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Fixed Income | International and Global Fixed Income

Invesco BulletShares 2024 USD Emerging Markets Debt ETF

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  • Invesco Zacks Multi-Asset Income ETF

Product Details

The Invesco BulletShares® 2024 USD Emerging Markets Debt ETF (Fund) is based on the Nasdaq Bulletshares® USD Emerging Markets Debt 2024 Index (Index). The Fund will invest at least 80% of its total assets in corporate bonds that comprise the Index. The Index is designed to represent the performance of a held-to-maturity portfolio of US dollar-denominated, emerging markets bonds with effective maturities in 2024. 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 monthly. The Fund has a designated year of maturity of 2024 and will terminate on or about Dec. 31, 2024. See the prospectus for more information.

as of 07/31/2020 06/30/2020

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Nasdaq BulletShares USD Emerging Markets Debt 2024 Index 0.61 3.82 N/A N/A N/A 7.98
JP Morgan Emerging Market Bond Global Index 1.76 4.08 4.34 5.80 5.77 8.67
Fund History (%)
Fund NAV -0.48 2.43 N/A N/A N/A 6.90
After Tax Held -1.39 0.61 N/A N/A N/A 4.95
After Tax Sold -0.30 1.42 N/A N/A N/A 4.44
Fund Market Price -0.90 2.23 N/A N/A N/A 6.76
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Nasdaq BulletShares USD Emerging Markets Debt 2024 Index -0.87 3.12 N/A N/A N/A 7.46
JP Morgan Emerging Market Bond Global Index -1.87 1.52 3.31 5.12 5.82 6.86
Fund History (%)
Fund NAV -1.64 2.12 N/A N/A N/A 6.52
After Tax Held -2.43 0.26 N/A N/A N/A 4.55
After Tax Sold -0.99 1.24 N/A N/A N/A 4.15
Fund Market Price -2.40 1.13 N/A N/A N/A 6.16

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. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

as of 06/30/2020

Growth of $10,000

Data beginning Fund inception and ending 06/30/2020. 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.

NAV:

as of 08/10/2020
Data is currently unavailable
Please try again later.

as of {{yieldCalculations.navDate | date : 'MM/dd/yyyy'}}

Net Asset Value (NAV) $ {{yieldCalculations.navBase | number : 2}}
Weighted Average Yield to Worst (YTW)1 {{yieldCalculations.yieldToWorse | numberPercent}}
+ Price Adjustment2 {{yieldCalculations.priceAdjustment | numberPercent}}
= Price Adjusted Weighted Average Yield to Worst3 {{yieldCalculations.priceAdjustedYield | numberPercent}}
- Expense Ratio - {{yieldCalculations.expenseRatio * 100 | numberPercent}}
Estimated Net Acquisition Yield4 {{yieldCalculations.estimatedNetAcquisitionYield | numberPercent}}

1. Weighted Average Yield to Worst uses the lowest discount rate for all possible redemption date scenarios with its market price. A fund's Average YTW is defined as the weighted average of a fund's individual bond holding YTW and is based upon the price of each individual bond that was utilized to calculate that day's net asset value and does not include fund fees and expenses.
2. Price Adjustment is an adjustment made to the Weighted Average Yield to Worst (which is based upon NAV) to extent that the Purchase Price is above or below NAV. A Purchase Price that is greater than NAV will effectively reduce the Weighted Average Yield to Worst, while Purchase Price less than NAV will effectively increase the Weighted Average Yield to Worst. The Price Adjustment is an approximation.
Formula:
Price Adjustment = [NAV - Purchase Price / (NAV X Average Duration at most recent quarter end)]
3. Price Adjusted Weighted Average Yield to Worst is the sum of the weighted average yield to worst and the price adjustment.
4. Estimated Net Acquisition Yield is an approximation of the Weighted Average Yield to Worst a shareholder may experience given the impact of purchase price and the fund's expense ratio on the Weighted Average Yield to Worst based upon NAV.
Formula:
Estimated Net Acquisition Weighted Average Yield to Worst = Weighted Average Yield to Worst + Price Adjustment - Expense Ratio
Note: Net asset value data is based on daily data and Weighted Average Yield to Worst data is based on weekly data.

as of 08/10/2020

Sector Allocation

Sector Percent of Fund
Sovereign Debt 33.65%
Financials 16.93%
Utilities 13.59%
Energy 10.24%
Materials 7.78%
Communication Services 6.46%
Consumer Discretionary 3.53%
Consumer Staples 3.25%
Investment Companies 1.62%
Real Estate 1.59%
U.S. Agency Securities 0.82%
Industrials 0.55%
as of 08/10/2020

Top Country Allocation

Country Percentage
United Arab Emirates 9.94%
India 9.48%
Mexico 9.04%
Turkey 8.95%
Indonesia 8.74%
China 8.57%
Brazil 7.82%
Supranational 6.29%
Philippines 6.19%
Colombia 5.28%

Quality Allocations as of 08/10/2020

S&P Moody's
AAA : 6% Aaa : 6%
AA : 3% Aa : 3%
A : 14% A : 14%
BBB : 41% Baa : 35%
BB : 15% Ba : 11%
B : 5% B : 9%
Not Rated : 15% Not Rated : 21%

