XMLV - Invesco S&P MidCap Low Volatility ETF
Equity - US EquityProduct Details
The Invesco S&P MidCap Low Volatility ETF (Fund) is based on the S&P MidCap 400 Low Volatility Index (Index). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index. The Index is compiled, maintained and calculated by Standard & Poor's, consisting of 80 out of 400 medium-capitalization securities from the S&P MidCap 400 Index with the lowest realized volatility over the past 12 months. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. The Fund and the Index are rebalanced and reconstituted quarterly.
Factor DNATM
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Factor score methodology
Factor scores are calculated for every stock within the starting universe, Russell 3000 Index and Russell Global ex-US Index. Factor scores are normalized using z-scores with a mean of zero and a standard deviation of one. A normalized score is then calculated for both the fund and index shown based on the weighted average normalized scores of their underlying stocks. The Factor DNATM chart plots the difference in the fund's normalized score for each factor, in standard deviations, relative to the index shown with a range of -1.5 to 1.5. The index shown serves as the baseline and is plotted at zero.
See notes below for factor definitions.
Try the Factor eXposure ToolLow volatility – Annualized 252-day standard deviation of the stock’s price. Lower standard deviations receive a higher factor exposure score. Dividend yield – Total dividends paid by the stock over the past 12 months divided by its current price. Quality – Each fundamental ratio is standardized using a z-score relative to its universe before averaging (return on equity - accruals ratio - debt to common equity) / three. Value – Each fundamental ratio is standardized using a z-score relative to its universe before averaging (earnings/price + book value/price + sales/price) / three. Momentum – 12-month return excluding the most recent month. The return is risk adjusted using the standard deviation of daily price returns over the past year. Small size – Stock's market capitalization in USD. Lower market capitalization companies receive a higher factor exposure score.
Factor DNATM
Financial Professionals - Log in to view the fund’s Factor DNATM chart
Factor score methodology
Factor scores are calculated for every stock within the starting universe, Russell 3000 Index and Russell Global ex-US Index. Factor scores are normalized using z-scores with a mean of zero and a standard deviation of one. A normalized score is then calculated for both the fund and index shown based on the weighted average normalized scores of their underlying stocks. The Factor DNATM chart plots the difference in the fund's normalized score for each factor, in standard deviations, relative to the index shown with a range of -1.5 to 1.5. The index shown serves as the baseline and is plotted at zero.
See notes below for factor definitions.
Try the Factor eXposure ToolLow volatility – Annualized 252-day standard deviation of the stock’s price. Lower standard deviations receive a higher factor exposure score. Dividend yield – Total dividends paid by the stock over the past 12 months divided by its current price. Quality – Each fundamental ratio is standardized using a z-score relative to its universe before averaging (return on equity - accruals ratio - debt to common equity) / three. Value – Each fundamental ratio is standardized using a z-score relative to its universe before averaging (earnings/price + book value/price + sales/price) / three. Momentum – 12-month return excluding the most recent month. The return is risk adjusted using the standard deviation of daily price returns over the past year. Small size – Stock's market capitalization in USD. Lower market capitalization companies receive a higher factor exposure score.
Morningstar Rating™
Overall Rating - Mid-Cap Value CategoryAs of 08/31/2019 the Fund had an overall rating of 5 stars out of 368 funds and was rated 5 stars out of 368 funds, 5 stars out of 329 funds and N/A stars out of N/A funds for the 3-, 5- and 10- year periods, respectively.
Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2019 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.
Performance
| YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception | |
|---|---|---|---|---|---|---|
| Index History (%) | ||||||
| S&P MidCap 400 Low Volatility Index | 16.58 | 11.53 | 11.90 | 12.83 | N/A | 14.24 |
| S&P MidCap 400 Index | 17.97 | 1.36 | 10.90 | 8.02 | 14.64 | 10.85 |
| S&P MidCap 400 Low Volatility Index | 18.10 | 8.25 | 12.15 | 13.25 | N/A | 14.08 |
| S&P MidCap 400 Index | 14.37 | -6.43 | 8.06 | 7.22 | 12.85 | 10.03 |
| Fund History (%) | ||||||
| Fund NAV | 16.42 | 11.27 | 11.60 | 12.52 | N/A | 13.92 |
| After Tax Held | 16.02 | 10.51 | 10.93 | 11.88 | N/A | 13.31 |
| After Tax Sold | 9.72 | 6.78 | 8.84 | 9.79 | N/A | 11.13 |
| Fund Market Price | 16.59 | 11.06 | 11.60 | 12.51 | N/A | 13.90 |
| Fund NAV | 17.87 | 7.99 | 11.84 | 12.93 | N/A | 13.76 |
| After Tax Held | 17.46 | 7.26 | 11.17 | 12.30 | N/A | 13.16 |
| After Tax Sold | 10.57 | 4.83 | 9.03 | 10.13 | N/A | 11.01 |
| Fund Market Price | 18.16 | 7.97 | 11.84 | 12.92 | N/A | 13.76 |
Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.
