Fixed Income | International and Global Fixed Income

Invesco High Yield Bond Factor ETF

Ticker: IHYF

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 07/31/2022 06/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg US Corporate High Yield 2% Issuer Capped Total Return Index -9.12 -8.03 1.92 3.04 4.87 -1.74
Fund History (%)
Fund NAV -9.19 -8.40 N/A N/A N/A -2.24
After Tax Held -10.30 -10.34 N/A N/A N/A -4.10
After Tax Sold -5.43 -4.92 N/A N/A N/A -2.42
Fund Market Price -9.12 -8.34 N/A N/A N/A -2.23
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg US Corporate High Yield 2% Issuer Capped Total Return Index -14.19 -12.82 0.18 2.09 4.47 -5.33
Fund History (%)
Fund NAV -13.66 -12.72 N/A N/A N/A -5.43
After Tax Held -14.53 -14.52 N/A N/A N/A -7.20
After Tax Sold -8.04 -7.41 N/A N/A N/A -4.74
Fund Market Price -13.74 -12.84 N/A N/A N/A -5.51

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 06/30/2022

Growth of $10,000

Data beginning 10 years prior to the ending date of 06/30/2022. 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 08/05/2022

Sector Allocation

Sector Percent of Fund
Financials 19.32%
Consumer Discretionary 18.87%
Communication Services 11.28%
Energy 11.18%
Industrials 9.88%
Derivatives 5.36%
Health Care 4.92%
Materials 4.76%
Information Technology 3.69%
Real Estate 3.30%
Consumer Staples 2.97%
Utilities 2.69%
Telecommunication Services 1.43%
U.S. Government Securities 0.35%
as of 07/08/2021

Market Cap & Style Allocations

Large-Cap Value 100.00%
Large-Cap Blend -
Large-Cap Growth -
Mid-Cap Value -
Mid-Cap Blend -
Mid-Cap Growth -
Small-Cap Value -
Small-Cap Blend -
Small-Cap Growth -

Quality Allocations as of 08/05/2022

S&P Moody's
AAA : 0% Aaa : 0%
AA : 0% Aa : 0%
BBB : 3% Baa : 4%
BB : 53% Ba : 43%
B : 29% B : 39%
CCC : 5% Caa : 5%
CC : 0% Ca : 0%
C : 0% C : 0%
Not Rated : 5% Not Rated : 4%

Cash is excluded from the credit rating quality allocations table.

as of 08/05/2022

Maturity

Years % of Fund
0 - 1 years 5.91
1 - 5 years 66.62
5 - 10 years 23.88
10 - 15 years 0.99
15 - 20 years 1.86
20 - 25 years 0.17
25 years and over 0.56

as of 08/05/2022 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 09/21/2022 N/A NR/NR 11.21%
Intercontinental Exchange Inc 5.00% 12/20/2026 N/A NR/NR 9.47%
Ultra 10-Year US Treasury Note Futures N/A 09/21/2022 N/A NR/NR 3.25%
Directv Financing LLC / Directv Financing Co-Obligor Inc 5.88% 08/15/2027 08/15/2023 BB/Ba3 0.73%
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 7.88% 02/15/2025 09/06/2022 B/B2 0.71%
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.50% 04/20/2026 N/A BB-/Ba2 0.65%
TransDigm Inc 6.25% 03/15/2026 09/06/2022 B+/Ba3 0.65%
CHS/Community Health Systems Inc 8.00% 03/15/2026 09/06/2022 B/B2 0.62%
Domtar Corp 6.75% 10/01/2028 10/01/2024 BB+/Ba2 0.61%
GFL Environmental Inc 4.25% 06/01/2025 09/06/2022 BB-/Ba3 0.61%

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

as of 08/05/2022 Summary Holdings | View All

Fund Holdings subject to change

Investment Long / Short % of Net Assets
Communication Services Long 11.28
Consumer Discretionary Long 18.87
Consumer Staples Long 2.97
Derivatives Long 14.46
Derivatives Short -9.10
Energy Long 11.18
Financials Long 19.32
Health Care Long 4.92
Industrials Long 9.88
Information Technology Long 3.69
Materials Long 4.76
Real Estate Long 3.30
Telecommunication Services Long 1.43
U.S. Government Securities Long 0.35
Utilities Long 2.69
Collateral Long / Short % of Net Assets
No holdings available

as of 08/05/2022 Holdings | View All

Fund Holdings subject to change

Futures % of Net Assets
No holdings available
Swaps % of Net Assets
No holdings available

