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IHYF

Fixed Income | International and Global Fixed Income

Invesco High Yield Bond Factor ETF

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Product Details

The Invesco High Yield Bond Factor ETF (Fund) is an actively managed exchange-traded fund (ETF) that seeks total return by investing, at least 80% of its net assets  in high-yield, below-investment grade, fixed-income securities, and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund utilizes a factor-based strategy that seeks to outperform the Fund’s market-weighted benchmark index by systematically targeting securities in the benchmark index exhibiting quantifiable issuer characteristics (or “factors”) that the investment team believes will have higher returns than other fixed income securities with comparable characteristics over market cycles.

as of 05/31/2021 03/31/2021

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index 2.25 14.90 7.09 7.38 6.40 3.82
Fund History (%)
Fund NAV 2.09 N/A N/A N/A N/A 3.64
After Tax Held 1.32 N/A N/A N/A N/A 2.85
After Tax Sold 1.24 N/A N/A N/A N/A 2.15
Fund Market Price 1.93 N/A N/A N/A N/A 3.63
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index 0.86 23.65 6.82 8.04 6.47 2.40
Fund History (%)
Fund NAV 0.85 N/A N/A N/A N/A 2.39
After Tax Held 0.38 N/A N/A N/A N/A 1.90
After Tax Sold 0.51 N/A N/A N/A N/A 1.41
Fund Market Price 0.69 N/A N/A N/A N/A 2.38

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 06/16/2021

Sector Allocation

Sector Percent of Fund
Consumer Discretionary 16.63%
Energy 13.61%
Communication Services 12.79%
Industrials 10.44%
Financials 9.53%
Health Care 6.96%
Materials 6.72%
Real Estate 5.84%
Information Technology 5.01%
Derivatives 4.68%
Consumer Staples 3.81%
Utilities 2.59%
Telecommunication Services 1.20%
U.S. Government Securities 0.18%

Quality Allocations as of 06/16/2021

S&P Moody's
AAA : 0% Aaa : 0%
AA : 0% Aa : 0%
BBB : 3% Baa : 4%
BB : 66% Ba : 53%
B : 30% B : 40%
CCC : 3% Caa : 2%
Not Rated : 3% Not Rated : 6%

Cash is excluded from the credit rating quality allocations table.

as of 06/16/2021

Maturity

Years % of Fund
0 - 1 years 4.87
1 - 5 years 57.47
5 - 10 years 32.53
10 - 15 years 1.60
15 - 20 years 1.21
20 - 25 years 1.18
25 years and over 1.15

as of 06/16/2021 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
CBOT 10 Year US Treasury Note N/A 09/21/2021 N/A NR/NR 6.56%
Ultra 10-Year US Treasury Note Futures N/A 09/21/2021 N/A NR/NR 3.79%
CBOT US Long Bond Future N/A 09/21/2021 N/A NR/NR 1.12%
Occidental Petroleum Corp 8.88% 07/15/2030 01/15/2030 BB-/Ba2 1.04%
Deutsche Bank AG 4.30% 05/24/2028 05/24/2023 BB+/Ba2 0.91%
GFL Environmental Inc 4.25% 06/01/2025 06/01/2022 BB-/Ba3 0.66%
Staples Inc 7.50% 04/15/2026 04/15/2022 B/B2 0.65%
Sprint Corp 7.12% 06/15/2024 N/A BB/B1 0.64%
Herbalife Nutrition Ltd / HLF Financing Inc 7.88% 09/01/2025 09/01/2022 BB-/B1 0.64%
Tenneco Inc 7.88% 01/15/2029 01/15/2024 B+/Ba3 0.64%

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
05/24/2021 05/25/2021 05/28/2021 0.09508 0.09508 - - - -
04/19/2021 04/20/2021 04/30/2021 0.08624 0.08624 - - - -
03/22/2021 03/23/2021 03/31/2021 0.10074 0.10074 - - - -
02/22/2021 02/23/2021 02/26/2021 0.09456 0.09456 - - - -
01/19/2021 01/20/2021 01/29/2021 0.10139 0.10139 - - - -

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%
03/31/2021 61 18 38 4 0 0 0
12/31/2020 21 3 18 0 0 0 0
Year Ended 2020 21 3 18 0 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%
03/31/2021 61 1 0 0 0 0 0
12/31/2020 21 0 0 0 0 0 0
Year Ended 2020 21 0 0 0 0 0 0

Fund Inception : 12/02/2020

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.

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.

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.

Active trading results in added expenses and may result in a lower return and increased tax liability.

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.

Obligations issued by US Government agencies and instrumentalities may receive varying levels of support from the government, which could affect the fund’s ability to recover should they default.

Investing in restricted 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 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.

Factor investing is an investment strategy in which securities are chosen based on certain characteristics and attributes that may explain differences in returns. Factor investing represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, both in active or passive vehicles. There can be no assurance that performance will be enhanced or risk will be reduced for strategies that seek to provide exposure to certain factors. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. Factor investing may underperform cap-weighted benchmarks and increase portfolio risk. There is no assurance that the investment strategies discussed in this material will achieve their investment objectives.

Bloomberg Barclays US Corp High Yield 2% Issuer Capped Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%.