Growth of $10,000
Data beginning Fund inception and ending 06/30/2019. Fund performance shown at NAV.
An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
Sector Allocation
Market Cap & Style Allocations
| Large-Cap Value | - |
| Large-Cap Blend | - |
| Large-Cap Growth | - |
| Mid-Cap Value | 33.76% |
| Mid-Cap Blend | 36.79% |
| Mid-Cap Growth | 14.54% |
| Small-Cap Value | 3.98% |
| Small-Cap Blend | 10.93% |
| Small-Cap Growth | - |
Quality Allocations† as of 09/20/2019
| S&P | Moody's |
|---|---|
| BB : 1% | Ba : 0% |
as of 09/20/2019 Top Holdings | View All
Fund Holdings subject to change
| Ticker | Company | % of Fund |
|---|---|---|
| HE | Hawaiian Electric Industries Inc | 1.83 |
| WRB | WR Berkley Corp | 1.58 |
| NWE | NorthWestern Corp | 1.55 |
| OGE | OGE Energy Corp | 1.54 |
| IDA | IDACORP Inc | 1.51 |
| AFG | American Financial Group Inc/OH | 1.51 |
| SR | Spire Inc | 1.49 |
| BRO | Brown & Brown Inc | 1.44 |
| DEI | Douglas Emmett Inc | 1.42 |
| OGS | ONE Gas Inc | 1.41 |
Distributions | View All | Distribution Information
| Ex-Date | Record Date | Pay Date | $/ Share |
Ordinary Income | Short Term Gains | Long Term Gains | Return of Capital |
|---|---|---|---|---|---|---|---|
| 09/23/2019 | 09/24/2019 | 09/30/2019 | 0.28023 | 0.28023 | - | - | - |
| 06/24/2019 | 06/25/2019 | 06/28/2019 | 0.28927 | 0.28927 | - | - | - |
| 03/18/2019 | 03/19/2019 | 03/29/2019 | 0.13987 | 0.13987 | - | - | - |
| 12/24/2018 | 12/26/2018 | 12/31/2018 | 0.30539 | 0.30539 | - | - | - |
| 09/24/2018 | 09/25/2018 | 09/28/2018 | 0.22917 | 0.22917 | - | - | - |
| 06/18/2018 | 06/19/2018 | 06/29/2018 | 0.21926 | 0.21926 | - | - | - |
| 03/19/2018 | 03/20/2018 | 03/29/2018 | 0.19018 | 0.19018 | - | - | - |
| 12/18/2017 | 12/19/2017 | 12/29/2017 | 0.47400 | 0.47400 | - | - | - |
| 09/18/2017 | 09/19/2017 | 09/29/2017 | 0.16785 | 0.16785 | - | - | - |
| 06/16/2017 | 06/20/2017 | 06/30/2017 | 0.14665 | 0.14665 | - | - | - |
| 12/16/2016 | 12/20/2016 | 12/30/2016 | 0.37029 | 0.37029 | - | - | - |
| 09/16/2016 | 09/20/2016 | 09/30/2016 | 0.14948 | 0.14948 | - | - | - |
| 06/17/2016 | 06/21/2016 | 06/30/2016 | 0.12971 | 0.12971 | - | - | - |
| 03/18/2016 | 03/22/2016 | 03/31/2016 | 0.05063 | 0.05063 | - | - | - |
| 12/18/2015 | 12/22/2015 | 12/31/2015 | 0.25267 | 0.25267 | - | - | - |
| 09/18/2015 | 09/22/2015 | 09/30/2015 | 0.16117 | 0.16117 | - | - | - |
| 06/19/2015 | 06/23/2015 | 06/30/2015 | 0.12299 | 0.12299 | - | - | - |
| 03/20/2015 | 03/24/2015 | 03/31/2015 | 0.09093 | 0.09093 | - | - | - |
| 12/19/2014 | 12/23/2014 | 12/31/2014 | 0.27534 | 0.27534 | - | - | - |
| 09/19/2014 | 09/23/2014 | 09/30/2014 | 0.14220 | 0.14220 | - | - | - |
| 06/20/2014 | 06/24/2014 | 06/30/2014 | 0.12550 | 0.12550 | - | - | - |
| 03/21/2014 | 03/25/2014 | 03/31/2014 | 0.11320 | 0.11320 | - | - | - |
| 12/20/2013 | 12/24/2013 | 12/31/2013 | 0.19315 | 0.19315 | - | - | - |
| 09/20/2013 | 09/24/2013 | 09/30/2013 | 0.10618 | 0.10618 | - | - | - |
| 06/21/2013 | 06/25/2013 | 06/28/2013 | 0.09625 | 0.09625 | - | - | - |
| 03/15/2013 | 03/19/2013 | 03/28/2013 | 0.06644 | 0.06644 | - | - | - |
Distribution Information
