff sits on boards for CITIC Capital Asset Management, Clarfeld Financial Advisors, and Transparent Value Trust.

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Glossary
RBP®
The revenue growth necessary to support the current stock price. Required Business Performance®    is used as a benchmark against which to measure management’s ability to perform in the future. It is calculated using a reverse discounted cash flow valuation model that uses the current stock price as the primary input.
RBP® Probability
The likelihood that management will deliver the Required Business Performance®    to support the stock price. It is calculated by fitting the company’s historical revenue growth to a distribution, then finding the company’s Required Business Performance within this historical distribution.
In the hypothetical example below, the company’s RBP®    Probability, represented by green, is 35% while its Behavioral Risk Indicator, represented by red, is 65%. RBP® Probability
Behavioral Risk Indicator
The likelihood that investors’ systematic behavioral biases have caused misalignment between the stock price and management’s ability to deliver. The Behavioral Risk Indicator is designed to capture the impact that human psychology has on the subjective valuation process used by investors. It is defined as one minus the RBP®  Probability.
In the hypothetical example below, the company’s RBP®    Probability, represented by green, is 35% while its Behavioral Risk Indicator, represented by red, is 65%. Behavioral Risk Indicator
RBP® Methodology
A system of fundamental stock analysis that uses a reverse discounted cash flow valuation model to determine what the stock’s current price implies in terms of future free cash flow and revenue (Required Business Performance®    ) as well as the calculation of the likelihood that management can deliver the Required Business Performance®    , known as RBP®    Probability.
RBP® Platform
The Transparent Value decision support tool consisting of an interactive database containing the proprietary data produced by Transparent Value. Included are the Required Business Performance®    (RBP®   ) values, RBP®    Probabilities and Behavioral Risk Indicators for more than 2,000 global stocks, the Transparent Value mutual fund rating system providing coverage of more than 3,000 funds, and also broad market indicators.
RBP® Snapshot
Provides updated company-specific RBP®    information based on the company's most recent quarterly financial data. The RBP®    Snapshot consists of the RBP®    probability and RBP®    values for a particular company.
The Funds are new and have limited operating history. An investment in the Funds involves risks, including loss of principal. No assurance can be given that the investment objectives described herein will be achieved. The Funds seek to track a quantitative strategy index, meaning that the Funds invest in securities comprising an index created by a proprietary model. The success of the Fund’s principal investment strategies depends on the effectiveness of the model in screening securities for inclusion in the Index.

For more complete information about the Funds, see the prospectus or call 1 (888) 727-6885. Financial Advisors should call 1-855-TV Funds or 1-855-883-8637. Read the prospectus carefully before you invest or send money.

ALPS Distributors, Inc is not affiliated with Guggenheim Investment Management, LLC, Transparent Value Advisors, LLC (“TVA”) and/or Guggenheim Partners, LLC. TVA and ADI are not affiliated with S&P Dow Jones Indices. Transparent Value Funds are distributed by ALPS Distributors, Inc (“ADI”).

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