Invesco DWA Tactical Multi-Asset Income ETF

C000166945 Fund Overview

Invesco DWA Tactical Multi-Asset Income ETF is a US ETF managed by Invesco Exchange-Traded Fund Trust II, categorised as Developed ex-US Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Invesco Exchange-Traded Fund Trust II
• Category: Developed ex-US Real Estate
• Assets under management: $43.03M
• SEC CIK: 0001378872
• SEC series ID: S000053057
• Share class ID: C000166945

C000166945 Investment Objective and Strategy

Invesco DWA Tactical Multi-Asset Income ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Invesco Exchange-Traded Fund Trust II.

Investment objective

"The PowerShares DWA Tactical Multi-Asset Income Portfolio (the ""Fund"") seeks to track the investment results (before fees and expenses) of the Dorsey Wright ® Multi-Asset Income Index (the ""Underlying Index"")."

Principal investment strategy

The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. The Fund is a fund of funds, meaning that it invests substantially all of its assets in the shares of other exchange-traded funds (ETFs) eligible for inclusion in the Underlying Index, rather than in securities of individual companies. The Underlying Index is composed exclusively of other ETFs (the Underlying ETFs) and, under normal circumstances, most of the Underlying ETFs will be ETFs advised by the Funds adviser or its affiliates (the PowerShares ETFs). The Fund and the PowerShares ETFs are part of the same group of investment companies. Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the Index Provider or Dorsey Wright) compiles, maintains and calculates the Underlying Index, which, at any given time, is composed of one to five Underlying ETFs selected from a universe of income-producing ETFs (the Eligible ETFs), each of which generally is designed to seek to provide high levels of current income.

This universe, which the Index Provider may change from time to time, consists mostly of PowerShares ETFs that employ income-oriented strategies. The Eligible ETFs invest their assets in different segments of the securities markets, such as: U.S. Treasuries, domestic and international bonds, dividend paying equities, preferred stock, real estate investment trusts (REITs) and master-limited partnerships (MLPs). The various Eligible ETFs may hold fixed income securities of any duration, maturity or quality, and certain Eligible ETFs may invest primarily in high-yield (or junk) bonds. The Underlying Index seeks to gain exposure to the income-producing segments of the U.S. securities market that display the strongest relative strength, as evaluated on a monthly basis. Relative strength is the measurement of a securitys performance in a given universe over time as compared to the performance of all other securities in that universe.

Therefore, at any given time, the components of the Underlying Index are those Eligible ETFs that the Index Provider believes offer the greatest potential to outperform other Eligible ETFs. Using its proprietary methodology, the Index Provider ranks each Eligible ETF by its relative strength and then eliminates those Eligible ETFs that rank in the bottom half of the eligible universe. Next, the Index Provider ranks the remaining Eligible ETFs by current yield, and selects the top five highest yielding Eligible ETFs for inclusion in the Underlying Index. At times, however, the Underlying Index may include fewer than five components, such as during certain economic conditions when the Index Providers relative strength methodology favors overweighting U.S. Treasury Security ETFs. The Underlying Index is a modified equal weight index.

The Index Provider evaluates the components of the Underlying Index each month to determine whether, based on potential changes in the relative strength or weightings of the Eligible ETFs, any change to the composition or rebalancing of component weights of the Underlying Index is necessary. Each Underlying ETF is equally weighted, with each usually representing 20% of the weight of the Underlying Index at the time of rebalance. The Fund generally invests in each Underlying ETF in proportion to its weightings in the Underlying Index. The Fund is non-diversified and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the 1940 Act). Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its net assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.

The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.

C000166945 Costs and Fees

C000166945 costs about $68 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.68%
• Gross expense ratio: 0.68%
• Portfolio turnover: 52%
• Brokerage commissions: 4.91 bps of average net assets (SEC N-CEN)

C000166945 Cashflows

Over the 12 months to 2019-11, Invesco DWA Tactical Multi-Asset Income ETF had net inflows of $2.56M, from monthly SEC N-PORT filings.

C000166945 Debt Constituents

No individual debt constituents are reported in Invesco DWA Tactical Multi-Asset Income ETF's latest SEC N-PORT filing.

C000166945 Prospectus and SEC Filings

Official Invesco DWA Tactical Multi-Asset Income ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-01-14
• Prospectus (485BPOS) — filed 2019-01-15
• Prospectus (485BPOS) — filed 2018-03-16
• Portfolio holdings (N-PORT) — filed 2020-01-29
• Annual census (N-CEN) — filed 2019-11-14
• Annual census (N-CEN) — filed 2018-11-15

Related Funds

Other Developed ex-US Real Estate funds tracked on ABC INVEST:

• Vanguard Global Ex-U.s. Real Estate Index Fund (VGRLX)
• Xtrackers International Real Estate ETF (HAUZ)
• Fidelity International Real Estate Fund (FIRAX)
• SPDR® Dow Jones International Real Estate ETF (RWX)
• Third Avenue International Real Estate Value Fund (REIZX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.