Exchange-Traded Funds

XRLV - Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF

Equity - US Equity
Discover the power of low volatility investing

Product Details

The Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (Fund) is based on the S&P 500® Low Volatility Rate Response Index (Index). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index. The Index is composed of the 100 constituents of S&P 500® Index that exhibit both low volatility and low interest rate risk. The Underlying Index is designed to include stocks exhibiting low volatility characteristics, after removing stocks that historically have performed poorly in rising interest rate environments. The Fund and Index constituents are rebalanced and reconstitutioned after the close on the third Friday of February, May, August and November. Constituents are weighted relative to the inverse of their volatility, with the least volatile stocks receiving the highest weights.

as of 09/30/2018

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 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 11/30/2018

Morningstar Rating

Overall Rating - Large Blend Category

As of 11/30/2018 the Fund had an overall rating of 5 stars out of 1207 funds and was rated 5 stars out of 1207 funds, N/A stars out of N/A funds and N/A stars out of N/A 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 11/30/2018 09/30/2018

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
S&P 500 Low Volatility Rate Response Index 8.58 16.46 17.37 N/A N/A 13.19
S&P 500 Index 10.56 17.91 17.31 13.95 11.97 12.31
S&P 500 Low Volatility Rate Response Index 6.31 6.52 13.19 N/A N/A 11.90
S&P 500 Index 5.11 6.27 12.16 11.12 14.32 10.17
Fund History (%)
Fund NAV 8.37 16.17 17.07 N/A N/A 12.89
After Tax Held 7.88 15.52 16.54 N/A N/A 12.40
After Tax Sold 4.95 9.62 13.30 N/A N/A 10.01
Fund Market Price 8.12 16.13 17.02 N/A N/A 12.86
Fund NAV 6.03 6.20 12.88 N/A N/A 11.60
After Tax Held 5.43 5.57 12.35 N/A N/A 11.10
After Tax Sold 3.57 3.70 9.93 N/A N/A 8.98
Fund Market Price 5.85 6.11 12.84 N/A N/A 11.58

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 Fund inception and ending 09/30/2018. 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.

as of 12/14/2018

Sector Allocation

as of 12/13/2018

Market Cap & Style Allocations

Large-Cap Value 19.13%
Large-Cap Blend 35.47%
Large-Cap Growth 19.82%
Mid-Cap Value 12.75%
Mid-Cap Blend 10.00%
Mid-Cap Growth 2.84%
Small-Cap Value -
Small-Cap Blend -
Small-Cap Growth -

as of 12/14/2018 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
KO Coca-Cola Co/The 1.43
RSG Republic Services Inc 1.30
ECL Ecolab Inc 1.27
CTXS Citrix Systems Inc 1.24
WM Waste Management Inc 1.22
AFL Aflac Inc 1.18
CNP CenterPoint Energy Inc 1.18
PG Procter & Gamble Co/The 1.17
PEP PepsiCo Inc 1.17
CB Chubb Ltd 1.15

