Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL) Research

The Invesco Dorsey Wright Consumer Staples Momentum ETF (PSL) is an exchange-traded fund structured to track the performance of the Dorsey Wright Consumer Staples Technical Leaders Index. Typically, PSL allocates a minimum of 90% of its total assets to the equities included in this underlying index. This benchmark identifies companies exhibiting "relative strength" or momentum, comprising at least 30 stocks sourced from the broader NASDAQ US Benchmark Index. Relative strength is defined as a security's performance compared to others within its investment universe over a specified period. Both the Fund and its underlying Index undergo quarterly rebalancing and reconstitution. Morningstar Inc. data, as of August 31, 2025, indicates PSL achieved an impressive overall rating of 4 stars among 25 peer funds. Its performance over various timeframes earned it 5 stars out of 25 funds for both the 3- and 5-year periods, and 3 stars out of 20 funds for the 10-year period. These ratings are calculated using a risk-adjusted return methodology that assesses monthly performance fluctuations, prioritizing penalties for negative deviations while commending consistent returns. For comparative analysis, open-end mutual funds and ETFs are grouped together. Only funds with a track record of at least three years are eligible for these ratings. The overall star rating is determined by a weighted average of the applicable 3-, 5-, and 10-year metrics, factoring in all fees and expenses but excluding sales charges. ©2025 Morningstar Inc. All rights reserved. This Morningstar information is proprietary and should not be copied or distributed; it is not guaranteed for accuracy, completeness, or timeliness, and Morningstar is not liable for any damages from its use. Within each category, the top 10% of funds receive five stars, the subsequent 22.5% receive four stars, the middle 35% get three stars, the following 22.5% are awarded two stars, and the bottom 10% receive one star. Morningstar ratings are dynamic and subject to monthly adjustments. It's important to note that if fees had not been waived or expenses reimbursed, the fund's Morningstar rating might have been lower. Ratings can also vary across different share classes due to their unique performance profiles. Please remember that past performance is not indicative of future results.

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