DWIN - Invesco DWA Tactical Multi-Asset Income ETF

Fixed Income - International and Global Fixed Income
The Fund's final day of trading will occur on Friday, February 14, 2020. After market close on that date the Fund will no longer trade on an Exchange and will be subsequently delisted. The final distribution to shareholders of the Fund is expected to occur on or about February 26, 2020. Please see the Fund's prospectus for further information.

Product Details

The Invesco DWA Tactical Multi-Asset Income ETF (the "Fund") is based on the Dorsey Wright® Multi-Asset Income Index (Index). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index. The Fund is a "fund of funds," meaning that it invests its assets in the shares of other, underlying exchange-traded funds eligible for inclusion in the Index, rather than in securities of individual companies. The Index is designed to select investments from a universe of income strategies with the criteria for inclusion based on a combination of relative strength and current yield. The Fund and the Index are evaluated monthly for potential rebalance and reconstitution.

as of 12/31/2019 12/31/2019

Performance

  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Dorsey Wright Multi Asset Income Index 12.74 12.74 2.99 N/A N/A 5.90
Bloomberg Barclays U.S. Aggregate Bond Index 8.72 8.72 4.03 3.05 3.75 3.40
S&P 500 Index 31.49 31.49 15.27 11.70 13.56 15.90
Fund History (%)
Fund NAV 12.91 12.91 2.96 N/A N/A 5.75
After Tax Held 10.69 10.69 0.87 N/A N/A 3.68
After Tax Sold 7.59 7.59 1.36 N/A N/A 3.56
Fund Market Price 12.77 12.77 2.96 N/A N/A 5.74
  YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Index History (%)
Dorsey Wright Multi Asset Income Index 12.74 12.74 2.99 N/A N/A 5.90
Bloomberg Barclays U.S. Aggregate Bond Index 8.72 8.72 4.03 3.05 3.75 3.40
S&P 500 Index 31.49 31.49 15.27 11.70 13.56 15.90
Fund History (%)
Fund NAV 12.91 12.91 2.96 N/A N/A 5.75
After Tax Held 10.69 10.69 0.87 N/A N/A 3.68
After Tax Sold 7.59 7.59 1.36 N/A N/A 3.56
Fund Market Price 12.77 12.77 2.96 N/A N/A 5.74

Underlying Index returns shown are total return.

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 12/31/2019

Growth of $10,000

Data beginning Fund inception and ending 12/31/2019. 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 01/16/2020 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
PCY Invesco Emerging Markets Sovereign Debt ETF 20.55
BAB Invesco Taxable Municipal Bond 20.53
PGX Invesco Preferred ETF 20.04
PEY Invesco High Yield Equity Dividend Achievers ETF 19.86
PGHY Invesco Global Short Term High Yield Bond ETF 19.03

