Exchange-Traded Funds

XSHQ - Invesco S&P SmallCap Quality ETF

Equity - US Equity

Product Details

The Invesco S&P SmallCap Quality ETF (the "Fund") is based on the S&P SmallCap 600® Quality Index (Index). The Fund will invest at least 90% of its total assets in securities that comprise the Index. The Index is composed of 120 securities in the S&P SmallCap 600® Index that have the highest quality score, which is calculated based on the average of 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.

XSHQ: 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 11/30/2018 09/30/2018

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
S&P SmallCap 600 Quality 13.67 18.21 N/A N/A N/A 17.49
S&P SmallCap 600 Index 14.54 19.08 19.41 13.33 12.86 19.88
S&P SmallCap 600 Quality 5.71 4.98 N/A N/A N/A 10.62
S&P SmallCap 600 Index 4.08 3.55 12.41 9.42 15.76 11.06
Fund History (%)
Fund NAV 13.36 17.81 N/A N/A N/A 17.08
After Tax Held 13.09 17.41 N/A N/A N/A 16.74
After Tax Sold 7.90 10.60 N/A N/A N/A 13.03
Fund Market Price 13.32 17.82 N/A N/A N/A 17.15
Fund NAV 5.35 4.60 N/A N/A N/A 10.22
After Tax Held 5.10 4.25 N/A N/A N/A 9.94
After Tax Sold 3.17 2.80 N/A N/A N/A 7.78
Fund Market Price 5.31 4.75 N/A N/A N/A 10.28

This is a new Fund and has no full-year Fund performance to report as of most recent quarter end.

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 12/14/2018

Sector Allocation

as of 12/13/2018

Market Cap & Style Allocations

Large-Cap Value -
Large-Cap Blend -
Large-Cap Growth -
Mid-Cap Value -
Mid-Cap Blend 2.03%
Mid-Cap Growth 7.62%
Small-Cap Value 10.71%
Small-Cap Blend 35.83%
Small-Cap Growth 43.80%

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

Fund Holdings subject to change

Ticker Company % of Fund
FFIN First Financial Bankshares Inc 2.93
FCFS FirstCash Inc 2.37
AMED Amedisys Inc 2.23
STMP Stamps.com Inc 2.16
PSB PS Business Parks Inc 2.07
AAXN Axon Enterprise Inc 1.88
AMN AMN Healthcare Services Inc 1.85
RLI RLI Corp 1.79
EXPO Exponent Inc 1.73
AEL American Equity Investment Life Holding Co 1.72

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 0.06673 0.06673 - - -
06/18/2018 06/19/2018 06/29/2018 0.04409 0.04409 - - -
03/19/2018 03/20/2018 03/29/2018 0.05865 0.05865 - - -
12/18/2017 12/19/2017 12/29/2017 0.11569 0.11569 - - -
09/18/2017 09/19/2017 09/29/2017 0.04758 0.04758 - - -
06/16/2017 06/20/2017 06/30/2017 0.04855 0.04855 - - -

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 1 0 0 0 0
06/30/2018 64 22 0 0 0 0 0
03/31/2018 61 22 4 0 0 0 0
12/31/2017 63 20 1 0 0 0 0
Year Ended 2017 186 81 2 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 31 0 0 0 0 0
06/30/2018 64 40 2 0 0 0 0
03/31/2018 61 33 2 0 0 0 0
12/31/2017 63 37 5 0 0 0 0
Year Ended 2017 186 98 5 0 0 0 0

Fund Inception: 04/06/2017

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.

Stocks of small-capitalization companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale than large companies.

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

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.

S&P SmallCap 600® Index is a market-value weighted index considered representative of small-cap US stocks.

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 500 Quality Index is designed to track high quality stocks in the S&P 500 Index by quality score, which is calculated based on return on equity, accruals ratio and financial leverage ratio.

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.

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.

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).

as of 12/14/2018
3:46 PM EST

XSHQ
Intraday Stats

  • Last Trade $25.72
  • Current IIV $25.75
  • Change -$0.41
  • % Change -1.56%
as of 12/14/2018
  • NAV at market close $25.75

as of 12/14/2018

Prior Close

  • Closing Price $26.13
  • Bid/Ask Midpoint $26.12
  • Bid/Ask Prem/Disc $0.37
  • Bid/Ask Prem/Disc 1.44%

Fund Details

  • Fund Ticker XSHQ
  • CUSIP # 46138G300
  • ISIN US46138G3002
  • Intraday NAV XSHQIV
  • Index Ticker SP6QUT
  • Index Provider S&P Dow Jones Indices LLC
  • Management Fee 0.29%
  • Total Expense Ratio 0.29%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange Cboe BZX Exchange, Inc.
  • Inception Date 04/06/2017
  • # of Holdings 116
    as of 12/14/2018
as of 12/14/2018

Quick Facts

  • Previous Close $26.13
  • Open $26.17
  • Today's High $26.17
  • Today's Low $25.72
  • Today's Volume 1,691
  • 13,759 30-Day Avg Trading
    Volume
  • 52 Week High $32.64
  • 52 Week Low $25.72
  • Shares Outstanding 1.05MM
  • Market Value $27.0MM