Equity | International and Global Equity

Invesco S&P International Developed Quality ETF

Ticker: IDHQ

Product Details

The Invesco S&P International Developed Quality ETF (Fund) is based on the S&P Quality Developed ex-U.S. LargeMidCap Index (Index). The Fund generally will 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 Developed ex-U.S. LargeMidCap 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.

IDHQ: A closer look at quality

as of 10/31/2022

Factor DNATM

Source: Axioma, Inc.

Factor score methodology

Axioma is used to calculate the data that goes into the charts. We use Axioma's global short time horizon risk model.

The current factor exposures of the ETF relative to its benchmark index are shown using the bars in the chart. Each factor's band indicates the +/- one standard deviation exposure of the fund to that factor over the past three years.

The bar color is determined by comparing the number of standard deviations the current exposure is from the average three-year exposure. Higher exposures are a bright color, while lower exposures are a dark color.

See notes below for factor definitions.

Factor definitions

Value: Book to price; Small size: Natural log of the total issuer market capitalization average over the last month. Companies with a smaller market cap receive a higher score; Profitability: considers return-on-equity, return-on-assets, cash-flow-to-assets, cash-flow-to-income, gross margin and sales-to-assets; Momentum: cumulative return over last 20 days; Low Volatility: square root of 60-day average of absolute return / cross sectional market volatility. Lower volatility stocks receive a higher score; Leverage: equal weight average of debt-to-assets and debt-to-equity; Growth: equal weight average of earnings growth rate and the sales growth rate; Dividend Yield: trailing 12-month dividend yield.

as of 10/31/2022

Factor DNATM

Factor score methodology

Axioma is used to calculate the data that goes into the charts. We use Axioma's global short time horizon risk model.

The current factor exposures of the ETF relative to its benchmark index are shown using the bars in the chart. Each factor's band indicates the +/- one standard deviation exposure of the fund to that factor over the past three years.

The bar color is determined by comparing the number of standard deviations the current exposure is from the average three-year exposure. Higher exposures are a bright color, while lower exposures are a dark color.

See notes below for factor definitions.

Factor definitions

Value: Book to price; Small size: Natural log of the total issuer market capitalization average over the last month. Companies with a smaller market cap receive a higher score; Profitability: considers return-on-equity, return-on-assets, cash-flow-to-assets, cash-flow-to-income, gross margin and sales-to-assets; Momentum: cumulative return over last 20 days; Low Volatility: square root of 60-day average of absolute return / cross sectional market volatility. Lower volatility stocks receive a higher score; Leverage: equal weight average of debt-to-assets and debt-to-equity; Growth: equal weight average of earnings growth rate and the sales growth rate; Dividend Yield: trailing 12-month dividend yield.

as of 09/30/2022

Morningstar Rating

Overall Rating - Foreign Large Growth Category

As of 09/30/2022 the Fund had an overall rating of 4 stars out of 390 funds and was rated 4 stars out of 390 funds, 4 stars out of 350 funds and 4 stars out of 223 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. ©2022 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 10/31/2022 09/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
S&P Quality Developed Ex-U.S. LargeMidCap Index -28.17 -26.58 -0.49 1.57 N/A N/A
MSCI EAFE Index -23.17 -23.00 -1.27 -0.09 4.13 1.24
Fund History (%)
Fund NAV -28.21 -26.69 -0.63 1.42 5.26 1.42
After Tax Held -29.13 -27.67 -1.38 0.81 4.82 1.14
After Tax Sold -16.65 -15.69 -0.56 1.11 4.29 1.25
Fund Market Price -28.50 -27.04 -0.72 1.23 5.16 1.31
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
S&P Quality Developed Ex-U.S. LargeMidCap Index -31.05 -27.04 -0.42 0.99 N/A N/A
MSCI EAFE Index -27.09 -25.13 -1.83 -0.84 3.67 0.90
Fund History (%)
Fund NAV -31.50 -27.22 -0.77 0.71 4.79 1.11
After Tax Held -32.38 -28.19 -1.52 0.11 4.35 0.84
After Tax Sold -18.57 -15.97 -0.64 0.60 3.92 1.02
Fund Market Price -31.85 -27.68 -1.03 0.48 4.73 1.01

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 09/30/2022

Growth of $10,000

Data beginning 10 years prior to the ending date of 09/30/2022. Fund performance shown at NAV.

