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).
Effective Jun. 28, 2023 through Dec. 31, 2023, Invesco Capital Management LLC (the “Adviser”) will voluntarily waive 100% of its management fee, 0.26%, for the Fund. The Net Expense Ratio for the Fund through December 31, 2023 is 0.00%.
Performance
| Index History (%) | YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception |
|---|---|---|---|---|---|---|
| J.P. Morgan CLOIE AAA Total Return Index (USD) | 6.83 | 9.08 | 3.46 | 3.16 | N/A | 7.49 |
| Fund History (%) | ||||||
| Fund NAV | 6.87 | N/A | N/A | N/A | N/A | 7.51 |
| After Tax Held | 4.55 | N/A | N/A | N/A | N/A | 5.18 |
| After Tax Sold | 4.03 | N/A | N/A | N/A | N/A | 4.41 |
| Fund Market Price | 6.86 | N/A | N/A | N/A | N/A | 7.25 |
| Index History (%) | YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception |
|---|---|---|---|---|---|---|
| J.P. Morgan CLOIE AAA Total Return Index (USD) | 6.36 | 9.06 | 3.34 | 3.12 | N/A | 7.02 |
| Fund History (%) | ||||||
| Fund NAV | 6.46 | N/A | N/A | N/A | N/A | 7.11 |
| After Tax Held | 4.45 | N/A | N/A | N/A | N/A | 5.07 |
| After Tax Sold | 3.79 | N/A | N/A | N/A | N/A | 4.17 |
| Fund Market Price | 6.54 | N/A | N/A | N/A | N/A | 6.92 |
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.
Maturity
| Years | % of Fund |
|---|---|
| 0 - 1 years | 0.63 |
| 1 - 5 years | 0.00 |
| 5 - 10 years | 46.63 |
| 10 - 15 years | 52.74 |
| 15 - 20 years | 0.00 |
| 20 - 25 years | 0.00 |
| 25 years and over | 0.00 |
as of 12/01/2023 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 | 7.36% | 07/24/2032 | 01/24/2024 | NR/Aa1 | 5.64% |
| Palmer Square CLO 2015-1 Ltd | 6.76% | 05/21/2034 | 02/21/2024 | NR/Aaa | 5.02% |
| Elmwood CLO IX Ltd | 6.81% | 07/20/2034 | 01/20/2024 | AAA/NR | 4.62% |
| AGL CLO 14 Ltd | 6.82% | 12/02/2034 | 01/21/2024 | NR/Aaa | 4.22% |
| Signal Peak CLO 1 LTD | 6.82% | 04/17/2034 | 01/17/2024 | AAA/NR | 4.22% |
| Aimco CLO 14 Ltd | 6.67% | 04/20/2034 | 01/20/2024 | AAA/NR | 4.20% |
| Regatta XX Funding Ltd | 6.82% | 10/15/2034 | 01/15/2024 | NR/Aaa | 3.77% |
| Madison Park Funding XXXVII Ltd | 6.73% | 07/15/2033 | 01/15/2024 | AAA/NR | 3.77% |
| Buckhorn Park CLO Ltd | 6.78% | 07/18/2034 | 01/18/2024 | AAA/NR | 3.73% |
| RR 1 LLC | 6.81% | 07/15/2035 | 01/15/2024 | NR/Aaa | 3.69% |
Holdings are subject to change and are not buy/sell recommendations.
Distributions | Hide View All | Distribution Information
| Ex-Date | Record Date | Pay Date | $/ Share |
Ordinary Income | Short Term Gains | Long Term Gains | Return of Capital | Liquidation Distribution |
|---|---|---|---|---|---|---|---|---|
| 11/20/2023 | 11/21/2023 | 11/24/2023 | 0.18679 | 0.18679 | - | - | - | - |
| 10/23/2023 | 10/24/2023 | 10/27/2023 | 0.17735 | 0.17735 | - | - | - | - |
| 09/18/2023 | 09/19/2023 | 09/22/2023 | 0.16735 | 0.16735 | - | - | - | - |
| 08/21/2023 | 08/22/2023 | 08/25/2023 | 0.17571 | 0.17571 | - | - | - | - |
| 07/24/2023 | 07/25/2023 | 07/28/0203 | 0.17300 | 0.17300 | - | - | - | - |
| 06/20/2023 | 06/21/2023 | 06/23/2023 | 0.16887 | 0.16887 | - | - | - | - |
| 05/22/2023 | 05/23/2023 | 05/26/2023 | 0.17946 | 0.17946 | - | - | - | - |
| 04/24/2023 | 04/25/2023 | 04/28/2023 | 0.16048 | 0.16048 | - | - | - | - |
| 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 | - | - | - | - |
Distribution Information
Fund distributions
Dividends from net investment income, if any, are declared and paid quarterly. For Funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of April, July, October and December respectively.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Fund distributions
Dividends from net investment income, if any, are declared and paid either annually, quarterly or monthly, depending on the Fund. For funds on an annual dividend payment cycle, the dividend ex-date is the next business day following the third Friday of December, payable the last business day of the year. For funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of the month. For funds on a monthly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each month, payable the last business day of the month.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
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% |
| 09/30/2023 | 63 | 56 | 4 | 0 | 0 | 0 | 0 |
| 06/30/2023 | 62 | 51 | 11 | 0 | 0 | 0 | 0 |
| 03/31/2023 | 62 | 48 | 12 | 2 | 0 | 0 | 0 |
| 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% |
| 09/30/2023 | 63 | 3 | 0 | 0 | 0 | 0 | 0 |
| 06/30/2023 | 62 | 0 | 0 | 0 | 0 | 0 | 0 |
| 03/31/2023 | 62 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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.
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.
Fund Documents
Materials & Resources
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.
United States
Canada (English)
United Kingdom
Isle of Man
Jersey
Guernsey
Australia
China
Hong Kong
Japan
Taiwan
Europe
Dubai