Exchange-Traded Funds

SPHQ - Invesco S&P 500® Quality ETF

Equity - US Equity

Product Details

The Invesco S&P 500® Quality ETF (Fund) is based on the S&P 500® Quality Index (Index).The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index tracks the performance of stocks in the S&P 500® Index that have the highest quality score, which is calculated based on three fundamental measures, return on equity, accruals ratio and financial leverage ratio. The Fund and the Index are rebalanced and reconstituted semi-annually on the third Friday of June and December.

SPHQ: A closer look at quality

as of 09/30/2018

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 Tool
Factor definitions

Low 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.

as of 09/30/2018

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 Tool
Factor definitions

Low 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.

as of 10/31/2018

Morningstar Rating

Overall Rating - Large Blend Category

As of 10/31/2018 the Fund had an overall rating of 4 stars out of 1218 funds and was rated 4 stars out of 1218 funds, 5 stars out of 1084 funds and 3 stars out of 817 funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

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. ©2018 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.

as of 10/31/2018 09/30/2018

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
S&P 500 Quality Index 9.35 16.22 15.18 N/A N/A N/A
S&P 500 Index 10.56 17.91 17.31 13.95 11.97 9.00
S&P 500 Quality Index 1.66 6.74 9.45 N/A N/A N/A
S&P 500 Index 3.01 7.35 11.52 11.34 13.24 8.35
Fund History (%)
Fund NAV 9.14 15.89 16.24 13.88 10.57 7.28
After Tax Held 8.61 15.19 15.65 13.34 10.20 7.00
After Tax Sold 5.40 9.48 12.63 11.00 8.66 5.93
Fund Market Price 8.85 15.93 16.19 13.88 10.53 7.24
Fund NAV 1.46 6.44 11.20 11.27 12.15 6.63
After Tax Held 0.96 5.79 10.64 10.75 11.77 6.35
After Tax Sold 0.87 3.91 8.62 8.86 10.07 5.37
Fund Market Price 1.28 6.51 11.16 11.25 12.13 6.60

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.

as of 09/30/2018

Growth of $10,000

Data beginning 10 years prior to the ending date of 09/30/2018. Fund performance shown at NAV.

S&P 500 High Quality Rankings Index* performance prior to 6/30/2010 reflects that of the original Underlying Index Value Line Timeliness Select Index. From 6/30/2010 to 3/18/2016, Index performance reflects that of the previous Underlying Index, S&P 500 High Quality Rankings Index. From 3/18/2016 forward, the Index performance reflects that of the Underlying Index, S&P 500 Quality Index AND IS NOT INTENDED FOR ANY THIRD PARTY USE.

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.

as of 11/12/2018

Sector Allocation

as of 11/12/2018

Market Cap & Style Allocations

Large-Cap Value 15.79%
Large-Cap Blend 30.43%
Large-Cap Growth 44.79%
Mid-Cap Value 2.59%
Mid-Cap Blend 4.13%
Mid-Cap Growth 2.25%
Small-Cap Value -
Small-Cap Blend -
Small-Cap Growth -

as of 11/12/2018 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
PG Procter & Gamble Co/The 5.08
V Visa Inc 4.78
AAPL Apple Inc 4.66
MA Mastercard Inc 4.38
DIS Walt Disney Co/The 3.87
NVDA NVIDIA Corp 3.57
SBUX Starbucks Corp 3.47
MO Altria Group Inc 3.22
UNP Union Pacific Corp 2.75
COST Costco Wholesale Corp 2.65

Distributions | View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital
09/24/2018 09/25/2018 09/28/2018 0.16411 0.16411 - - -
06/18/2018 06/19/2018 06/29/2018 0.11070 0.11070 - - -
03/19/2018 03/20/2018 03/29/2018 0.09754 0.09754 - - -
12/18/2017 12/19/2017 12/29/2017 0.16177 0.16177 - - -
09/18/2017 09/19/2017 09/29/2017 0.18730 0.18730 - - -
06/16/2017 06/20/2017 06/30/2017 0.10719 0.10719 - - -
03/17/2017 03/21/2017 03/31/2017 0.02258 0.02258 - - -
12/16/2016 12/20/2016 12/30/2016 0.23181 0.23181 - - -
09/16/2016 09/20/2016 09/30/2016 0.09055 0.09055 - - -
06/17/2016 06/21/2016 06/30/2016 0.11273 0.11273 - - -
03/18/2016 03/22/2016 03/31/2016 - - - - -
12/18/2015 12/22/2015 12/31/2015 0.22675 0.22675 - - -
09/18/2015 09/22/2015 09/30/2015 0.11100 0.11100 - - -
06/19/2015 06/23/2015 06/30/2015 0.11986 0.11986 - - -
03/20/2015 03/24/2015 03/31/2015 0.07101 0.07101 - - -
12/19/2014 12/23/2014 12/31/2014 0.12495 0.12495 - - -
09/19/2014 09/23/2014 09/30/2014 0.09480 0.09480 - - -
06/20/2014 06/24/2014 06/30/2014 0.09728 0.09728 - - -
03/21/2014 03/25/2014 03/31/2014 0.06869 0.06869 - - -
12/20/2013 12/24/2013 12/31/2013 0.10653 0.10653 - - -
09/20/2013 09/24/2013 09/30/2013 0.07948 0.07948 - - -
06/21/2013 06/25/2013 06/28/2013 0.10234 0.10234 - - -
03/15/2013 03/19/2013 03/28/2013 0.05915 0.05915 - - -
12/21/2012 12/26/2012 12/31/2012 0.09781 0.09781 - - -
09/21/2012 09/25/2012 09/28/2012 0.07112 0.07112 - - -
06/15/2012 06/19/2012 06/29/2012 0.07951 0.07951 - - -
03/16/2012 03/20/2012 03/30/2012 0.06167 0.06167 - - -
12/16/2011 12/20/2011 12/30/2011 0.06441 0.06441 - - -
09/16/2011 09/20/2011 09/30/2011 0.05889 0.05889 - - -
06/17/2011 06/21/2011 06/30/2011 0.12334 0.12334 - - -
12/17/2010 12/21/2010 12/31/2010 0.07952 0.07952 - - -
06/19/2009 06/23/2009 06/30/2009 0.03349 0.03349 - - -
12/19/2008 12/23/2008 12/31/2008 0.01080 0.01080 - - -

