Core Viewpoint - The Invesco S&P 500 Equal Weight Industrials ETF (RSPN) aims to provide broad exposure to the industrials sector through an equal-weighted strategy, which may offer potential advantages over traditional market-cap weighted ETFs [1][5]. Fund Overview - RSPN was launched on November 1, 2006, and is managed by Invesco, accumulating over $665.75 million in assets, positioning it as an average-sized ETF in the Industrials category [1][5]. - The fund seeks to match the performance of the S&P 500 Equal Weight Industrials Index, which equally weights stocks in the industrials sector of the S&P 500 [5]. Cost Structure - The annual operating expenses for RSPN are 0.40%, making it one of the more affordable options in the ETF space [6]. - The ETF has a 12-month trailing dividend yield of 0.92% [6]. Sector Exposure and Holdings - RSPN's portfolio is entirely allocated to the Industrials sector, with a heavy focus on diversification [7]. - Generac Holdings Inc (GNRC) constitutes approximately 1.45% of the fund's total assets, with the top 10 holdings accounting for about 13.72% of total assets under management [8]. Performance Metrics - As of August 6, 2025, RSPN has gained approximately 9.89% year-to-date and 21.97% over the past year [9]. - The ETF has traded between $43.34 and $56.33 in the past 52 weeks [9]. - RSPN has a beta of 1.09 and a standard deviation of 18.01% over the trailing three-year period, indicating a moderate level of risk [10]. Alternatives - Other ETFs in the industrials space include the Vanguard Industrials ETF (VIS) and the Industrial Select Sector SPDR ETF (XLI), which have significantly larger asset bases of $6.01 billion and $23.09 billion, respectively [12]. - VIS has a lower expense ratio of 0.09%, while XLI charges 0.08%, making them potentially more cost-effective options for investors [12].

Market Overview - U.S. stocks experienced a significant rebound, with the S&P 500 rising 1.5%, the Dow Jones increasing by 1.3%, and the Nasdaq Composite Index gaining 1.9%, marking its best daily performance since May [1][2] - Strong earnings from major corporations, including Tyson Foods, and positive economic data contributed to increased investor confidence [2] Sector Performance - The technology sector was a major driver of the market rally, with NVIDIA rising 3.6%, Meta increasing by 3.5%, and Microsoft climbing 2.2% [2] - The tech-heavy Invesco QQQ ETF rose 1.8%, reflecting the strength of tech stocks [2] Economic Indicators - Weak job data has led to heightened speculation regarding a potential rate cut by the Federal Reserve, with the probability of a quarter-point rate cut in September increasing to 91.9% from 63.1% [3] - Trade tensions have resurfaced, with new tariffs announced by President Trump, which could lead to inflationary pressures [4] Investment Trends - The generative AI wave is driving growth in the tech sector, with significant investments in data centers and AI technologies [5] - Lower interest rates are expected to benefit high-growth tech stocks, which are sensitive to borrowing costs [6] E-commerce and Digital Transformation - The global digital shift is accelerating e-commerce across various sectors, including remote work and entertainment, bolstering the tech sector [7] - The rapid adoption of technologies such as cloud computing, big data, and blockchain is anticipated to continue fueling market rallies [7] ETF Highlights - VanEck Vectors Digital Transformation ETF (DAPP) rose 4.4%, focusing on companies involved in digital asset transformation, with an asset base of $274.3 million [9] - iShares Blockchain and Tech ETF (IBLC) increased by 4%, targeting companies in blockchain and crypto technologies, with an asset base of $50.6 million [10][11] - ARK Autonomous Technology & Robotics ETF (ARKQ) gained 3.6%, investing in companies benefiting from advancements in automation and technology, with an asset base of $1.2 billion [12] - Global X Social Media Index ETF (SOCL) rose 3.5%, providing access to social media companies globally, with an asset base of $143.5 million [13]