S&P Quality Developed Ex-U.S. LargeMidCap Index* performance prior to 3/1/2012 reflects that of the original Underlying Index, QSG Developed International Opportunities Index. From 3/1/2012 to 3/18/2016, performance reflects that of the previous Underlying Index, S&P International Developed High Quality Rankings Index (net). From 3/18/2016 forward, performance reflects that of the Underlying Index, S&P Quality Developed Ex-U.S. LargeMidCap 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 11/25/2022

Sector Allocation

Sector Percent of Fund
Health Care 23.04%
Industrials 14.98%
Consumer Staples 12.47%
Information Technology 11.26%
Materials 10.61%
Consumer Discretionary 8.63%
Financials 8.05%
Communication Services 4.76%
Energy 4.30%
Utilities 1.08%
Real Estate 0.80%
Investment Companies 0.02%
Cash 0.01%
as of 11/25/2022

Top Country Allocation

Country Percentage
Japan 13.97%
United States 13.05%
Australia 12.67%
Switzerland 9.86%
United Kingdom 8.47%
Netherlands 7.60%
Canada 6.07%
Denmark 5.75%
France 5.66%
Hong Kong 3.03%
as of 11/24/2022

Market Cap & Style Allocations

Large-Cap Value 16.89%
Large-Cap Blend 35.45%
Large-Cap Growth 37.41%
Mid-Cap Value 2.90%
Mid-Cap Blend 4.13%
Mid-Cap Growth 3.08%
Small-Cap Value 0.05%
Small-Cap Blend 0.04%
Small-Cap Growth 0.06%

as of 11/25/2022 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
ASML ASML Holding NV 5.58
NESN SW Nestle SA 5.57
ROG SW Roche Holding AG 5.40
NOVN SW Novartis AG 5.36
NOVOB DC Novo Nordisk A/S 4.39
BHP BHP Group Ltd 3.64
DGE LN Diageo PLC 2.44
1299 HK AIA Group Ltd 2.07
RIO LN Rio Tinto PLC 1.75
AIR FP Airbus SE 1.74
The characterizations of distributions reflected in this table are as of the date noted below. The actual amounts of income, capital gains and return of capital for tax purposes are only determined after the Fund’s fiscal year end, and may differ from the amounts and characterizations reflected in the chart below. Please refer to the Tax Center for the most current and/or final characterizations of these distributions, including any distributions characterized as return of capital.

