The Invesco Taxable Municipal Bond ETF (Fund) is based on the ICE BofAML US Taxable Municipal Securities Plus Index (Index). The Fund will normally invest at least 80% of its total assets in the securities that comprise the Index. The Index is designed to track the performance of US dollar-denominated taxable municipal debt publicly issued by US states and territories, and their political subdivisions, in the US market. 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 and reconstituted monthly.
Morningstar Rating ™Overall Rating - Long-Term Bond Category
As of 08/31/2022 the Fund had an overall rating of 4 stars out of 30 funds and was rated 4 stars out of 30 funds, 4 stars out of 27 funds and 4 stars out of 24 funds for the 3-, 5- and 10- year periods, respectively.
Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2022 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|ICE BofAML US Taxable Municipal Securities Plus Index||-14.53||-15.36||-2.43||1.45||N/A||N/A|
|ICE BofAML U.S. Corporate Master Index||-13.74||-14.51||-1.93||1.11||2.41||3.79|
|Bloomberg Barclays U.S. Aggregate Bond Index||-10.75||-11.52||-2.00||0.52||1.35||2.38|
|Fund History (%)|
|After Tax Held||-16.21||-17.34||-4.35||-0.30||1.23||3.34|
|After Tax Sold||-9.17||-9.64||-2.83||0.28||1.50||3.25|
|Fund Market Price||-15.66||-16.26||-3.36||1.05||2.92||5.08|
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|ICE BofAML US Taxable Municipal Securities Plus Index||-13.86||-13.26||-0.49||2.15||N/A||N/A|
|ICE BofAML U.S. Corporate Master Index||-13.93||-13.83||-0.81||1.39||2.71||3.83|
|Bloomberg Barclays U.S. Aggregate Bond Index||-10.35||-10.29||-0.93||0.88||1.54||2.45|
|Fund History (%)|
|After Tax Held||-15.28||-15.19||-2.35||0.43||1.64||3.47|
|After Tax Sold||-8.73||-8.37||-1.32||0.85||1.82||3.36|
|Fund Market Price||-14.56||-14.10||-1.19||1.93||3.38||5.26|
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.
Growth of $10,000
Data beginning Fund inception and ending 06/30/2022. Fund performance shown at NAV.
The ICE BofAML US Taxable Municipal Securities Plus Index* performance prior to 5/31/2017 reflects that of the original Underlying Index ICE BofAML Build America Bond Index. From 5/31/2017, forward, the Index performance reflects that of the Underlying Index ICE BofAML Taxable Municipal Securities Plus Index AND IS NOT INTENDED FOR ANY THIRD PARTY USE.
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.
Quality Allocations† as of 09/28/2022
|AAA : 14%||Aaa : 10%|
|AA : 57%||Aa : 49%|
|A : 14%||A : 19%|
|BBB : 6%||Baa : 4%|
|BB : 0%||Ba : 1%|
|Not Rated : 9%||Not Rated : 18%|
Cash is excluded from the credit rating quality allocations table.
|Years||% of Fund|
|0 - 1 years||0.22|
|1 - 5 years||15.12|
|5 - 10 years||20.90|
|10 - 15 years||13.30|
|15 - 20 years||26.57|
|20 - 25 years||8.51|
|25 years and over||15.37|
as of 09/28/2022 Top Fixed-Income Holdings | View All
|Holding Name||Coupon Rate||Maturity Date||Next Call Date||S&P / Moody's Rating†||Weight|
|State of California||7.55%||04/01/2039||N/A||AA-/Aa2||1.52%|
|City of Fort Lauderdale FL||0.75%||01/01/2024||N/A||AAA/Aa2||1.27%|
|State of California||7.50%||04/01/2034||N/A||AA-/Aa2||1.26%|
|State of California||7.30%||10/01/2039||N/A||AA-/Aa2||1.10%|
|University of California||1.32%||05/15/2027||03/15/2027||AA/Aa2||0.87%|
|University of California||3.35%||07/01/2029||N/A||AA/Aa2||0.86%|
|American Municipal Power Inc||8.08%||02/15/2050||N/A||A/A1||0.84%|
|Texas Transportation Commission State Highway Fund||5.18%||04/01/2030||N/A||AAA/Aaa||0.76%|
|County of Allegheny PA||2.09%||11/01/2033||11/01/2030||AA-/Aa3||0.70%|
|State of California||7.35%||11/01/2039||N/A||AA-/Aa2||0.66%|
Holdings are subject to change and are not buy/sell recommendations.
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.
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.
There is no guarantee that municipalities will continue to take advantage of the BAB program in the future and there can be no assurance that BABs will be actively traded. Furthermore, under the American Recovery and Reinvestment Act of 2009, the ability of municipalities to issue BABs expired on Dec. 31, 2010. As a result, the number of available BABs in the market is limited. In addition, illiquidity of the BABs may negatively affect the value of the BABs. Interest received on BABs is subject to federal and state income tax.
Reinvestment risk is the risk that a bond's cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.
Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer's ability to make payments of principal and/ or interest. All or a portion of the Fund's otherwise tax-exempt income may be subject to the federal alternative minimum tax.
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 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.
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 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.
California's economic problems increase the risk of investing in California municipal obligations, including the risk of potential issuer default, heightens the risk that the prices of California municipal obligations, and the Fund's net asset value, will experience greater volatility. See the prospectus for more information.
The ICE BofAML U.S. Corporate Master Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market.
The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The ICE BofAML Build America Bond Index tracks the performance of US dollar-denominated Build America Bonds publicly issued by US states and territories, and their political subdivisions, in the US market.
"ICE BofAML" and "The BofA Merrill Lynch US Taxable Municipal Securities Plus IndexSM" are reprinted with permission. © Copyright 2017 ICE Data Indices, LLC ("ICE BofAML"). All rights reserved. "ICE BofAML" and "The ICE BofAML US Taxable Municipal Securities Plus IndexSM" are service marks of ICE BofAML and/or its affiliates and have been licensed for use for certain purposes by Invesco on behalf of the Invesco Taxable Municipal Bond ETF that is based on The ICE BofAML US Taxable Municipal Securities Plus IndexSM, and is not issued, sponsored, endorsed or promoted by ICE BofAML and/or ICE BofAML's affiliates nor is ICE BofAML and/or ICE BofAML's affiliates an adviser to the Invesco Taxable Municipal Bond ETF. ICE BofAML and ICE BofAML's affiliates make no representation, express or implied, regarding the advisability of investing in the Invesco Taxable Municipal Bond ETF or The ICE BofAML US Taxable Municipal Securities Plus IndexSM and do not guarantee the quality, accuracy or completeness of The ICE BofAML US Taxable Municipal Securities Plus IndexSM, index values or any index related data included herein, provided herewith or derived therefrom and assume no liability in connection with their use. As the index provider, ICE BofAML is licensing certain trademarks, The ICE BofAML US Taxable Municipal Securities Plus IndexSM and trade names which are composed by ICE BofAML without regard to Invesco, the Invesco Taxable Municipal Bond ETF or any investor. ICE BofAML and ICE BofAML's affiliates do not provide investment advice to Invesco or the Invesco Taxable Municipal Bond ETF and are not responsible for the performance of the Invesco Taxable Municipal Bond ETF.