Equity | US Equity

Invesco Focused Discovery Growth ETF

Ticker: IVDG

This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:

  • You may have to pay more money to trade the ETF's shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
  • The price you pay to buy ETF shares on an exchange may not match the value of the ETF's portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.
  • These additional risks may be even greater in bad or uncertain market conditions.
  • The ETF will publish on its website each day a “Substitute Basket” designed to help trading in shares of the ETF. While the Substitute Basket includes some of the ETF's holdings, it is not the ETF's actual portfolio.

The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF's performance. If other traders are able to copy or predict the ETF's investment strategy, however, this may hurt the ETF's performance.

For additional information regarding the unique attributes and risks of the ETF, see the Risk & Other Information section below.

Product Details

The Invesco Focused Discovery Growth ETF (Fund) is an actively-managed exchanged-traded fund that seeks capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in exchange-traded common stocks of U.S. companies that are newer or more established companies that are in the early growth phase of their business cycle, which is typically marked by above average growth rates. The Fund will primarily hold securities of mid-capitalization issuers defined by the Russell Midcap® Growth Index. This range is subject to change at any time due to market activity or changes in the composition of that index.

as of 08/31/2022 06/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Russell Midcap Growth Index -25.09 -26.69 6.98 10.16 12.06 -10.60
Fund History (%)
Fund NAV -25.20 -25.31 N/A N/A N/A -9.30
After Tax Held -25.20 -25.31 N/A N/A N/A -9.30
After Tax Sold -14.92 -14.98 N/A N/A N/A -7.03
Fund Market Price -25.09 -25.20 N/A N/A N/A -9.15
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Russell Midcap Growth Index -31.00 -29.57 4.25 8.88 11.50 -16.33
Fund History (%)
Fund NAV -32.06 -25.02 N/A N/A N/A -15.75
After Tax Held -32.06 -25.02 N/A N/A N/A -15.75
After Tax Sold -18.98 -14.81 N/A N/A N/A -11.87
Fund Market Price -32.08 -25.06 N/A N/A N/A -15.70

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.

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 06/30/2022

Growth of $10,000

Data beginning Fund inception and ending 06/30/2022. 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.

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%
06/30/2022 62 22 8 0 0 0 0
03/31/2022 62 21 8 2 0 0 0
12/31/2021 64 28 6 0 0 0 0
09/30/2021 64 28 1 0 0 0 0
Year Ended 2021 252 106 20 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%
06/30/2022 62 26 6 0 0 0 0
03/31/2022 62 24 7 0 0 0 0
12/31/2021 64 22 5 3 0 0 0
09/30/2021 64 32 3 0 0 0 0
Year Ended 2021 252 108 14 4 0 0 0

Fund Inception : 12/22/2020

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.

Premiums/Discounts

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

ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.

ETF shares may be bought or sold throughout the day at their market price, not their Net Asset Value (NAV), on the exchange on which they are listed. Shares of ETFs are tradable on secondary markets and may trade either at a premium or a discount to their NAV on the secondary market.

Because the Shares are traded in the secondary market, a Broker may charge a commission to execute a transaction in Shares, and an investor also may incur the cost of the spread between the price at which a dealer will buy Shares and the somewhat higher price at which a dealer will sell Shares.

The objective of the actively managed ETF Substitute Basket is to construct a portfolio of stocks and representative index ETFs that tracks the daily performance of an actively managed ETF without exposing current holdings, trading activities, or internal equity research. The Substitute Basket is designed to conceal any nonpublic information about the underlying portfolio and only uses the Funds latest publicly disclosed holdings, representative ETFs, and the publicly known daily performance in its construction. You can gain access to the Substitute Basket and the Basket Overlap on invesco.com/etfs.

The Substitute Basket is designed to closely track the daily performance of the Fund but is not the Fund's actual portfolio. The Substitute Basket often will include a significant percentage of the securities held in the Fund’s portfolio, but it will exclude (or modify the weightings of) certain securities held in the Fund’s portfolio, such as those securities that the Fund’s portfolio managers are actively looking to purchase or sell, or securities which, if disclosed, could increase the risk of front-running or free-riding. The Substitute Basket may also include cash.

Although the Substitute Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the Fund at or close to the underlying NAV per Share of the Fund, there is a risk (which may increase during periods of market disruption or volatility) that market prices will vary significantly from the underlying NAV of the Fund; ETFs trading on the basis of a published Substitute Basket may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore, may cost investors more to trade; and although the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Substitute Basket to identify a Fund's trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders.

In general, equity values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.

Growth stocks tend to be more sensitive to changes in their earnings and can be more volatile.

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.

The investment techniques and risk analysis used by the portfolio managers may not produce the desired results.

Investments focused in a particular sector, such as information technology, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The Fund may engage in active and frequent trading of its portfolio securities to reflect the rebalancing of the Index.

The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

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

Active trading results in added expenses and may result in a lower return and increased tax liability.

There may be circumstances where a security held in the Fund but not the Substitute Basket does not have readily available market quotations. If determined that such circumstance may affect the reliability of the Substitute Basket as an arbitrage vehicle; that information, along with the identity and weighting of that security in the Fund's portfolio, will be publicly disclosed on the Fund's website and the appropriate remedial measures will be assessed by the Adviser. During these times, market participants may use this information to engage in certain predatory trading practices that may harm the Fund and its shareholders. If 10% of the Fund's securities in the portfolio do not have readily available market quotations, a prompt request to halt trading on the Fund would be made to the Exchange, meaning that investors would not be able to trade the Shares. Shares traded on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable or extraordinary market volatility. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.

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.

The Russell Midcap® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.