Fund Performance - QQQ is the most profitable product in the $11.7 trillion industry [1] Company Earnings - Invesco earns next to nothing for running QQQ [1] Shareholder Proposal - Invesco is asking shareholders to change the current situation [1]

Core Viewpoint - Invesco (IVZ) is positioned well to potentially beat earnings estimates in its upcoming quarterly report, supported by a solid history of exceeding expectations [1][6]. Earnings Performance - Invesco has a strong track record of surpassing earnings estimates, with an average surprise of 9.47% over the last two quarters [2]. - For the most recent quarter, Invesco reported earnings of $0.39 per share against an expectation of $0.44, resulting in a surprise of 12.82%. In the previous quarter, it reported $0.52 per share against a consensus estimate of $0.49, yielding a surprise of 6.12% [3]. Earnings Estimates and Predictions - Recent estimates for Invesco have been trending upward, with a positive Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of an earnings beat [6][9]. - The current Earnings ESP for Invesco stands at +1.65%, reflecting increased analyst optimism regarding its near-term earnings potential [9]. Zacks Rank and Success Rate - The combination of a positive Earnings ESP and a Zacks Rank of 1 (Strong Buy) suggests a high probability of another earnings beat, as stocks with this combination have a nearly 70% success rate in exceeding consensus estimates [7][9].

Core Viewpoint - Invesco Capital Management LLC has filed a preliminary proxy statement with the SEC to seek consent from beneficial owners of Invesco QQQ TrustSM, Series 1 for a reclassification of QQQ from a "unit investment trust" to a "management company" with a subclassification as an "open-end company" under the Investment Company Act of 1940 [1] Group 1 - If the proposals are approved, the Bank of New York Mellon will be replaced as QQQ's Trustee by a board of individual trustees, while BNY will continue to serve as custodian, administrator, accounting agent, and transfer agent [2] - ICM will be appointed as the investment adviser to QQQ under a new investment advisory agreement, which includes a unitary fee of 18 basis points, leading to a pro-forma reduction of 2 basis points from QQQ's current expense ratio of 20 basis points [2] Group 2 - As of March 31, 2025, Invesco Ltd. managed US$1.8 trillion in assets on behalf of clients worldwide, highlighting its significant presence in the investment management industry [3]

It’s a quirk in the booming world of passive investing: Famed tech fund QQQ is the most profitable offering in the ETF industry, but Invesco earns virtually nothing from running it. Now the asset manager is asking shareholders to change that https://t.co/QlModOzZJM ...

Core Viewpoint - The Invesco S&P SmallCap 600 Pure Value ETF (RZV) is a passively managed fund targeting the Small Cap Value segment of the US equity market, with assets exceeding $206.50 million, making it an average-sized ETF in this category [1]. Group 1: Small Cap Value Characteristics - Small cap companies, defined as those with market capitalizations below $2 billion, are considered high-potential stocks but carry higher risks compared to large and mid-cap companies [2]. - Value stocks typically exhibit lower price-to-earnings and price-to-book ratios, along with lower sales and earnings growth rates. Historically, value stocks have outperformed growth stocks in most markets, although they may underperform during strong bull markets [3]. Group 2: Costs and Performance - The ETF has an annual operating expense ratio of 0.35%, which is competitive within its peer group, and a 12-month trailing dividend yield of 0.96% [4]. - RZV aims to replicate the performance of the S&P SmallCap 600 Pure Value Index, having lost approximately -3.48% year-to-date and -0.25% over the past year as of July 17, 2025. The ETF has traded between $83.11 and $119.36 in the last 52 weeks [7]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Consumer Discretionary sector, comprising about 26.80% of the portfolio, followed by Financials and Energy [5]. - Par Pacific Holdings Inc (PARR) represents about 2.49% of total assets, with the top 10 holdings accounting for approximately 17.72% of total assets under management [6]. Group 4: Risk and Alternatives - RZV has a beta of 1.20 and a standard deviation of 24.57% over the trailing three-year period, indicating a higher risk profile. The ETF includes around 147 holdings, which helps mitigate company-specific risk [8]. - Alternatives to RZV include the iShares Russell 2000 Value ETF (IWN) and the Vanguard Small-Cap Value ETF (VBR), which track similar indices and have larger asset bases of $10.92 billion and $29.95 billion, respectively [10].

