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Fixed Income | US Fixed Income

Invesco BulletShares 2023 Municipal Bond ETF

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Product Details

The Invesco BulletShares® 2023 Municipal Bond ETF (Fund) is based on the Invesco BulletShares® USD Municipal Bond 2023 Index (Index). The Fund will invest at least 80% of its total assets in municipal bonds that comprise the index. The Index seeks to measure the performance of a portfolio of US dollar-denominated, issued by US state, state agencies, or local governments with effective maturities in 2023. 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 2023 and will terminate on or about Dec. 15, 2023. See the prospectus for more information.

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

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Invesco BulletShares Municipal Bond 2023 Index 2.53 3.61 N/A N/A N/A 3.41
Bloomberg Barclays Municipal Bond Index 3.80 5.36 4.52 4.13 4.26 4.56
Fund History (%)
Fund NAV 2.40 N/A N/A N/A N/A 3.16
After Tax Held 2.13 N/A N/A N/A N/A 2.75
After Tax Sold 1.42 N/A N/A N/A N/A 1.87
Fund Market Price 2.48 N/A N/A N/A N/A 3.28
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Invesco BulletShares Municipal Bond 2023 Index 1.70 N/A N/A N/A N/A 2.57
Bloomberg Barclays Municipal Bond Index 2.08 4.45 4.22 3.93 4.22 2.83
Fund History (%)
Fund NAV 1.66 N/A N/A N/A N/A 2.42
After Tax Held 1.43 N/A N/A N/A N/A 2.05
After Tax Sold 0.99 N/A N/A N/A N/A 1.43
Fund Market Price 1.78 N/A N/A N/A N/A 2.58

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

Growth of $10,000

Data beginning Fund inception and ending {G10KEndDate}. 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.

Quality Allocations as of 08/10/2020

S&P Moody's
AAA : 20% Aaa : 15%
AA : 53% Aa : 59%
A : 13% A : 13%
BBB : 6% Baa : 5%
Not Rated : 8% Not Rated : 8%

Cash is excluded from the credit rating quality allocations table.

as of 08/10/2020

Maturity

Years % of Fund
0 - 1 years 5.05
1 - 5 years 62.76
5 - 10 years 19.15
10 - 15 years 7.17
15 - 20 years 1.11
20 - 25 years 4.66
25 years and over 0.11

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
Cash/Receivables/Payables 0.00% N/A NR/NR 5.05%
Los Angeles Department of Water & Power Power System Revenue 5.00% 07/01/2029 07/01/2023 AA-/Aa2 4.04%
State of California Department of Water Resources 5.00% 12/01/2023 N/A AAA/Aa1 3.82%
JEA Water & Sewer System Revenue 5.00% 10/01/2023 N/A AA+/A2 3.79%
State of Maryland 4.00% 08/01/2023 N/A AAA/Aaa 3.67%
City of New York NY 5.00% 08/01/2023 N/A AA/Aa1 3.35%
Battery Park City Authority 5.00% 11/01/2025 11/01/2023 NR/Aaa 3.05%
State of Hawaii 5.00% 10/01/2023 N/A AA+/Aa2 3.03%
St Joseph County Hospital Authority 4.00% 08/15/2044 08/15/2023 AA-/NR 2.78%
Energy Northwest 5.00% 07/01/2023 N/A AA-/Aa2 2.25%

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 0.02421 0.02421 - - - -
06/22/2020 06/23/2020 06/30/2020 0.02352 0.02352 - - - -
05/18/2020 05/19/2020 05/29/2020 0.02452 0.02452 - - - -
04/20/2020 04/21/2020 04/30/2020 0.02397 0.02397 - - - -
03/23/2020 03/24/2020 03/31/2020 0.02473 0.02473 - - - -
02/24/2020 02/25/2020 02/28/2020 0.02318 0.02318 - - - -
01/21/2020 01/22/2020 01/31/2020 0.02483 0.02483 - - - -
12/23/2019 12/24/2019 12/31/2019 0.02546 0.02546 - - - -
11/18/2019 11/19/2019 11/29/2019 0.02376 0.02376 - - - -
10/21/2019 10/22/2019 10/31/2019 0.02546 0.02546 - - - -

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 39 8 0 0 0 0
03/31/2020 62 32 0 0 0 0 0
12/31/2019 64 58 0 0 0 0 0
09/30/2019 4 4 0 0 0 0 0
Year Ended 2019 68 62 0 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%
06/30/2020 63 15 1 0 0 0 0
03/31/2020 62 25 1 4 0 0 0
12/31/2019 64 6 0 0 0 0 0
09/30/2019 4 0 0 0 0 0 0
Year Ended 2019 68 6 0 0 0 0 0

Fund Inception : 09/25/2019

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 funds’ return may not match the return of the underlying index. The funds are subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the funds.

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

The funds are 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 funds’ operations, as the bonds mature and the portfolio transitions to cash and cash equivalents, the funds’ 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 funds and/or bonds in the market.

If interest rates fall, it is possible that issuers of callable securities will call or prepay their securities before maturity, causing the Fund to reinvest proceeds in securities bearing lower interest rates and reducing the Fund’s income and distributions.

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.

Income generated from the funds is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, the funds’ income may drop as well. During periods of rising interest rates, an issuer may exercise its right to pay principal on an obligation later than expected, resulting in a decrease in the value of the obligation and in a decline in the funds’ income.

An issuer’s ability to prepay principal prior to maturity can limit the funds’ potential gains. Prepayments may require the funds to replace the loan or debt security with a lower yielding security, adversely affecting the funds’ yield.

The funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the funds’ investments. As such, investments in the funds may be less tax efficient than investments in ETFs that create and redeem in-kind.

Unlike a direct investment in bonds, the funds’ 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 funds may make distributions at a greater (or lesser) rate than the coupon payments received, which will result in the funds 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.

During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the fund, the ability of the fund to value its holdings becomes more difficult and the judgment of the sub-adviser may play a greater role in the valuation of the fund’s holdings due to reduced availability of reliable objective pricing data.

The funds’ 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.

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.

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.

The Bloomberg Barclays U.S. Municipal Index covers the USD-denominated long-term tax exempt bond market and is made up of four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.

Invesco BulletShares® USD Municipal Bond 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.