Fund · Invesco KBW High Dividend Yield Financial ETF · measured from SEC filings
KBWD holdings
KBWD reports 41 holdings and behaves like 35.4 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-05-31. The fact sheet publishes the first number; this page computes the second, and traces it across 27 quarters of filings.
Measured concentration
as of 2026-05-31Read this figure with the following in mind
30.7% of net assets is securities-lending cash collateral, excluded from the figure; counted as filed the fund would read 11.8
The figure below is what the filing says, published unchanged. What it may not do is sit beside a plain long-only fund and be read as the same quantity. How comparability is decided.
Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 76.46% at a quoted market price (level 1), one issuer country, 2.11% restricted securities.
What stands out
as of 2026-05-31The largest line in KBWD's filing is not a stock but FS KKR Capital Corp., BDC, a equity position at 4.14% of net assets. Ten companies are 37% of the fund; the other 31 share the rest. Among the 721 equity funds measured here, KBWD behaves like 35.4 holdings against a median of 42.4 — close to the median. Across 27 quarterly filings KBWD has held roughly steady since 2019-11-30 (33.3 then, 35.4 now). Between the 2026-02-28 and 2026-05-31 filings 1 positions were added and 0 dropped; 11.6% of the weight moved.
Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable equity funds on this site. Nothing here is a view on the fund.
Every filing since 2019
27Between 2019-11-30 and 2026-05-31, KBWD went from behaving like 33.3 equally weighted positions to 35.4 — 6% more, while its top ten went from 39.57% to 37% of net assets. Read across the funds on the concentration-over-time table.
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-05-31 | 41 | 35.4 | 37% | 4.16% |
| 2026-02-28 | 40 | 33.9 | 40.06% | 5.13% |
| 2025-11-30 | 40 | 34 | 39.06% | 5.16% |
| 2025-08-31 | 41 | 36.1 | 36.53% | 4.55% |
| 2025-05-31 | 41 | 36.8 | 33.96% | 4.24% |
| 2025-02-28 | 40 | 34 | 37.69% | 4.6% |
| 2024-11-30 | 40 | 34.7 | 35.75% | 3.97% |
| 2024-08-31 | 41 | 35 | 35.83% | 3.86% |
Earlier filings (19 more, back to 2019-11-30)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-05-31 | 40 | 35.1 | 35.51% | 4.09% |
| 2024-02-29 | 40 | 34 | 37.94% | 6.5% |
| 2023-11-30 | 39 | 33 | 38.53% | 6.26% |
| 2023-08-31 | 39 | 34.4 | 36.76% | 4.82% |
| 2023-05-31 | 39 | 33.2 | 38.5% | 4.69% |
| 2023-02-28 | 40 | 34.2 | 38.59% | 4.65% |
| 2022-11-30 | 39 | 34.3 | 37.66% | 4.32% |
| 2022-08-31 | 39 | 33.7 | 37.83% | 4.84% |
| 2022-05-31 | 39 | 33.5 | 39.22% | 4.72% |
| 2022-02-28 | 40 | 35.4 | 35.46% | 4.19% |
| 2021-11-30 | 39 | 32.4 | 39.8% | 5.5% |
| 2021-08-31 | 40 | 33.6 | 38.57% | 5.07% |
| 2021-05-31 | 39 | 34.4 | 37.67% | 4.39% |
| 2021-02-28 | 40 | 35.4 | 37.09% | 4.62% |
| 2020-11-30 | 40 | 32.7 | 41.72% | 5.06% |
| 2020-08-31 | 40 | 29.1 | 45.94% | 8.4% |
| 2020-05-31 | 40 | 34.9 | 37.93% | 4.82% |
| 2020-02-29 | 40 | 34.4 | 37.29% | 5.32% |
| 2019-11-30 | 40 | 33.3 | 39.57% | 4.79% |
One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.
As filed, collateral included
30.67% collateralKBWD's filing lists 43 positions including 30.67% of net assets in securities-lending cash collateral. Counted as filed the fund reads 11.8 effective holdings with a top ten of 60.96%; on its own investments — the figure above — it reads 35.4 with a top ten of 37%. The collateral is matched by a liability and is not a holding the fund chose; since 2026-09-18 every figure on this site sets it aside (methodology). Both numbers are in the data.
Largest positions, as filed
as of 2026-05-31The 15 largest of 41 positions in KBWD's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: KBWD.csv.gz.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | FS KKR Capital Corp. | 4.16% | 4.2% |
| 2 | Orchid Island Capital, Inc. | 4.10% | 8.3% |
| 3 | New Mountain Finance Corp. | 4.06% | 12.3% |
| 4 | Invesco Mortgage Capital Inc. | 3.70% | 16.0% |
| 5 | Trinity Capital Inc. | 3.65% | 19.7% |
| 6 | Two Harbors Investment Corp. | 3.65% | 23.3% |
| 7 | ARMOUR Residential REIT, Inc. | 3.56% | 26.9% |
| 8 | PennantPark Floating Rate Capital Ltd. | 3.52% | 30.4% |
| 9 | MidCap Financial Investment Corp. | 3.34% | 33.7% |
| 10 | Carlyle Secured Lending, Inc. | 3.25% | 37.0% |
| 11 | Goldman Sachs BDC, Inc. | 3.25% | 40.2% |
| 12 | Dynex Capital, Inc. | 3.15% | 43.4% |
| 13 | MFA Financial, Inc. | 3.14% | 46.5% |
| 14 | Blue Owl Capital Corp. | 3.04% | 49.6% |
| 15 | Adamas Trust, Inc. | 2.90% | 52.5% |
Returns the fund reported
2019-09 – 2026-05Monthly total returns from Item B.5 of KBWD's own filings, 81 months on record. Not computed here and not from a price feed.