Core Viewpoint - Invesco Mortgage Capital Inc. is set to announce its second quarter 2025 results on July 24, 2025, with a subsequent conference call scheduled for July 25, 2025, at 9:00 a.m. ET [1] Company Information - Invesco Mortgage Capital Inc. is a real estate investment trust that focuses on investing in, financing, and managing mortgage-backed securities and other mortgage-related assets [3] - The company is externally managed and advised by Invesco Advisers, Inc., a wholly-owned subsidiary of Invesco Ltd., which is a leading independent global investment management firm [3] Conference Call Details - A presentation will be available on the company's website prior to the conference call [2] - Participants can join the call using the North America Toll-Free number 888-982-7409 or the International Toll number 1-212-287-1625, with the passcode "Invesco" [2] - An audio replay of the call will be available until August 8, 2025 [2]

Investment Strategy & Market Analysis - Free cash flow is considered a crucial valuation metric, favored by investors like Warren Buffett for identifying companies generating more cash than needed for operations [2] - Traditional value investing relying on price-to-book ratios is becoming less relevant as intangible assets now constitute approximately 80-85% of assets in S&P 500 companies [4] - A portfolio based on free cash flow yield outperformed a portfolio based on value factor (determined by price-to-book) between 2000 and June 2024, returning over double the amount [5] ETF Performance & Characteristics - Pacer US Cash Cows ETF (COWZ) selects 100 companies from the Russell 1000 index with the highest free cash flow yield, currently holding approximately $21 billion in assets [7] - VictoryShares Free Cash Flow ETF (VFLO) has gathered over $26 billion in assets year-to-date, totaling $44 billion, due to its consideration of both trailing and forward-looking free cash flow [9] - Invesco NASDAQ Free Cash Flow Achievers ETF (QZ) focuses on technology companies with positive free cash flow in each of the trailing 11 years and year-over-year growth [11] - Invesco product (QZ) has shown the best performance, returning about 19% over the past year, likely due to its focus on technology stocks [15] ETF Methodologies & Holdings - Pacer's COWZ ETF portfolio is heavily weighted in healthcare (20%) and energy (19%), with top holdings including Ford, Exxon Mobil, and Chevron [9] - VictoryShares' VFLO ETF portfolio is heavily weighted in consumer discretionary, with top holdings including Qualcomm, Mercar, and United Health [11] - Invesco's QZ ETF portfolio includes top holdings like Nvidia, Meta, and Broadcom, reflecting its focus on technology companies [12]

Core Insights - The Invesco Russell 2000 Dynamic Multifactor ETF (OMFS) offers investors broad exposure to the small-cap blend market segment, having debuted on November 8, 2017 [1] - The ETF industry has been traditionally dominated by market capitalization weighted indexes, but smart beta strategies are gaining traction among investors seeking to outperform the market through stock selection [2][3] Fund Overview - Managed by Invesco, OMFS has accumulated over $239.4 million in assets, positioning it as an average-sized ETF within its category [5] - The fund aims to match the performance of the Russell 2000 Invesco Dynamic Multifactor Index, which selects stocks from the Russell 2000 Index, representing 2,000 small-cap companies in the U.S. [6] Cost Structure - OMFS has an annual operating expense ratio of 0.39%, which is competitive within its peer group, and a 12-month trailing dividend yield of 1.30% [7] Sector Allocation and Holdings - The fund's largest sector allocation is to Financials at 28.1%, followed by Industrials and Information Technology [8] - Sprouts Farmers Market Inc (SFM) is the largest individual holding at 3.44% of total assets, with the top 10 holdings comprising approximately 14.19% of OMFS's total assets [9] Performance Metrics - Year-to-date, OMFS has returned approximately 2.13% and is up about 8.98% over the last 12 months as of July 16, 2025 [11] - The fund has a beta of 1.05 and a standard deviation of 21.10% over the trailing three-year period, indicating effective diversification with around 649 holdings [11] Alternatives - Investors seeking to outperform the small-cap blend segment may consider OMFS, but there are alternative ETFs such as iShares Russell 2000 ETF (IWM) and iShares Core S&P Small-Cap ETF (IJR) that may offer lower expense ratios and risk profiles [12][13]

