Symbols

CUT

Invesco MSCI Global Timber ETF·NYSE

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Key Stats

Assets Under Management

38.59MUSD

Fund Flows (1Y)

-8.82MUSD

Dividend Yield

2.29%

Discount/Premium to NAV

-0.11%

Shares Outstanding

1.25M

Expense Ratio

0.74%

About Invesco MSCI Global Timber ETF

Issuer

Invesco Capital Management LLC

Brand

Invesco

Home Page

https://www.invesco.com/us/financial-products/etfs/product-detail?productId=ETF-CUT

Inception Date

Nov 9, 2007

Structure

Open-Ended Fund

Index Tracked

MSCI ACWI IMI Timber Select Capped Index

Management Style

Passive

Dividend Treatment

Distributes

Distribution Tax Treatment

Qualified dividends

Income Tax Type

Capital Gains

Max ST Capital Gains Rate

39.60%

Max LT Capital Gains Rate

20.00%

Primary Advisor

Invesco Capital Management LLC

Distributor

Invesco Distributors, Inc.

CUT offers plain-vanilla exposure to timber-related equities. The fund selects and weights stocks by market cap, and limits single-stock positions at 5%. The position limit matters in this highly concentrated space — the fund caps its exposure to stay RIC-compliant, obtaining more diversification while reducing its pure play exposure. Its MSCI Index holds stocks in the forest, paper and paper packaging industries (per GICS) as well as specialized timber REITS to cover the likes of Weyerhaeuser. Prior to May 20, 2016, CUT tracked the Beacon Global Timber Index, an index with a multifactor selection process that aimed to pick winners rather than match the market. The change was material with respect to holdings, but the fund's overall focus has not wavered from global timber exposure.