Core Viewpoint - The Invesco RAFI US 1500 Small-Mid ETF (PRFZ) is a smart beta ETF designed to provide broad exposure to the small-cap blend market segment, with a focus on outperforming traditional market cap weighted indexes [1][5]. Fund Overview - Launched on September 20, 2006, PRFZ has accumulated over $2.38 billion in assets, making it one of the larger ETFs in its category [1][5]. - The fund aims to match the performance of the FTSE RAFI US 1500 Small-Mid Index, which tracks small and medium-sized US companies based on fundamental measures such as book value, cash flow, sales, and dividends [5]. Cost Structure - The annual operating expenses for PRFZ are 0.34%, which is competitive within its peer group [6]. - The ETF has a 12-month trailing dividend yield of 1.23% [6]. Sector Exposure and Holdings - The Financials sector represents the largest allocation at 18.6%, followed by Industrials and Information Technology [7]. - Applovin Corp (APP) accounts for approximately 0.49% of the fund's total assets, with the top 10 holdings making up about 3.73% of total assets under management [8]. Performance Metrics - As of August 5, 2025, PRFZ has gained about 0.19% year-to-date and approximately 7.11% over the past year [10]. - The ETF has traded between $33.13 and $45.39 in the past 52 weeks, with a beta of 1.09 and a standard deviation of 21.35% over the trailing three-year period, indicating medium risk [10]. Alternatives - Other ETFs in the small-cap blend space include Vanguard Small-Cap ETF (VB) and iShares Core S&P Small-Cap ETF (IJR), which have significantly larger asset bases and lower expense ratios of 0.05% and 0.06%, respectively [12].

Core Insights - The Invesco KBW Bank ETF (KBWB) is designed to provide broad exposure to the Financials - Banking segment, making it a suitable option for long-term investors and popular among institutional and retail investors due to its low costs and tax efficiency [1][2] Index Details - Sponsored by Invesco, KBWB has over $4.66 billion in assets, positioning it as one of the largest ETFs in the Financials - Banking segment [3] - The ETF aims to match the performance of the KBW Nasdaq Bank index, which reflects publicly-traded banks and thrifts in the US [3] Costs - The annual operating expense ratio for KBWB is 0.35%, making it one of the least expensive ETFs in its category [4] - It has a 12-month trailing dividend yield of 2.21% [4] Sector Exposure and Top Holdings - KBWB has a 100% allocation in the Financials sector, providing diversified exposure [5] - Goldman Sachs Group Inc accounts for approximately 8.42% of total assets, with the top 10 holdings making up about 59.88% of total assets [6] Performance and Risk - The ETF has gained about 12.5% year-to-date and 36.24% over the past year, with a trading range between $53.5 and $75.02 in the last 52 weeks [7] - It has a beta of 1.09 and a standard deviation of 27.13% over the trailing three-year period, indicating higher risk compared to peers [7] Alternatives - KBWB carries a Zacks ETF Rank of 3 (Hold), suggesting it is a reasonable option for exposure to Financials ETFs [8] - Other alternatives include the First Trust NASDAQ Bank ETF (FTXO) and the SPDR S&P Bank ETF (KBE), with FTXO having $227.69 million in assets and KBE at $1.53 billion [9]

Core Viewpoint - The Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RSPD) offers investors broad exposure to the consumer discretionary sector, utilizing a smart beta strategy that aims to outperform traditional market cap weighted indexes [1][3]. Fund Overview - RSPD was launched on November 1, 2006, and is managed by Invesco, with total assets exceeding $204.44 million, categorizing it as an average-sized ETF in the consumer discretionary space [1][5]. - The fund seeks to match the performance of the S&P 500 Equal Weight Consumer Discretionary Index, which equally weights stocks in the consumer discretionary sector [5]. Cost Structure - The annual operating expenses for RSPD are 0.40%, which is competitive within its peer group [6]. - The fund has a 12-month trailing dividend yield of 0.71% [6]. Sector Exposure and Holdings - RSPD is fully allocated to the consumer discretionary sector, representing 100% of its portfolio [7]. - The top holdings include Carnival Corp (2.33% of total assets), Royal Caribbean Cruises Ltd, and Nike Inc, with the top 10 holdings accounting for approximately 21.73% of total assets [8]. Performance Metrics - Year-to-date, RSPD has increased by about 4.38% and has risen approximately 20.27% over the last 12 months as of August 5, 2025 [10]. - The fund has traded between $44.09 and $56.67 in the past 52 weeks, with a beta of 1.20 and a standard deviation of 20.72% over the trailing three-year period [10]. Alternatives - For investors seeking to outperform the consumer discretionary segment, alternatives such as the Vanguard Consumer Discretionary ETF (VCR) and the Consumer Discretionary Select Sector SPDR ETF (XLY) are available, with VCR having $6.07 billion in assets and XLY $21.93 billion [12]. - VCR has a lower expense ratio of 0.09%, while XLY has an expense ratio of 0.08% [12].