Core Viewpoint - The Invesco S&P SmallCap 600 Pure Value ETF (RZV) offers investors exposure to small-cap value stocks and aims to match the performance of the S&P SmallCap 600 Pure Value Index, with a focus on strong value characteristics [1][5]. Fund Overview - RZV debuted on March 1, 2006, and has accumulated over $209.5 million in assets, categorizing it as an average-sized ETF in the small-cap value space [1][5]. - The fund is sponsored by Invesco and has an annual operating expense ratio of 0.35%, which is competitive within its peer group [5][6]. Performance Metrics - Year-to-date, RZV has experienced a loss of approximately -2.68%, while it has gained about 4.65% over the last 12 months as of July 16, 2025 [9]. - The ETF has a beta of 1.20 and a standard deviation of 24.59% over the trailing three-year period, indicating a higher risk profile [10]. Sector Allocation - The fund's largest sector allocation is in Consumer Discretionary, comprising about 26.9% of the portfolio, followed by Financials and Energy [7]. - Par Pacific Holdings Inc (PARR) is the largest individual holding at approximately 2.49% of total assets, with the top 10 holdings accounting for about 17.72% of RZV's total assets [8]. Alternatives - Other ETFs in the small-cap value space include iShares Russell 2000 Value ETF (IWN) and Vanguard Small-Cap Value ETF (VBR), which have significantly larger asset bases of $10.87 billion and $29.86 billion, respectively [12]. - IWN has a lower expense ratio of 0.24%, while VBR has a minimal change of 0.07%, making them potentially more attractive options for cost-conscious investors [12].

Core Viewpoint - The Invesco S&P 500 Top 50 ETF (XLG) is a significant player in the Large Cap Blend segment of the US equity market, with over $9.59 billion in assets, making it one of the largest ETFs in this category [1] Group 1: Fund Overview - XLG is a passively managed ETF launched on May 4, 2005, sponsored by Invesco [1] - The fund targets companies with market capitalizations above $10 billion, which are typically stable with predictable cash flows [2] Group 2: Costs and Performance - The annual operating expenses for XLG are 0.20%, which is competitive within its peer group, and it has a 12-month trailing dividend yield of 0.70% [3] - As of July 16, 2025, XLG has increased by approximately 5.87% year-to-date and 12.06% over the past year, with a trading range between $40.94 and $52.70 in the last 52 weeks [6] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation of about 44.70% to the Information Technology sector, with Telecom and Consumer Discretionary following [4] - Microsoft Corp (MSFT) constitutes about 11.57% of total assets, with the top 10 holdings making up approximately 60.6% of total assets under management [5] Group 4: Risk and Alternatives - XLG has a beta of 1.04 and a standard deviation of 18.92% over the trailing three-year period, indicating a medium risk profile [7] - The ETF holds a Zacks ETF Rank of 2 (Buy), suggesting it is a strong option for investors seeking exposure to the Large Cap Blend segment [8] Group 5: Competitive Landscape - Other ETFs like the SPDR S&P 500 ETF (SPY) and Vanguard S&P 500 ETF (VOO) also track similar indices, with SPY having $639.29 billion and VOO $688.86 billion in assets, and lower expense ratios of 0.09% and 0.03% respectively [9] Group 6: Market Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low cost, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [10]