Alternative | Bank Loans

Invesco Senior Loan ETF

Ticker: BKLN
How to invest

Product details

The Invesco Senior Loan ETF (Fund) is based on the Morningstar LSTA US Leveraged Loan 100 Index (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 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 bi-annually, in June and December.

as of 10/31/2022 09/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Morningstar LSTA US Leveraged Loan 100 Index-TR (USD) -2.69 -2.36 2.01 2.72 3.14 3.30
Morningstar LSTA US Leveraged Loan Total Return Index (USD) -2.25 -1.78 2.72 3.07 3.61 3.73
Bloomberg US Aggregate Bond Index-TR -15.72 -15.68 -3.77 -0.54 0.74 1.67
Fund History (%)
Fund NAV -3.32 -3.05 0.82 1.70 2.26 2.53
After Tax Held -4.60 -4.53 -0.65 0.08 0.57 0.85
After Tax Sold -1.96 -1.79 0.02 0.61 0.98 1.21
Fund Market Price -3.17 -2.58 1.02 1.81 2.27 2.51
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
S&P/LSTA U.S. Leveraged Loan 100 Index -4.26 -3.92 1.39 2.50 2.97 3.18
Morningstar LSTA US Leveraged Loan Total Return Index (USD) -3.25 -2.53 2.21 2.98 3.53 3.67
Bloomberg Barclays U.S. Aggregate Bond Index -14.61 -14.60 -3.26 -0.27 0.89 1.79
Fund History (%)
Fund NAV -4.80 -4.54 0.20 1.47 2.10 2.41
After Tax Held -5.88 -5.92 -1.25 -0.13 0.41 0.73
After Tax Sold -2.82 -2.66 -0.44 0.46 0.86 1.13
Fund Market Price -5.62 -4.97 -0.01 1.31 2.00 2.30

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.

as of 09/30/2022

Growth of $10,000

Data beginning Fund inception and ending 09/30/2022. 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.

Quality Allocations as of 11/30/2022

S&P Moody's
BBB : 8% Baa : 5%
BB : 26% Ba : 29%
B : 57% B : 61%
CCC : 3% Caa : 0%
Not Rated : 3% Not Rated : 4%

Credit rating quality allocations data applies to securities only — not money market instruments.

as of 11/30/2022

Maturity

Years % of Fund
0 - 1 years 0.23
1 - 5 years 55.21
5 - 10 years 44.56
10 - 15 years 0.00
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00
as of 11/30/2022

Asset Type Allocation

Asset Style Percentage
Loans 91.80%
Cash and Equivalents 4.62%
High-Yield Securities 3.38%
Other 0.20%

as of 11/30/2022 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date S&P / Moody's Rating† Weight
Peraton Corp 7.82% 02/01/2028 B+/B1 1.95%
Mozart Debt Mer 7.32% 10/01/2028 B+/B1 1.88%
McAfee corp 7.64% 03/01/2029 B-/B2 1.75%
United Airlines, Inc 8.11% 04/21/2028 BB-/Ba1 1.56%
Ultimate Software Group, Inc. 7.00% 05/04/2026 B-/B1 1.52%
ATHENAHEALTH, I 7.41% 02/15/2029 B-/B2 1.49%
Bass Pro Group, LLC 7.82% 03/06/2028 BB-/B1 1.40%
MILANO ACQUISITION CORP 7.67% 10/01/2027 B+/B2 1.36%
CenturyLink, Inc. 6.37% 03/15/2027 BB+/Ba3 1.35%
Elanco Animal Health Incorporated 5.59% 07/30/2027 BB+/Ba1 1.34%

