Fixed Income | US Fixed Income

Invesco High Yield Bond Factor ETF

Ticker: IHYF

Product Details

The Invesco High Yield Bond Factor ETF (Fund) is an actively managed exchange-traded fund (ETF) that seeks total return by investing, at least 80% of its net assets¬† in high-yield, below-investment grade, fixed-income securities, and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund utilizes a factor-based strategy that seeks to outperform the Fund’s market-weighted benchmark index by systematically targeting securities in the benchmark index exhibiting quantifiable issuer characteristics (or “factors”) that the investment team believes will have higher returns than other fixed income securities with comparable characteristics over market cycles.

as of 08/31/2022 06/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg US Corporate High Yield 2% Issuer Capped Total Return Index -11.21 -10.61 1.00 2.57 4.50 -2.96
Fund History (%)
Fund NAV -11.50 -11.10 N/A N/A N/A -3.57
After Tax Held -12.76 -13.03 N/A N/A N/A -5.44
After Tax Sold -6.78 -6.49 N/A N/A N/A -3.40
Fund Market Price -11.71 -11.41 N/A N/A N/A -3.73
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg US Corporate High Yield 2% Issuer Capped Total Return Index -14.19 -12.82 0.18 2.09 4.47 -5.33
Fund History (%)
Fund NAV -13.66 -12.72 N/A N/A N/A -5.43
After Tax Held -14.53 -14.52 N/A N/A N/A -7.20
After Tax Sold -8.04 -7.41 N/A N/A N/A -4.74
Fund Market Price -13.74 -12.84 N/A N/A N/A -5.51

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.

as of 06/30/2022

Growth of $10,000

Data beginning 10 years prior to the ending date of 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 09/30/2022

Sector Allocation

Sector Percent of Fund
Consumer Discretionary 22.91%
Communication Services 14.32%
Energy 13.66%
Industrials 11.77%
Derivatives 8.18%
Materials 7.04%
Health Care 6.54%
Information Technology 5.10%
Utilities 4.08%
Real Estate 3.75%
Consumer Staples 2.92%
Telecommunication Services 1.78%
U.S. Government Securities 0.39%
as of 07/08/2021

Market Cap & Style Allocations

Large-Cap Value 100.00%
Large-Cap Blend -
Large-Cap Growth -
Mid-Cap Value -
Mid-Cap Blend -
Mid-Cap Growth -
Small-Cap Value -
Small-Cap Blend -
Small-Cap Growth -

Quality Allocations as of 09/30/2022

S&P Moody's
AAA : 0% Aaa : 0%
AA : 0% Aa : 0%
BBB : 3% Baa : 6%
BB : 68% Ba : 52%
B : 41% B : 53%
CCC : 5% Caa : 7%
CC : 0% Ca : 1%
Not Rated : 8% Not Rated : 7%

Cash is excluded from the credit rating quality allocations table.

as of 09/30/2022

Maturity

Years % of Fund
0 - 1 years 10.12
1 - 5 years 51.24
5 - 10 years 34.19
10 - 15 years 1.09
15 - 20 years 1.92
20 - 25 years 0.24
25 years and over 1.20

as of 09/30/2022 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
CBOT 10 Year US Treasury Note N/A 12/20/2022 N/A NR/NR 11.50%
Ultra 10-Year US Treasury Note Futures N/A 12/20/2022 N/A NR/NR 3.42%
CBOT 5 Year US Treasury Note N/A 12/30/2022 N/A NR/NR 1.38%
Directv Financing LLC / Directv Financing Co-Obligor Inc 5.88% 08/15/2027 08/15/2023 BB/Ba3 0.93%
TransDigm Inc 6.25% 03/15/2026 10/31/2022 B+/Ba3 0.86%
GFL Environmental Inc 4.25% 06/01/2025 10/31/2022 BB-/Ba3 0.82%
Sprint Corp 7.12% 06/15/2024 N/A BB+/Baa3 0.78%
Sprint Corp 7.88% 09/15/2023 N/A BB+/Baa3 0.77%
CHS/Community Health Systems Inc 8.00% 03/15/2026 10/31/2022 B/B2 0.75%
Staples Inc 7.50% 04/15/2026 10/31/2022 B/B3 0.74%