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
09/19/2022 09/20/2022 09/23/2022 0.22593 0.22593 - - - -
06/21/2022 06/22/2022 06/30/2022 0.32741 0.32741 - - - -
03/21/2022 03/22/2022 03/31/2022 0.22926 0.22926 - - - -
12/20/2021 12/21/2021 12/31/2021 0.08165 0.08165 - - - -
09/20/2021 09/21/2021 09/30/2021 0.15960 0.15960 - - - -
06/21/2021 06/22/2021 06/30/2021 0.21392 0.21392 - - - -
03/22/2021 03/23/2021 03/31/2021 0.21764 0.21764 - - - -
12/21/2020 12/22/2020 12/31/2020 0.05547 0.05547 - - - -
09/21/2020 09/22/2020 09/30/2020 0.13083 0.13083 - - - -
06/22/2020 06/23/2020 06/30/2020 0.07719 0.07719 - - - -
03/23/2020 03/24/2020 03/31/2020 0.20683 0.20683 - - - -
12/23/2019 12/24/2019 12/31/2019 0.05042 0.05042 - - - -
09/23/2019 09/24/2019 09/30/2019 0.14949 0.14949 - - - -
06/24/2019 06/25/2019 06/28/2019 0.22398 0.22398 - - - -
03/18/2019 03/19/2019 03/29/2019 0.12130 0.12130 - - - -
12/24/2018 12/26/2018 12/31/2018 0.09869 0.09869 - - - -
09/24/2018 09/25/2018 09/28/2018 0.13137 0.13137 - - - -
06/18/2018 06/19/2018 06/29/2018 0.25194 0.25194 - - - -
03/19/2018 03/20/2018 03/29/2018 0.06376 0.06376 - - - -
12/18/2017 12/19/2017 12/29/2017 0.09323 0.09323 - - - -
09/18/2017 09/19/2017 09/29/2017 0.08524 0.08524 - - - -
06/16/2017 06/20/2017 06/30/2017 0.20160 0.20160 - - - -
03/17/2017 03/21/2017 03/31/2017 0.02655 0.02655 - - - -
12/16/2016 12/20/2016 12/30/2016 0.17118 0.17118 - - - -
09/16/2016 09/20/2016 09/30/2016 0.07792 0.07792 - - - -
06/17/2016 06/21/2016 06/30/2016 0.20482 0.20482 - - - -
03/18/2016 03/22/2016 03/31/2016 - - - - - -
12/18/2015 12/22/2015 12/31/2015 0.12738 0.12738 - - - -
09/18/2015 09/22/2015 09/30/2015 0.05375 0.05375 - - - -
06/19/2015 06/23/2015 06/30/2015 0.16391 0.16391 - - - -
03/20/2015 03/24/2015 03/31/2015 - - - - - -
12/19/2014 12/23/2014 12/31/2014 0.09436 0.09436 - - - -
09/19/2014 09/23/2014 09/30/2014 0.06060 0.06060 - - - -
06/20/2014 06/24/2014 06/30/2014 0.16619 0.16619 - - - -
03/21/2014 03/25/2014 03/31/2014 0.01268 0.01268 - - - -
12/20/2013 12/24/2013 12/31/2013 0.14745 0.14745 - - - -
09/20/2013 09/24/2013 09/30/2013 0.05457 0.05457 - - - -
06/21/2013 06/25/2013 06/28/2013 0.13569 0.13569 - - - -
03/15/2013 03/19/2013 03/28/2013 0.00000 0.00000 - - - -
12/21/2012 12/26/2012 12/31/2012 0.14973 0.14973 - - - -
09/21/2012 09/25/2012 09/28/2012 0.05659 0.05659 - - - -
06/15/2012 06/19/2012 06/29/2012 0.12728 0.12728 - - - -
03/16/2012 03/20/2012 03/30/2012 0.00000 0.00000 - - - -
12/16/2011 12/20/2011 12/30/2011 0.10435 0.10435 - - - -
06/17/2011 06/21/2011 06/30/2011 0.02604 0.02604 - - - -
12/17/2010 12/21/2010 12/31/2010 0.48699 0.48699 - - - -
06/18/2010 06/22/2010 06/30/2010 0.07765 0.07765 - - - -
12/18/2009 12/22/2009 12/31/2009 0.23159 0.23159 - - - -
09/18/2009 09/22/2009 09/30/2009 0.04317 0.04317 - - - -
06/19/2009 06/23/2009 06/30/2009 0.07792 0.07792 - - - -
12/19/2008 12/23/2008 12/31/2008 0.01154 0.01154 - - - -
09/19/2008 09/23/2008 09/30/2008 0.06185 0.06185 - - - -
06/20/2008 06/24/2008 06/30/2008 0.32672 0.32672 - - - -
03/20/2008 03/25/2008 03/31/2008 0.03218 0.03218 - - - -
12/21/2007 12/26/2007 12/31/2007 0.08937 0.08937 - - - -
09/21/2007 09/25/2007 09/28/2007 0.03740 0.03740 - - - -

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%
09/30/2022 64 7 8 10 1 1 0
06/30/2022 62 13 6 5 2 0 0
03/31/2022 62 8 11 23 6 0 0
12/31/2021 64 9 27 23 1 0 0
Year Ended 2021 252 49 77 54 4 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%
09/30/2022 64 16 16 5 0 0 0
06/30/2022 62 14 14 7 1 0 0
03/31/2022 62 8 4 2 0 0 0
12/31/2021 64 3 1 0 0 0 0
Year Ended 2021 252 40 20 8 0 0 0

Fund Inception : 06/13/2007

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

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.

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

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.

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

The performance of an investment concentrated in issuers of a certain region or country is expected to be closely tied to conditions within that region and to be more volatile than more geographically diversified investments.

The Fund may become “non-diversified”, as defined under the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constitutes of the Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status under such circumstances.

The MSCI EAFE® Index is an unmanaged index considered representative of stocks of Europe, Australasia and the Far East. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

The QSG Developed International Opportunities Index seeks to identify global equities with strong potential for capital appreciation.

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor'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.

The Bloomberg US Corporate High Yield Index 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).

© 2021 Axioma, Inc. All Rights Reserved. The information, data, analyses and opinions (“Information”) contained herein: (1) include the proprietary information of Axioma; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute financial, investment, or legal advice; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Axioma is not responsible for any trading decisions, damages or other losses related to the Information or its use. Information should be verified before use and should not be acted upon without first obtaining specific legal, tax, and investment advice from a licensed professional. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.