Alternative | Bank Loans

Invesco AAA CLO Floating Rate Note ETF

Ticker: ICLO
How to invest

Product Details

Invesco AAA CLO Floating Rate Note ETF (Fund) is an actively managed exchange-traded fund (ETF) that seeks current income and capital preservation. The Fund seeks to achieve its investment objective by investing at least 80% of its net assets in floating rate note securities issued by collateralized loan obligations (CLOs) that are rated AAA or equivalent by nationally recognized statistical rating organizations (NRSROs).

as of 02/28/2023 12/31/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
J.P. Morgan CLOIE AAA Total Return Index (USD) 1.83 3.17 2.06 2.51 N/A 2.45
Fund History (%)
Fund NAV 1.76 N/A N/A N/A N/A 2.37
After Tax Held 1.53 N/A N/A N/A N/A 2.14
After Tax Sold 1.04 N/A N/A N/A N/A 1.40
Fund Market Price 2.04 N/A N/A N/A N/A 2.41
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
J.P. Morgan CLOIE AAA Total Return Index (USD) 1.05 1.05 1.66 2.25 N/A 0.61
Fund History (%)
Fund NAV N/A N/A N/A N/A N/A 0.60
After Tax Held N/A N/A N/A N/A N/A 0.60
After Tax Sold N/A N/A N/A N/A N/A 0.35
Fund Market Price N/A N/A N/A N/A N/A 0.36

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. 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.

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 The results assume that no cash was added to or assets withdrawn from the Index.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 03/23/2023

S&P Moody's
AAA : 56% Aaa : 27%
AA : 8% Aa : 7%
Not Rated : 37% Not Rated : 67%

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

as of 03/23/2023

Maturity

Years % of Fund
0 - 1 years 0.23
1 - 5 years 0.00
5 - 10 years 58.92
10 - 15 years 40.85
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

as of 03/23/2023 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Rad CLO 5 Ltd 6.52% 07/24/2032 04/24/2023 NR/Aa1 6.51%
Neuberger Berman CLO XV 5.71% 10/15/2029 04/15/2023 AAA/NR 6.41%
Cedar Funding XI Clo Ltd 6.00% 05/29/2032 05/29/2023 AAA/NR 6.00%
Elmwood CLO IX Ltd 5.94% 07/20/2034 07/20/2023 AAA/NR 5.31%
Signal Peak CLO 1 LTD 5.95% 04/17/2034 04/17/2023 AAA/NR 4.86%
AGL CLO 14 Ltd 5.97% 12/02/2034 01/21/2024 NR/Aaa 4.85%
Aimco CLO 14 Ltd 5.80% 04/20/2034 04/20/2023 AAA/NR 4.83%
Madison Park Funding XXXVII Ltd 5.86% 07/15/2033 04/15/2023 AAA/NR 4.38%
Buckhorn Park CLO Ltd 5.91% 07/18/2034 07/18/2023 AAA/NR 4.29%
Golub Capital Partners Clo 25M Ltd 6.19% 05/05/2030 N/A AAA/NR 4.27%

Holdings are subject to change and are not buy/sell recommendations.

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
03/20/2023 03/21/2023 03/24/2023 0.02800 0.02800 - - - -
02/21/2023 02/22/2023 02/24/2023 0.01878 0.01878 - - - -
01/23/2023 01/24/2023 01/27/2023 0.12369 0.12369 - - - -

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%
12/31/2022 15 11 4 0 0 0 0
Year Ended 2022 15 11 4 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%
12/31/2022 15 0 0 0 0 0 0
Year Ended 2022 15 0 0 0 0 0 0

Fund Inception : 12/09/2022

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.

The investment techniques and risk analysis used by the portfolio managers may not produce the desired 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.

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, the collateralized loan obligations may be subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.

Variable- and floating-rate securities may be subject to liquidity risk, there may be limitations on the Fund's ability to sell securities. Due to the features of these securities, there can be no guarantee they will pay a certain level of a dividend and such securities will pay lower levels of income in falling interest rate environment.

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 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 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 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.

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

The Fund may engage in active and frequent trading of its portfolio securities to reflect the rebalancing of the Index.

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.

J.P. Morgan CLOIE AAA Index is designed to track the performance of broadly-syndicated, arbitrage US CLO debt from AAA tranches.