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital
01/21/2020 01/22/2020 01/31/2020 0.09502 0.09502 - - -
12/23/2019 12/24/2019 12/31/2019 0.09492 0.09492 - - -
11/18/2019 11/19/2019 11/29/2019 0.09492 0.09492 - - -
10/21/2019 10/22/2019 10/31/2019 0.09375 0.09375 - - -
09/23/2019 09/24/2019 09/30/2019 0.11426 0.11426 - - -
08/19/2019 08/20/2019 08/30/2019 0.11876 0.11876 - - -
07/22/2019 07/23/2019 07/31/2019 0.11254 0.11254 - - -
06/24/2019 06/25/2019 06/28/2019 0.10530 0.10530 - - -
05/20/2019 05/21/2019 05/31/2019 0.10580 0.10580 - - -
04/22/2019 04/23/2019 04/30/2019 0.10014 0.10014 - - -
03/18/2019 03/19/2019 03/29/2019 0.09562 0.09562 - - -
02/19/2019 02/20/2019 02/28/2019 0.09317 - - - -
01/22/2019 01/23/2019 01/31/2019 0.09943 0.09943 - - -
12/24/2018 12/26/2018 12/31/2018 0.34399 0.34399 - - -
11/19/2018 11/20/2018 11/30/2018 0.09642 0.09642 - - -
10/22/2018 10/23/2018 10/31/2018 0.09835 0.09835 - - -
09/24/2018 09/25/2018 09/28/2018 0.09814 0.09814 - - -
08/20/2018 08/21/2018 08/31/2018 0.11503 0.11503 - - -
07/23/2018 07/24/2018 07/31/2018 0.11623 0.11623 - - -
06/18/2018 06/19/2018 06/29/2018 0.10891 0.10891 - - -
05/21/2018 05/22/2018 05/31/2018 0.10846 0.10846 - - -
04/23/2018 04/24/2018 04/30/2018 0.11680 0.11680 - - -
03/19/2018 03/20/2018 03/29/2018 0.09708 0.09708 - - -
02/20/2018 02/21/2018 02/28/2018 0.09475 0.09475 - - -
01/22/2018 01/23/2018 01/31/2018 0.09282 0.09282 - - -
12/18/2017 12/19/2017 12/29/2017 0.09518 0.09518 - - -
11/20/2017 11/21/2017 11/30/2017 0.09752 0.09752 - - -
10/23/2017 10/24/2017 10/31/2017 0.10782 0.10782 - - -
09/18/2017 09/19/2017 09/29/2017 0.10146 0.10146 - - -
08/15/2017 08/17/2017 08/31/2017 0.09796 0.09796 - - -
07/14/2017 07/18/2017 07/31/2017 0.09919 0.09919 - - -
06/15/2017 06/19/2017 06/30/2017 0.09667 0.09667 - - -
05/15/2017 05/17/2017 05/31/2017 0.09477 0.09477 - - -
04/13/2017 04/18/2017 04/28/2017 0.09928 0.09928 - - -
03/15/2017 03/17/2017 03/31/2017 0.12724 0.12724 - - -
02/15/2017 02/17/2017 02/28/2017 0.10022 0.10022 - - -
01/13/2017 01/18/2017 01/31/2017 0.10144 0.10144 - - -
12/15/2016 12/19/2016 12/30/2016 0.11234 0.11234 - - -
11/15/2016 11/17/2016 11/30/2016 0.10805 0.10805 - - -
10/14/2016 10/18/2016 10/31/2016 0.12294 0.12294 - - -
09/15/2016 09/19/2016 09/30/2016 0.10731 0.10731 - - -
08/15/2016 08/17/2016 08/31/2016 0.10561 0.10561 - - -
07/15/2016 07/19/2016 07/29/2016 0.12427 0.12427 - - -
06/15/2016 06/17/2016 06/30/2016 0.11120 0.11120 - - -
05/13/2016 05/17/2016 05/31/2016 0.11401 0.11401 - - -
04/15/2016 04/19/2016 04/29/2016 0.09528 0.09528 - - -
03/15/2016 03/17/2016 03/31/2016 - - - - -

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%
12/31/2019 64 33 1 0 0 0 0
09/30/2019 64 45 3 0 0 0 0
06/30/2019 63 40 1 0 0 0 0
03/31/2019 61 19 0 0 0 0 0
Year Ended 2019 252 137 5 0 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%
12/31/2019 64 29 1 0 0 0 0
09/30/2019 64 16 0 0 0 0 0
06/30/2019 63 22 0 0 0 0 0
03/31/2019 61 42 0 0 0 0 0
Year Ended 2019 252 109 1 0 0 0 0

Fund Inception : 03/10/2016

 Risk & Other Information

Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment grade market.

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

Most MLPs operate in the energy sector and are subject to risks relating to commodity pricing, supply and demand, depletion and exploration. MLPs are also subject the risk that regulatory or legislative changes could eliminate the tax benefits enjoyed by MLPs which could have a negative impact on the after-tax income available for distribution by the MLPs and/or the value of the portfolio's 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.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

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.

Obligations issued by US Government agencies and instrumentalities may receive varying levels of support from the government, which could affect the fund's ability to recover should they default.

The Fund will invest in bonds with short- or intermediate-term (five years or less) maturity which may have additional risks, including interest rate changes over the life of the bond. The average maturity of the Fund's investments will affect the volatility of the Fund's share price.

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.

There is no guarantee that municipalities will continue to take advantage of the BAB program in the future and there can be no assurance that BABs will be actively traded. Furthermore, under the American Recovery and Reinvestment Act of 2009, the ability of municipalities to issue BABs expired on Dec. 31, 2010. As a result, the number of available BABs in the market is limited. In addition, illiquidity of the BABs may negatively affect the value of the BABs. Interest received on BABs is subject to federal and state income tax.

