The Invesco Financial Preferred ETF (Fund) is based on the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (Index). The Fund generally will invest at least 90% of its total assets in fixed rate U.S. dollar preferred securities issued in the U.S. domestic market by financial companies. The Index is designed to track the performance of exchange-listed fixed rate U.S. dollar preferred securities, and securities that the Index Provider believes are functionally equivalent to preferred securities issued by US financial companies, such as banking, brokerage, finance, investment and insurance . The Fund and the Index are rebalanced monthly.
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|ICE Exchange-Listed Fixed Rate Financial Preferred Securities Total Return Index||2.82||-2.60||N/A||N/A||N/A||N/A|
|S&P U.S. Preferred Stock Index||6.75||0.58||-0.57||1.74||4.23||3.99|
|Fund History (%)|
|After Tax Held||1.17||-4.78||-5.42||-1.35||2.20||1.68|
|After Tax Sold||1.65||-1.36||-3.17||-0.05||2.74||2.31|
|Fund Market Price||2.48||-3.14||-4.20||-0.04||3.60||2.96|
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|ICE Exchange-Listed Fixed Rate Financial Preferred Securities Total Return Index||2.87||-1.52||N/A||N/A||N/A||N/A|
|S&P U.S. Preferred Stock Index||6.00||1.70||1.63||1.94||3.91||3.98|
|Fund History (%)|
|After Tax Held||1.73||-3.54||-3.34||-1.07||1.98||1.73|
|After Tax Sold||1.74||-0.56||-1.58||0.17||2.56||2.35|
|Fund Market Price||2.72||-2.11||-2.14||0.23||3.36||3.00|
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 10 years prior to the ending date of 06/30/2023. Fund performance shown at NAV.
ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index* performance prior to 6/30/2021 reflects that of the original Underlying Index, Wells Fargo Hybrid and Preferred Securities Financial Index. From 6/30/2021 forward, performance reflects that of the Underlying Index, ICE Exchange-Listed Fixed Rate Financial Preferred Securities 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.
Quality Allocations† as of 09/28/2023
|BBB : 64%||Baa : 81%|
|BB : 32%||Ba : 12%|
|Not Rated : 5%||Not Rated : 6%|
Cash is excluded from the credit rating quality allocations table.
as of 09/28/2023 Top Fixed-Income Holdings | View All
|Holding Name||Coupon Rate||Maturity Date||Next Call Date||S&P / Moody's Rating†||Weight|
|Invesco Government & Agency Portfolio||N/A||N/A||NR/NR||3.67%|
|JPMorgan Chase & Co||6.00%||12/31/2079||03/01/2024||BBB-/Baa2||2.88%|
|JPMorgan Chase & Co||5.75%||12/31/2079||12/01/2023||BBB-/Baa2||2.54%|
|Wells Fargo & Co||4.75%||12/31/2079||03/15/2025||BB+/Baa2||2.38%|
|JPMorgan Chase & Co||4.20%||12/31/2079||09/01/2026||BBB-/Baa2||2.29%|
|JPMorgan Chase & Co||4.62%||12/31/2079||06/01/2026||BBB-/Baa2||2.24%|
|Bank of America Corp||6.00%||12/31/2079||10/30/2023||BBB-/Baa2||2.06%|
|Bank of America Corp||5.38%||12/30/2049||06/25/2024||BBB-/Baa2||1.86%|
|JPMorgan Chase & Co||4.55%||12/31/2079||06/01/2026||BBB-/Baa2||1.79%|
Holdings are subject to change and are not buy/sell recommendations.
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.
Investments focused in a particular sector, such as financial, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.
Preferred securities may be less liquid than many other securities, and in certain circumstances, an issuer of preferred securities may redeem the securities prior to a specified date.
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.
The Fund's use of a representative sampling approach will result in its holding a smaller number of bonds than are in the underlying Index, and may be subject to greater volatility.
The Fund is non-diversified and may experience greater volatility than a more diversified investment.
High yield securities involve greater risk and are less liquid than higher grade issues. Changes in general economic conditions, financial conditions of the issuers and in interest rates may adversely impact the ability of issuers to make timely payments of interest and principal.
The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.
The Fund invests in financial instruments that use the London Interbank Offered Rate (“LIBOR”) as a reference or benchmark rate for variable interest rate calculations. LIBOR will be phased out by the end of 2021, and it's anticipated that LIBOR will cease to be published after that time. To assist with the transition, US dollar LIBOR rates will continue to be published until June 2023. There is uncertainty on the effects of the LIBOR transition process, therefore any impact of the LIBOR transition on the Fund or its investments cannot yet be determined. There is no assurance an alternative rate will be similar to, produce the same value or economic equivalence or instruments using the rate will have the same volume or liquidity as LIBOR. Any effects of LIBOR transition and the adoption of alternative rates could result in losses to the Fund.
Wells Fargo® Hybrid and Preferred Securities Financial Index is a market capitalization weighted index designed to track the performance of preferred securities traded in the US market by financial institutions. The S&P U.S. Preferred Stock Index is an unmanaged index consisting of U.S.-listed preferred stocks. An investment cannot be made into an index.
ICE® is a trademark of ICE Data Indices, LLC or its affiliates (“ICE Data”) and has been licensed, along with the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (“Index”) for use by Invesco Capital Management LLC (“Adviser”) in connection with the Invesco Financial Preferred ETF. Neither Invesco Capital Management LLC (“Adviser”) nor the Invesco Financial Preferred ETF, is sponsored, operated, endorsed, recommended, sold or promoted by ICE Data and its respective third party suppliers. ICE Data and its respective third party suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Invesco Financial Preferred ETF particularly, or the ability of the Index to track general market performance. Past performance of the Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDEX, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS THIRD PARTY SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.