Cross-checked against a series computed separately from prices: median difference — percentage points over 0 months, which is roughly the distributions. Every month with the filing it came from: KBWD.json · all funds.
Who borrows KBWD's shares
2026-05-31The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2026-05-31, $127m was out to 21 borrowers, 29.77% of net assets. The largest, MORGAN STANLEY & CO LLC, held 28.4% of it.
| Borrower | On loan | Share of the loan |
|---|---|---|
| MORGAN STANLEY & CO LLC | $36m | 28.4% |
| BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED | $20m | 16.0% |
| UBS AG | $13m | 10.1% |
| GOLDMAN SACHS & CO. | $12m | 9.4% |
| CITIGROUP GLOBAL MARKETS INC. | $9m | 7.2% |
Cash collateral reported against the loan: 30.67% of net assets, 103% of the amount lent. That is a floor on the collateral, not the whole of it — collateral the fund does not hold as a position is not in this filing, so a figure under 100% is not evidence of under-collateralisation. How that figure behaves across all funds. Every quarter KBWD has filed, with each borrower: KBWD.json · all funds.
Since the previous filing
2026-02-28 → 2026-05-3140 positions became 41: 1 added (0.2% of the fund at the later date), 0 dropped (0.0% at the earlier date). Half the sum of all weight changes, a turnover proxy: 11.6%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of KBWD compared this way, as a feed: changes.xml · all funds: filings received.
| Largest increases | 2026-02-28 | 2026-05-31 | Largest decreases | 2026-02-28 | 2026-05-31 |
|---|---|---|---|---|---|
| FS KKR Capital Corp. | 2.27% | 4.16% | CION Investment Corp. | 2.53% | 0.98% |
| New Mountain Finance Corp. | 2.31% | 4.06% | Invesco Mortgage Capital Inc. | 5.13% | 3.70% |
| Blue Owl Capital Inc. | 0.57% | 1.93% | AGNC Investment Corp. | 4.10% | 2.77% |
| MidCap Financial Investment Corp. | 2.24% | 3.34% | Adamas Trust, Inc. | 3.71% | 2.90% |
| PennantPark Floating Rate Capital Ltd. | 2.54% | 3.52% | Annaly Capital Management, Inc. | 3.44% | 2.63% |
| Blue Owl Capital Corp. | 2.18% | 3.04% | Orchid Island Capital, Inc. | 4.85% | 4.10% |
New: Invesco Government & Agency Portfolio (0.22%).
Asset categories and pricing
as of 2026-05-3176.29% equity, 23.71% short-term investment as filed; 76.5% carried at a quoted market price (fair-value level 1). Categories and levels are the filer's; what a low level-1 share does and does not mean is in the measure's page.
Neighbours by effective holdings, equity funds
10Every measured equity fund lined up by how many holdings it behaves like; these sit either side of KBWD (35.4). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| AIQ Global X Artificial Intelligence & Technology ETF | 84 | 34.8 | 42.74% | 2026-05-31 |
| GPIQ Goldman Sachs Nasdaq-100 Premium Income ETF | 103 | 35 | 44.42% | 2026-06-30 |
| OAKM Oakmark U.S. Large Cap ETF | 40 | 35 | 37.01% | 2026-06-30 |
| LCAP Principal Capital Appreciation Select ETF | 55 | 35.2 | 41.98% | 2026-06-30 |
| XTL State Street(R) SPDR(R) S&P(R) Telecom ETF | 42 | 35.2 | 34.05% | 2026-06-30 |
| XLI State Street(R) Industrial Select Sector SPDR(R) ETF | 85 | 35.6 | 41.39% | 2026-06-30 |
| CGUS Capital Group Core Equity ETF | 66 | 35.6 | 43.13% | 2026-05-31 |
| CHAT Roundhill Generative AI & Technology ETF | 48 | 36.1 | 39.11% | 2026-07-31 |
| FDRR Fidelity Dividend ETF for Rising Rates | 113 | 36.1 | 42.09% | 2026-07-31 |
| GARP iShares MSCI USA Quality GARP ETF | 133 | 36.2 | 43.76% | 2026-06-30 |
Essays that examine KBWD
0Mentions are detected across the full text of every article, so an appearance may be a passing comparison rather than the subject. Nothing here is a recommendation to buy or sell — see the disclaimer.