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
11/21/2022 11/22/2022 11/25/2022 0.11462 0.11462 - - - -
10/24/2022 10/25/2022 10/28/2022 0.09637 0.09637 - - - -
09/19/2022 09/20/2022 09/23/2022 0.08657 0.08657 - - - -
08/22/2022 08/23/2022 08/26/2022 0.07856 0.07856 - - - -
07/18/2022 07/19/2022 07/22/2022 0.07105 0.07105 - - - -
06/21/2022 06/22/2022 06/30/2022 0.06605 0.06605 - - - -
05/23/2022 05/24/2022 05/31/2022 0.06104 0.06104 - - - -
04/18/2022 04/19/2022 04/29/2022 0.05938 0.05938 - - - -
03/21/2022 03/22/2022 03/31/2022 0.05825 0.05825 - - - -
02/22/2022 02/23/2022 02/28/2022 0.05770 0.05770 - - - -
01/24/2022 01/25/2022 01/31/2022 0.05726 0.05726 - - - -
12/20/2021 12/21/2021 12/31/2021 0.05612 0.05612 - - - -
11/22/2021 11/23/2021 11/30/2021 0.05662 0.05662 - - - -
10/18/2021 10/19/2021 10/29/2021 0.05651 0.05651 - - - -
09/20/2021 09/21/2021 09/30/2021 0.05541 0.05541 - - - -
08/23/2021 08/24/2021 08/31/2021 0.05434 0.05434 - - - -
07/19/2021 07/20/2021 07/30/2021 0.05337 0.05337 - - - -
06/21/2021 06/22/2021 06/30/2021 0.05413 0.05413 - - - -
05/24/2021 05/25/2021 05/28/2021 0.05423 0.05423 - - - -
04/19/2021 04/20/2021 04/30/2021 0.05756 0.05756 - - - -
03/22/2021 03/23/2021 03/31/2021 0.06070 0.06070 - - - -
02/22/2021 02/23/2021 02/26/2021 0.06333 0.06333 - - - -
01/19/2021 01/20/2021 01/29/2021 0.06500 0.06500 - - - -
12/21/2020 12/22/2020 12/31/2020 0.06497 0.06497 - - - -
11/23/2020 11/24/2020 11/30/2020 0.06294 0.06294 - - - -
10/19/2020 10/20/2020 10/30/2020 0.05995 0.05995 - - - -
09/21/2020 09/22/2020 09/30/2020 0.05678 0.05678 - - - -
08/24/2020 08/25/2020 08/31/2020 0.05321 0.05321 - - - -
07/20/2020 07/21/2020 07/31/2020 0.05641 0.05641 - - - -
06/22/2020 06/23/2020 06/30/2020 0.05587 0.05587 - - - -
05/18/2020 05/19/2020 05/29/2020 0.06055 0.06055 - - - -
04/20/2020 04/21/2020 04/30/2020 0.07824 0.07824 - - - -
03/23/2020 03/24/2020 03/31/2020 0.07977 0.07977 - - - -
02/24/2020 02/25/2020 02/28/2020 0.08005 0.08005 - - - -
01/21/2020 01/22/2020 01/31/2020 0.08394 0.08394 - - - -
12/23/2019 12/24/2019 12/31/2019 0.08702 0.08702 - - - -
11/18/2019 11/19/2019 11/29/2019 0.08702 0.08702 - - - -
10/21/2019 10/22/2019 10/31/2019 0.09023 0.09023 - - - -
09/23/2019 09/24/2019 09/30/2019 0.09345 0.09345 - - - -
08/19/2019 08/20/2019 08/30/2019 0.09683 0.09683 - - - -
07/22/2019 07/23/2019 07/31/2019 0.09788 0.09788 - - - -
06/24/2019 06/25/2019 06/28/2019 0.09885 0.09885 - - - -
05/20/2019 05/21/2019 05/31/2019 0.09520 0.09520 - - - -
04/22/2019 04/23/2019 04/30/2019 0.09118 0.09118 - - - -
03/18/2019 03/19/2019 03/29/2019 0.08543 0.08543 - - - -
02/19/2019 02/20/2019 02/28/2019 0.09489 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.09188 0.09188 - - - -
12/24/2018 12/26/2018 12/31/2018 0.14204 0.14204 - - - -
11/19/2018 11/20/2018 11/30/2018 0.08504 0.08504 - - - -
10/22/2018 10/23/2018 10/31/2018 0.08033 0.08033 - - - -
09/24/2018 09/25/2018 09/28/2018 0.07913 0.07913 - - - -
08/20/2018 08/21/2018 08/31/2018 0.08000 0.08000 - - - -
07/23/2018 07/24/2018 07/31/2018 0.08000 0.08000 - - - -
06/18/2018 06/19/2018 06/29/2018 0.07913 0.07913 - - - -
05/21/2018 05/22/2018 05/31/2018 0.07417 0.07417 - - - -
04/23/2018 04/24/2018 04/30/2018 0.07164 0.07164 - - - -
03/19/2018 03/20/2018 03/29/2018 0.07583 0.07583 - - - -
02/20/2018 02/21/2018 02/28/2018 0.07013 0.07013 - - - -
01/22/2018 01/23/2018 01/31/2018 0.06604 0.06604 - - - -
12/18/2017 12/19/2017 12/29/2017 0.07750 0.07750 - - - -
11/20/2017 11/21/2017 11/30/2017 0.06280 0.06280 - - - -
10/23/2017 10/24/2017 10/31/2017 0.07000 0.07000 - - - -
09/18/2017 09/19/2017 09/29/2017 0.07006 0.07006 - - - -
08/15/2017 08/17/2017 08/31/2017 0.06905 0.06905 - - - -
07/14/2017 07/18/2017 07/31/2017 0.06430 0.06430 - - - -
06/15/2017 06/19/2017 06/30/2017 0.06310 0.06310 - - - -
05/15/2017 05/17/2017 05/31/2017 0.06334 0.06334 - - - -
04/13/2017 04/18/2017 04/28/2017 0.06462 0.06462 - - - -
03/15/2017 03/17/2017 03/31/2017 0.06500 0.06500 - - - -
02/15/2017 02/17/2017 02/28/2017 0.06750 0.06750 - - - -
