Institutional

PHDG

Alternative | Hedged Equity

Invesco S&P 500® Downside Hedged ETF

Product Details

The Invesco S&P 500® Downside Hedged ETF (the Fund) is an actively managed exchange-traded fund (ETF) that seeks to achieve positive total returns in rising or falling markets that are not directly correlated to broad equity or fixed-income market returns. The Fund seeks to achieve its investment objective by using a quantitative, rules-based strategy that seeks to obtain returns that exceed the S&P 500 Dynamic VEQTOR Index (the Index). The Index provides investors with broad equity market exposure with an implied volatility hedge by dynamically allocating between equity, volatility and cash. The index allows investors to receive exposure to the equity and volatility of the S&P 500 Index in a dynamic framework.

as of 12/31/2020

Morningstar Rating

Overall Rating - Long-Short Equity Category

As of 12/31/2020 the Fund had an overall rating of 4 stars out of 188 funds and was rated 4 stars out of 188 funds, 4 stars out of 148 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. ©2020 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 12/31/2020 12/31/2020

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
S&P 500 Dynamic VEQTOR Index 17.89 17.89 8.35 8.18 7.08 6.29
S&P 500 Index 18.40 18.40 14.18 15.22 13.88 15.19
U.S. 3-Month Treasury Bill Index 0.36 0.36 1.45 1.11 0.58 0.71
Fund History (%)
Fund NAV 18.61 18.61 7.89 7.70 N/A 5.64
After Tax Held 18.27 18.27 7.31 6.97 N/A 4.71
After Tax Sold 11.00 11.00 5.84 5.67 N/A 3.97
Fund Market Price 18.75 18.75 7.82 7.68 N/A 5.62
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
S&P 500 Dynamic VEQTOR Index 17.89 17.89 8.35 8.18 7.08 6.29
S&P 500 Index 18.40 18.40 14.18 15.22 13.88 15.19
U.S. 3-Month Treasury Bill Index 0.36 0.36 1.45 1.11 0.58 0.71
Fund History (%)
Fund NAV 18.61 18.61 7.89 7.70 N/A 5.64
After Tax Held 18.27 18.27 7.31 6.97 N/A 4.71
After Tax Sold 11.00 11.00 5.84 5.67 N/A 3.97
Fund Market Price 18.75 18.75 7.82 7.68 N/A 5.62

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 09/30/2020

Growth of $10,000

Data beginning Fund inception and ending 09/30/2020. 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 01/15/2021

Fund Allocation

Fund Percent of Fund
VIX 7.48%
Cash 17.36%
Equities 75.15%

as of 01/15/2021 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
ESH1 CME E-Mini Standard & Poor's 500 Index Future 17.93
AGPXX STIT - Government & Agency Portfolio 17.36
99CEFEEF5 Cash/Receivables/Payables 7.77
UXG1 CBOE Volatility Index Future 7.17
AAPL Apple Inc 3.14
MSFT Microsoft Corp 2.48
AMZN Amazon.com Inc 2.04
TSLA Tesla Inc 0.97
FB Facebook Inc 0.93
GOOGL Alphabet Inc 0.80
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
12/21/2020 12/22/2020 12/31/2020 0.04536 0.04536 - - - -
09/21/2020 09/22/2020 09/30/2020 0.04428 0.04428 - - - -
06/22/2020 06/23/2020 06/30/2020 0.05841 0.05841 - - - -
03/23/2020 03/24/2020 03/31/2020 0.06170 0.06170 - - - -
12/23/2019 12/24/2019 12/31/2019 0.19714 0.19714 - - - -
09/23/2019 09/24/2019 09/30/2019 0.11756 0.11756 - - - -
06/24/2019 06/25/2019 06/28/2019 0.09701 0.09701 - - - -
03/18/2019 03/19/2019 03/29/2019 0.09111 0.09111 - - - -
12/24/2018 12/26/2018 12/31/2018 0.14528 0.14528 - - - -
09/24/2018 09/25/2018 09/28/2018 0.11029 0.11029 - - - -
06/18/2018 06/19/2018 06/29/2018 0.09469 0.09469 - - - -
03/19/2018 03/20/2018 03/29/2018 0.05979 0.05979 - - - -
12/18/2017 12/19/2017 12/29/2017 0.25058 0.25058 - - - -
09/18/2017 09/19/2017 09/29/2017 0.18118 0.18118 - - - -
06/16/2017 06/20/2017 06/30/2017 0.06668 0.06668 - - - -
12/16/2016 12/20/2016 12/30/2016 0.27432 0.27432 - - - -
09/16/2016 09/20/2016 09/30/2016 0.09510 0.09510 - - - -
06/17/2016 06/21/2016 06/30/2016 0.11704 0.11704 - - - -
03/18/2016 03/22/2016 03/31/2016 0.06398 0.06398 - - - -
12/24/2015 12/29/2015 12/31/2015 0.04366 0.04366 - - - -
12/18/2015 12/22/2015 12/31/2015 0.14654 0.14654 - - - -
09/18/2015 09/22/2015 09/30/2015 0.07053 0.07053 - - - -
06/19/2015 06/23/2015 06/30/2015 0.07770 0.07770 - - - -
03/20/2015 03/24/2015 03/31/2015 0.06713 0.06713 - - - -
12/24/2014 12/29/2014 12/31/2014 1.23409 - 1.12623 0.10786 - -
12/19/2014 12/23/2014 12/31/2014 0.10420 - - - - -
09/19/2014 09/23/2014 09/30/2014 0.05248 - - - - -
06/20/2014 06/24/2014 06/30/2014 0.06288 - - - - -
03/21/2014 03/25/2014 03/31/2014 0.06531 - - - - -
12/20/2013 12/24/2013 12/31/2013 0.29210 - - - - -
09/20/2013 09/24/2013 09/30/2013 0.04546 - - - - -
06/21/2013 06/25/2013 06/28/2013 0.08291 - - - - -
03/15/2013 03/19/2013 03/28/2013 0.07096 - - - - -
12/21/2012 12/26/2012 12/31/2012 0.02307 - - - - -

