INVESCO EXCHANGE-TRADED FUND TRUST
SUPPLEMENT DATED MAY 29, 2020 TO THE PROSPECTUSES DATED
AUGUST 28, 2019, AS PREVIOUSLY
SUPPLEMENTED, OF:
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Invesco Aerospace & Defense ETF
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Invesco Golden Dragon China ETF
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Invesco BuyBack AchieversTM ETF
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Invesco High Yield Equity Dividend
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Invesco Dividend AchieversTM ETF
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Invesco International Dividend
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Invesco Dow Jones Industrial Average
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AchieversTM ETF
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Dividend ETF
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Invesco NASDAQ Internet ETF
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Invesco DWA Basic Materials Momentum
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Invesco Raymond James SB-1 Equity ETF
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ETF
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Invesco S&P 100 Equal Weight ETF
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Invesco DWA Consumer Cyclicals
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Invesco S&P 500 BuyWrite ETF
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Invesco S&P 500® Equal Weight ETF
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Invesco DWA Consumer Staples
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Invesco S&P 500® Equal Weight
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Communication Services ETF
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Invesco DWA Energy Momentum ETF
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Invesco S&P 500® Equal Weight Consumer
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Invesco DWA Financial Momentum ETF
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Discretionary ETF
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Invesco DWA Healthcare Momentum ETF
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Invesco S&P 500® Equal Weight Consumer
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Invesco DWA Industrials Momentum ETF
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Staples ETF
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Invesco S&P 500® Equal Weight Energy
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Invesco DWA Technology Momentum ETF
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ETF
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Invesco DWA Utilities Momentum ETF
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Invesco S&P 500® Equal Weight Financials
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Invesco Dynamic Biotechnology & Genome
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ETF
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ETF
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Invesco S&P 500® Equal Weight Health
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Invesco Dynamic Building & Construction
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Care ETF
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ETF
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Invesco S&P 500® Equal Weight Industrials
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Invesco Dynamic Energy Exploration &
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ETF
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Production ETF
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Invesco S&P 500® Equal Weight Materials
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Invesco Dynamic Food & Beverage ETF
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ETF
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Invesco Dynamic Large Cap Growth ETF
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Invesco S&P 500® Equal Weight Real
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Invesco Dynamic Large Cap Value ETF
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Estate ETF
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Invesco Dynamic Leisure and Entertainment
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Invesco S&P 500® Equal Weight
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ETF
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Technology ETF
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Invesco Dynamic Market ETF
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Invesco S&P 500® Equal Weight Utilities
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Invesco Dynamic Media ETF
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ETF
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Invesco Dynamic Networking ETF
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Invesco Dynamic Oil & Gas Services ETF
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Invesco S&P 500® Pure Growth ETF
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Invesco Dynamic Pharmaceuticals ETF
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Invesco S&P 500® Pure Value ETF
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Invesco Dynamic Semiconductors ETF
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Invesco S&P 500® Quality ETF
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Invesco Dynamic Software ETF
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Invesco S&P 500® Top 50 ETF
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Invesco Financial Preferred ETF
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Invesco S&P 500 Value with Momentum
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Invesco FTSE RAFI US 1000 ETF
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ETF
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Invesco FTSE RAFI US 1500 Small-
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Invesco S&P MidCap 400® Equal Weight
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Mid ETF
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ETF
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Invesco Global Listed Private Equity ETF
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Invesco S&P MidCap 400® Pure Growth
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Invesco S&P SmallCap 600® Pure Value
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ETF
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ETF
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Invesco S&P MidCap 400® Pure Value ETF
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Invesco S&P SmallCap Momentum ETF
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Invesco S&P MidCap Momentum ETF
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Invesco S&P SmallCap Value with
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Invesco S&P MidCap Quality ETF
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Invesco S&P MidCap Value with
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Momentum ETF
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Invesco Water Resources ETF
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Invesco S&P SmallCap 600® Equal Weight
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Invesco WilderHill Clean Energy ETF
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ETF
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Invesco Zacks Mid-Cap ETF
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Invesco S&P SmallCap 600® Pure Growth
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Invesco Zacks Multi-Asset Income ETF
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ETF
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(each, a “Fund” and collectively, the “Funds”)
Effective immediately, for each Fund, the following disclosure replaces the first paragraph in the section “Summary Information – Fund Fees and Expenses”:
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Effective immediately, for each Fund, the following disclosure replaces the second paragraph in the section “Summary Information – Purchase and Sale of Shares” or “Summary
Information – Purchase and Sale of Fund Shares,” as applicable:
Individual Shares may only be bought and sold in the secondary market (i.e., on a national securities exchange) through a broker or dealer at a market price.
Because the Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (at a premium), at NAV, or less than NAV (at a discount). An investor may incur costs attributable to the difference between the highest price a
buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).
Recent information, including information on the Fund’s NAV, market price, premiums and discounts, and bid-ask spreads, is available online at www.invesco.com/ETFs.