01/13/2017 01/18/2017 01/31/2017 0.07000 0.07000 - - - -
12/15/2016 12/19/2016 12/30/2016 0.08001 0.08001 - - - -
11/15/2016 11/17/2016 11/30/2016 0.07106 0.07106 - - - -
10/14/2016 10/18/2016 10/31/2016 0.08250 0.08250 - - - -
09/15/2016 09/19/2016 09/30/2016 0.09750 0.09750 - - - -
08/15/2016 08/17/2016 08/31/2016 0.09750 0.09750 - - - -
07/15/2016 07/19/2016 07/29/2016 0.09750 0.09750 - - - -
06/15/2016 06/17/2016 06/30/2016 0.09500 0.09500 - - - -
05/13/2016 05/17/2016 05/31/2016 0.09500 0.09500 - - - -
04/15/2016 04/19/2016 04/29/2016 0.09000 0.09000 - - - -
03/15/2016 03/17/2016 03/31/2016 0.08600 0.08600 - - - -
02/12/2016 02/17/2016 02/29/2016 0.08400 0.08400 - - - -
01/15/2016 01/20/2016 01/29/2016 0.08350 0.08350 - - - -
12/15/2015 12/17/2015 12/31/2015 0.08248 0.08248 - - - -
11/13/2015 11/17/2015 11/30/2015 0.08081 0.08081 - - - -
10/15/2015 10/19/2015 10/30/2015 0.08027 0.08027 - - - -
09/15/2015 09/17/2015 09/30/2015 0.07964 0.07964 - - - -
08/14/2015 08/18/2015 08/31/2015 0.07852 0.07852 - - - -
07/15/2015 07/17/2015 07/31/2015 0.07624 0.07624 - - - -
06/15/2015 06/17/2015 06/30/2015 0.07537 0.07537 - - - -
05/15/2015 05/19/2015 05/29/2015 0.07440 0.07440 - - - -
04/15/2015 04/17/2015 04/30/2015 0.07346 0.07346 - - - -
03/13/2015 03/17/2015 03/31/2015 0.07304 0.07304 - - - -
02/13/2015 02/18/2015 02/27/2015 0.07389 0.07389 - - - -
01/15/2015 01/20/2015 01/30/2015 0.07500 0.07500 - - - -
12/15/2014 12/17/2014 12/31/2014 0.07600 0.07600 - - - -
11/14/2014 11/18/2014 11/28/2014 0.08000 0.08000 - - - -
10/15/2014 10/17/2014 10/31/2014 0.08928 0.08928 - - - -
09/15/2014 09/17/2014 09/30/2014 0.08569 0.08569 - - - -
08/15/2014 08/19/2014 08/29/2014 0.08380 0.08380 - - - -
07/15/2014 07/17/2014 07/31/2014 0.08224 0.08224 - - - -
06/13/2014 06/17/2014 06/30/2014 0.08116 0.08116 - - - -
05/15/2014 05/19/2014 05/30/2014 0.08102 0.08102 - - - -
04/15/2014 04/17/2014 04/30/2014 0.08025 0.08025 - - - -
03/14/2014 03/18/2014 03/31/2014 0.08259 0.08259 - - - -
02/14/2014 02/19/2014 02/28/2014 0.08348 0.08348 - - - -
01/15/2014 01/17/2014 01/31/2014 0.08409 0.08409 - - - -
12/13/2013 12/17/2013 12/31/2013 0.08406 0.08406 - - - -
11/15/2013 11/19/2013 11/29/2013 0.08434 0.08434 - - - -
10/15/2013 10/17/2013 10/31/2013 0.08300 0.08300 - - - -
09/13/2013 09/17/2013 09/30/2013 0.08300 0.08300 - - - -
08/15/2013 08/19/2013 08/30/2013 0.09000 0.09000 - - - -
07/15/2013 07/17/2013 07/31/2013 0.09050 0.09050 - - - -
06/14/2013 06/18/2013 06/28/2013 0.09012 0.09012 - - - -
05/15/2013 05/17/2013 05/31/2013 0.09213 0.09213 - - - -
04/15/2013 04/17/2013 04/30/2013 0.09536 0.09536 - - - -
03/15/2013 03/19/2013 03/28/2013 0.09570 0.09570 - - - -
02/15/2013 02/20/2013 02/28/2013 0.10025 0.10025 - - - -
01/15/2013 01/17/2013 01/31/2013 0.10642 0.10642 - - - -
12/14/2012 12/18/2012 12/31/2012 0.09750 0.09750 - - - -
11/15/2012 11/19/2012 11/30/2012 0.10027 0.10027 - - - -
10/15/2012 10/17/2012 10/31/2012 0.10307 0.10307 - - - -
09/14/2012 09/18/2012 09/28/2012 0.09115 0.09115 - - - -
08/15/2012 08/17/2012 08/31/2012 0.09103 0.09103 - - - -
07/13/2012 07/17/2012 07/31/2012 0.10412 0.10412 - - - -
06/15/2012 06/19/2012 06/29/2012 0.09983 0.09983 - - - -
05/15/2012 05/17/2012 05/31/2012 0.10476 0.10476 - - - -
04/13/2012 04/17/2012 04/30/2012 0.10697 0.10697 - - - -
03/15/2012 03/19/2012 03/30/2012 0.10100 0.10100 - - - -
02/15/2012 02/17/2012 02/29/2012 0.10120 0.10120 - - - -
01/13/2012 01/18/2012 01/31/2012 0.09984 0.09984 - - - -
12/15/2011 12/19/2011 12/30/2011 0.11592 0.11592 - - - -
11/15/2011 11/17/2011 11/30/2011 0.10292 0.10292 - - - -
10/14/2011 10/18/2011 10/31/2011 0.11557 0.11557 - - - -
09/15/2011 09/19/2011 09/30/2011 0.08600 0.08600 - - - -
08/15/2011 08/17/2011 08/31/2011 0.08317 0.08317 - - - -
07/15/2011 07/19/2011 07/29/2011 0.07568 0.07568 - - - -
06/15/2011 06/17/2011 06/30/2011 0.07726 0.07726 - - - -
05/13/2011 05/17/2011 05/31/2011 0.07600 0.07600 - - - -
04/15/2011 04/19/2011 04/29/2011 0.07357 0.07357 - - - -