Distributions | View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital
11/19/2018 11/20/2018 11/30/2018 0.04864 0.04864 - - -
10/22/2018 10/23/2018 10/31/2018 0.04749 0.04749 - - -
09/24/2018 09/25/2018 09/28/2018 0.04494 0.04494 - - -
08/20/2018 08/21/2018 08/31/2018 0.04544 0.04544 - - -
07/23/2018 07/24/2018 07/31/2018 0.05068 0.05068 - - -
06/18/2018 06/19/2018 06/29/2018 0.04765 0.04765 - - -
05/21/2018 05/22/2018 05/31/2018 0.04411 0.04411 - - -
04/23/2018 04/24/2018 04/30/2018 0.04319 0.04319 - - -
03/19/2018 03/20/2018 03/29/2018 0.03883 0.03883 - - -
02/20/2018 02/21/2018 02/28/2018 0.04089 0.04089 - - -
01/22/2018 01/23/2018 01/31/2018 0.03971 0.03971 - - -
12/18/2017 12/19/2017 12/29/2017 0.04600 0.04600 - - -
11/20/2017 11/21/2017 11/30/2017 0.04500 0.04500 - - -
10/23/2017 10/24/2017 10/31/2017 0.04500 0.04500 - - -
09/18/2017 09/19/2017 09/29/2017 0.04100 0.04100 - - -
08/15/2017 08/17/2017 08/31/2017 0.03900 0.03900 - - -
07/14/2017 07/18/2017 07/31/2017 0.03750 0.03750 - - -
06/15/2017 06/19/2017 06/30/2017 0.03750 0.03750 - - -
05/15/2017 05/17/2017 05/31/2017 0.03750 0.03750 - - -
04/13/2017 04/18/2017 04/28/2017 0.03131 0.03131 - - -
03/15/2017 03/17/2017 03/31/2017 0.03780 0.03780 - - -
02/15/2017 02/17/2017 02/28/2017 0.03751 0.03751 - - -
01/13/2017 01/18/2017 01/31/2017 0.03697 0.03697 - - -
12/15/2016 12/19/2016 12/30/2016 0.07433 0.07433 - - -
11/15/2016 11/17/2016 11/30/2016 0.03699 0.03699 - - -
10/14/2016 10/18/2016 10/31/2016 0.02947 0.02947 - - -
09/15/2016 09/19/2016 09/30/2016 0.03000 0.03000 - - -
08/15/2016 08/17/2016 08/31/2016 0.03500 0.03500 - - -
07/15/2016 07/19/2016 07/29/2016 0.03600 0.03600 - - -
06/15/2016 06/17/2016 06/30/2016 0.04000 0.04000 - - -
05/13/2016 05/17/2016 05/31/2016 0.03893 0.03893 - - -
04/15/2016 04/19/2016 04/29/2016 0.03778 0.03778 - - -
03/15/2016 03/17/2016 03/31/2016 0.03991 0.03991 - - -
02/12/2016 02/17/2016 02/29/2016 0.03852 0.03852 - - -
01/15/2016 01/20/2016 01/29/2016 0.03983 0.03983 - - -
12/15/2015 12/17/2015 12/31/2015 0.05100 0.05100 - - -
11/13/2015 11/17/2015 11/30/2015 0.03806 0.03806 - - -
10/15/2015 10/19/2015 10/30/2015 0.03700 0.03700 - - -
09/15/2015 09/17/2015 09/30/2015 0.03700 0.03700 - - -
08/14/2015 08/18/2015 08/31/2015 0.03700 0.03700 - - -
07/15/2015 07/17/2015 07/31/2015 0.03700 0.03700 - - -
06/15/2015 06/17/2015 06/30/2015 0.03700 0.03700 - - -

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 31 0 0 0 0 0
06/30/2018 64 29 0 0 0 0 0
03/31/2018 61 45 2 0 0 0 0
12/31/2017 63 33 0 0 0 0 0
Year Ended 2017 251 148 1 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 32 0 0 0 0 0
06/30/2018 64 35 0 0 0 0 0
03/31/2018 61 14 0 0 0 0 0
12/31/2017 63 30 0 0 0 0 0
Year Ended 2017 251 97 0 2 2 1 0

Fund Inception: 04/09/2015

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 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 or sector are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

There is no assurance that the Fund will provide low volatility.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

The S&P 500® Low Volatility Interest Rate Response Index is designed to provide exposure to the constituents of the S&P 500® Index that exhibit both low volatility and little sensitivity to changes in interest rates.

In order to qualify for inclusion in the Underlying Index, a stock must (1) be a member of the S&P 500® Index; and (2) have traded on all trading days in the previous 12 months, as well as traded in the prior 60 months leading up to the rebalance reference date at the time of evaluation. The stocks are then ranked in descending order based on sensitivity to interest rate changes, with the 400 least interest rate sensitive stocks remaining eligible. Of those 400 stocks, the 100 stocks with the lowest realized volatility – that is, the least fluctuation in price over time – comprise the Underlying Index. The constituents are weighted by the inverse of volatility, with the least volatile stocks receiving the highest weights.

The Underlying Index is fully rebalanced quarterly. New constituents will only be added to the Underlying Index during a quarterly rebalance. Stocks that are removed from the S&P 500® Index will be removed from the Underlying Index simultaneously.

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.

as of 12/14/2018
3:59 PM EST

XRLV
Intraday Stats

  • Last Trade $33.43
  • Current IIV $33.46
  • Change -$0.55
  • % Change -1.62%
as of 12/14/2018
  • NAV at market close $33.46

as of 12/14/2018

Prior Close

  • Closing Price $33.98
  • Bid/Ask Midpoint $33.99
  • Bid/Ask Prem/Disc $0.53
  • Bid/Ask Prem/Disc 1.58%

Fund Details

  • Fund Ticker XRLV
  • CUSIP # 46138E388
  • ISIN US46138E3889
  • Intraday NAV XRLVIV
  • Index Ticker SP5LVRUT
  • Index Provider S&P Dow Jones Indices LLC
  • Management Fee 0.25%
  • Total Expense Ratio 0.25%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NYSE
  • Inception Date 04/09/2015
  • # of Holdings 100
    as of 12/14/2018
as of 12/14/2018

Quick Facts

  • Previous Close $33.98
  • Open $33.70
  • Today's High $33.79
  • Today's Low $33.39
  • Today's Volume 35,235
  • 49,725 30-Day Avg Trading
    Volume
  • 52 Week High $36.88
  • 52 Week Low $32.24
  • Shares Outstanding 4.15MM
  • Market Value $138.9MM