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

as of 09/30/2022 Summary Holdings | View All

Fund Holdings subject to change

Investment Long / Short % of Net Assets
Communication Services Long 14.32
Consumer Discretionary Long 22.91
Consumer Staples Long 2.92
Derivatives Long 16.74
Derivatives Short -8.57
Energy Long 13.66
Financials Long 10.81
Financials Short -13.26
Health Care Long 6.54
Industrials Long 11.77
Information Technology Long 5.10
Materials Long 7.04
Real Estate Long 3.75
Telecommunication Services Long 1.78
U.S. Government Securities Long 0.39
Utilities Long 4.08
Collateral Long / Short % of Net Assets
No holdings available

as of 09/30/2022 Holdings | View All

Fund Holdings subject to change

Futures % of Net Assets
No holdings available
Swaps % of Net Assets
No holdings available

Collateral % of Net Assets
CBOT 10 Year US Treasury Note 11.50
Ultra 10-Year US Treasury Note Futures 3.42
Sprint Corp 2.21
Ford Motor Credit Co LLC 1.82
CHS/Community Health Systems Inc 1.52
CSC Holdings LLC 1.49
CBOT 5 Year US Treasury Note 1.38
Service Properties Trust 1.37
Bausch Health Cos Inc 1.35
Navient Corp 1.29
Lumen Technologies Inc 1.15
Standard Industries Inc/NJ 1.12
Jaguar Land Rover Automotive PLC 1.09
New Fortress Energy Inc 1.00
Rockies Express Pipeline LLC 0.99
Carnival Corp 0.99
Royal Caribbean Cruises Ltd 0.98
Viasat Inc 0.98
Directv Financing LLC / Directv Financing Co-Obligor Inc 0.93
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 0.93
Tempur Sealy International Inc 0.92
AmeriGas Partners LP / AmeriGas Finance Corp 0.90
TransDigm Inc 0.86
Occidental Petroleum Corp 0.85
Iron Mountain Inc 0.84
Sabre GLBL Inc 0.83
GFL Environmental Inc 0.82
DISH DBS Corp 0.80
Coinbase Global Inc 0.79
Hilcorp Energy I LP / Hilcorp Finance Co 0.78
Mineral Resources Ltd 0.75
Staples Inc 0.74
Domtar Corp 0.73
CVR Energy Inc 0.71
Netflix Inc 0.71
Rayonier AM Products Inc 0.69
United Wholesale Mortgage LLC 0.68
NGL Energy Operating LLC / NGL Energy Finance Corp 0.68
FAGE International SA / FAGE USA Dairy Industry Inc 0.67
Xerox Holdings Corp 0.65
EQM Midstream Partners LP 0.64
Drax Finco PLC 0.64
Commerzbank AG 0.63
ASG Finance Designated Activity Co 0.62
Telecom Italia SpA/Milano 0.62
Tenet Healthcare Corp 0.62
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc 0.62
Caesars Resort Collection LLC / CRC Finco Inc 0.61
Banijay Entertainment SASU 0.61
Connect Finco SARL / Connect US Finco LLC 0.58
Las Vegas Sands Corp 0.58
USA Compression Partners LP / USA Compression Finance Corp 0.58
Rolls-Royce PLC 0.58
ZF North America Capital Inc 0.57
Telenet Finance Luxembourg Notes Sarl 0.57
IHO Verwaltungs GmbH 0.57
Travel + Leisure Co 0.56
Macy's Retail Holdings LLC 0.56
Newell Brands Inc 0.55
LCPR Senior Secured Financing DAC 0.55
Albion Financing 2SARL 0.55
Enstar Finance LLC 0.55
Howmet Aerospace Inc 0.55
C&S Group Enterprises LLC 0.55
Windstream Escrow LLC / Windstream Escrow Finance Corp 0.53
Midcap Financial Issuer Trust 0.52
US Acute Care Solutions LLC 0.52
WPX Energy Inc 0.52
