Institutional

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Fixed Income | US Fixed Income

Invesco BulletShares 2027 High Yield Corporate Bond ETF

Product Details

The Invesco BulletShares® 2027 High Yield Corporate Bond ETF (Fund) is based on the Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index (Index). The Fund will invest at least 80% of its total assets in corporate bonds that comprise the index. The Index seeks to measure the performance of a portfolio of US dollar-denominated, high yield corporate bonds with effective maturities in 2027. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a "sampling" methodology to seek to achieve its investment objective. The Fund and the Index are rebalanced monthly. The Fund has a designated year of maturity of 2027 and will terminate on or about Dec. 15, 2027. See the prospectus for more information.

as of 12/31/2020 12/31/2020

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Nasdaq BulletShares USD High Yield Corp Bond 2027 Index 8.22 8.22 7.10 N/A N/A 8.79
Bloomberg Barclays U.S. Corporate High Yield Index 7.11 7.11 6.24 8.59 6.80 7.42
Fund History (%)
Fund NAV 5.49 5.49 N/A N/A N/A 6.66
After Tax Held 3.43 3.43 N/A N/A N/A 4.66
After Tax Sold 3.15 3.15 N/A N/A N/A 4.17
Fund Market Price 5.67 5.67 N/A N/A N/A 6.73
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Nasdaq BulletShares USD High Yield Corp Bond 2027 Index 8.22 8.22 7.10 N/A N/A 8.79
Bloomberg Barclays U.S. Corporate High Yield Index 7.11 7.11 6.24 8.59 6.80 7.42
Fund History (%)
Fund NAV 5.49 5.49 N/A N/A N/A 6.66
After Tax Held 3.43 3.43 N/A N/A N/A 4.66
After Tax Sold 3.15 3.15 N/A N/A N/A 4.17
Fund Market Price 5.67 5.67 N/A N/A N/A 6.73

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.

as of 09/30/2020

Growth of $10,000

Data beginning Fund inception and ending 09/30/2020. 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.

NAV:

as of 01/15/2021
Data is currently unavailable
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as of {{yieldCalculations.navDate | date : 'MM/dd/yyyy'}}

Net Asset Value (NAV) $ {{yieldCalculations.navBase | number : 2}}
Weighted Average Yield to Worst (YTW)1 {{yieldCalculations.yieldToWorse | numberPercent}}
+ Price Adjustment2 {{yieldCalculations.priceAdjustment | numberPercent}}
= Price Adjusted Weighted Average Yield to Worst3 {{yieldCalculations.priceAdjustedYield | numberPercent}}
- Expense Ratio - {{yieldCalculations.expenseRatio * 100 | numberPercent}}
Estimated Net Acquisition Yield4 {{yieldCalculations.estimatedNetAcquisitionYield | numberPercent}}

1. Weighted Average Yield to Worst uses the lowest discount rate for all possible redemption date scenarios with its market price. A fund's Average YTW is defined as the weighted average of a fund's individual bond holding YTW and is based upon the price of each individual bond that was utilized to calculate that day's net asset value and does not include fund fees and expenses.
2. Price Adjustment is an adjustment made to the Weighted Average Yield to Worst (which is based upon NAV) to extent that the Purchase Price is above or below NAV. A Purchase Price that is greater than NAV will effectively reduce the Weighted Average Yield to Worst, while Purchase Price less than NAV will effectively increase the Weighted Average Yield to Worst. The Price Adjustment is an approximation.
Formula:
Price Adjustment = [NAV - Purchase Price / (NAV X Average Duration at most recent quarter end)]
3. Price Adjusted Weighted Average Yield to Worst is the sum of the weighted average yield to worst and the price adjustment.
4. Estimated Net Acquisition Yield is an approximation of the Weighted Average Yield to Worst a shareholder may experience given the impact of purchase price and the fund's expense ratio on the Weighted Average Yield to Worst based upon NAV.
Formula:
Estimated Net Acquisition Weighted Average Yield to Worst = Weighted Average Yield to Worst + Price Adjustment - Expense Ratio
Note: Net asset value data is based on daily data and Weighted Average Yield to Worst data is based on weekly data.

as of 01/15/2021

Sector Allocation

Sector Percent of Fund
Consumer Discretionary 20.65%
Industrials 14.05%
Energy 13.15%
Communication Services 12.28%
Materials 8.47%
Health Care 7.77%
Financials 5.27%
Real Estate 5.13%
Utilities 4.68%
Telecommunication Services 3.13%
Information Technology 2.90%
Consumer Staples 1.82%
Investment Companies 0.73%

Quality Allocations as of 01/15/2021

S&P Moody's
BB : 47% Ba : 39%
B : 40% B : 45%
CCC : 11% Caa : 14%
Not Rated : 2% Not Rated : 3%
as of 01/15/2021

