Fixed Income | US Fixed Income

Invesco Short Duration Bond ETF

Ticker: ISDB

Product Details

Invesco Short Duration Bond ETF (Fund) is an actively managed exchange-traded fund (ETF) that seeks total return, comprised of income and capital appreciation. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets in fixed income securities, including high yield bonds, and other instruments that have similar economic characteristics. The Fund aims to maintain a portfolio maturity and duration between one and three years.

as of 04/30/2024 03/31/2024

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg 1-3 Yr Gov/Credit Total Return Index (USD) 0.09 2.79 0.11 1.24 1.24 3.42
Fund History (%)
Fund NAV 0.68 4.72 N/A N/A N/A 4.53
After Tax Held -0.08 2.32 N/A N/A N/A 2.29
After Tax Sold 0.40 2.78 N/A N/A N/A 2.51
Fund Market Price 0.60 4.58 N/A N/A N/A 4.43
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg US Government and Credit 1-3 Year Total Return Index 0.42 3.49 0.25 1.36 1.29 3.90
Fund History (%)
Fund NAV 0.83 5.63 N/A N/A N/A 4.95
After Tax Held 0.26 3.21 N/A N/A N/A 2.70
After Tax Sold 0.49 3.31 N/A N/A N/A 2.82
Fund Market Price 0.83 5.46 N/A N/A N/A 4.91

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 The results assume that no cash was added to or assets withdrawn from the Index.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 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 05/20/2024

Sector Allocation

Sector Percent of Fund
Financials 28.80%
Derivatives 20.03%
Consumer Discretionary 7.32%
Industrials 6.82%
UnClassified 6.04%
Energy 5.57%
Utilities 4.48%
Health Care 4.33%
Communication Services 3.89%
Information Technology 3.65%
Real Estate 1.90%
NonAgy ARM, Pass Thru, CMO, CMBS 1.82%
Sovereign Debt 1.57%
Materials 1.34%
Consumer Staples 1.16%
U.S. Agency Securities 1.04%
U.S. Government Securities 0.22%
as of 05/20/2024

Top Country Allocation

Country Percentage
United States 86.12%
United Kingdom 4.19%
Ireland 2.72%
Switzerland 1.77%
Canada 1.66%
Romania 1.57%
Germany 0.88%
Australia 0.64%
Mexico 0.44%

Quality Allocations as of 05/20/2024

S&P Moody's
AAA : 2% Aaa : 8%
AA : 5% Aa : 12%
A : 36% A : 31%
BBB : 59% Baa : 53%
BB : 17% Ba : 16%
B : 2% B : 6%
Not Rated : 12% Not Rated : 8%

Cash is excluded from the credit rating quality allocations table.

as of 05/20/2024

Maturity

Years % of Fund
0 - 1 years 27.70
1 - 5 years 62.48
5 - 10 years 3.29
10 - 15 years 0.00
15 - 20 years 0.59
20 - 25 years 0.00
25 years and over 5.94

as of 05/20/2024 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
CBOT 2 Year US Treasury Note Future N/A 06/28/2024 N/A NR/NR 28.32%
Morgan Stanley Bank NA 5.88% 10/30/2026 09/30/2026 A+/Aa3 2.21%
Ford Motor Credit Co LLC 8.30% 03/06/2026 N/A BBB-/Ba1 1.83%
NatWest Group PLC 7.47% 11/10/2026 11/10/2025 BBB+/A3 1.79%
Barclays PLC 7.33% 11/02/2026 11/02/2025 BBB+/Baa1 1.78%
UBS AG/London 5.80% 09/11/2025 N/A A+/Aa2 1.77%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.10% 01/15/2027 12/15/2026 BBB/Baa2 1.38%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.50% 07/15/2025 06/15/2025 BBB/Baa2 1.35%
Protective Life Global Funding 5.37% 01/06/2026 N/A AA-/A1 1.33%
Romanian Government International Bond 6.62% 02/17/2028 N/A BBB-/Baa3 1.16%

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
05/20/2024 05/21/2024 05/24/2024 0.11391 0.11391 - - - -
04/22/2024 04/23/2024 04/26/0204 0.11249 0.11249 - - - -
03/18/2024 03/19/2024 03/22/2024 0.11375 0.11375 - - - -
02/20/2024 02/21/2024 02/23/2024 0.11452 0.11452 - - - -
01/22/2024 01/23/2024 01/26/2024 0.11689 0.11689 - - - -
12/18/2023 12/19/2023 12/22/2023 0.12925 0.12925 - - - -
11/20/2023 11/21/2023 11/24/2023 0.11452 0.11452 - - - -
10/23/2023 10/24/2023 10/27/2023 0.13222 0.13222 - - - -
09/18/2023 09/19/2023 09/22/2023 0.11266 0.11266 - - - -
08/21/2023 08/22/2023 08/25/2023 0.11743 0.11743 - - - -
07/24/2023 07/25/2023 07/28/0203 0.11743 0.11743 - - - -
06/20/2023 06/21/2023 06/23/2023 0.11458 0.11458 - - - -
05/22/2023 05/23/2023 05/26/2023 0.12054 0.12054 - - - -
04/24/2023 04/25/2023 04/28/2023 0.11922 0.11922 - - - -
03/20/2023 03/21/2023 03/24/2023 0.11732 0.11732 - - - -
02/21/2023 02/22/2023 02/24/2023 0.10125 0.10125 - - - -
01/23/2023 01/24/2023 01/27/2023 0.10337 0.10337 - - - -

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 58 0 0 0 0 0
12/31/2023 63 54 0 0 0 0 0
09/30/2023 63 61 0 0 0 0 0
06/30/2023 62 61 1 0 0 0 0
Year Ended 2023 250 233 6 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%
03/31/2024 61 3 0 0 0 0 0
12/31/2023 63 9 0 0 0 0 0
09/30/2023 63 2 0 0 0 0 0
06/30/2023 62 0 0 0 0 0 0
Year Ended 2023 250 11 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.

Mortgage- and asset-backed securities are subject to prepayment or call risk, which is the risk that the borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. Securities may be prepaid at a price less than the original purchase value.

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.

Instruments issued by government agencies, including the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), are generally only backed by the general creditworthiness and reputation of the issuing government agency and are not backed by the full faith and credit of the U.S. government. As a result, there is uncertainty as to the current status of many obligations that are placed under conservatorship of the federal government.

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.

Leverage created from borrowing or certain types of transactions or instruments may impair liquidity, cause positions to be liquidated at an unfavorable time, lose more than the amount invested, or increase volatility.

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 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.

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

The Bloomberg 1-3 Year Government/Credit Index is an unmanaged index considered representative of short-term US corporate and US government bonds with maturities of one to three years.