Concentration Risk & Diversification - The market is seeing flows into equal-weighted S&P 500 funds, potentially driven by concerns about concentration risk with large companies like Nvidia (8% of S&P 500) and Microsoft (close to 7%) in ETFs like SPY and VO [1][2] - Investors are seeking diversification benefits through equally weighted approaches and actively managed ETFs [3] - Actively managed equity ETFs from firms like Toro Price, Capital Group, and Fidelity offer expert management decisions on stock selection, potentially mitigating concentration risk [4] - Diversification can serve as a hedge against concentration risk, protecting against excessive run-ups in individual names [5] - One solution to overconcentration risk is an ETF that equal weights 100 names from a quality-screened universe, matching the sector weights of the S&P 500 [6] - History shows that companies riding high can decline (e.g., Kodak, IBM, GE, Lucent, Cisco), so advisors should consider pruning back gains from Nvidia and Microsoft without incurring taxes [7] Momentum Strategies - The S&P 500 momentum index is up more than 34% this year, reflecting a "risk-on" sentiment [8] - Momentum strategies, like the Invesco S&P 500 Momentum ETF (SPMO), focus on stocks with the strongest relative strength and have been outperforming the broader S&P 500 [9] - Momentum ETFs contain stocks beyond just technology, including consumer discretionary (Kohl's, American Eagle), financials (JP Morgan), and consumer staples (Walmart, Costco) [10] - It's crucial to understand the specific holdings and construction of momentum ETFs to ensure they align with investment goals [11] - Momentum is a factor that has historically outperformed the broader marketplace [13]

Core Viewpoint - The Invesco Semiconductors ETF (PSI) offers investors exposure to the semiconductor sector through a smart beta strategy, aiming to outperform traditional market cap weighted ETFs [1][3][12]. Fund Overview - PSI was launched on June 23, 2005, and has accumulated over $699.47 million in assets, categorizing it as an average-sized ETF within the Technology ETFs [1][5]. - The fund seeks to replicate the performance of the Dynamic Semiconductor Intellidex Index, which evaluates semiconductor companies based on various investment criteria [5][6]. Cost and Expenses - PSI has an annual operating expense ratio of 0.56%, which is competitive within its peer group [7]. - The fund offers a 12-month trailing dividend yield of 0.14% [7]. Sector Exposure and Holdings - The fund is heavily weighted towards the Information Technology sector, which constitutes 97.9% of its portfolio [8]. - Key holdings include Applied Materials Inc (5.03%), Texas Instruments Inc, and Lam Research Corp, with the top 10 holdings making up approximately 46.24% of total assets [9]. Performance Metrics - Year-to-date, PSI has increased by approximately 1.5% and has risen about 11.14% over the past 12 months as of August 4, 2025 [11]. - The ETF has a beta of 1.50 and a standard deviation of 36.67% over the trailing three-year period, indicating higher risk compared to peers [11]. Alternatives - Other ETFs in the semiconductor space include iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH), with assets of $13.11 billion and $26.21 billion respectively [13]. - SOXX and SMH both have lower expense ratios of 0.35%, appealing to investors seeking cost-effective options [13].

