A sound investment process and strong management team underpin Invesco MSCI USA ETF's Morningstar Medalist Rating of Silver. The portfolio maintains a sizable cost advantage over competitors, priced within the least expensive fee quintile among peers.  

 The strategy merits a High Process Pillar rating. The strategy’s management team earns an Above Average People Pillar rating. The strategy's parent organization earns the firm an Average Parent Pillar rating. People, Process and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Analyst Rating

Microsoft

Apple

NVIDIA

Amazon

Alphabet

Eli Lilly

Broadcom

JPMorgan Chase & Co

Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category index on a risk-adjusted basis over the long term. Invesco MSCI USA ETF earns a High Process Pillar rating. 
The investment strategy as stated in the fund's prospectus is:  The investment seeks to track the investment results (before fees and expenses) of the MSCI USA Index (the "underlying index").  The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “index provider”) compiles, maintains and calculates the underlying index, and which is designed to measure the performance of the large- and mid-capitalization segments of the U.S. equity market. 

 The portfolio is overweight in technology by 2.6 percentage points in terms of assets compared with the category average, and its communication services allocation is similar to the category. The sectors with low exposure compared to category peers are industrials and financial services; however, the allocations are similar to the category. The strategy owns 612 securities and its assets are more dispersed than peers in the category. In particular, 30.3% of the strategy's assets are concentrated in the top 10 fund holdings, as opposed to the typical peer's 49.5%. And finally, in terms of portfolio turnover, this portfolio turns over its holdings less quickly than peers, potentially leading to lower costs for investors and eliminating a drag on performance. 

 Note: The Process Pillar rating is indirectly assigned by an analyst. When an analyst covers a passively managed vehicle that tracks a particular index, Morningstar associates the Process Pillar rating assigned to that vehicle with the index concerned. Morningstar then maps the Process Pillar rating associated with a given index to any other uncovered passive strategies that track the same index. This ensures that the analyst’s view is leveraged whenever available and promotes consistency when assigning Process Pillar ratings to passive vehicles associated with a given index.

High

Process

Invesco’s team is strong compared with others in the industry, resulting in an Above Average People Pillar rating. There are four managers listed on the fund: Peter Hubbard, Tony Seisser, Michael Jeanette, Pratik Doshi. The team is well equipped, with an average of 12 years of portfolio management experience. Together, they manage a total of 145 strategies, with a Bronze asset-weighted average Morningstar Medalist Rating, demonstrating their potential to deliver positive alpha relative to the category median in aggregate. This group has successfully retained management talent, with no departures in the past five years. 

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

Above Average

People

Invesco succeeds in a number of areas but also has its share of subpar offerings, along with many others that land somewhere in the middle. A mid-2023 change of CEO, from longtime chief Marty Flanagan to veteran Invesco executive Andrew Schlossberg, is noteworthy, and several other executives retired or departed in 2023. Portfolio-manager shuffles aimed at bolstering poor performers, which began under Flanagan, have continued under Schlossberg, who told Morningstar his most important aim is bolstering “investment quality.” However, major changes of direction or approach are unlikely. The firm retains a Morningstar Parent rating of Average. 
Invesco’s international-equity teams in Texas and New York remain solid. However, the extensive U.S.-equity lineup needs improvement. Fixed-income offerings run the gamut: The multisector and short-term-bond areas are good, but corporate high-yield is less impressive. The firm’s exchange-traded fund lineup includes the popular Nasdaq-focused QQQ; passive strategies make up around 37% of Invesco’s assets under management. Invesco has not been averse to trying new types of strategies, and it was among the firms that immediately launched a spot bitcoin ETF after SEC approval in early 2024.
The picture outside the United States is mixed. Fund performance has been subpar in Asia, and while the picture has brightened in the United Kingdom and Europe, that region still can’t be considered a strength.

Average

Parent

Invesco PureBeta MSCI USA ETF

PBUS tracks a market-cap-selected and -weighted index of mid and large-cap US stocks.

iShares MSCI USA Quality Factor ETF

The iShares MSCI USA Quality Factor ETF (QUAL) is being reviewed and compared to the Invesco MSCI USA ETF (PBUS) and the SPDR S&P 500 ETF (SPY). QUAL receives a Hold rating as it is a decent substitute for the SPY ETF, but the differences are too small to justify adding it to a Large-Cap allocation. PBUS, which covers the complete MSCI USA Index, generally invests at least 90% of its total assets in the securities that comprise the underlying index.  It also gets a Hold.

