Invesco Dorsey Wright Industrials Momentum ETF (PRN) Research

The Invesco Dorsey Wright Industrials Momentum ETF (referred to as the Fund) is designed to track the performance of the Dorsey Wright Industrials Technical Leaders Index (the Index). Typically, the Fund allocates a minimum of 90% of its total assets to the securities that constitute this underlying Index. The Index is formulated to identify industrial sector companies demonstrating robust relative strength, a key indicator of momentum. It is composed of at least 30 securities selected from the NASDAQ US Benchmark Index. In this context, relative strength measures a security's performance within a specific market universe over a given timeframe, comparing it to all other securities in that same universe. Both the Fund and its benchmark Index undergo rebalancing and reconstitution on a quarterly basis. As of August 31, 2025, Morningstar Inc. assigned the Fund an overall rating of 4 stars, placing it among 46 evaluated funds. Its performance also secured 4 stars over a three-year period (out of 46 funds), 3 stars over five years (out of 42 funds), and 4 stars over a decade (out of 33 funds). These ratings are not based solely on raw returns; Morningstar utilizes a sophisticated risk-adjusted return metric. This methodology carefully considers variations in a fund's monthly performance, with a greater emphasis on mitigating downside fluctuations and rewarding consistent gains. For comparative analysis, open-end mutual funds and exchange-traded funds are considered a unified group. Eligibility for these ratings requires a fund to have at least a three-year operational history. The overall star rating is derived from a weighted average of the applicable three-, five-, and ten-year performance metrics, incorporating fees and expenses but excluding any sales charges. Morningstar Inc. (©2025) provides several important disclaimers: this information is proprietary and should not be copied or distributed. While efforts are made, its accuracy, completeness, or timeliness cannot be guaranteed. Neither Morningstar nor its content providers accept responsibility for any damages or losses resulting from the use of this data. It is crucial to understand that past investment performance does not predict future results. The star rating distribution is as follows: the top 10% of funds achieve five stars, the subsequent 22.5% receive four, the middle 35% earn three, the following 22.5% are awarded two, and the bottom 10% are assigned one star. These ratings are subject to monthly adjustments. Furthermore, if fees had not been waived or expenses reimbursed, either historically or currently, the Fund's Morningstar rating would have been lower. Lastly, ratings for different share classes may vary due to distinct performance characteristics.

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