California's economic problems increase the risk of investing in California municipal obligations, including the risk of potential issuer default, heightens the risk that the prices of California municipal obligations, and the Fund's net asset value, will experience greater volatility. See the prospectus for more information.

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.

Government obligors in emerging market countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial instruments. Issuers of sovereign debt or the governmental authorities that control repayment may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of default. Without debt holder approval, some governmental debtors may be able to reschedule or restructure their debt payments or declare moratoria on payments.

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.

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.

When-issued and delayed delivery transactions are subject to market risk, as the value or yield of a security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs and also subjects the fund to counterparty risk.

Non-investment grade securities may be subject to greater price volatility due to specific corporate developments, interest-rate sensitivity, negative perceptions of the market, adverse economic and competitive industry conditions and decreased market liquidity.

Under a participation in senior loans, the fund generally will have rights that are more limited than those of lenders or of persons who acquire a senior loan by assignment. In a participation, the fund assumes the credit risk of the lender selling the participation in addition to the credit risk of the borrower. In the event of the insolvency of the lender selling the participation, the fund may be treated as a general creditor of the lender and may not have a senior claim to the lender's interest in the senior loan. Certain participations in senior loans are illiquid and difficult to value.

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, may be found invalid or may be used to pay other outstanding obligations of the borrower under applicable law. There is also the risk that the collateral may be difficult to liquidate, or that a majority of the collateral may be illiquid.

The Fund may invest all or a portion of its assets in loans of non-US borrowers. Loans of non-US borrowers have additional risks, including decreased market liquidity, political instability and taxation by foreign governments.

The Fund may invest in obligations issued or guaranteed by supranational entities. If one or more shareholders fails to make necessary additional capital contributions, the entity may be unable to pay interest or repay principal on its debt securities.

Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer's ability to make payments of principal and/ or interest.

Reinvestment risk is the risk that a bond's cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

An issuer's ability to prepay principal prior to maturity can limit the Fund's potential gains. Prepayments may require the Fund to replace the loan or debt security with a lower yielding security, adversely affecting the Fund's yield.

There is no relationship between Dorsey, Wright & Associates, LLC ("Dorsey Wright") and Invesco other than a license by Dorsey Wright to Invesco of certain Dorsey Wright trademarks, tradenames, investment models, and indexes (the "DWA IP"). DWA IP has been created and developed by Dorsey Wright without regard to and independently of Invesco, and/or any prospective investor. The licensing of any DWA IP is not an offer to purchase or sell, or a solicitation of an offer to buy any securities. A determination that any portion of an investor's portfolio should be devoted to any ETF product developed by Invesco or investment model developed by Dorsey Wright is a determination made solely by the investment advisor serving the investor or the investor himself, not Dorsey Wright.

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

as of 01/17/2020
4:15 PM EST

DWIN
Intraday Stats

  • Last Trade $25.86
  • Current IIV $25.93
  • Change -$0.02
  • % Change -0.09%
as of 01/16/2020
  • NAV at market close $25.94
as of 01/16/2020

Fund Yield

  • SEC 30 Day Yield 4.33%
  • Distribution Rate 4.39%
  • 12 Month Distribution Rate 4.74%
  • 30-Day SEC Unsubsidized Yield
    as of 01/16/2020
    4.33%
as of 01/16/2020

Prior Close

  • Closing Price $25.88
  • Bid/Ask Midpoint $25.88
  • Bid/Ask Prem/Disc -$0.06
  • Bid/Ask Prem/Disc -0.23%

Fund Details

  • Fund Ticker DWIN
  • CUSIP # 46138E834
  • ISIN US46138E8342
  • Intraday NAV DWINIV
  • Index Ticker DWAMAIT
  • Index Provider Dorsey, Wright & Associates, LLC
  • Management Fee 0.25%
  • Acquired Fund Fees & Expenses 0.43%
  • Total Expense Ratio 0.68%
  • Marginable Yes
  • Short Selling Yes
  • Options No
  • Exchange NASDAQ
  • Inception Date 03/10/2016
  • # of Holdings 5
    as of 01/16/2020
as of 01/17/2020

Quick Facts

  • Previous Close $25.88
  • Open $25.94
  • Today's High $25.94
  • Today's Low $25.86
  • Today's Volume 4,632
  • 10,486 30-Day Avg Trading
    Volume
  • 52 Week High $26.04
  • 52 Week Low $24.23
  • Shares Outstanding 1.65MM
  • Market Value $42.8MM