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%
12/31/2020 64 32 8 0 0 0 0
09/30/2020 64 25 16 10 2 0 0
06/30/2020 63 7 10 16 9 3 3
03/31/2020 62 18 5 2 1 1 5
Year Ended 2020 253 82 39 28 12 4 8
    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%
12/31/2020 64 22 1 1 0 0 0
09/30/2020 64 7 4 0 0 0 0
06/30/2020 63 7 3 3 1 0 1
03/31/2020 62 20 1 2 3 2 2
Year Ended 2020 253 56 9 6 4 2 3

Fund Inception : 12/06/2012

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

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the 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 Chicago Board Options Exchange (CBOE) can make methodological changes to the calculation of the VIX Index that could affect the value of the futures contracts, which could affect the value of your investment.

Future contracts project price levels in the future, market circumstances may cause a discrepancy between the price of the near and distant contract. In the event of adverse price movements, the Fund would be required to make daily cash payments to maintain its required margin and segregate liquid assets or enter into off-setting positions to "cover" open positions in futures contracts. By investing in future contracts, the Fund also is subject to counterparty and liquidity risks.

The Fund will gain most of its exposure by entering into VIX Index futures and intends to restrict its income from VIX Index futures that do not generate qualifying income, to a maximum of 10% of its gross income. There is no guarantee the Fund will be successful, and failure to comply with this restriction would have significant negative consequences to shareholders. The contracts included in the VIX Index historically have traded in “contango” markets, which could adversely affect the value of Shares.

An investment in exchange-traded funds (ETFs) may trade at a discount to net asset value, fail to develop an active trading market, halt trading on the listing exchange, fail to track the referenced index, or hold troubled securities. ETFs may involve duplication of management fees and certain other expenses. Certain of the ETFs the fund invests in are leveraged, which can magnify any losses on those investments.

Exchange-traded notes (ETNs) are subject to credit risk of the issuer, and the value of the ETN may drop due to a downgrade in the issuer’s credit rating, despite the underlying market benchmark or strategy remaining unchanged.

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

The Fund is designed to achieve positive total returns in rising or falling markets. Significant short-term price movements could adversely affect the performance of the Fund and cause substantial losses.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

The Fund’s investments in futures contracts will cause it to be deemed to be a commodity pool, subjecting it to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission (CFTC) rules. The Adviser, a registered Commodity Pool Operator (CPO) and commodity trader advisor (CTA), and the Fund will be operated in accordance with CFTC rules. Registration as a CPO or CTA subjects he Adviser to additional laws, regulations and enforcement policies; all of which could increase compliance costs, affect the operations and financial performance. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program.

The tax treatment of futures may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain futures was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level.

The Fund may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the Underlying Index.

Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested.

The S&P 500® Index is an unmanaged index considered representative of the U.S. stock market. The T-Bill 3 Month Index (U.S. Treasury Bills Index) is tracked by Lipper to provide performance for the 3-month U.S. Treasury Bill. The VIX Index is a theoretical calculation and cannot be traded. The VIX Index measures the 30-day forward volatility of the S&P 500 Index as calculated based on the prices of certain put and call options on the S&P 500 Index.

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® 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).