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia 0.52
Masonite International Corp 0.51
Premier Entertainment Sub LLC / Premier Entertainment Financ 0.51
Affinity Gaming 0.50
Liberty Interactive LLC 0.50
Talen Energy Supply LLC 0.50
TripAdvisor Inc 0.50
Altice Financing SA 0.50
United Airlines Inc 0.50
Cinemark USA Inc 0.49
LGI Homes Inc 0.49
Genesis Energy LP / Genesis Energy Finance Corp 0.49
Builders FirstSource Inc 0.48
Diversified Healthcare Trust 0.48
Avient Corp 0.47
NortonLifeLock Inc 0.47
Abercrombie & Fitch Management Co 0.47
Crescent Energy Finance LLC 0.47
Par Pharmaceutical Inc 0.47
Delta Air Lines Inc 0.46
Telecom Italia Capital SA 0.45
Frontier North Inc 0.45
Bath & Body Works Inc 0.45
Kaiser Aluminum Corp 0.44
Patrick Industries Inc 0.44
Intesa Sanpaolo SpA 0.44
Nordstrom Inc 0.44
Likewize Corp 0.44
CME Ultra Long Term US Treasury Bond Future 0.44
EnLink Midstream Partners LP 0.44
QVC Inc 0.44
PRA Group Inc 0.44
American Airlines Inc 0.44
Weatherford International Ltd 0.43
Oceaneering International Inc 0.43
VOC Escrow Ltd 0.43
American Airlines Inc/AAdvantage Loyalty IP Ltd 0.43
Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus 0.43
Enact Holdings Inc 0.43
Veritas US Inc / Veritas Bermuda Ltd 0.42
Akumin Inc 0.42
Aramark Services Inc 0.42
Scientific Games Holdings LP/Scientific Games US FinCo Inc 0.42
Melco Resorts Finance Ltd 0.42
ACCO Brands Corp 0.41
Global Atlantic Fin Co 0.41
CoreCivic Inc 0.41
NCL Corp Ltd 0.40
NuStar Logistics LP 0.40
United States Treasury Bill 0.39
AMC Networks Inc 0.38
CrownRock LP / CrownRock Finance Inc 0.38
Rite Aid Corp 0.37
WESCO Distribution Inc 0.37
Embarq Corp 0.37
P&L Development LLC / PLD Finance Corp 0.37
Prime Security Services Borrower LLC / Prime Finance Inc 0.36
Sally Holdings LLC / Sally Capital Inc 0.36
Xerox Corp 0.36
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 0.36
Grand Canyon University 0.36
Penske Automotive Group Inc 0.35
JELD-WEN Inc 0.35
Cedar Fair LP / Canada's Wonderland Co / Magnum Management C 0.35
AthenaHealth Group Inc 0.35
iHeartCommunications Inc 0.34
PM General Purchaser LLC 0.34
Under Armour Inc 0.34
Sensata Technologies BV 0.34
Cleveland-Cliffs Inc 0.34
Arcosa Inc 0.34
Tri Pointe Homes Inc 0.33
Sunnova Energy Corp 0.33
Methanex Corp 0.33
Summit Midstream Holdings LLC / Summit Midstream Finance Cor 0.33
Koppers Inc 0.32
Buckeye Partners LP 0.32
Beazer Homes USA Inc 0.32
Infrabuild Australia Pty Ltd 0.32
Rithm Capital Corp 0.32
LSF9 Atlantis Holdings LLC / Victra Finance Corp 0.32
Caesars Entertainment Inc 0.32
Seagate HDD Cayman 0.32
Trinity Industries Inc 0.31
Varex Imaging Corp 0.31
Specialty Building Products Holdings LLC / SBP Finance Corp 0.31
Moss Creek Resources Holdings Inc 0.31
NFP Corp 0.30
HUB International Ltd 0.30
Algonquin Power & Utilities Corp 0.30
Pitney Bowes Inc 0.30
Condor Merger Sub Inc 0.30
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loy 0.29
Ally Financial Inc 0.29
Telesat Canada / Telesat LLC 0.29
Vector Group Ltd 0.28
Southwestern Energy Co 0.28
