Analysis

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About Invesco S&P MidCap Value with Momentum ETF

XMVMs name reflects its straightforward approach to value with momentum, with the emphasis on value. Pulling from the S&P 400 mid-caps, its index selects 160 names with highest value scores, derived from book-to-price, (trailing) earnings-to-price, and sales-to-price. It then picks the top half of these using a momentum score based on 12-month performance, excluding the most recent month, and favoring stocks with lower volatility. The 80 names are weighted by the value score. Firm size (market cap) does not play a direct role in weighting, so the fund may lean toward smaller mid-caps. The index is rebalanced semi-annually. Prior to June 24, 2019, the fund was called Invesco Russell mid-cap Equal Weight ETF that tracked the Russell mid-cap Pure Value Index under the ticker PXMV. The current index retains pure value flavor given its value weighting.