ETF vs Mutual Funds - ETFs trade all day, offering liquidity, while mutual funds trade only once daily after the close [2][3] - ETFs often have lower management fees due to passive index tracking, but actively managed ETFs can have higher fees [5] - Mutual funds may have minimum buy-ins around $1,000, while ETFs require only the price of one share [6] - Mutual funds can offer automatic savings plans, while ETFs provide flexibility with options trading and short selling [6][8] ETF Market Growth and Evolution - The number of mutual funds has plateaued since the beginning of the century, currently at over 6,500, down from a pre-pandemic peak [9] - ETF growth has accelerated, nearing 4,000, with assets under management at approximately $11 trillion, half of mutual funds' $22 trillion [10] - SPY (S&P 500 ETF) was launched in 1993, enabling trading of the entire S&P 500 like a stock [14][15] - QQQ (NASDAQ 100 ETF) launched in 1999, allowing trading of the NASDAQ 100 [18] - The ETF rule streamlined the launch process, leading to an explosion in ETF volume and new launches [23] - Invesco seeks to convert its QQQ fund from a fixed unit investment trust to an open-end ETF, potentially increasing its management fee income by over $600 million annually [26][29] SPY vs QQQ Performance - Since 1993, SPY's total price return is over 1,300%, while QQQ's is over 1,007% since 1999 [27] - SPY experienced a worst sell-off of -56% during the global financial crisis, while QQQ had -83% during the dot-com bust [27][28] - SPY's management fee is 00945%, approximately half that of QQQ [28] - SPY's daily trading volume is 67 million shares, equivalent to $42 billion, compared to QQQ's 40 million shares, or $23 billion [28][29]

[PART I. Financial Information](index=6&type=section&id=PART%20I.%20Financial%20Information) This section provides Invesco Ltd.'s unaudited condensed consolidated financial statements and management's discussion and analysis for the period ended June 30, 2025 [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents Invesco Ltd.'s unaudited condensed consolidated financial statements, including balance sheets, income, comprehensive income, cash flows, and equity changes, for periods ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$28.50 billion** by June 30, 2025, driven by consolidated investment products, while total equity attributable to Invesco Ltd. decreased to **$13.87 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$28,496.9** | **$27,008.9** | | Cash and cash equivalents | $922.7 | $986.5 | | Goodwill | $8,583.3 | $8,583.3 | | Investments and other assets of CIP | $9,673.9 | $8,374.5 | | **Total Liabilities** | **$13,538.0** | **$11,340.1** | | Debt | $1,883.9 | $890.6 | | Debt and other liabilities of CIP | $8,192.5 | $6,853.1 | | **Total Equity Attributable to Invesco Ltd.** | **$13,873.1** | **$14,559.9** | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) In Q2 2025, Invesco Ltd. reported a **net loss of $12.5 million** due to a preferred share repurchase, contrasting with net income in Q2 2024 Income Statement Summary (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $1,515.5 | $1,483.3 | $3,044.7 | $2,958.6 | | Operating income | $214.2 | $206.8 | $491.5 | $419.9 | | Net income/(loss) attributable to Invesco Ltd. | $(12.5) | $132.2 | $158.6 | $273.7 | | Diluted EPS | $(0.03) | $0.29 | $0.35 | $0.60 | - A significant cost of **$159.3 million** was incurred for the repurchase of preferred shares in Q2 2025, leading to a net loss attributable to Invesco Ltd. for the quarter[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$463.3 million** for the six months ended June 30, 2025, while financing activities included a **$1.15 billion** preferred share repurchase Six-Month Cash Flow Summary (in millions) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $463.3 | $434.7 | | Net cash provided by/(used in) investing activities | $(367.4) | $57.4 | | Net cash provided by/(used in) financing activities | $(195.5) | $(860.0) | | **Increase/(decrease) in cash and cash equivalents** | **$(99.6)** | **$(367.9)** | - Financing activities in the first half of 2025 were marked by a **$1.15 billion** repurchase of preferred shares and the issuance of **$992.7 million** in new bank term loans[21](index=21&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, fair