Fixed Income | US Fixed Income

Invesco Total Return Bond ETF

Ticker: GTO
How to invest

Product Details

The Invesco Total Return Bond ETF (Fund) is an actively managed intermediate-term bond exchange-traded fund (ETF) for investors seeking monthly income and total return opportunities. The Fund will invest at least 80% of its total assets in fixed income instruments of varying maturities and of any credit qualities.

as of 07/31/2022

Morningstar Rating

Overall Rating - Intermediate Core-Plus Bond Category

As of 07/31/2022 the Fund had an overall rating of 5 stars out of 568 funds and was rated 4 stars out of 568 funds, 5 stars out of 503 funds and N/A stars out of N/A funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

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.

as of 07/31/2022 06/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg Barclays U.S. Aggregate Bond Index -8.16 -9.12 -0.21 1.28 1.65 1.49
Fund History (%)
Fund NAV -10.91 -11.89 0.46 2.35 N/A 3.19
After Tax Held -11.50 -12.78 -0.77 0.96 N/A 1.80
After Tax Sold -6.45 -7.00 -0.13 1.24 N/A 1.87
Fund Market Price -10.93 -12.07 0.48 2.27 N/A 3.17
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg Barclays U.S. Aggregate Bond Index -10.35 -10.29 -0.93 0.88 1.54 1.12
Fund History (%)
Fund NAV -13.23 -13.42 -0.29 1.84 N/A 2.80
After Tax Held -13.70 -14.24 -1.50 0.46 N/A 1.42
After Tax Sold -7.82 -7.88 -0.67 0.87 N/A 1.59
Fund Market Price -13.21 -13.52 -0.32 1.84 N/A 2.79

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 the result of a reorganization on April 6, 2018, the returns presented reflect performance of the Guggenheim predecessor fund. Invesco is not affiliated with Guggenheim.

as of 06/30/2022

Growth of $10,000

Data beginning Fund inception and ending 06/30/2022. 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.

as of 08/18/2022

Sector Allocation

Sector Percent of Fund
Financials 27.14%
UnClassified 10.62%
NonAgy ARM, Pass Thru, CMO, CMBS 9.73%
U.S. Agency Securities 8.10%
Cash 7.90%
Derivatives 5.48%
Consumer Discretionary 3.85%
U.S. Government Securities 3.74%
Energy 3.39%
Communication Services 3.33%
Industrials 3.17%
Utilities 3.08%
Sovereign Debt 2.72%
Materials 1.86%
Real Estate 1.71%
Health Care 1.68%
Information Technology 1.57%
Consumer Staples 0.72%
CMOs 0.21%
Investment Companies 0.00%
as of 08/18/2022

Top Country Allocation

Country Percentage
United States 78.09%
Cayman Islands 4.31%
Canada 2.27%
United Kingdom 2.17%
Mexico 1.34%
Switzerland 1.09%
Turkey 0.83%
China 0.81%
Brazil 0.68%
Japan 0.62%
as of 08/18/2022

Currency Allocation

Currency Percentage
USD 99.92%
Euro 0.07%
Canadian Dollar 0.00%
Australian Dollar 0.00%

Quality Allocations as of 08/18/2022

Rating % of Fund
AAA 33.25
AA+ 0.62
AA 2.19
AA- 4.66
A+ 4.15
A 4.56
A- 6.15
BBB+ 4.83
BBB 8.13
BBB- 6.17
BB+ 4.32
BB 2.70
BB- 1.93
B+ 1.04
B 0.27
B- 0.29
CCC+ 0.09
CCC- 0.01
CC 0.01
NR 14.65

Cash is excluded from the credit rating quality allocations table.

as of 08/18/2022

Maturity

Years % of Fund
0 - 1 years 13.81
1 - 5 years 12.53
5 - 10 years 24.36
10 - 15 years 9.47
15 - 20 years 7.00
20 - 25 years 0.92
25 years and over 31.91

as of 08/18/2022 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 7.89%
CBOT 2 Year US Treasury Note Future N/A 09/30/2022 N/A NR/NR 6.56%
United States Treasury Note/Bond 2.75% 08/15/2032 N/A AA+u/Aaa 3.63%
CBOT US Long Bond Future N/A 09/21/2022 N/A NR/NR 3.58%
CBOT 5 Year US Treasury Note N/A 09/30/2022 N/A NR/NR 2.56%
Fannie Mae or Freddie Mac 2.00% 09/01/2052 N/A AA+/Aaa 2.22%
United States Treasury Note/Bond 2.88% 05/15/2052 N/A AA+u/Aaa 1.91%
Fannie Mae or Freddie Mac 2.50% 09/01/2052 N/A AA+/Aaa 1.55%
United States Treasury Note/Bond 3.25% 05/15/2042 N/A AA+u/Aaa 1.54%
BX Trust 2021-LGCY 3.25% 10/15/2023 N/A AA/NR 0.92%