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%
09/30/2022 64 12 4 1 0 0 0
06/30/2022 62 6 3 0 0 0 0
03/31/2022 62 9 1 0 0 0 0
12/31/2021 64 11 0 0 0 0 0
Year Ended 2021 252 49 1 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%
09/30/2022 64 14 15 17 1 0 0
06/30/2022 62 17 15 18 2 0 1
03/31/2022 62 26 24 1 1 0 0
12/31/2021 64 43 6 4 0 0 0
Year Ended 2021 252 166 31 5 0 0 0

Fund Inception : 03/03/2011

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. 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 risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

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. 

The Fund may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the Underlying Index.

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 Fund invests in financial instruments that use the London Interbank Offered Rate (“LIBOR”) as a reference or benchmark rate for variable interest rate calculations. LIBOR will be phased out by the end of 2021, and it's anticipated that LIBOR will cease to be published after that time. To assist with the transition, US dollar LIBOR rates will continue to be published until June 2023. There is uncertainty on the effects of the LIBOR transition process, therefore any impact of the LIBOR transition on the Fund or its investments cannot yet be determined. There is no assurance an alternative rate will be similar to, produce the same value or economic equivalence or instruments using the rate will have the same volume or liquidity as LIBOR. Any effects of LIBOR transition and the adoption of alternative rates could result in losses to the Fund.

The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

The Morningstar® LSTA® US Leveraged Loan 100 IndexTM (the “Underlying Index”) is a product of Morningstar, Inc. (“Morningstar”) licensed for use by Invesco Capital Management LLC (the “Adviser”). Morningstar® is a registered trademark of Morningstar, licensed for certain use by the Adviser. Loan Syndications and Trading Association® and LSTA® are trademarks of the LSTA licensed for certain use by Morningstar, and further sublicensed by Morningstar for certain use by the Adviser. The Invesco Senior Loan ETF (the “Fund”) is not sponsored, endorsed, sold or promoted by Morningstar and/or their respective affiliates or LSTA, and none of such parties make any representation regarding the advisability of investing in such Fund nor do they have any liability for any errors, omissions, or interruptions of the Underlying Index.