PCEF - Invesco CEF Income Composite ETFEquity - US Equity
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
Morningstar Rating ™Overall Rating - Allocation--15% to 30% Equity Category
As of 02/29/2020 the Fund had an overall rating of 4 stars out of 179 funds and was rated 3 stars out of 179 funds, 5 stars out of 154 funds and 4 stars out of 90 funds for the 3-, 5- and 10- year periods, respectively.
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.
|Index History (%)|
|S-Network Composite Closed-End Fund Index||-6.74||4.63||4.90||5.95||6.83||6.93|
|S&P 500 Index||-8.27||8.19||9.87||9.23||12.65||12.58|
|Fund History (%)|
|After Tax Held||-7.29||1.41||1.91||2.85||3.76||3.85|
|After Tax Sold||-4.01||2.77||2.46||3.12||3.87||3.95|
|Fund Market Price||-6.77||4.34||4.58||5.49||6.31||6.43|
|Index History (%)|
|S-Network Composite Closed-End Fund Index||24.58||24.58||9.25||8.19||7.85||7.82|
|S&P 500 Index||31.49||31.49||15.27||11.70||13.56||13.79|
|Fund History (%)|
|After Tax Held||20.47||20.47||6.14||5.01||N/A||4.70|
|After Tax Sold||14.14||14.14||5.66||4.75||N/A||4.58|
|Fund Market Price||23.81||23.81||8.92||7.69||N/A||7.30|
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 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.
Quality Allocations† as of 03/27/2020
|Not Rated : 2%||Not Rated : 2%|
as of 03/27/2020 Top Holdings | View All
Fund Holdings subject to change
|Ticker||Company||% of Fund|
|EXG||Eaton Vance Tax-Managed Global Diversified Equity Income Fun||3.02|
|EVV||Eaton Vance Limited Duration Income Fund||2.80|
|BTZ||BlackRock Credit Allocation Income Trust||2.59|
|BDJ||BlackRock Enhanced Equity Dividend Trust||2.31|
|FAX||Aberdeen Asia-Pacific Income Fund Inc||2.06|
|NFJ||AllianzGI NFJ Dividend Interest & Premium Strategy Fund||2.02|
|HYT||BlackRock Corporate High Yield Fund Inc||2.00|
|JPS||Nuveen Preferred & Income Securities Fund||1.94|
|BBN||BlackRock Taxable Municipal Bond Trust||1.87|
|ETY||Eaton Vance Tax-Managed Diversified Equity Income Fund||1.85|
|High Yield Bond||33.45%|
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.
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.
The securities of closed-end investment companies in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage resulting in higher volatility in the market and the possibility that the Fund's long-term returns on such securities will be diminished.
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.
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.