value measurements, debt, and share capital, highlighting a **$1.0 billion** preferred stock repurchase and an increased **$2.5 billion** revolving credit facility - On May 16, 2025, Invesco repurchased **$1.0 billion** of Series A Preferred Stock held by Massachusetts Mutual Life Insurance Company (MassMutual)[51](index=51&type=chunk) - The company amended its revolving credit agreement, increasing its capacity from **$2.0 billion** to **$2.5 billion** and extending the maturity to May 2030. It also entered into two new floating-rate bank term loans totaling **$1.0 billion**[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has undrawn co-invest capital commitments of **$779.6 million** as of June 30, 2025[62](index=62&type=chunk) - A second quarter 2025 dividend of **$0.21 per common share** was declared on July 21, 2025[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting record **$2.0 trillion** Assets Under Management (AUM) in Q2 2025, capital management, and a strategic partnership with Barings [Executive Overview](index=23&type=section&id=Executive%20Overview) The company achieved record **$2.0 trillion** AUM in Q2 2025, repurchased **$1.0 billion** in preferred shares, and formed a strategic partnership with Barings - The company reached a record **$2.0 trillion** in Assets Under Management (AUM) in the second quarter of 2025[86](index=86&type=chunk) - On May 16, 2025, the company repurchased **$1.0 billion** of its outstanding Series A preferred shares, funded by **$1.0 billion** in new 3-year and 5-year bank term loans. The revolving credit agreement was also increased to **$2.5 billion** and extended to 2030[87](index=87&type=chunk) - A strategic partnership with Barings (MassMutual's asset management subsidiary) was announced to expand the private markets business, with MassMutual intending to invest an initial total of **$650 million**[88](index=88&type=chunk) [Assets Under Management](index=28&type=section&id=Assets%20Under%20Management) Total AUM increased to **$2,001.4 billion** by June 30, 2025, driven by **$15.6 billion** in net long-term flows and **$126.4 billion** in market gains AUM Roll-Forward for Q2 2025 (in billions) | Metric | Total AUM | Active | Passive | | :--- | :--- | :--- | :--- | | Beginning Assets (April 1) | $1,844.8 | $1,041.3 | $803.5 | | Net long-term flows | $15.6 | $3.8 | $11.8 | | Total net flows | $15.2 | $0.6 | $14.6 | | Market gains and losses | $126.4 | $33.4 | $93.0 | | Foreign currency translation | $14.0 | $11.2 | $2.8 | | **Ending Assets (June 30)** | **$2,001.4** | **$1,087.5** | **$913.9** | - For the six months ended June 30, 2025, total net flows were **$47.8 billion**, with net long-term flows contributing **$33.2 billion**[106](index=106&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q2 2025 operating revenues increased 2.2% to **$1.52 billion**, with operating income rising 3.6% to **$214.2 million**, despite a 12.8% increase in employee compensation Q2 2025 vs Q2 2024 Financial Performance (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total operating revenues | $1,515.5 | $1,483.3 | 2.2% | | Total operating expenses | $1,301.3 | $1,276.5 | 1.9% | | Operating income | $214.2 | $206.8 | 3.6% | - Employee compensation expense increased by **$58.1 million (12.8%)** YoY in Q2 2025, primarily due to **$16.9 million** in severance, a **$22.4 million** increase in deferred compensation mark-to-market expense, and higher variable compensation[155](index=155&type=chunk) - General and administrative expenses decreased by **$41.2 million (22.8%)** YoY in Q2 2025, mainly because the prior-year period included a **$50 million** accrual for a regulatory settlement[161](index=161&type=chunk) - The effective tax rate increased to **28.1%** for Q2 2025 from **24.6%** in Q2 2024, primarily due to jurisdictional tax rate changes and an unfavorable mix of income[175](index=175&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity reached **$3.42 billion** by June 30, 2025, supported by a **$2.5 billion** revolving credit facility, with the company repurchasing **$1.0 billion** in preferred stock Sources of Liquidity (in millions) | Source | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $922.7 | $986.5 | | Available Revolving credit agreement | $2,500.0 | $2,000.0 | | **Total sources of