Necessity Retail REIT Inc/The / American Finance Operating P 0.28
Herbalife Nutrition Ltd / HLF Financing Inc 0.28
CCO Holdings LLC / CCO Holdings Capital Corp 0.27
FXI Holdings Inc 0.27
Crestwood Midstream Partners LP / Crestwood Midstream Financ 0.26
G-III Apparel Group Ltd 0.26
NMI Holdings Inc 0.26
AG Issuer LLC 0.26
Harvest Midstream I LP 0.25
Qwest Corp 0.25
Ladder Capital Finance Holdings LLLP / Ladder Capital Financ 0.25
Berry Global Inc 0.25
PDC Energy Inc 0.24
Credit Acceptance Corp 0.24
Western Midstream Operating LP 0.24
Hanesbrands Inc 0.24
Murphy Oil Corp 0.24
Hughes Satellite Systems Corp 0.23
ITT Holdings LLC 0.23
Midland Cogeneration Venture LP 0.23
Fortress Transportation and Infrastructure Investors LLC 0.23
Open Text Corp 0.23
Taylor Morrison Communities Inc 0.23
Vail Resorts Inc 0.23
Eco Material Technologies Inc 0.23
Northriver Midstream Finance LP 0.22
Univision Communications Inc 0.22
Ball Corp 0.22
Prime Healthcare Services Inc 0.22
WR Grace Holdings LLC 0.22
MPH Acquisition Holdings LLC 0.22
OneMain Finance Corp 0.22
New Home Co Inc/The 0.22
Six Flags Theme Parks Inc 0.22
Gap Inc/The 0.21
Starwood Property Trust Inc 0.20
Seaspan Corp 0.20
Ferrellgas LP / Ferrellgas Finance Corp 0.20
Glatfelter Corp 0.19
Patterson-UTI Energy Inc 0.19
JPW Industries Holding Corp 0.19
Camelot Return Merger Sub Inc 0.19
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Alber 0.19
Urban One Inc 0.19
Emergent BioSolutions Inc 0.18
Mauser Packaging Solutions Holding Co 0.18
Photo Holdings Merger Sub Inc 0.17
Foot Locker Inc 0.17
Blue Racer Midstream LLC / Blue Racer Finance Corp 0.17
CD&R Smokey Buyer Inc 0.17
Bombardier Inc 0.16
Cornerstone Building Brands Inc 0.16
US Foods Inc 0.16
TEGNA Inc 0.16
Sizzling Platter LLC / Sizzling Platter Finance Corp 0.15
FS Energy and Power Fund 0.15
Trinseo Materials Operating SCA / Trinseo Materials Finance 0.15
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issu 0.14
Consolidated Communications Inc 0.13
Intelligent Packaging Ltd Finco Inc / Intelligent Packaging 0.13
Artera Services LLC 0.13
Cogent Communications Group Inc 0.12
Manitowoc Co Inc/The 0.12
MGM Resorts International 0.12
Clarios Global LP / Clarios US Finance Co 0.12
CommScope Technologies LLC 0.12
Rackspace Technology Global Inc 0.11
WW International Inc 0.11
Change Healthcare Holdings LLC / Change Healthcare Finance I 0.10
Bed Bath & Beyond Inc 0.10
PBF Holding Co LLC / PBF Finance Corp 0.10
Radiate Holdco LLC / Radiate Finance Inc 0.09
Stericycle Inc 0.09
StoneX Group Inc 0.09
RegionalCare Hospital Partners Holdings Inc / LifePoint Heal 0.08
Michaels Cos Inc/The 0.08
American Airlines 2016-1 Class A Pass Through Trust 0.07
Ligado Networks LLC 0.05
American Airlines 2014-1 Class A Pass Through Trust 0.03
Diamond Sports Group LLC / Diamond Sports Finance Co 0.03
Global Medical Response Inc 0.03
Altera Infrastructure LP/Teekay Offshore Finance Corp 0.02
Endo Dac / Endo Finance LLC / Endo Finco Inc 0.01
CBOT 2 Year US Treasury Note Future -
Intercontinental Exchange Inc -

