Equity | US Equity

Invesco S&P SmallCap High Dividend Low Volatility ETF

Ticker: XSHD
 

Product Details

The Invesco S&P SmallCap High Dividend Low Volatility ETF (Fund) is based on the S&P SmallCap 600 Low Volatility High Dividend Index (Index). The Fund will invest at least 90% of its total assets in securities that comprise the Index. The Index is composed of 60 securities in the S&P SmallCap 600® Index that have historically provided high dividend yields with lower volatility over the past 12 months. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. The Fund and the Index are rebalanced and reconstituted semi-annually on the last business day in January and July.

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 10/31/2022 09/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
S&P SmallCap 600 Low Volatility High Dividend Index -16.47 -14.44 -4.27 -1.05 N/A 0.19
S&P SmallCap 600 Index -13.66 -11.81 8.96 7.11 11.61 8.38
Fund History (%)
Fund NAV -16.69 -14.71 -4.52 -1.34 N/A -0.11
After Tax Held -18.31 -16.56 -6.26 -2.97 N/A -1.66
After Tax Sold -9.81 -8.53 -3.89 -1.38 N/A -0.39
Fund Market Price -16.78 -14.58 -4.47 -1.33 N/A -0.09
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
S&P SmallCap 600 Low Volatility High Dividend Index -26.62 -23.06 -7.56 -3.14 N/A -2.01
S&P SmallCap 600 Index -23.16 -18.83 5.48 4.84 10.09 6.36
Fund History (%)
Fund NAV -26.77 -23.26 -7.80 -3.42 N/A -2.30
After Tax Held -28.02 -24.81 -9.44 -4.99 N/A -3.80
After Tax Sold -15.67 -13.40 -6.13 -2.76 N/A -1.89
Fund Market Price -26.61 -22.96 -7.75 -3.34 N/A -2.22

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 Fund inception and ending 09/30/2022. 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.

as of 12/01/2022

Sector Allocation

Sector Percent of Fund
Financials 24.83%
Real Estate 22.78%
Industrials 12.51%
Consumer Staples 7.71%
Utilities 6.88%
Consumer Discretionary 4.88%
Information Technology 4.87%
Materials 4.77%
Communication Services 4.74%
Energy 3.19%
Health Care 2.81%
Investment Companies 0.03%
Cash 0.00%
as of 11/29/2022

Market Cap & Style Allocations

Large-Cap Value -
Large-Cap Blend -
Large-Cap Growth -
Mid-Cap Value -
Mid-Cap Blend -
Mid-Cap Growth -
Small-Cap Value 65.13%
Small-Cap Blend 28.99%
Small-Cap Growth 5.89%