Cash is excluded from the credit rating quality allocations table.

as of 08/10/2020

Maturity

Years % of Fund
0 - 1 years 1.61
1 - 5 years 98.39
5 - 10 years 0.00
10 - 15 years 0.00
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

as of 08/10/2020 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Asian Development Bank 2.62% 01/30/2024 N/A AAA/Aaa 4.64%
Republic of Poland Government International Bond 4.00% 01/22/2024 N/A A-/A2 3.49%
Empresa Nacional del Petroleo 4.38% 10/30/2024 N/A BBB-/Baa3 3.39%
Hungary Government International Bond 5.38% 03/25/2024 N/A BBB/Baa3 2.71%
Philippine Government International Bond 4.20% 01/21/2024 N/A BBB+/Baa2 2.60%
Power Sector Assets & Liabilities Management Corp 7.39% 12/02/2024 N/A BBB+/Baa2 1.96%
Colombia Government International Bond 8.12% 05/21/2024 N/A BBB-/Baa2 1.91%
Indonesia Government International Bond 5.88% 01/15/2024 N/A BBB/Baa2 1.80%
Indonesia Government International Bond 5.88% 01/15/2024 N/A BBB/Baa2 1.80%
King Power Capital Ltd 5.62% 11/03/2024 N/A A-/A3 1.80%

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
07/20/2020 07/21/2020 07/31/2020 0.07166 0.07166 - - - -
06/22/2020 06/23/2020 06/30/2020 0.07392 0.07392 - - - -
05/18/2020 05/19/2020 05/29/2020 0.08078 0.08078 - - - -
04/20/2020 04/21/2020 04/30/2020 0.08065 0.08065 - - - -
03/23/2020 03/24/2020 03/31/2020 0.08592 0.08592 - - - -
02/24/2020 02/25/2020 02/28/2020 0.08108 0.08108 - - - -
01/21/2020 01/22/2020 01/31/2020 0.09087 0.09087 - - - -
12/23/2019 12/24/2019 12/31/2019 0.20174 0.10005 0.10169 - - -
11/18/2019 11/19/2019 11/29/2019 0.09352 0.09352 - - - -
10/21/2019 10/22/2019 10/31/2019 0.09695 0.09695 - - - -
09/23/2019 09/24/2019 09/30/2019 0.09116 0.09116 - - - -
08/19/2019 08/20/2019 08/30/2019 0.08997 0.08997 - - - -
07/22/2019 07/23/2019 07/31/2019 0.09764 0.09764 - - - -
06/24/2019 06/25/2019 06/28/2019 0.09517 0.09517 - - - -
05/20/2019 05/21/2019 05/31/2019 0.09901 0.09901 - - - -
04/22/2019 04/23/2019 04/30/2019 0.09572 0.09572 - - - -
03/18/2019 03/19/2019 03/29/2019 0.09963 0.09963 - - - -
02/19/2019 02/20/2019 02/28/2019 0.08846 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.09996 0.09996 - - - -
12/24/2018 12/26/2018 12/31/2018 0.17583 0.17583 - - - -
11/19/2018 11/20/2018 11/30/2018 0.12455 0.12455 - - - -

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%
06/30/2020 63 5 1 2 1 0 0
03/31/2020 62 10 21 7 0 0 0
12/31/2019 64 26 37 1 0 0 0
09/30/2019 64 42 18 1 0 0 0
Year Ended 2019 252 135 83 6 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%
06/30/2020 63 11 7 9 8 10 9
03/31/2020 62 3 3 1 1 3 13
12/31/2019 64 0 0 0 0 0 0
09/30/2019 64 3 0 0 0 0 0
Year Ended 2019 252 26 2 0 0 0 0

Fund Inception : 10/04/2018

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.

Investments focused in a particular sector, such as financial, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

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

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

During the final year of the Fund’s operations, as the bonds mature and the portfolio transitions to cash and cash equivalents, the Fund’s yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the Fund and/or bonds in the market.

An issuer may be unable or unwilling to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

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.

Government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial instruments. Issuers of sovereign debt or the governmental authorities that control repayment may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of default. Without debt holder approval, some governmental debtors may be able to reschedule or restructure their debt payments or declare moratoria on payments.

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

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.

Unlike a direct investment in bonds, the Fund’s income distributions will vary over time and the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of investment. For example, at times the Fund may make distributions at a greater (or lesser) rate than the coupon payments received, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may affect the tax characterization of returns, and the amount received as liquidation proceeds upon Fund termination may result in a gain or loss for tax purposes.

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.

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 may invest in privately issued 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’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.

Nasdaq BulletShares® USD Emerging Markets Debt Indexes are trademarks of Invesco Indexing LLC (index provider) and have been licensed for use by Invesco Capital Management LLC (investment adviser). Invesco Indexing LLC, Invesco Capital Management LLC, and Invesco Distributors, Inc. are wholly owned, indirect subsidiaries of Invesco Ltd.