Invesco S&P Global Water Index ETF

Invesco S&P Global Water Index ETF (CGW) tracks the S&P Global Water Index. The index holds water utilities and makers of water equipment and services in developed and emerging markets. The fund's money sits in a small number of companies: its 10 largest holdings made up about 55% of assets as of July 31, 2026. Its 0.58% expense ratio is above the 0.53% average of similar water funds.

• Over the year to Oct 27, 2026, CGW returned -1.3%, 3rd of 8 among similar funds.
• Its 5-year annualized return was +3.5% and its 10-year +10.0%.
• In the 2020 COVID crash it fell 35.7% and regained its old high 6.7 months after the low.
• Its worst full calendar year was 2008 (-40.3%); its best was 2019 (+34.0%).
• The deepest fall in its price history was 57.3% (Oct 31, 2007 to Mar 9, 2009), recovered by Jan 2, 2013.

As of Jul 31, 2026, the fund held 66 securities; the ten largest made up 55.24% of assets. It also reported 6.89% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors added a net $15.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -3.82%, +5.03%, -1.15%.

CGW aims to match the S&P Global Water Index, before fees. S&P Dow Jones Indices builds and runs the index. To qualify, a company must earn at least 25% of its revenue from water-related businesses under FactSet's RBICS industry classification system. It can also qualify by being listed as a water utility under GICS, the standard system for sorting companies by industry. Each company needs a total market value of at least $300 million and at least $100 million in float-adjusted value, which counts only shares freely available to trade. The index aims for 100 companies but held 62 as of December 31, 2025.

The index also screens companies on their business activities and drops those that break United Nations Global Compact principles on human rights, labor, the environment and corruption. It uses data from S&P Global and Sustainalytics, an ESG research firm. A company Sustainalytics does not cover cannot join the index.

The fund uses "full replication." It puts at least 90% of its assets into the index's stocks, or into depositary receipts that stand for them, in the same proportions as the index. It is "non-diversified," which means it can put more money into a few companies than a diversified fund can. It held no derivatives as of July 31, 2026, and its turnover was 19%.

• CGW charges 0.58% a year, versus an average of 0.53% for the similar funds below (6th of 8, cheapest first).
• Of that, 0.5% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $59 in the first year and $726 over 10 years (assuming a 5% annual return).

CGW invests in one industry, is non-diversified and has had deep drops, so it fits better as a small add-on than as a core holding.

CGW gives targeted exposure to water utilities and equipment makers. Its beta of 0.55 over the year to October 27, 2026 means it moved less than the broad market over that period. But it has fallen hard in past downturns. It lost 57% from October 2007 to March 2009 and took about 46 months after that low to recover. It dropped 36% in the 2020 crash and 32% in 2022, and it did not get back to its earlier high until May 2024. Its worst calendar year was 2008, when it lost 40%. Anyone forced to sell in years like those would lock in losses. Income is small: the yield was 1.57% as of October 27, 2026, paid once a year. In the SEC's standard example, $10,000 invested would cost $726 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.