as of 12/01/2022 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
RC Ready Capital Corp 3.28
ARI Apollo Commercial Real Estate Finance Inc 3.28
PMT PennyMac Mortgage Investment Trust 3.26
AROC Archrock Inc 3.19
NYMT New York Mortgage Trust Inc 3.19
GNL Global Net Lease Inc 2.90
ETD Ethan Allen Interiors Inc 2.82
MATV Mativ Holdings Inc 2.76
IIPR Innovative Industrial Properties Inc 2.73
GTY Getty Realty Corp 2.70
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
11/21/2022 11/22/2022 11/25/2022 0.10501 0.10501 - - - -
10/24/2022 10/25/2022 10/28/2022 0.10402 0.10402 - - - -
09/19/2022 09/20/2022 09/23/2022 0.10327 0.10327 - - - -
08/22/2022 08/23/2022 08/26/2022 0.10279 0.10279 - - - -
07/18/2022 07/19/2022 07/22/2022 0.10177 0.10177 - - - -
06/21/2022 06/22/2022 06/30/2022 0.09811 0.09811 - - - -
05/23/2022 05/24/2022 05/31/2022 0.09614 0.09614 - - - -
04/18/2022 04/19/2022 04/29/2022 0.09358 0.09358 - - - -
03/21/2022 03/22/2022 03/31/2022 0.09043 0.09043 - - - -
02/22/2022 02/23/2022 02/28/2022 0.08765 0.08765 - - - -
01/24/2022 01/25/2022 01/31/2022 0.08543 0.08543 - - - -
12/20/2021 12/21/2021 12/31/2021 0.08333 0.08333 - - - -
11/22/2021 11/23/2021 11/30/2021 0.08366 0.08366 - - - -
10/18/2021 10/19/2021 10/29/2021 0.07988 0.07988 - - - -
09/20/2021 09/21/2021 09/30/2021 0.07750 0.07750 - - - -
08/23/2021 08/24/2021 08/31/2021 0.07544 0.07544 - - - -
07/19/2021 07/20/2021 07/30/2021 0.07361 0.07361 - - - -
06/21/2021 06/22/2021 06/30/2021 0.07143 0.07143 - - - -
05/24/2021 05/25/2021 05/28/2021 0.06875 0.06875 - - - -
04/19/2021 04/20/2021 04/30/2021 0.06607 0.06607 - - - -
03/22/2021 03/23/2021 03/31/2021 0.06903 0.06903 - - - -
02/22/2021 02/23/2021 02/26/2021 0.06691 0.06691 - - - -
01/19/2021 01/20/2021 01/29/2021 0.06440 0.06440 - - - -
12/21/2020 12/22/2020 12/31/2020 0.06248 0.06248 - - - -
11/23/2020 11/24/2020 11/30/2020 0.05812 0.05812 - - - -
10/19/2020 10/20/2020 10/30/2020 0.06286 0.06286 - - - -
09/21/2020 09/22/2020 09/30/2020 0.06851 0.06851 - - - -
08/24/2020 08/25/2020 08/31/2020 0.09688 0.09688 - - - -
07/20/2020 07/21/2020 07/31/2020 0.09708 0.09708 - - - -
06/22/2020 06/23/2020 06/30/2020 0.10024 0.10024 - - - -
05/18/2020 05/19/2020 05/29/2020 0.10775 0.10775 - - - -
04/20/2020 04/21/2020 04/30/2020 0.11422 0.11422 - - - -
03/23/2020 03/24/2020 03/31/2020 0.11739 0.11739 - - - -
02/24/2020 02/25/2020 02/28/2020 0.11489 0.11489 - - - -
01/21/2020 01/22/2020 01/31/2020 0.11151 0.11151 - - - -
12/23/2019 12/24/2019 12/31/2019 0.10821 0.10821 - - - -
11/18/2019 11/19/2019 11/29/2019 0.10821 0.10821 - - - -
10/21/2019 10/22/2019 10/31/2019 0.10575 0.10575 - - - -
09/23/2019 09/24/2019 09/30/2019 0.08839 0.08839 - - - -
08/19/2019 08/20/2019 08/30/2019 0.08693 0.08693 - - - -
07/22/2019 07/23/2019 07/31/2019 0.08700 0.08700 - - - -
06/24/2019 06/25/2019 06/28/2019 0.08714 0.08714 - - - -
05/20/2019 05/21/2019 05/31/2019 0.09610 0.09610 - - - -
04/22/2019 04/23/2019 04/30/2019 0.10550 0.10550 - - - -
03/18/2019 03/19/2019 03/29/2019 0.10061 0.10061 - - - -
02/19/2019 02/20/2019 02/28/2019 0.11750 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.11518 0.11518 - - - -
12/24/2018 12/26/2018 12/31/2018 0.10800 0.10800 - - - -
11/19/2018 11/20/2018 11/30/2018 0.09973 0.09973 - - - -
10/22/2018 10/23/2018 10/31/2018 0.09500 0.09500 - - - -
09/24/2018 09/25/2018 09/28/2018 0.08152 0.08152 - - - -
08/20/2018 08/21/2018 08/31/2018 0.08250 0.08250 - - - -
07/23/2018 07/24/2018 07/31/2018 0.08000 0.08000 - - - -
06/18/2018 06/19/2018 06/29/2018 0.08022 0.08022 - - - -
05/21/2018 05/22/2018 05/31/2018 0.08012 0.08012 - - - -
04/23/2018 04/24/2018 04/30/2018 0.11703 0.11703 - - - -
03/19/2018 03/20/2018 03/29/2018 0.13146 0.13146 - - - -
02/20/2018 02/21/2018 02/28/2018 0.13555 0.13555 - - - -
01/22/2018 01/23/2018 01/31/2018 0.12099 0.12099 - - - -
12/18/2017 12/19/2017 12/29/2017 0.10905 0.10905 - - - -
11/20/2017 11/21/2017 11/30/2017 0.09355 0.09355 - - - -
10/23/2017 10/24/2017 10/31/2017 0.09157 0.09157 - - - -
09/18/2017 09/19/2017 09/29/2017 0.09229 0.09229 - - - -
08/15/2017 08/17/2017 08/31/2017 0.09495 0.09495 - - - -
07/14/2017 07/18/2017 07/31/2017 0.07771 0.07771 - - - -
06/15/2017 06/19/2017 06/30/2017 0.07765 0.07765 - - - -
05/15/2017 05/17/2017 05/31/2017 0.07706 0.07706 - - - -
04/13/2017 04/18/2017 04/28/2017 0.08000 0.08000 - - - -
03/15/2017 03/17/2017 03/31/2017 0.08000 0.08000 - - - -
02/15/2017 02/17/2017 02/28/2017 0.08000 0.08000 - - - -
01/13/2017 01/18/2017 01/31/2017 0.08000 0.08000 - - - -
12/15/2016 12/19/2016 12/30/2016 0.10492 0.10492 - - - -

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 31 7 0 0 0 0
06/30/2022 62 34 4 0 0 0 0
03/31/2022 62 33 1 0 0 0 0
12/31/2021 64 40 2 0 0 0 0
Year Ended 2021 252 117 15 1 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%
09/30/2022 64 25 1 0 0 0 0
06/30/2022 62 23 1 0 0 0 0
03/31/2022 62 26 2 0 0 0 0
12/31/2021 64 21 1 0 0 0 0
Year Ended 2021 252 111 8 0 0 0 0

Fund Inception : 12/01/2016

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. 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.

Securities that pay high dividends as a group can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends.

Stocks of small-capitalization companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale than large companies.

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

There is no assurance that such ETFs will provide low volatility.

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.

From time to time, certain shareholders may own a substantial amount of the shares in the Fund or invest and hold their shares for a limited time solely to facilitate commencement of the Fund or to achieve a specified size or scale in the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund. Large cash purchases, if allowed, may adversely affect the Fund’s performance since it would delay the Fund from investing in new cash, requiring it to maintain a larger cash position than normal. Transactions by large shareholders may account for a large percentage of the trading volume and may, therefore, have a material upward or downward effect on the market price of the Shares. The Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns.

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.