QQQ/BLDRs (ADRA, ADRD, ADRE, and ADRU)
Fund distributions
Dividends from net investment income, if any, are declared and paid quarterly. For Funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of April, July, October and December respectively.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Fund distributions
Dividends from net investment income, if any, are declared and paid either annually, quarterly or monthly, depending on the Fund. For funds on an annual dividend payment cycle, the dividend ex-date is the next business day following the third Friday of December, payable the last business day of the year. For funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of the month. For funds on a monthly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each month, payable the last business day of the month.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Frequency Distribution of Discounts & Premiums
| Bid/Ask MidPoint Above NAV | |||||||
|---|---|---|---|---|---|---|---|
| Quarter Ending |
Days | 0.00- 0.25% |
0.26- 0.50% |
0.51- 0.99% |
1.00- 1.49% |
1.50- 1.99% |
≥2.00% |
| 03/31/2019 | 61 | 49 | 0 | 0 | 0 | 0 | 0 |
| 12/31/2018 | 63 | 42 | 0 | 0 | 0 | 0 | 0 |
| 09/30/2018 | 63 | 45 | 0 | 0 | 0 | 0 | 0 |
| 06/30/2018 | 64 | 40 | 0 | 0 | 0 | 0 | 0 |
| Year Ended 2018 | 251 | 158 | 0 | 0 | 0 | 0 | 0 |
| Bid/Ask Midpoint Below NAV | |||||||
|---|---|---|---|---|---|---|---|
| Quarter Ending |
Days | 0.00- 0.25% |
0.26- 0.50% |
0.51- 0.99% |
1.00- 1.49% |
1.50- 1.99% |
≥2.00% |
| 03/31/2019 | 61 | 12 | 0 | 0 | 0 | 0 | 0 |
| 12/31/2018 | 63 | 21 | 0 | 0 | 0 | 0 | 0 |
| 09/30/2018 | 63 | 18 | 0 | 0 | 0 | 0 | 0 |
| 06/30/2018 | 64 | 24 | 0 | 0 | 0 | 0 | 0 |
| Year Ended 2018 | 251 | 93 | 0 | 0 | 0 | 0 | 0 |
Fund Inception: 02/15/2013
Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.
Fund Documents
Risk & Other Information
Typically, security classifications used in calculating allocation tables are as of the last trading day of the previous month.
There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.
Investments focused in a particular industry, such as real estate securities, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.
Stocks of medium-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.
There is no assurance that the Fund will provide low volatility.
The S&P MidCap 400 Index is an unmanaged index considered representative of mid-sized U.S. companies.
The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.
S&P® is a registered trademark of Standard & Poor's Financial Services LLC (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC. S&P® and Standard & Poor's® are trademarks of S&P and Dow Jones® is a trademark of Dow Jones. These trademarks have been sublicensed for certain purposes by Invesco Capital Management LLC. The Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Invesco. The Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates make any representation regarding the advisability of investing in such product(s).
Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart Beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk.