Invesco Large Cap Value ETF

Invesco Large Cap Value ETF (PWV) is an index fund that holds about 50 large U.S. value stocks, meaning shares that look cheap compared with company earnings or assets. ICE Data's Intellidex ranking model picks them from the 2,000 largest U.S. stocks. The result is a concentrated portfolio with 32.3% in financials as of July 31, 2026. At 0.55% a year, it costs far more than the 0.18% average of similar value funds.

• Over the year to Oct 27, 2026, PWV returned +23.4%, 6th of 9 among similar funds.
• Its 5-year annualized return was +13.6% and its 10-year +12.4%.
• In the 2020 COVID crash it fell 36.9% and regained its old high 10.7 months after the low.
• Its worst full calendar year was 2008 (-27.2%); its best was 2013 (+32.6%).
• The deepest fall in its price history was 49.1% (Oct 9, 2007 to Mar 9, 2009), recovered by Apr 21, 2011.

As of Jul 31, 2026, the fund held 50 securities; the ten largest made up 34.27% of assets.

By sector

• Over the three months to Jul 31, 2026, investors added a net $107.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.49%, +3.37%, +5.49%.

PWV tracks the Dynamic Large Cap Value Intellidex Index, which is built by ICE Data Indices. ICE Data ranks the 2,000 largest stocks listed on the NYSE, NYSE American and Nasdaq. It uses its own Intellidex model, which scores each company's investment potential. From that list, the index picks 50 large companies with strong value traits. They are chosen mainly for their potential to rise in price. As of June 30, 2026, the index held 49 stocks, worth between $47.7 billion and $877 billion each.

The fund uses full replication. That means it buys every stock in the index, in the same proportions. As of July 31, 2026, no position was very large. The biggest, Bank of America, was 3.7% of assets, and the top 10 together made up 34.3%. Sector weights come from the model, not the overall market. They leaned heavily toward financials (32.3%), health care (23.9%) and energy (14.7%). The fund held no derivatives.

Holdings change often. Portfolio turnover was 110%, so in one year the fund traded more than the value of its whole portfolio. That trading has costs that aren't included in the 0.55% expense ratio. If the index leans heavily on one industry, the fund does too. If a few stocks grow large enough, the fund can also become 'non-diversified' without a shareholder vote.

• PWV charges 0.55% a year, versus an average of 0.18% for the similar funds below (9th 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).

Its tilt toward lower-priced financial, health care and energy stocks can balance a core fund heavy in growth stocks, but with only about 50 stocks it works better as one part of a portfolio than as the whole thing.

PWV has not protected investors in crashes. It fell 49.1% from October 2007 to March 2009 and didn't regain its old high until April 2011. Its worst calendar year was 2008, when it lost 27.2%. In the 2020 COVID crash it dropped 36.9% and recovered by February 2021. It held up better in 2022: it fell 16.4% at its lowest point and lost just 1.09% for the full year. Someone who has to sell shares during a slump could lock in losses of that size. Income is modest. The yield was 1.71% as of October 27, 2026, paid quarterly. Costs are high. In the SEC's standard example, $10,000 would cost $689 in fees over 10 years. Past results don't predict future returns, and any plan should look at the whole portfolio, not one fund.

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