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%
09/30/2018 63 34 0 0 0 0 0
06/30/2018 64 29 0 0 0 0 0
03/31/2018 61 34 2 0 0 0 0
12/31/2017 63 29 0 0 0 0 0
Year Ended 2017 251 131 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%
09/30/2018 63 29 0 0 0 0 0
06/30/2018 64 35 0 0 0 0 0
03/31/2018 61 24 1 0 0 0 0
12/31/2017 63 34 0 0 0 0 0
Year Ended 2017 251 115 1 1 3 0 0

Fund Inception: 12/06/2005

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.


 Risk & Other Information

Typically, security classifications used in calculating allocation tables 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 or sector, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

CBOE Volatility Index is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. VIX is the ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market's expectation of 30-day volatility. An investment cannot be made into an index.

The Bloomberg Barclays US Corporate High Yield is an unmanaged index considered representative of fixed-rate, non investment-grade debt.

The S&P 500® High Quality Rankings Index comprises constituents of the S&P 500 Index reflecting long-term growth and stability of earnings and dividends.

S&P 600 Quality Index is designed to track high quality stocks in the S&P SmallCap 600 Index by quality score, which is calculated based on return on equity, accruals ratio and financial leverage ratio.

S&P 500 Enhanced Value Index tracks the performance of the stocks in the S&P 500 Index that have the highest value score.

The accrual ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.

Price-to-book ratio is the market price of a stock divided by the book value per share.

Price-to-earnings ratio is the market price of a stock divided by the earnings per share.

Price-to-sales ratio is the total market capitalization of a stock divided by its annual revenue.

Return on equity is a measure of profitability, calculated as net income as a percentage of shareholders’ equity.

Financial leverage refers to the use of debt to acquire additional assets.

Volatility is the annualized standard deviation of monthly index returns.

A z-score (aka, a standard score) indicates how many standard deviations an element is from the mean.

Factor investing is an investment strategy in which securities are chosen based on attributes that have been associated with higher returns.

Quality seeks to capture excess returns through stocks characterized by indicators of quality – high return on equity, stable to strong earnings growth, balance sheet health, and other measures of financial strength.

Low volatility seeks to capture excess returns over time through stock with lower than average volatility, beta, and/or idiosyncratic risk.

Momentum seeks to capture excess returns through stocks with historically strong past performance compared to their peers.

Relative to the S&P 500, three-year tracking error for quality, as represented by the S&P 500 Quality Index, is 1.93%, compared with low volatility (S&P 500 Low Volatility Index) 6.45%, momentum (S&P 500 Momentum Index) 4.83%, value (S&P 500 Enhanced Value Index) 6.89%, small size (S&P 500 Equal Weight Index) 2.81%, and dividend yield (S&P 500 Low Volatility High Dividend Index) 7.23%. Source: Bloomberg, LP, as of June 30, 2018.

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).

Note: Not all products available through all firms.

as of 11/13/2018
4:00 PM EST

SPHQ
Intraday Stats

  • Last Trade $30.54
  • Current IIV $30.54
  • Change -$0.02
  • % Change -0.07%
as of 11/13/2018
  • NAV at market close $30.54

as of 11/13/2018

Fund Yield

  • SEC 30 Day Yield 1.53%
  • Distribution Rate 2.15%
  • 12 Month Distribution Rate 1.75%
  • 30-Day SEC Unsubsidized Yield
    as of 11/12/2018
    1.46%
as of 11/13/2018

Prior Close

  • Closing Price $30.56
  • Bid/Ask Midpoint $30.55
  • Bid/Ask Prem/Disc $0.01
  • Bid/Ask Prem/Disc 0.03%
as of 06/30/2018

Fund Characteristics

  • Price/Earnings Ratio1 21.29
  • Price/Book Ratio1 5.48
  • ROE2 34.69%
  • Avg Market Cap2 $126,334MM

1 Weighted Harmonic Average

2 Weighted Average

Fund Details

  • Fund Ticker SPHQ
  • CUSIP # 46137V241
  • ISIN US46137V2410
  • Intraday NAV SPHQIV
  • Index Ticker SPXQUT
  • Index Provider S&P Dow Jones Indices LLC
  • Management Fee 0.15%
  • Total Expense Ratio 0.23%
  • Fee Waiver 0.08%
  • Net Expense Ratio 0.15%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE Arca
  • Inception Date 12/06/2005
  • # of Holdings 99
    as of 11/12/2018
as of 11/13/2018

Quick Facts

  • Previous Close $30.56
  • Open $30.64
  • Today's High $30.91
  • Today's Low $30.44
  • Today's Volume 431,449
  • 405,055 30-Day Avg Trading
    Volume
  • 52 Week High $33.03
  • 52 Week Low $28.85
  • Shares Outstanding 43.20MM
  • Market Value $1,319.3MM