Collateral % of Net Assets
CBOT 10 Year US Treasury Note 11.21
Intercontinental Exchange Inc 9.47
Ultra 10-Year US Treasury Note Futures 3.25
Sprint Corp 1.64
Ford Motor Credit Co LLC 1.36
CSC Holdings LLC 1.19
Bausch Health Cos Inc 1.14
Service Properties Trust 1.02
Navient Corp 1.00
International Game Technology PLC 0.93
Lumen Technologies Inc 0.92
CHS/Community Health Systems Inc 0.87
Jaguar Land Rover Automotive PLC 0.86
Viasat Inc 0.80
Carnival Corp 0.80
New Fortress Energy Inc 0.76
Directv Financing LLC / Directv Financing Co-Obligor Inc 0.73
Howmet Aerospace Inc 0.72
Tempur Sealy International Inc 0.71
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 0.71
Iron Mountain Inc 0.67
Intesa Sanpaolo SpA 0.67
Coinbase Global Inc 0.66
Melco Resorts Finance Ltd 0.66
American Airlines Inc/AAdvantage Loyalty IP Ltd 0.65
TransDigm Inc 0.65
Sabre GLBL Inc 0.65
Occidental Petroleum Corp 0.64
QVC Inc 0.64
Domtar Corp 0.61
GFL Environmental Inc 0.61
American Airlines Inc 0.60
Rockies Express Pipeline LLC 0.60
Mineral Resources Ltd 0.56
CVR Energy Inc 0.56
Staples Inc 0.55
Xerox Holdings Corp 0.53
Rayonier AM Products Inc 0.53
Standard Industries Inc/NJ 0.53
Netflix Inc 0.52
Western Midstream Operating LP 0.51
NGL Energy Operating LLC / NGL Energy Finance Corp 0.50
FAGE International SA / FAGE USA Dairy Industry Inc 0.49
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Alber 0.49
DISH DBS Corp 0.49
Commerzbank AG 0.48
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 0.47
Royal Caribbean Cruises Ltd 0.47
Deutsche Bank AG 0.47
Drax Finco PLC 0.46
LCPR Senior Secured Financing DAC 0.46
Tenet Healthcare Corp 0.46
Neptune Energy Bondco PLC 0.46
Connect Finco SARL / Connect US Finco LLC 0.45
Banijay Entertainment SASU 0.45
Telecom Italia SpA/Milano 0.45
Telesat Canada / Telesat LLC 0.45
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc 0.45
Caesars Resort Collection LLC / CRC Finco Inc 0.45
Global Aircraft Leasing Co Ltd 0.45
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia 0.45
Rolls-Royce PLC 0.44
Vail Resorts Inc 0.44
Travel + Leisure Co 0.44
United Wholesale Mortgage LLC 0.43
ASG Finance Designated Activity Co 0.43
ZF North America Capital Inc 0.43
Las Vegas Sands Corp 0.43
USA Compression Partners LP / USA Compression Finance Corp 0.43
Stericycle Inc 0.43
AmeriGas Partners LP / AmeriGas Finance Corp 0.43
Premier Entertainment Sub LLC / Premier Entertainment Financ 0.43
US Acute Care Solutions LLC 0.42
Windstream Escrow LLC / Windstream Escrow Finance Corp 0.42
EnLink Midstream Partners LP 0.42
Telenet Finance Luxembourg Notes Sarl 0.42
Hilcorp Energy I LP / Hilcorp Finance Co 0.42
Enstar Finance LLC 0.42
Newell Brands Inc 0.41
Embarq Corp 0.41
Albion Financing 2SARL 0.41
IHO Verwaltungs GmbH 0.41
Altice Financing SA 0.41
MGM Resorts International 0.40
Midcap Financial Issuer Trust 0.39
LGI Homes Inc 0.39
Builders FirstSource Inc 0.39
WPX Energy Inc 0.39
Genesis Energy LP / Genesis Energy Finance Corp 0.38
Affinity Gaming 0.38
C&S Group Enterprises LLC 0.38
Liberty Interactive LLC 0.37
United Airlines Inc 0.37
Nordstrom Inc 0.37
TripAdvisor Inc 0.36
PDC Energy Inc 0.36
ACCO Brands Corp 0.35
Scientific Games Holdings LP/Scientific Games US FinCo Inc 0.35
United States Treasury Bill 0.35
Telecom Italia Capital SA 0.35
Cinemark USA Inc 0.35
Talen Energy Supply LLC 0.35
Veritas US Inc / Veritas Bermuda Ltd 0.35
Crescent Energy Finance LLC 0.35
Kaiser Aluminum Corp 0.35
NortonLifeLock Inc 0.35
Avient Corp 0.35
Frontier North Inc 0.35
Par Pharmaceutical Inc 0.34
VOC Escrow Ltd 0.34
Delta Air Lines Inc 0.34
Bath & Body Works Inc 0.34
PRA Group Inc 0.34
Abercrombie & Fitch Management Co 0.34
Vermilion Energy Inc 0.33
Adient US LLC 0.33
Enact Holdings Inc 0.33
Global Atlantic Fin Co 0.33
EQT Corp 0.32
Likewize Corp 0.32
iStar Inc 0.32
Rite Aid Corp 0.32
Oceaneering International Inc 0.32
NCL Corp Ltd 0.31
Aramark Services Inc 0.31
Akumin Inc 0.30
CoreCivic Inc 0.30
Xerox Corp 0.30
Univision Communications Inc 0.30
Winnebago Industries Inc 0.29
goeasy Ltd 0.29
Minerva Merger Sub Inc 0.29
AMC Networks Inc 0.29
