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Transparent Value IndexesSM   


Fundamentally Analyzed, Quantitatively Selected

The Transparent Value IndexesSM    is the result of an exclusive partnership between S&P Dow Jones Indices and Transparent Value. Transparent Value calculates the Required Business Performance®   (RBP®   ) Probabilities used in the indexes’ construction and licenses them exclusively to S&P Dow Jones Indices for the construction of rules-based indexes

Transparent Value using fundamental analysis answers a simple question for every stock: Can management deliver the Required Business Performance®   to support the stock price? Using the proprietary RBP®   Methodology to determine the answer to this question, we calculate the likelihood management can deliver the Required Business Performance, known as the RBP®   Probability, as well as the probability it will fail to deliver, known as the Behavioral Risk Indicator for every stock in our universe. Stocks are then selected for inclusion in the index only based on the relative RBP probabilities.

Thus, Transparent Value combines the best characteristics of both passive and active investing into a single index product that aims to provide transparency and consistent performance.

Transparent Value also offers investment strategies that utilize the Transparent Value Indexes and are tailored to suit client needs. These strategies may be based on any of a wide variety of existing Transparent Value IndexesSM    or, under certain circumstances new or customized indexes may be created with the aim of meeting clients’ requirements.

"Transparent Value Directional Allocation Total Return Index", "Transparent Value Large-Cap Leading 30 Index", "Transparent Value Large-Cap Growth Leading 30 Index", "Transparent Value Large-Cap Value Leading 30 Index", "Transparent Value Large-Cap Lagging 30 Index", "Transparent Value Large-Cap Growth Lagging 30 Index", "Transparent Value Large-Cap Value Lagging 30 Index", "Transparent Value Large-Cap Market Index", "Transparent Value Large-Cap Market Total Return Index", "Transparent Value Large-Cap 50 Market Index", "Transparent Value Large-Cap 50 Market Total Return Index", "Transparent Value Large-Cap 30 Market Index", "Transparent Value Large-Cap 30 Market Total Return Index", "Transparent Value Large-Cap Aggressive Index", "Transparent Value Large-Cap Aggressive Total Return Index", "Transparent Value Large-Cap 50 Aggressive Index", "Transparent Value Large-Cap 50 Aggressive Total Return Index", "Transparent Value Large-Cap 30 Aggressive Index", "Transparent Value Large-Cap 30 Aggressive Total Return Index", "Transparent Value Large-Cap Defensive Index", "Transparent Value Large-Cap Defensive Total Return Index", "Transparent Value Large-Cap 50 Defensive Index", "Transparent Value Large-Cap 50 Defensive Total Return Index", "Transparent Value Large-Cap 30 Defensive Index", "Transparent Value Large-Cap 30 Defensive Total Return Index", "Transparent Value Islamic Market U.S. 50 Index", "Transparent Value Islamic Market U.S. 50 Total Return Index", "Transparent Value U.S. Large-Cap Total Stock Market Index (RBP Weighted)", "Transparent Value U.S. Large-Cap Total Stock Market Total Return Index (RBP Weighted)", "Transparent Value Dividend 30 Index", "Transparent Value Dividend 30 Total Return Index", "Transparent Value Dividend 50 Index", "Transparent Value Dividend 50 Total Return Index", "Transparent Value Dividend Index", "Transparent Value Dividend Total Return Index", "Transparent Value Large-Cap 30 Core Index", "Transparent Value Large-Cap 30 Core Total Return Index", "Transparent Value Large-Cap 30 Growth Index", "Transparent Value Large-Cap 30 Growth Total Return Index", "Transparent Value Large-Cap 30 Value Index", "Transparent Value Large-Cap 30 Value Total Return Index", "Transparent Value Large-Cap 50 Core Index", "Transparent Value Large-Cap 50 Core Total Return Index", "Transparent Value Large-Cap 50 Growth Index", "Transparent Value Large-Cap 50 Growth Total Return Index", "Transparent Value Large-Cap 50 Value Index", "Transparent Value Large-Cap 50 Value Total Return Index", "Transparent Value Large-Cap Core Index", "Transparent Value Large-Cap Core Total Return Index", "Transparent Value Large-Cap Growth Index", "Transparent Value Large-Cap Growth Total Return Index", "Transparent Value Large-Cap Value Index", "Transparent Value Large-Cap Value Total Return Index", "Transparent Value Small-Cap 30 Index", "Transparent Value Small-Cap 30 Total Return Index", "Transparent Value Small-Cap 50 Index", "Transparent Value Small-Cap 50 Total Return Index", "Transparent Value Small-Cap Index", "Transparent Value Small-Cap Total Return Index" are the property of Transparent Value, LLC, which has contracted with S&P Dow Jones Indices LLC or its affiliate ("S&PDJI") to maintain and calculate the Index. The "Dow Jones U.S. Large-Cap Total Stock Market Index", "Dow Jones U.S. Large-Cap Growth Total Stock Market Index", "Dow Jones U.S. Large-Cap Value Total Stock Market Index", "Dow Jones U.S. Mid-Cap Total Stock Market Index", "Dow Jones U.S. Small-Cap Total Stock Market Index" are the property of S&PDJI and/or their third party licensors and has been licensed by S&PDJI for use by Transparent Value, LLC in connection with the Index. S&PDJI shall have no liability for any errors or omissions in calculating the Index.

The "Transparent Value Directional Allocation Fund", "Transparent Value Large-Cap Market Fund", "Transparent Value Large-Cap Aggressive Fund", "Transparent Value Large-Cap Defensive Fund", "Transparent Value Dividend Fund", "Transparent Value Large-Cap Core Fund", "Transparent Value Large-Cap Growth Fund", "Transparent Value Large-Cap Value Fund" are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, its affiliates or their third party licensors and neither S&P Dow Jones Indices LLC, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in the "Transparent Value Directional Allocation Fund", "Transparent Value Large-Cap Market Fund", "Transparent Value Large-Cap Aggressive Fund", "Transparent Value Large-Cap Defensive Fund", "Transparent Value Dividend Fund", "Transparent Value Large-Cap Core Fund", "Transparent Value Large-Cap Growth Fund", "Transparent Value Large-Cap Value Fund".

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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”).

Check to see if any of the stocks mentioned on this website are owned by any of the Transparent Value Funds. Click here >>