Effective immediately, the following disclosure replaces the second paragraph in the section “Invesco S&P 500® Pure Growth ETF – Summary Information – Principal
Investment Strategies”:
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P & DJI” or the “Index Provider”) compiles,
maintains and calculates the Underlying Index, which is composed of a subset of securities from the S&P 500® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned
two “style scores” – one for growth and one for value – based on the characteristics of the issuer. The “growth score” is measured using three factors: sales growth, the ratio of earnings change to price, and momentum (the
12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and
sales-to-price ratio. The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value
characteristics, the Underlying Index is narrower in focus and excludes any overlapping securities demonstrating value characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” growth securities
from the Parent Index based on those securities’ strong growth scores. The Underlying Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater
weights. As of April 30, 2020, the Underlying Index included 104 of the constituents from the Parent Index.
Effective immediately, the following disclosure replaces the second paragraph in the section “Invesco S&P 500® Pure Value ETF – Summary Information – Principal
Investment Strategies”:
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P & DJI” or the “Index Provider”) compiles,
maintains and calculates the Underlying Index, which is composed of a subset of securities from the S&P 500® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two
“style scores” – one for value and one for growth – based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is
measured using three other factors: three-year sales per share growth, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are ranked based
on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Underlying Index is narrower in focus and excludes any
overlapping securities demonstrating growth characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” value securities from the Parent Index based on those securities’ strong value scores. The
Underlying Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. As of April 30, 2020, the Underlying Index included 107 of the
constituents from the Parent Index.
Effective immediately, the following disclosure replaces the second paragraph in the section “Invesco S&P MidCap 400® Pure Growth ETF – Summary Information –
Principal Investment Strategies”:
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P & DJI” or the “Index Provider”) compiles,
maintains and calculates the Underlying Index, which is composed of a subset of securities from the S&P MidCap 400® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is
assigned two “style scores” – one for growth and one for value – based on the characteristics of the issuer. The “growth score” is measured using three factors: sales growth, the ratio of earnings change to price, and momentum
(the 12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and
sales-to-price ratio. The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value
characteristics, the Underlying Index is narrower in focus and excludes any overlapping securities demonstrating value characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” growth securities
from the Parent Index based on those securities’ strong growth scores. The Underlying Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater
weights. As of April 30, 2020, the Underlying Index included 89 of the constituents from the Parent Index, representing companies with capitalizations ranging from approximately $821.15 million to $14 billion.
Effective immediately, the following disclosure replaces the second paragraph in the section “Invesco S&P MidCap 400® Pure Value ETF – Summary Information –
Principal Investment Strategies”:
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P & DJI” or the “Index Provider”) compiles,
maintains and calculates the Underlying Index, which is composed of a subset of securities from the S&P MidCap 400® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is
assigned two “style scores” – one for value and one for growth – based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth
score” is measured using three other factors: three-year sales per share growth, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are
ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Underlying Index is narrower in focus and
excludes any overlapping securities demonstrating growth characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” value securities from the Parent Index based on those securities’ strong value
scores. The Underlying Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. As of April 30, 2020, the Underlying Index included 89 of the
constituents from the Parent Index, representing companies with capitalizations ranging from approximately $596.14 million to $10.28 billion.
Effective immediately, the following disclosure replaces the second and third paragraphs in the section “Invesco S&P SmallCap 600® Pure Growth ETF – Summary
Information – Principal Investment Strategies”:
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P & DJI” or the “Index Provider”) compiles,
maintains and calculates the Underlying Index, which is composed of a subset of securities from the S&P
SmallCap 600® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two
“style scores” – one for growth and one for value – based on the characteristics of the issuer. The “growth score” is measured using three factors: sales growth, the ratio of earnings change to price, and momentum (the 12-month percentage change in
price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may
contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Underlying Index is narrower in focus and excludes any overlapping securities demonstrating value
characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” growth securities from the Parent Index based on those securities’ strong growth scores. The Underlying Index uses a “style-attractiveness
weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. As of April 30, 2020, the Underlying Index included 139 of the constituents from the Parent Index, representing
companies with capitalizations ranging from approximately $61.12 million to $4.09 billion.
Effective immediately, the following disclosure replaces the second and third paragraphs in the section “Invesco S&P SmallCap 600® Pure Value ETF – Summary
Information – Principal Investment Strategies”:
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P & DJI” or the “Index Provider”) compiles,
maintains and calculates the Underlying Index, which is composed of a subset of securities from the S&P SmallCap 600® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is
assigned two “style scores” – one for value and one for growth – based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth
score” is measured using three other factors: three-year sales per share growth, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are
ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Underlying Index is narrower in focus and
excludes any overlapping securities demonstrating growth characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” value securities from the Parent Index based on those securities’ strong value
scores. The Underlying Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. As of April 30, 2020, the Underlying Index included 146 of the
constituents from the Parent Index, representing companies with capitalizations ranging from approximately $50.14 million to $3.14 billion.