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
07/18/2022 07/19/2022 07/22/2022 0.14980 0.14980 - - - -
06/21/2022 06/22/2022 06/30/2022 0.13009 0.13009 - - - -
05/23/2022 05/24/2022 05/31/2022 0.13047 0.13047 - - - -
04/18/2022 04/19/2022 04/29/2022 0.11541 0.11541 - - - -
03/21/2022 03/22/2022 03/31/2022 0.10848 0.10848 - - - -
02/22/2022 02/23/2022 02/28/2022 0.09371 0.09371 - - - -
01/24/2022 01/25/2022 01/31/2022 0.09972 0.09972 - - - -
12/20/2021 12/21/2021 12/31/2021 0.10658 0.10658 - - - -
11/22/2021 11/23/2021 11/30/2021 0.09661 0.09661 - - - -
10/18/2021 10/19/2021 10/29/2021 0.09531 0.09531 - - - -
09/20/2021 09/21/2021 09/30/2021 0.09929 0.09929 - - - -
08/23/2021 08/24/2021 08/31/2021 0.09991 0.09991 - - - -
07/19/2021 07/20/2021 07/30/2021 0.09550 0.09550 - - - -
06/21/2021 06/22/2021 06/30/2021 0.08916 0.08916 - - - -
05/24/2021 05/25/2021 05/28/2021 0.09043 0.09043 - - - -
04/19/2021 04/20/2021 04/30/2021 0.08687 0.08687 - - - -
03/22/2021 03/23/2021 03/31/2021 0.08129 0.08129 - - - -
02/22/2021 02/23/2021 02/26/2021 0.07137 0.07137 - - - -
01/19/2021 01/20/2021 01/29/2021 0.07511 0.07511 - - - -
12/21/2020 12/22/2020 12/31/2020 1.16434 0.07407 1.09027 - - -
11/23/2020 11/24/2020 11/30/2020 0.07915 0.07915 - - - -
10/19/2020 10/20/2020 10/30/2020 0.07285 0.07285 - - - -
09/21/2020 09/22/2020 09/30/2020 0.07750 0.07750 - - - -
08/24/2020 08/25/2020 08/31/2020 0.10537 0.10537 - - - -
07/20/2020 07/21/2020 07/31/2020 0.12579 0.12579 - - - -
06/22/2020 06/23/2020 06/30/2020 0.13107 0.13107 - - - -
05/18/2020 05/19/2020 05/29/2020 0.12827 0.12827 - - - -
04/20/2020 04/21/2020 04/30/2020 0.11938 0.11938 - - - -
03/23/2020 03/24/2020 03/31/2020 0.10774 0.10774 - - - -
02/24/2020 02/25/2020 02/28/2020 0.10897 0.10897 - - - -
01/21/2020 01/22/2020 01/31/2020 0.10933 0.10933 - - - -
12/23/2019 12/24/2019 12/31/2019 0.37352 0.11127 0.26225 - - -
11/18/2019 11/19/2019 11/29/2019 0.09048 0.09048 - - - -
10/21/2019 10/22/2019 10/31/2019 0.08694 0.08694 - - - -
09/23/2019 09/24/2019 09/30/2019 0.11237 0.11237 - - - -
08/19/2019 08/20/2019 08/30/2019 0.10394 0.10394 - - - -
07/22/2019 07/23/2019 07/31/2019 0.11762 0.11762 - - - -
06/24/2019 06/25/2019 06/28/2019 0.11007 0.11007 - - - -
05/20/2019 05/21/2019 05/31/2019 0.11097 0.11097 - - - -
04/22/2019 04/23/2019 04/30/2019 0.11405 0.11405 - - - -
03/18/2019 03/19/2019 03/29/2019 0.12237 0.12237 - - - -
02/19/2019 02/20/2019 02/28/2019 0.11853 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.15072 0.15072 - - - -
12/26/2018 12/27/2018 12/31/2018 - - 0.62778 0.32827 - -
12/24/2018 12/26/2018 12/31/2018 0.25108 0.25108 - - - -
11/19/2018 11/20/2018 11/30/2018 0.15385 0.15385 - - - -
10/22/2018 10/23/2018 10/31/2018 0.14267 0.14267 - - - -
09/24/2018 09/25/2018 09/28/2018 0.17538 0.17538 - - - -
08/20/2018 08/21/2018 08/31/2018 0.07240 0.07240 - - - -
08/02/2018 08/03/2018 08/07/2018 0.14543 0.14543 - - - -
07/03/2018 07/05/2018 07/09/2018 0.14427 0.14427 - - - -
06/04/2018 06/05/2018 06/07/2018 0.12681 0.12681 - - - -
05/02/2018 05/03/2018 05/07/2018 0.11356 0.11356 - - - -
04/03/2018 04/04/2018 04/06/2018 0.13440 0.13440 - - - -
03/02/2018 03/06/2018 03/08/2018 0.09230 0.09230 - - - -
02/02/2018 02/06/2018 02/08/2018 0.11840 0.11840 - - - -
12/28/2017 12/29/2017 01/02/2018 0.31770 0.19780 0.04120 0.07870 - -
12/04/2017 12/05/2017 12/07/2017 0.09090 0.09090 - - - -
11/02/2017 11/03/2017 11/07/2017 0.08570 0.08570 - - - -
10/03/2017 10/04/2017 10/06/2017 0.11480 0.11480 - - - -
09/01/2017 09/06/2017 09/08/2017 0.05820 0.05820 - - - -
08/01/2017 08/03/2017 08/07/2017 0.06400 0.06400 - - - -
07/03/2017 07/06/2017 07/10/2017 0.11920 0.11920 - - - -
06/01/2017 06/05/2017 06/07/2017 0.10650 0.10650 - - - -
05/01/2017 05/03/2017 05/05/2017 0.10870 0.10870 - - - -
04/03/2017 04/05/2017 04/07/2017 0.14360 0.14360 - - - -
03/01/2017 03/03/2017 03/07/2017 0.11340 0.11340 - - - -
02/01/2017 02/03/2017 02/07/2017 0.16190 0.16190 - - - -
12/28/2016 12/30/2016 01/04/2017 0.44400 0.13650 0.30750 - - -
12/01/2016 12/05/2016 12/07/2016 0.11550 0.11550 - - - -
11/01/2016 11/03/2016 11/07/2016 0.06880 0.06880 - - - -
10/03/2016 10/05/2016 10/07/2016 0.11640 0.11640 - - - -
09/01/2016 09/06/2016 09/08/2016 0.12830 0.12830 - - - -
08/01/2016 08/03/2016 08/05/2016 0.12030 0.12030 - - - -
07/01/2016 07/06/2016 07/08/2016 0.11740 0.11740 - - - -
06/01/2016 06/03/2016 06/07/2016 0.11890 0.11890 - - - -
05/02/2016 05/04/2016 05/06/2016 0.10940 0.10940 - - - -
04/01/2016 04/05/2016 04/07/2016 0.09910 0.09910 - - - -

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%
06/30/2022 62 27 3 0 0 0 0
03/31/2022 62 36 2 0 0 0 0
12/31/2021 64 46 0 0 0 0 0
09/30/2021 64 48 0 0 0 0 0
Year Ended 2021 252 183 2 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%
06/30/2022 62 32 0 0 0 0 0
03/31/2022 62 23 1 0 0 0 0
12/31/2021 64 18 0 0 0 0 0
09/30/2021 64 16 0 0 0 0 0
Year Ended 2021 252 66 1 0 0 0 0

Fund Inception : 02/10/2016

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. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the 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.

Mortgage- and asset-backed securities, which are subject to call (prepayment) risk, reinvestment risk and extension risk. These securities are also susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support.

Risks of collateralized loan obligations include the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, these loan obligations may be subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.

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.

The values of junk bonds fluctuate more than those of high quality bonds and can decline significantly over short time periods.

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.

Issuers of sovereign debt or 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.

Because the Fund may invest in other investment companies, it's subject to the risks associated with the investment company and its performance may depend on the underlying investment company's performance. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying investment companies’ expenses, which will reduce the Fund’s performance, and the purchase of shares of some investment companies.

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 Fund’s income may decline when interest rates fall if it holds a significant portion of short duration securities and/or securities with floating or variable interest rates. If the Fund invests in lower yielding bonds, as the bond’s portfolio mature; the Fund will need to purchase additional bonds, thereby reducing its income.

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.

Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested.

Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate, generally below investment grade and may be unrated. Loans can be difficult to value accurately and may be more susceptible to liquidity risk than other fixed-income securities. The value of the loan's collateral may be insufficient to cover the borrower’s obligations should the borrower fail to make payments or become insolvent.

The credit research process utilized by the Fund to implement its investment strategy in pursuit of its investment objective considers factors that include, but are not limited to, an issuer's operations, capital structure and environmental, social and governance ("ESG") considerations. Credit quality analysis therefore may consider whether any ESG factors pose a material financial risk or opportunity to an issuer.

Restricted securities generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which may result in substantial losses to the Fund.

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