A negative in Cash or Other, as of the date shown, is normally due to fund activity that has accrued or is pending settlement.

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
09/19/2022 09/20/2022 09/23/2022 0.11410 0.11410 - - - -
08/22/2022 08/23/2022 08/26/2022 0.11491 0.11491 - - - -
07/18/2022 07/19/2022 07/22/2022 0.10872 0.10872 - - - -
06/21/2022 06/22/2022 06/30/2022 0.10431 0.10431 - - - -
05/23/2022 05/24/2022 05/31/2022 0.10589 0.10589 - - - -
04/18/2022 04/19/2022 04/29/2022 0.09790 0.09790 - - - -
03/21/2022 03/22/2022 03/31/2022 0.09836 0.09836 - - - -
02/22/2022 02/23/2022 02/28/2022 0.08549 0.08549 - - - -
01/24/2022 01/25/2022 01/31/2022 0.09338 0.09338 - - - -
12/20/2021 12/21/2021 12/31/2021 0.19859 0.08816 0.11043 - - -
11/22/2021 11/23/2021 11/30/2021 0.08935 0.08935 - - - -
10/18/2021 10/19/2021 10/29/2021 0.09371 0.09371 - - - -
09/20/2021 09/21/2021 09/30/2021 0.09211 0.09211 - - - -
08/23/2021 08/24/2021 08/31/2021 0.09434 0.09434 - - - -
07/19/2021 07/20/2021 07/30/2021 0.09477 0.09477 - - - -
06/21/2021 06/22/2021 06/30/2021 0.09387 0.09387 - - - -
05/24/2021 05/25/2021 05/28/2021 0.09508 0.09508 - - - -
04/19/2021 04/20/2021 04/30/2021 0.08624 0.08624 - - - -
03/22/2021 03/23/2021 03/31/2021 0.10074 0.10074 - - - -
02/22/2021 02/23/2021 02/26/2021 0.09456 0.09456 - - - -
01/19/2021 01/20/2021 01/29/2021 0.10139 0.10139 - - - -

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 26 18 4 0 0 0
03/31/2022 62 32 20 2 0 0 0
12/31/2021 64 34 27 1 0 0 0
09/30/2021 64 15 49 0 0 0 0
Year Ended 2021 252 80 161 8 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 14 0 0 0 0 0
03/31/2022 62 8 0 0 0 0 0
12/31/2021 64 2 0 0 0 0 0
09/30/2021 64 0 0 0 0 0 0
Year Ended 2021 252 3 0 0 0 0 0

Fund Inception : 12/02/2020

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.

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.

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.

Active trading results in added expenses and may result in a lower return and increased tax liability.

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.

Obligations issued by US Government agencies and instrumentalities may receive varying levels of support from the government, which could affect the fund’s ability to recover should they default.

Investing in restricted 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 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.

Factor investing is an investment strategy in which securities are chosen based on certain characteristics and attributes that may explain differences in returns. Factor investing represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, both in active or passive vehicles. There can be no assurance that performance will be enhanced or risk will be reduced for strategies that seek to provide exposure to certain factors. Exposure to such investment factors may detract from performance in some market environments, perhaps for extended periods. Factor investing may underperform cap-weighted benchmarks and increase portfolio risk. There is no assurance that the investment strategies discussed in this material will achieve their investment objectives.

Bloomberg US Corp High Yield 2% Issuer Capped Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%.