Maturity

Years % of Fund
0 - 1 years 0.71
1 - 5 years 0.00
5 - 10 years 99.29
10 - 15 years 0.00
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

as of 01/15/2021 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Caesars Entertainment Inc 8.12% 07/01/2027 07/01/2023 CCC+/Caa1 2.17%
FirstEnergy Corp 4.40% 07/15/2027 04/15/2027 BB/Ba1 2.15%
Nexstar Broadcasting Inc 5.62% 07/15/2027 07/15/2022 B/B3 2.07%
Vertical US Newco Inc 5.25% 07/15/2027 07/15/2023 B/B1 1.79%
SBA Communications Corp 3.88% 02/15/2027 02/15/2023 BB-/NA 1.74%
Tenet Healthcare Corp 5.12% 11/01/2027 11/01/2022 BB-/B1 1.72%
Zayo Group Holdings Inc 4.00% 03/01/2027 03/01/2021 B/B1 1.61%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Alber 4.62% 01/15/2027 01/15/2023 BB-/B1 1.54%
EQT Corp 3.90% 10/01/2027 07/01/2027 BB/Ba3 1.51%
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc 5.25% 08/15/2027 08/15/2022 B/Caa1 1.48%

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

The characterizations of distributions reflected in this table are as of the date noted below. The actual amounts of income, capital gains and return of capital for tax purposes are only determined after the Fund’s fiscal year end, and may differ from the amounts and characterizations reflected in the chart below. Please refer to the Tax Center for the most current and/or final characterizations of these distributions, including any distributions characterized as return of capital.

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
01/19/2021 01/20/2021 01/29/2021 0.10256 0.10256 - - - -
12/21/2020 12/22/2020 12/31/2020 0.10625 0.10625 - - - -
11/23/2020 11/24/2020 11/30/2020 0.10387 0.10387 - - - -
10/19/2020 10/20/2020 10/30/2020 0.10502 0.10502 - - - -
09/21/2020 09/22/2020 09/30/2020 0.09672 0.09672 - - - -
08/24/2020 08/25/2020 08/31/2020 0.09318 0.09318 - - - -
07/20/2020 07/21/2020 07/31/2020 0.08902 0.08902 - - - -
06/22/2020 06/23/2020 06/30/2020 0.08303 0.08303 - - - -
05/18/2020 05/19/2020 05/29/2020 0.09586 0.09586 - - - -
04/20/2020 04/21/2020 04/30/2020 0.09680 0.09680 - - - -
03/23/2020 03/24/2020 03/31/2020 0.09938 0.09938 - - - -
02/24/2020 02/25/2020 02/28/2020 0.09208 0.09208 - - - -
01/21/2020 01/22/2020 01/31/2020 0.09960 0.09960 - - - -
12/23/2019 12/24/2019 12/31/2019 0.10580 0.10580 - - - -
11/18/2019 11/19/2019 11/29/2019 0.09840 0.09840 - - - -
10/21/2019 10/22/2019 10/31/2019 0.10193 0.10193 - - - -

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%
12/31/2020 64 26 7 2 0 0 0
09/30/2020 64 15 14 4 0 0 0
06/30/2020 63 7 12 6 3 0 1
03/31/2020 62 27 8 3 1 0 1
Year Ended 2020 253 75 41 15 4 0 2
    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%
12/31/2020 64 17 11 1 0 0 0
09/30/2020 64 15 9 6 1 0 0
06/30/2020 63 10 7 11 3 1 2
03/31/2020 62 10 0 6 3 1 2
Year Ended 2020 253 52 27 24 7 2 4

Fund Inception : 09/12/2019

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. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Underlying 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.

Investments focused in a particular industry or sector are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

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

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

During the final year of the Fund's operations, as the bonds mature and the portfolio transitions to cash and cash equivalents, the Fund's yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or bonds in the market.

An issuer may be unable or unwilling to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer's credit rating.

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

Income generated from the Fund is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, the Fund's income may drop as well. During periods of rising interest rates, an issuer may exercise its right to pay principal on an obligation later than expected, resulting in a decrease in the value of the obligation and in a decline in the Fund's income.

An issuer's ability to prepay principal prior to maturity can limit the Fund's potential gains. Prepayments may require the Fund to replace the loan or debt security with a lower yielding security, adversely affecting the Fund's yield.

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.

Unlike a direct investment in bonds, the Fund's income distributions will vary over time and the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of investment. For example, at times the Fund may make distributions at a greater (or lesser) rate than the coupon payments received, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may affect the tax characterization of returns, and the amount received as liquidation proceeds upon Fund termination may result in a gain or loss for tax purposes.

During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value its holdings becomes more difficult and the judgment of the Sub-Adviser may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data.

The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.

The Bloomberg Barclays U.S. Corporate Index is an unmanaged index considered representative of fixed-rate investment-grade taxable bond debt. An investment cannot be made into an index.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

Nasdaq BulletShares® USD Corporate Bond Indexes are trademarks of Invesco Indexing LLC (index provider) and have been licensed for use by Invesco Capital Management LLC (investment adviser). Invesco Indexing LLC, Invesco Capital Management LLC, and Invesco Distributors, Inc. are wholly owned, indirect subsidiaries of Invesco Ltd.