IHYF

Fixed Income | International and Global Fixed Income

Invesco High Yield Bond Factor ETF

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  • Invesco 1-30 Laddered Treasury ETF
  • Invesco Active U.S. Real Estate ETF
  • Invesco Aerospace & Defense ETF
  • Invesco BLDRS Emerging Markets 50 ADR Index Fund
  • Invesco Balanced Multi-Asset Allocation ETF
  • Invesco BulletShares 2019 Corporate Bond ETF
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  • Invesco BulletShares 2024 Corporate Bond ETF
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  • Invesco BulletShares 2024 USD Emerging Markets Debt ETF
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  • Invesco BulletShares 2025 Municipal Bond ETF
  • Invesco BulletShares 2026 Corporate Bond ETF
  • Invesco BulletShares 2026 High Yield Corporate Bond ETF
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  • Invesco BulletShares 2027 Corporate Bond ETF
  • Invesco BulletShares 2027 High Yield Corporate Bond ETF
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  • Invesco BulletShares 2028 Corporate Bond ETF
  • Invesco BulletShares 2028 High Yield Corporate Bond ETF
  • Invesco BulletShares 2028 Municipal Bond ETF
  • Invesco BulletShares 2029 Corporate Bond ETF
  • Invesco BulletShares 2029 High Yield Corporate Bond ETF
  • Invesco BulletShares 2029 Municipal Bond ETF
  • Invesco BulletShares 2030 Corporate Bond ETF
  • Invesco BulletShares 2030 Municipal Bond ETF
  • Invesco BulletShares 2031 Corporate Bond ETF
  • Invesco BulletShares 2031 Municipal Bond ETF
  • Invesco BuyBack Achievers ETF
  • Invesco CEF Income Composite ETF
  • Invesco California AMT-Free Municipal Bond ETF
  • Invesco China Technology ETF
  • Invesco Conservative Multi-Asset Allocation ETF
  • Invesco CurrencyShares Australian Dollar Trust
  • Invesco CurrencyShares British Pound Sterling Trust
  • Invesco CurrencyShares Canadian Dollar Trust
  • Invesco CurrencyShares Euro Trust
  • Invesco CurrencyShares Japanese Yen Trust
  • Invesco CurrencyShares Swiss Franc Trust
  • Invesco DB Agriculture Fund
  • Invesco DB Base Metals Fund
  • Invesco DB Commodity Index Tracking Fund
  • Invesco DB Energy Fund
  • Invesco DB G10 Currency Harvest Fund
  • Invesco DB Gold Fund
  • Invesco DB Oil Fund
  • Invesco DB Precious Metals Fund
  • Invesco DB Silver Fund
  • Invesco DB US Dollar Index Bearish Fund
  • Invesco DB US Dollar Index Bullish Fund
  • Invesco DWA Basic Materials Momentum ETF
  • Invesco DWA Consumer Cyclicals Momentum ETF
  • Invesco DWA Consumer Staples Momentum ETF
  • Invesco DWA Developed Markets Momentum ETF
  • Invesco DWA Emerging Markets Momentum ETF
  • Invesco DWA Energy Momentum ETF
  • Invesco DWA Financial Momentum ETF
  • Invesco DWA Healthcare Momentum ETF
  • Invesco DWA Industrials Momentum ETF
  • Invesco DWA Momentum ETF
  • Invesco DWA SmallCap Momentum ETF
  • Invesco DWA Technology Momentum ETF
  • Invesco DWA Utilities Momentum ETF
  • Invesco Defensive Equity ETF
  • Invesco Dividend Achievers ETF
  • Invesco Dow Jones Industrial Average Dividend ETF
  • Invesco Dynamic Biotechnology & Genome ETF
  • Invesco Dynamic Building & Construction ETF
  • Invesco Dynamic Energy Exploration & Production ETF
  • Invesco Dynamic Food & Beverage ETF
  • Invesco Dynamic Large Cap Growth ETF
  • Invesco Dynamic Large Cap Value ETF
  • Invesco Dynamic Leisure and Entertainment ETF
  • Invesco Dynamic Market ETF
  • Invesco Dynamic Media ETF
  • Invesco Dynamic Networking ETF
  • Invesco Dynamic Oil & Gas Services ETF
  • Invesco Dynamic Pharmaceuticals ETF
  • Invesco Dynamic Semiconductors ETF
  • Invesco Dynamic Software ETF
  • Invesco Emerging Markets Sovereign Debt ETF
  • Invesco FTSE International Low Beta Equal Weight ETF
  • Invesco FTSE RAFI Developed Markets ex-U.S. ETF
  • Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
  • Invesco FTSE RAFI Emerging Markets ETF
  • Invesco FTSE RAFI US 1000 ETF
  • Invesco FTSE RAFI US 1500 Small-Mid ETF
  • Invesco Financial Preferred ETF
  • Invesco Focused Discovery Growth ETF
  • Invesco Fundamental High Yield Corporate Bond ETF
  • Invesco Fundamental Investment Grade Corporate Bond ETF
  • Invesco Global Clean Energy ETF
  • Invesco Global Listed Private Equity ETF
  • Invesco Global Short Term High Yield Bond ETF
  • Invesco Global Water ETF
  • Invesco Golden Dragon China ETF
  • Invesco Growth Multi-Asset Allocation ETF
  • Invesco High Yield Bond Factor ETF
  • Invesco High Yield Equity Dividend Achievers ETF
  • Invesco India ETF
  • Invesco International BuyBack Achievers ETF
  • Invesco International Corporate Bond ETF
  • Invesco International Developed Dynamic Multifactor ETF
  • