The Invesco Senior Loan ETF (the "Fund") is based on the S&P/LSTA U.S. Leveraged Loan 100 Index (the "Index"). The Fund will normally invest at least 80% of its total assets in the component securities that comprise the Index. The Index is designed to track the market-weighted performance of the largest institutional leveraged loans based on market weightings, spreads and interest payments. The Fund and the Index are rebalanced and reconstituted bi-annually, in June and December.
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|S&P/LSTA U.S. Leveraged Loan 100 Index||-0.90||1.53||3.04||4.06||3.84||3.52|
|S&P LSTA Leveraged Loan Index-TR||-0.46||1.72||2.97||4.09||4.12||3.84|
|Bloomberg Barclays U.S. Aggregate Bond Index||6.32||6.19||5.06||4.08||3.55||3.89|
|Fund History (%)|
|After Tax Held||-3.37||-1.59||0.24||1.20||N/A||1.06|
|After Tax Sold||-1.28||-0.03||0.78||1.49||N/A||1.39|
|Fund Market Price||-2.73||-0.18||1.93||2.93||N/A||2.70|
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|S&P/LSTA U.S. Leveraged Loan 100 Index||-0.53||1.71||3.36||4.14||4.07||3.59|
|S&P LSTA Leveraged Loan Index-TR||-0.66||1.06||3.10||4.01||4.26||3.85|
|Bloomberg Barclays U.S. Aggregate Bond Index||6.79||6.98||5.24||4.18||3.64||3.97|
|Fund History (%)|
|After Tax Held||-2.81||-1.48||0.54||1.34||N/A||1.13|
|After Tax Sold||-1.02||0.06||1.01||1.60||N/A||1.44|
|Fund Market Price||-1.78||0.29||2.30||3.17||N/A||2.82|
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 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 The results assume that no cash was added to or assets withdrawn from the Index.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.
Quality Allocations† as of 12/01/2020
|BBB : 15%||Baa : 9%|
|BB : 22%||Ba : 30%|
|B : 54%||B : 54%|
|CCC : 6%||Caa : 4%|
|CC : 0%||Ca : 0%|
|Not Rated : 2%||Not Rated : 2%|
Credit rating quality allocations data applies to securities only — not money market instruments.
|Years||% of Fund|
|0 - 1 years||0.86|
|1 - 5 years||53.18|
|5 - 10 years||45.96|
|10 - 15 years||0.00|
|15 - 20 years||0.00|
|20 - 25 years||0.00|
|25 years and over||0.00|
Asset Type Allocation
|Cash and Equivalents||4.06%|
as of 12/01/2020 Top Fixed-Income Holdings | View All
|Holding Name||Coupon Rate||Maturity Date||S&P / Moody's Rating†||Weight|
|"Financial & Risk US Holdings, "||3.40%||10/01/2025||B/B2||1.91%|
|Dell International LLC||2.75%||09/19/2025||BBB-/Baa3||1.73%|
|"Zayo Group, LLC"||3.15%||02/20/2027||B/B1||1.62%|
|Caesars Resort Collection||2.90%||12/23/2024||B+/B1||1.56%|
|Envision Healthcare Corporatio||3.90%||10/10/2025||CCC/Caa1||1.53%|
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.
Most senior loans are made to corporations with below investment-grade credit ratings and are subject to significant credit, valuation and liquidity risk. The value of the collateral securing a loan may not be sufficient to cover the amount owed, may be found invalid or may be used to pay other outstanding obligations of the borrower under applicable law. There is also the risk that the collateral may be difficult to liquidate, or that a majority of the collateral may be illiquid.
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.
Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.
Non-investment grade securities may be subject to greater price volatility due to specific corporate developments, interest-rate sensitivity, negative perceptions of the market, adverse economic and competitive industry conditions and decreased market liquidity. The Fund is non-diversified and may experience greater volatility than a more diversified investment.
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 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.
Under a participation in senior loans, the fund generally will have rights that are more limited than those of lenders or of persons who acquire a senior loan by assignment. In a participation, the fund assumes the credit risk of the lender selling the participation in addition to the credit risk of the borrower. In the event of the insolvency of the lender selling the participation, the fund may be treated as a general creditor of the lender and may not have a senior claim to the lender's interest in the senior loan. Certain participations in senior loans are illiquid and difficult to value.
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 Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
S&P® is a registered trademark of Standard & Poor's Financial Services LLC (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC. S&P® and Standard & Poor's® are trademarks of S&P and Dow Jones® is a trademark of Dow Jones. These trademarks have been sublicensed for certain purposes by Invesco Capital Management LLC. The Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Invesco. The Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates make any representation regarding the advisability of investing in such product(s).