Invesco is executing share splits for several funds in its range of equity ETFs.
The Atlanta-headquartered firm is executing forward splits for 23 funds and reverse splits for three funds, impacting some of the firm’s largest ETFs. The funds will effect the share splits after market close on July 14, with trading beginning on a split-adjusted basis on July 17.
Some of the largest funds included in the share splits are the Invesco FTSE RAFI US 1000 ETF (PRF), which is Invesco’s fifth-largest ETF with $6.2 billion in assets, the Invesco S&P 500 Equal Weight Technology ETF (RSPT), and the Invesco S&P 500® Top 50 ETF (XLG).
Importantly, the total value of one’s investments in these ETFs will not change, but the total number of shares owned will change.
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In a forward split, existing holders of the ETF will see an addition to the number of the ETF’s shares outstanding and a decrease in the fund’s price per share.
Conversely, in a reverse split, investors holding the ETF will see a reduction in the number of the ETF’s shares outstanding and a proportionate increase in the fund’s price per share.
Share splits are a useful tool for fund issuers to keep an ETF’s price in a convenient trading price range. Forward share splits keep the fund competitive by reducing the share price if it gets too high, whereas reverse splits are used to raise the value of an individual share.
The full list of share splits being executed is listed below.
Forward Splits
- Invesco NASDAQ Internet ETF (PNQI): 5 for 1
- Invesco FTSE RAFI US 1000 ETF (PRF): 5 for 1
- Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ): 5 for 1
- Invesco S&P SmallCap Consumer Staples ETF (PSCC): 3 for 1
- Invesco S&P SmallCap Health Care ETF (PSCH): 3 for 1
- Invesco S&P SmallCap Information Technology ETF (PSCT): 3 for 1
- Invesco Dynamic Semiconductors ETF (PSI): 3 for 1
- Invesco Dynamic Software ETF (PSJ): 3 for 1
- Invesco DWA Technology Momentum ETF (PTF): 3 for 1
- Invesco DWA Healthcare Momentum ETF (PTH): 3 for 1
- Invesco Dynamic Market ETF (PWC): 3 for 1
- Invesco S&P MidCap 400 Pure Growth ETF (RFG): 5 for 1
- Invesco S&P 500 Pure Growth ETF (RPG): 5 for 1
- Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RSPD): 3 for 1
- Invesco S&P 500 Equal Weight Health Care ETF (RSPH): 10 for 1
- Invesco S&P 500 Equal Weight Materials ETF (RSPM): 5 for 1
- Invesco S&P 500 Equal Weight Industrials ETF (RSPN): 5 for 1
- Invesco S&P 500 Equal Weight Consumer Staples ETF (RSPS): 5 for 1
- Invesco S&P 500 Equal Weight Technology ETF (RSPT): 10 for 1
- Invesco S&P 500 Equal Weight Utilities ETF (RSPU): 2 for 1
- Invesco S&P SmallCap 600 Revenue ETF (RWJ): 3 for 1
- Invesco S&P SmallCap 600 Pure Growth ETF (RZG): 3 for 1
- Invesco S&P 500 Top 50 ETF (XLG): 10 for 1
Reverse Splits
- Invesco S&P SmallCap Energy ETF (PSCE): 1 for 5
- Invesco Global Listed Private Equity ETF (PSP): 1 for 5
- Invesco Dynamic Oil & Gas Services ETF (PXJ): 1 for 5
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