The Invesco CEF Income Composite ETF (Fund) is based on the S-Network Composite Closed-End Fund IndexSM (Index). The Fund will normally invest at least 90% of its total assets in securities of funds included in the Index. The Fund is a "fund-of-funds," as it invests its assets in the common shares of funds included in the Index rather than in individual securities. The Index currently includes closed-end funds that invest in taxable investment grade fixed-income securities, taxable high yield fixed-income securities and others that utilize an equity option writing (selling) strategy. The Fund and the Index are rebalanced and reconstituted quarterly
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|S-Network Composite Closed-End Fund Index||6.13||1.58||1.20||4.51||5.28||5.89|
|S&P 500 Index||20.80||13.84||9.76||12.51||11.82||13.01|
|Fund History (%)|
|After Tax Held||2.15||-2.50||-2.20||1.07||1.98||2.70|
|After Tax Sold||3.51||0.84||-0.47||2.02||2.59||3.13|
|Fund Market Price||5.92||1.73||1.22||4.35||4.96||5.51|
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|S-Network Composite Closed-End Fund Index||1.79||8.15||2.62||2.53||5.01||5.64|
|S&P 500 Index||13.07||21.62||10.15||9.92||11.91||12.63|
|Fund History (%)|
|After Tax Held||-1.35||3.95||-0.77||-0.82||1.73||2.47|
|After Tax Sold||1.06||4.88||0.68||0.58||2.41||2.96|
|Fund Market Price||1.57||8.19||2.48||2.36||4.66||5.26|
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.
Growth of $10,000
Data beginning Fund inception and ending 09/30/2023. 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 The results assume that no cash was added to or assets withdrawn from the Index.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.
Quality Allocations† as of 12/08/2023
|Not Rated : 2%||Not Rated : 2%|
as of 12/08/2023 Top Holdings | View All
Fund Holdings subject to change
|Ticker||Company||% of Fund|
|EXG||Eaton Vance Tax-Managed Global Diversified Equity Income Fun||3.99|
|JPC||Nuveen Preferred & Income Opportunities Fund||3.65|
|BIGZ||BlackRock Innovation and Growth Term Trust||3.16|
|ECAT||BlackRock ESG Capital Allocation Term Trust||2.89|
|BMEZ||BlackRock Health Sciences Term Trust||2.87|
|ETY||Eaton Vance Tax-Managed Diversified Equity Income Fund||2.49|
|BDJ||BlackRock Enhanced Equity Dividend Trust||2.46|
|BSTZ||BlackRock Science and Technology Term Trust||2.45|
|BXMX||Nuveen S&P 500 Buy-Write Income Fund||2.03|
|NFJ||Virtus Dividend Interest & Premium Strategy Fund||2.00|
|High Yield Bond||26.08%|
Risk & Other Information
† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.
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.
Shares of closed-end funds frequently trade at a discount to their net asset value in the secondary market and the net asset value of closed-end fund shares may decrease.
The Fund is subject to the risks of the underlying funds. Market fluctuations may change the target weightings in the underlying funds and certain factors may cause the Fund to withdraw its investments therein at a disadvantageous time.
An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.
Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.
The values of junk bonds fluctuate more than those of high quality bonds and can decline significantly over short time periods.
Leverage created from borrowing or certain types of transactions or instruments may impair liquidity, cause positions to be liquidated at an unfavorable time, lose more than the amount invested, or increase volatility.
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 Fund's investments in futures contracts will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission (CFTC) rules. The Adviser is registered as a Commodity Pool Operator (CPO), and the Fund will be operated in accordance with CFTC rules. Registration as a CPO subjects the registrant to additional laws, regulations and enforcement policies, all of which could increase compliance costs and may affect the operations and financial performance of funds whose adviser is required to register as a CPO. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program.
A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.
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.
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 small and mid-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.
Most senior loans are made to corporations with below investment-grade credit ratings and are subject to significant credit, valuation and liquidity risk. The value of the collateral securing a loan may not be sufficient to cover the amount owed, be found invalid or used to pay other outstanding obligations. The loan's collateral may be difficult to liquidate, or a majority of the collateral may be illiquid.
The current environment of global financial markets is one of extraordinary and possibly unprecedented uncertainty. Market conditions in the U.S. and abroad have caused firms in the financial services sector to take significant losses and an unusually high degree of volatility. Instability in the financial markets has led governments and regulators to take unprecedented actions to support financial institutions and segments that have experienced extreme volatility, and in some cases a lack of liquidity. A significant decline in the Fund's value would likely result in a significant decline in the value of an investment in the Fund.
The value of assets or income from investment will be worth less in the future as inflation decreases the value of money.
Mortgage-backed securities are subject to prepayment or call risk, which is the risk that the borrower’s payments may be received earlier than expected due to changes in prepayment rates on underlying loans. Securities may be prepaid at a price less than the original purchase value.
S-Network Global Indexes, LLCSM and S-Network Composite Closed-End Fund IndexSM are service marks of S-Network Global Indexes LLC and have been licensed for use by Invesco Capital Management LLC. The Invesco CEF Income Composite ETF is not sponsored, endorsed, sold or promoted by S-Network Global Indexes LLC and S-Network Global Indexes LLC makes no representation regarding the advisability of investing in the Invesco CEF Income Composite ETF. Invesco Capital Management LLC is not affiliated with S-Network Global Indexes LLC.