Effective immediately, the sections “Additional Information About the Funds’ Strategies and Risks – Principal Investment Strategies – General Underlying Index Information for
the Pure
Growth ETFs (Invesco S&P 500® Pure Growth ETF, Invesco S&P MidCap 400® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Growth
ETF)” and “—General Underlying Index Information for the Pure Value ETFs (Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® Pure Value ETF and Invesco S&P SmallCap 600® Pure Value ETF)” are deleted
in their entirety and replaced with the following:
General Underlying Index Information for the Pure Growth ETFs (Invesco S&P 500® Pure Growth ETF, Invesco
S&P MidCap 400® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Growth ETF) and Pure Value ETFs (Invesco S&P 500® Pure Value ETF, Invesco S&P MidCap 400® Pure Value ETF and Invesco
S&P SmallCap 600® Pure Value ETF)
Each of the S&P 500® Pure Growth Index, S&P MidCap 400® Pure Growth Index and S&P SmallCap 600® Pure Growth
Index, S&P 500® Pure Value Index, S&P MidCap 400® Pure Value Index and S&P SmallCap 600® Pure Value Index (each, a “Pure Style Index,” and collectively, the “Pure Style Indexes”) is composed of a subset
of securities from a specific parent index, as follows:
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S&P 500® Pure Growth Index and S&P 500® Pure Value Index: the S&P 500® Index, a float-adjusted market capitalization-weighted index composed of 500 stocks chosen by S&P DJI that
generally represents the U.S. large-capitalization equities market.
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S&P MidCap 400® Pure Growth Index and S&P MidCap 400® Pure Value Index: the S&P MidCap 400® Index, a float-adjusted market capitalization-weighted index composed of 400 stocks chosen by
S&P DJI that generally represents the U.S. mid-capitalization equities market.
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S&P SmallCap 600® Pure Growth Index and S&P SmallCap 600® Pure Value Index: the S&P SmallCap 600® Index, a float-adjusted market capitalization-weighted index composed of 600 stocks chosen
by S&P DJI that generally represents the U.S. small-capitalization equities market.
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Each Pure Style Index is composed of securities that exhibit only strong growth or value characteristics, as applicable. First, each security in the
applicable parent index is assigned two “style scores” – one for value and one for growth – based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and
sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The
securities in each parent index are then ranked based on their scores. Unlike other style indices that may contain all securities within a parent index, including overlapping constituents that exhibit both growth and value characteristics, the Pure
Style Index are narrower in focus and exclude any overlapping securities that demonstrate both growth and style characteristics. Each Pure Style Index is composed solely of securities that are considered “pure” growth or value securities, as
applicable, based on their growth or value scores, and it does not include any securities contained in its counterpart style index. (For example, no constituent of the S&P 500® Pure Growth Index will be a member of the S&P 500®
Pure Value Index, and vice versa.)
Each Pure Style Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value or growth characteristics, as
applicable, receive proportionally greater weights. If a security is removed from a parent index, it is removed from the respective Pure Style Index simultaneously. The Pure Style Indexes are rebalanced annually after the close of the third Friday in
December. Each Pure Growth ETF and Pure Value ETF is rebalanced in accordance with its respective Pure Style Index.
Effective immediately, the following disclosure replaces the last sentence of the third paragraph in the section “Additional Information About the Funds’ Strategies and Risks –
Non-Principal Investment Strategies”:
Therefore, each Fund with an 80% investment policy anticipates meeting its 80% investment policy because it already generally invests at least 90% of its
total assets in securities that comprise its respective Underlying Index or Underlying Intellidex, in accordance with its principal investment strategies.
Effective immediately, the following disclosure replaces the fourth paragraph in the section “How to Buy and Sell Shares”:
APs may acquire Shares directly from each Fund, and APs may tender their Shares for redemption directly to each Fund, at NAV per Share, only in Creation Units
or Creation Unit Aggregations, and in accordance with the procedures described in the SAI.
Under normal circumstances, a Fund will pay out redemption proceeds to a redeeming AP within two days after the AP’s redemption request is received, in
accordance with the process set forth in the Fund’s SAI and in the agreement between the AP and the Fund’s distributor. However, each Fund reserves the right, including under stressed market conditions, to take up to seven days after the receipt of a
redemption request to pay an AP, all as permitted by the 1940 Act. If a Fund has foreign investments in a country where local market holiday(s) prevent the Fund from delivering such foreign investments to an AP in response to a redemption request,
the Fund may take up to 15 days after the receipt of the redemption request to deliver such investments to the AP.
Each Fund anticipates meeting redemption requests either by paying redemption proceeds to an AP primarily through in-kind redemptions or in cash. Cash used
for redemptions will be raised from the sale of portfolio assets or may come from existing holdings of cash or cash equivalents. If a Fund holds Rule 144A securities, an AP that is not a “qualified institutional buyer,” as such term is defined under
Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), will not be able to receive those Rule 144A securities.
Effective immediately, the second paragraph in the section “How to Buy and Sell Shares – Share Trading Prices” is deleted in its entirety.
Effective immediately, the following disclosure replaces the disclosure in the section “Premium/Discount Information”:
For each Fund, information showing the number of days the market price of the Fund’s Shares was greater (at a premium) and less (at a discount) than the
Fund’s NAV for the most recently completed calendar year, and the most recently completed calendar quarters since that year (or the life of the Fund, if shorter), is available at www.invesco.com/ETFs.
Please Retain This Supplement for Future Reference.
P-PS-PRO-1-SUP-3 052920