QUAL Vs. PBUS:  Quality Focus Has Little Effect

Invesco Treasury Collateral ETF

Asian Growth CUBS ETF

Invesco Defensive Equity ETF

Invesco DWA SmallCap Momentum ETF

Invesco S&P MidCap 400 Equal Weight ETF

Strategy Shares Nasdaq 5handl Index ETF

PGIM Global High Yield Fund

iBet Sports Betting & Gaming ETF

NightShares 500 1x/1.5x ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Media ETF

Invesco PureBeta 0-5 Yr US TIPS ETF

Invesco DWA Momentum ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA Developed Markets Momentum ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Building & Construction ETF

Invesco 1-30 Laddered Treasury ETF

Invesco DWA Industrials Momentum Portfolio

Invesco Dynamic Semiconductors ETF

A total of nine funds launched during the week ending Sept. 1, thus a dip after the 17 ETF launches last week but not unusual in the leadup to a holiday weekend.

This Week in ETFs: Invesco Makes Changes to 35 Funds

Vanguard Total Bond Market ETF

SPDR Dow Jones Industrial Average ETF

SPDR Gold Trust

Vanguard Mega Cap ETF

Vanguard Mega Cap Growth ETF

Vanguard Mega Cap Value ETF

SPDR Russell 1000 Yield Focus ETF

Invesco QQQ

SPDR Portfolio S&P 500 ETF

SPDR Portfolio Total Stock Market ETF

SPDR S&P 500 ETF Trust

SPDR Portfolio S&P 500 High Dividend ETF

SPDR Portfolio S&P 500 Growth ETF

SPDR Portfolio S&P 500 Value ETF

Vanguard Russell 1000 ETF

Vanguard Russell 1000 Growth ETF

Vanguard Russell 1000 Value ETF

Vanguard S&P 500 Growth ETF

Vanguard S&P 500 Value ETF

Vanguard Value ETF

Vanguard Large-Cap ETF

SPDR S&P Health Care Services ETF

Communication Services Select Sector SPDR Fund

Energy Select Sector SPDR Fund

This ETF trading model uses the Conference Board Leading Economic Index to determine “Risk-On” periods for equities. A universe is defined from the SPDR, Vanguard, and PowerShares ETF providers for the sectors healthcare, energy, communication, technology, and general multi-sector funds, holding large-mega cap stocks from the United States.

Timing The Stock Market With The Conference Board Leading Economic Index

Invesco RAFI Strategic Developed ex-US ETF

Invesco RAFI Strategic US ETF

The shuttering products' combined assets total more than $1.4 billion.

Invesco to Close 26 ETFs in Shakeup of Its Listings

SPDR S&P 500 ESG ETF

Vanguard ESG US Stock ETF

Invesco ESG Nasdaq 100 ETF

Invesco Nasdaq 100 ETF

iShares ESG Advanced MSCI USA ETF

How the company's controversies could affect its position in some key ESG ETFs.

Could Facebook Face An ESG Reckoning?

iShares iBoxx $ Investment Grade Corporate Bond ETF

iShares Edge MSCI Min Vol USA ETF

'ESMV' is an ESG-flavored clone of one of the largest-outflow ETFs this year.

iShares Debuts ESG Min Vol ETF

Invesco S&P 500 Equal Weight ETF

Invesco Senior Loan ETF

An equal weight strategy, pure beta play, and senior loan option are sitting atop Invesco's year-to-date inflows leaderboard. At the top of the heap is the Invesco S&P 500 Equal Weight ETF (RSP), which uses a strategy to diversify holdings in order to eliminate concentration risk.

These 3 ETFs Sit Atop the Invesco Fund Flows Leaderboard

The past four weeks saw the end of the first quarter of 2021 and the beginning of the second. Three Invesco ETFs also posted big inflows.

3 Invesco ETFs Witnessed Big Inflows the Past Month

iShares Core U.S. Aggregate Bond ETF

iShares iBoxx High Yield Corporate Bond ETF

iShares 7-10 Year Treasury Bond ETF

iShares Short Treasury Bond ETF

The broad-based U.S. indices ended the fund-flows week in the black after President Joe Biden signs the $1.9 trillion relief package into law, the Federal Reserve Board keeps its easy-money stance in play, and COVID-19 vaccine distribution improves. Equity ETFs witnessed their sixth consecutive week of net inflows—attracting $16.2 billion for the most recent fund-flows week.

U.S. Weekly FundFlows Insight Report: ETF & Fund Investors Inject $22.7 Billion For The Week As The Dow Hits Record High, Closing Above 33,000

Invesco S&P 500 Downside Hedge ETF

Invesco Conservative Multi-Asset Allocation ETF

Invesco S&P 500 Equal Weight Health Care ETF

Invesco S&P 500 Top 50 ETF

Market optimism was abound during Monday's trading session as ETF investors were awash in mostly green with the major indexes rallying off vaccine news. If the rally is real, than investors will want to get exposure to names like Pfizer and Moderna, which they can achieve with these five Invesco ETFs.

5 ETFs to Give You Exposure to a Vaccine Rally

News for Invesco PureBeta MSCI USA ETF ETF (PBUS)