Prime Security Services Borrower LLC / Prime Finance Inc 0.28
Oriflame Investment Holding PLC 0.28
Calumet Specialty Products Partners LP / Calumet Finance Cor 0.28
Pitney Bowes Inc 0.28
CrownRock LP / CrownRock Finance Inc 0.28
WESCO Distribution Inc 0.27
Sally Holdings LLC / Sally Capital Inc 0.27
Penske Automotive Group Inc 0.27
US Foods Inc 0.27
Grand Canyon University 0.26
Seagate HDD Cayman 0.26
EQM Midstream Partners LP 0.26
Under Armour Inc 0.26
iHeartCommunications Inc 0.26
Cedar Fair LP / Canada's Wonderland Co / Magnum Management C 0.26
Cleveland-Cliffs Inc 0.26
Arcosa Inc 0.26
PM General Purchaser LLC 0.25
Sensata Technologies BV 0.25
Koppers Inc 0.25
Macy's Retail Holdings LLC 0.25
Rithm Capital Corp 0.25
Specialty Building Products Holdings LLC / SBP Finance Corp 0.25
NFP Corp 0.25
Buckeye Partners LP 0.25
LSF9 Atlantis Holdings LLC / Victra Finance Corp 0.24
Summit Midstream Holdings LLC / Summit Midstream Finance Cor 0.24
Caesars Entertainment Inc 0.24
Condor Merger Sub Inc 0.24
Algonquin Power & Utilities Corp 0.23
Spirit AeroSystems Inc 0.23
Trinity Industries Inc 0.23
Infrabuild Australia Pty Ltd 0.23
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loy 0.23
Varex Imaging Corp 0.23
American Finance Trust Inc / American Finance Operating Part 0.23
HUB International Ltd 0.22
Vistra Operations Co LLC 0.22
Vector Group Ltd 0.22
Herbalife Nutrition Ltd / HLF Financing Inc 0.22
P&L Development LLC / PLD Finance Corp 0.22
Ally Financial Inc 0.22
G-III Apparel Group Ltd 0.21
Ford Motor Co 0.21
FXI Holdings Inc 0.21
Southwestern Energy Co 0.21
CCO Holdings LLC / CCO Holdings Capital Corp 0.20
AG Issuer LLC 0.20
Diversified Healthcare Trust 0.20
Midland Cogeneration Venture LP 0.20
Murphy Oil Corp 0.20
Harvest Midstream I LP 0.19
NMI Holdings Inc 0.19
Qwest Corp 0.19
Berry Global Inc 0.19
WR Grace Holdings LLC 0.19
ITT Holdings LLC 0.19
Ladder Capital Finance Holdings LLLP / Ladder Capital Financ 0.18
Hanesbrands Inc 0.18
Credit Acceptance Corp 0.18
Owens & Minor Inc 0.18
Hughes Satellite Systems Corp 0.17
Eco Material Technologies Inc 0.17
DCP Midstream Operating LP 0.17
Fortress Transportation and Infrastructure Investors LLC 0.17
Ball Corp 0.17
Clearwater Paper Corp 0.17
JELD-WEN Inc 0.17
OneMain Finance Corp 0.17
Northriver Midstream Finance LP 0.17
Glatfelter Corp 0.17
NuStar Logistics LP 0.16
Seaspan Corp 0.16
Prime Healthcare Services Inc 0.16
Six Flags Theme Parks Inc 0.16
Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus 0.16
New Home Co Inc/The 0.15
Patterson-UTI Energy Inc 0.15
Emergent BioSolutions Inc 0.15
Photo Holdings Merger Sub Inc 0.15
Starwood Property Trust Inc 0.15
JPW Industries Holding Corp 0.14
Cornerstone Building Brands Inc 0.13
Urban One Inc 0.13
Mauser Packaging Solutions Holding Co 0.13
Altera Infrastructure LP/Teekay Offshore Finance Corp 0.13
CD&R Smokey Buyer Inc 0.13
Blue Racer Midstream LLC / Blue Racer Finance Corp 0.12
Foot Locker Inc 0.12
Moss Creek Resources Holdings Inc 0.12
Weatherford International Ltd 0.12
Bombardier Inc 0.12
TEGNA Inc 0.12
Icahn Enterprises LP / Icahn Enterprises Finance Corp 0.12
FS Energy and Power Fund 0.11
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issu 0.11
Consolidated Communications Inc 0.11
Sizzling Platter LLC / Sizzling Platter Finance Corp 0.11
WW International Inc 0.10
Bed Bath & Beyond Inc 0.10
Cogent Communications Group Inc 0.09
Artera Services LLC 0.09
Manitowoc Co Inc/The 0.09
Clarios Global LP / Clarios US Finance Co 0.09
CommScope Technologies LLC 0.09
PBF Holding Co LLC / PBF Finance Corp 0.08
Radiate Holdco LLC / Radiate Finance Inc 0.08
Change Healthcare Holdings LLC / Change Healthcare Finance I 0.07
Michaels Cos Inc/The 0.07
StoneX Group Inc 0.06
RegionalCare Hospital Partners Holdings Inc / LifePoint Heal 0.06
American Airlines 2016-1 Class A Pass Through Trust 0.05
MPH Acquisition Holdings LLC 0.04
Ligado Networks LLC 0.04
Diamond Sports Group LLC / Diamond Sports Finance Co 0.03
American Airlines 2014-1 Class A Pass Through Trust 0.02
Global Medical Response Inc 0.02
Endo Dac / Endo Finance LLC / Endo Finco Inc 0.01
CBOT 2 Year US Treasury Note Future -

