Fixed Income | US Fixed Income

Invesco High Yield Select ETF

Ticker: HIYS

Product Details

Invesco High Yield Select ETF (Fund) is an actively managed exchange-traded fund (ETF) that seeks current income. The Fund seeks its investment objective by investing at least 80% of its net assets in higher quality below investment grade fixed income securities, such as corporate bonds and convertible securities. The Fund considers such higher quality securities as those rated between B- and BB+ (or equivalent) by nationally recognized statistical rating organizations (NRSROs).

as of 03/31/2024 03/31/2024

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg US Corporate High Yield Ba/B 2% Issuer Cap Total Return Index (USD) 1.25 10.18 2.05 4.29 4.47 9.38
Fund History (%)
Fund NAV 1.57 9.53 N/A N/A N/A 8.70
After Tax Held 0.86 6.26 N/A N/A N/A 5.59
After Tax Sold 0.92 5.55 N/A N/A N/A 5.27
Fund Market Price 1.76 9.45 N/A N/A N/A 8.83
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg US Corporate High Yield Ba/B 2% Issuer Cap Total Return Index (USD) 1.25 10.18 2.05 4.29 4.47 9.38
Fund History (%)
Fund NAV 1.57 9.53 N/A N/A N/A 8.70
After Tax Held 0.86 6.26 N/A N/A N/A 5.59
After Tax Sold 0.92 5.55 N/A N/A N/A 5.27
Fund Market Price 1.76 9.45 N/A N/A N/A 8.83

This is a new Fund and has no full-year Fund performance to report as of most recent quarter end.

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

as of 03/31/2024

Growth of $10,000

Data beginning 10 years prior to the ending date of 03/31/2024. Fund performance shown at NAV.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

Quality Allocations as of 04/15/2024

S&P Moody's
BBB : 2% Baa : 1%
BB : 54% Ba : 43%
B : 38% B : 45%
CCC : 0% Caa : 4%
Not Rated : 1% Not Rated : 2%
as of 04/15/2024

Maturity

Years % of Fund
0 - 1 years 4.96
1 - 5 years 47.04
5 - 10 years 41.65
10 - 15 years 1.82
15 - 20 years 0.52
20 - 25 years 0.08
25 years and over 3.92

as of 04/15/2024 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Invesco Senior Loan ETF N/A N/A NR/NR 4.96%
Iliad Holding SASU 6.50% 10/15/2026 04/26/2024 B+/B2 1.97%
Melco Resorts Finance Ltd 5.38% 12/04/2029 12/04/2024 BB-/Ba3 1.85%
Jefferies Finance LLC / JFIN Co-Issuer Corp 5.00% 08/15/2028 08/15/2024 BB-/B1 1.83%
Studio City Finance Ltd 5.00% 01/15/2029 05/16/2024 B+/B1 1.79%
CSC Holdings LLC 5.38% 02/01/2028 05/16/2024 B-/B2 1.66%
Mativ Holdings Inc 6.88% 10/01/2026 05/16/2024 B/B3 1.63%
ZF North America Capital Inc 6.88% 04/14/2028 03/14/2028 BB+/Ba1 1.54%
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 04/20/2029 N/A BB-/Ba1 1.50%
Aethon United BR LP / Aethon United Finance Corp 8.25% 02/15/2026 05/16/2024 B+/B3 1.49%

Holdings are subject to change and are not buy/sell recommendations.