liquidity** | **$3,422.7** | **$2,986.5** | - In H1 2025, the company repurchased **3.2 million common shares** for **$50 million** and **$1.0 billion** of Series A Preferred Stock[204](index=204&type=chunk) - The company maintained strong investment-grade credit ratings of **BBB+ (S&P)**, **A3 (Moody's)**, and **A (Fitch)**, all with stable outlooks[205](index=205&type=chunk) - As of June 30, 2025, the company was in compliance with its debt covenants, reporting a leverage ratio of **0.83:1.00** (well below the maximum of 3.25:1.00) and an interest coverage ratio of **26.69:1.00** (above the minimum of 4.00:1.00)[225](index=225&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks include AUM market price, securities market, interest rate, and foreign exchange rate risks, with no material changes reported - The company's main market risks are AUM market price risk, securities market risk, interest rate risk, and foreign exchange rate risk, with no material changes reported for the period[235](index=235&type=chunk) - Investment management revenues are directly tied to the value of AUM, meaning declines in market prices of securities could significantly reduce revenues[236](index=236&type=chunk) - As of June 30, 2025, **47.3%** of the company's debt had fixed interest rates, mitigating some exposure to interest rate fluctuations[239](index=239&type=chunk) [Item 4. Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Based on an evaluation as of June 30, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[244](index=244&type=chunk) - There were no changes during the six months ended June 30, 2025, that materially affected or are likely to materially affect the company's internal control over financial reporting[245](index=245&type=chunk) [PART II. Other Information](index=59&type=section&id=PART%20II.%20Other%20Information) This section covers legal proceedings, risk factors, unregistered sales of equity securities, and a list of exhibits filed with the report [Item 1. Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings are referenced in Note 10 of the financial statements, with management expecting no material impact on the company's financial condition - Details regarding legal proceedings are provided in Note 10, "Commitments and Contingencies - Legal Contingencies," within the financial statements[248](index=248&type=chunk) [Item 1A. Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) No significant changes to the company's risk factors have been reported since the Annual Report on Form 10-K for 2024 - The company reports no significant changes in its risk factors from those previously disclosed in its 2024 Form 10-K[249](index=249&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, the company repurchased **1,745,987 common shares**, with **$282.2 million** remaining available under the repurchase authorization Common Share Repurchases for Q2 2025 | Month | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 632,875 | $13.38 | | May 2025 | 543,180 | $14.85 | | June 2025 | 569,932 | $14.85 | | **Total** | **1,745,987** | **N/A** | - As of June 30, 2025, **$282.2 million** remained available under the company's share repurchase authorization[251](index=251&type=chunk) [Item 6. Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section indexes all exhibits filed with the Form 10-Q, including corporate governance documents, credit agreements, and CEO/CFO certifications - The exhibits include certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[255](index=255&type=chunk)

Group 1 - Invesco NASDAQ 100 ETF (QQQM) has reached a 52-week high and is up 40% from its 52-week low price of $165.72/share [1] - The ETF provides exposure to 105 of the largest domestic and international non-financial companies listed on Nasdaq, with an annual fee of 15 basis points [1] - The recent surge in the Nasdaq index is attributed to strong earnings from major companies like Alphabet and Meta Platforms, which are increasing their capital spending and investing in artificial intelligence [2] Group 2 - QQQM currently holds a Zacks ETF Rank 1 (Strong Buy), indicating potential for continued outperformance in the coming months [3] - The sectors represented in QQQM have a strong Zacks Industry Rank, suggesting promising opportunities for investors looking to capitalize on the ETF's upward momentum [3]