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Invesco AAA CLO Floating Rate Note ETF

Ticker: ICLO
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Product Details

Invesco AAA CLO Floating Rate Note ETF (Fund) is an actively managed exchange-traded fund (ETF) that seeks current income and capital preservation. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets in floating rate note securities issued by collateralized loan obligations (CLOs) that are rated AAA or equivalent by nationally recognized statistical rating organizations (NRSROs).

Effective January 1, 2024 through April 30, 2024, Invesco Capital Management LLC (the “Adviser”) will voluntarily waive 100% of its management fee, 0.26%, for the Fund. The Net Expense Ratio for the Fund through April 30, 2024 is 0.00%.

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

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
J.P. Morgan CLOIE AAA Total Return Index (USD) 1.84 8.77 4.12 3.66 N/A 8.57
Fund History (%)
Fund NAV 1.79 9.02 N/A N/A N/A 8.68
After Tax Held 1.12 5.51 N/A N/A N/A 5.77
After Tax Sold 1.06 5.26 N/A N/A N/A 5.36
Fund Market Price 1.87 9.10 N/A N/A N/A 8.60
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
J.P. Morgan CLOIE AAA Total Return Index (USD) 1.84 8.77 4.12 3.66 N/A 8.57
Fund History (%)
Fund NAV 1.79 9.02 N/A N/A N/A 8.68
After Tax Held 1.12 5.51 N/A N/A N/A 5.77
After Tax Sold 1.06 5.26 N/A N/A N/A 5.36
Fund Market Price 1.87 9.10 N/A N/A N/A 8.60

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 The results assume that no cash was added to or assets withdrawn from the Index.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 Fund inception and ending 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.

as of 04/15/2024

Maturity

Years % of Fund
0 - 1 years 1.34
1 - 5 years 0.00
5 - 10 years 35.24
10 - 15 years 63.42
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

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
Bain Capital Credit CLO 2022-1 Ltd 6.62% 04/18/2035 04/18/2024 AAA/Aaa 3.49%
Apidos CLO XXXIX Ltd 6.62% 04/21/2035 04/21/2024 NR/Aaa 3.49%
Benefit Street Partners CLO XXVII Ltd 7.12% 07/20/2035 07/20/2024 NR/Aaa 2.96%
Eaton Vance CLO 2013-1 Ltd 6.84% 01/15/2034 07/15/2024 NR/Aaa 2.91%
Apidos CLO XXVIII 6.73% 01/20/2031 04/20/2024 NR/Aaa 2.68%
Rad CLO 5 Ltd 7.28% 07/24/2032 04/24/2024 NR/Aa1 2.68%
Barings CLO Ltd 2019-I 6.72% 04/15/2035 04/15/2024 AAA/Aaa 2.44%
Elmwood CLO VIII Ltd 6.88% 04/20/2037 04/20/2026 AAA/NR 2.40%
Palmer Square CLO 2015-1 Ltd 6.71% 05/21/2034 05/21/2024 NR/Aaa 2.40%
Neuberger Berman Loan Advisers CLO 35 Ltd 6.64% 01/19/2033 01/19/2025 AAA/NR 2.28%

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 0.13997 0.13997 - - - -
02/20/2024 02/21/2024 02/23/2024 0.13883 0.13883 - - - -
01/22/2024 01/23/2024 01/26/2024 0.13588 0.13588 - - - -
12/18/2023 12/19/2023 12/22/2023 0.25176 0.25176 - - - -
11/20/2023 11/21/2023 11/24/2023 0.18679 0.18679 - - - -
10/23/2023 10/24/2023 10/27/2023 0.17735 0.17735 - - - -
09/18/2023 09/19/2023 09/22/2023 0.16735 0.16735 - - - -
08/21/2023 08/22/2023 08/25/2023 0.17571 0.17571 - - - -
07/24/2023 07/25/2023 07/28/0203 0.17300 0.17300 - - - -
06/20/2023 06/21/2023 06/23/2023 0.16887 0.16887 - - - -
05/22/2023 05/23/2023 05/26/2023 0.17946 0.17946 - - - -
04/24/2023 04/25/2023 04/28/2023 0.16048 0.16048 - - - -
03/20/2023 03/21/2023 03/24/2023 0.02800 0.02800 - - - -
02/21/2023 02/22/2023 02/24/2023 0.01878 0.01878 - - - -
01/23/2023 01/24/2023 01/27/2023 0.12369 0.12369 - - - -

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 61 0 0 0 0 0
12/31/2023 63 52 4 0 0 0 0
09/30/2023 63 56 4 0 0 0 0
06/30/2023 62 51 11 0 0 0 0
Year Ended 2023 250 207 31 2 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 7 0 0 0 0 0
09/30/2023 63 3 0 0 0 0 0
06/30/2023 62 0 0 0 0 0 0
Year Ended 2023 250 10 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.

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.

Variable- and floating-rate securities may be subject to liquidity risk, there may be limitations on the Fund's ability to sell securities. Due to the features of these securities, there can be no guarantee they will pay a certain level of a dividend and such securities will pay lower levels of income in falling interest rate environment.

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

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’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.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

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

The Fund may engage in active and frequent trading of its portfolio securities to reflect the rebalancing of the Index.

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.

J.P. Morgan CLOIE AAA Index is designed to track the performance of broadly-syndicated, arbitrage US CLO debt from AAA tranches.