A negative in Cash or Other, as of the date shown, is normally due to fund activity that has accrued or is pending settlement.

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
07/18/2022 07/19/2022 07/22/2022 0.10872 0.10872 - - - -
06/21/2022 06/22/2022 06/30/2022 0.10431 0.10431 - - - -
05/23/2022 05/24/2022 05/31/2022 0.10589 0.10589 - - - -
04/18/2022 04/19/2022 04/29/2022 0.09790 0.09790 - - - -
03/21/2022 03/22/2022 03/31/2022 0.09836 0.09836 - - - -
02/22/2022 02/23/2022 02/28/2022 0.08549 0.08549 - - - -
01/24/2022 01/25/2022 01/31/2022 0.09338 0.09338 - - - -
12/20/2021 12/21/2021 12/31/2021 0.19859 0.08816 0.11043 - - -
11/22/2021 11/23/2021 11/30/2021 0.08935 0.08935 - - - -
10/18/2021 10/19/2021 10/29/2021 0.09371 0.09371 - - - -
09/20/2021 09/21/2021 09/30/2021 0.09211 0.09211 - - - -
08/23/2021 08/24/2021 08/31/2021 0.09434 0.09434 - - - -
07/19/2021 07/20/2021 07/30/2021 0.09477 0.09477 - - - -
06/21/2021 06/22/2021 06/30/2021 0.09387 0.09387 - - - -
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%
06/30/2022 62 26 18 4 0 0 0
03/31/2022 62 32 20 2 0 0 0
12/31/2021 64 34 27 1 0 0 0
09/30/2021 64 15 49 0 0 0 0
Year Ended 2021 252 80 161 8 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%
06/30/2022 62 14 0 0 0 0 0
03/31/2022 62 8 0 0 0 0 0
12/31/2021 64 2 0 0 0 0 0
09/30/2021 64 0 0 0 0 0 0
Year Ended 2021 252 3 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 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%.