Distributions | Hide View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
03/18/2024 03/19/2024 03/22/2024 0.14278 0.14278 - - - -
02/20/2024 02/21/2024 02/23/2024 0.14430 0.14430 - - - -
01/22/2024 01/23/2024 01/26/2024 0.14611 0.14611 - - - -
12/18/2023 12/19/2023 12/22/2023 0.20335 0.20335 - - - -
11/20/2023 11/21/2023 11/24/2023 0.14647 0.14647 - - - -
10/23/2023 10/24/2023 10/27/2023 0.16190 0.16190 - - - -
09/18/2023 09/19/2023 09/22/2023 0.14524 0.14524 - - - -
08/21/2023 08/22/2023 08/25/2023 0.15185 0.15185 - - - -
07/24/2023 07/25/2023 07/28/0203 0.15242 0.15242 - - - -
06/20/2023 06/21/2023 06/23/2023 0.15478 0.15478 - - - -
05/22/2023 05/23/2023 05/26/2023 0.15364 0.15364 - - - -
04/24/2023 04/25/2023 04/28/2023 0.15650 0.15650 - - - -
03/20/2023 03/21/2023 03/24/2023 0.15492 0.15492 - - - -
02/21/2023 02/22/2023 02/24/2023 0.15805 0.15805 - - - -
01/23/2023 01/24/2023 01/27/2023 0.15654 0.15654 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
03/31/2024 61 10 24 27 0 0 0
12/31/2023 63 7 44 12 0 0 0
09/30/2023 63 23 37 2 0 0 0
06/30/2023 62 11 48 3 0 0 0
Year Ended 2023 250 66 156 25 0 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
03/31/2024 61 0 0 0 0 0 0
12/31/2023 63 0 0 0 0 0 0
09/30/2023 63 1 0 0 0 0 0
06/30/2023 62 0 0 0 0 0 0
Year Ended 2023 250 3 0 0 0 0 0

Fund Inception : 12/09/2022

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

Premiums/Discounts

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

 Risk & Other Information

† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

The investment techniques and risk analysis used by the portfolio managers may not produce the desired results.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating. The values of junk bonds fluctuate more than those of high quality bonds and can decline significantly over short time periods.

The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

Government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial instruments. Issuers of sovereign debt or the governmental authorities that control repayment may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of default. Without debt holder approval, some governmental debtors may be able to reschedule or restructure their debt payments or declare moratoria on payments.

Issuers of sovereign debt, quasi-sovereign debt or the governmental authorities that control repayment may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of default. Without debt holder approval, some governmental debtors may be able to reschedule or restructure their debt payments or declare moratoria on payments. Quasi-sovereign debt obligations are typically less liquid and less standardized than sovereign debt obligations.

Convertible securities may be affected by market interest rates, issuer default, the value of the underlying stock or the right of the issuer to buy back the convertible securities.

The performance of an investment concentrated in issuers of a certain region or country is expected to be closely tied to conditions within that region and to be more volatile than more geographically diversified investments.

The Fund may invest in privately issued securities, including 144A securities which are restricted (i.e. not publicly traded). The liquidity market for Rule 144A securities may vary, as a result, delay or difficulty in selling such securities may result in a loss to the Fund.

The Fund’s income may decline when interest rates fall if it holds a significant portion of short duration securities and/or securities with floating or variable interest rates. If the Fund invests in lower yielding bonds, as the bond’s portfolio mature; the Fund will need to purchase additional bonds, thereby reducing its income.

Mortgage- and asset-backed securities, which are subject to call (prepayment) risk, reinvestment risk and extension risk. These securities are also susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support.

Risks of collateralized loan obligations include the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the collateralized loan obligations may be subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.

Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested.

The Fund invests in financial instruments that use the London Interbank Offered Rate (“LIBOR”) as a reference or benchmark rate for variable interest rate calculations. LIBOR will be phased out by the end of 2021, and it's anticipated that LIBOR will cease to be published after that time. To assist with the transition, US dollar LIBOR rates will continue to be published until June 2023. There is uncertainty on the effects of the LIBOR transition process, therefore any impact of the LIBOR transition on the Fund or its investments cannot yet be determined. There is no assurance an alternative rate will be similar to, produce the same value or economic equivalence or instruments using the rate will have the same volume or liquidity as LIBOR. Any effects of LIBOR transition and the adoption of alternative rates could result in losses to the Fund.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

ESG considerations assessed as part of a credit research may vary across types of investments and issuers, and not every ESG factor may be identified or evaluated for investment. Including ESG factors as part of a credit analysis may affect the Fund’s exposure to certain issuers or industries and may not work as intended. Information used to evaluate such factors may not be readily available, complete or accurate, and may vary across providers and issuers. There is no guarantee that the addition of ESG considerations will enhance Fund performance.

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

Bloomberg US Corporate High Yield Ba/B 2% Issuer Cap Index includes the USD-denomiated, high yield, fixed-rate corporate bonds that are Ba or B rated. Issuer exposure is capped at 2%.