Invesco Large Cap Growth ETF

Invesco Large Cap Growth ETF (PWB) is an index fund that owns the 50 large US growth stocks picked by ICE Data's Dynamic Large Cap Growth Intellidex Index. That index uses a rules-based model to rank the 2,000 largest US stocks. The fund spreads its money fairly evenly, and no holding was above 4% as of July 31, 2026. Its 0.55% annual fee is more than twice the 0.24% average of similar growth funds.

• Over the year to Oct 27, 2026, PWB returned +17.3%, 1st of 9 among similar funds.
• Its 5-year annualized return was +14.7% and its 10-year +17.8%.
• In the 2020 COVID crash it fell 32.3% and regained its old high 3.3 months after the low.
• Its worst full calendar year was 2008 (-42.2%); its best was 2013 (+37.4%).
• The deepest fall in its price history was 52.6% (Oct 12, 2007 to Mar 9, 2009), recovered by Mar 26, 2012.

As of Jul 31, 2026, the fund held 50 securities; the ten largest made up 34.56% of assets.

By sector

• Over the three months to Jul 31, 2026, investors added a net $313.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +10.04%, +4.53%, -9.07%.

PWB tracks the Dynamic Large Cap Growth Intellidex Index, which is built and maintained by ICE Data Indices. The index provider starts with the 2,000 largest US stocks listed on the NYSE, NYSE American and Nasdaq. It ranks them for investment potential using its own Intellidex model, then keeps 50 large companies with strong growth traits. They are chosen mainly for their potential to rise in price. As of June 30, 2026, the companies in the index ranged from $32.3 billion to $4.8 trillion in market value.

The fund uses "full replication." That means it buys every stock in the index in the same proportions as the index. As a result, the money is spread fairly evenly instead of piling into the biggest companies. As of July 31, 2026, the largest positions were Mastercard (4.0%), Visa (3.8%), Applied Materials (3.8%), Amazon (3.5%) and Apple (3.4%). The top 10 made up 34.6% of assets. Technology was the largest sector by far, at 39.1%.

The model reshuffles holdings often. Portfolio turnover, the share of the portfolio replaced over a year, was 97%. Trading costs from that turnover come on top of the expense ratio. The fund held no derivatives and only 0.06% in cash. If the index leans heavily into one industry, the fund will too. If a few stocks grow large, the fund could become "non-diversified," meaning more of its money could sit in a handful of companies.

• PWB charges 0.55% a year, versus an average of 0.24% for the similar funds below (8th of 9, 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 $56 in the first year and $689 over 10 years (assuming a 5% annual return).

PWB is a 50-stock growth fund that is heavy in technology, swings more than the market and pays no income, so it fits better as a smaller slice next to a broad core fund.

PWB could add a tilt toward fast-growing large companies, but it has taken deep losses in downturns. Its one-year beta was 1.64 as of October 27, 2026. Beta measures how much a fund tends to move when the market moves. PWB lost 52.6% from October 2007 to March 2009 and didn't regain its peak until March 26, 2012. It fell 32.3% in the 2020 COVID crash and recovered in 3.3 months. It fell 30% in the 2022 bear market and took until January 2024 to recover. Its worst calendar year was 2008, with a loss of 42.2%. Selling shares in slumps like these would lock in steep losses. PWB paid no distributions in the 12 months through October 27, 2026. Its 0.55% fee is well above the 0.24% peer average. Past results don't predict future returns, and a plan should weigh the whole portfolio, not one fund.

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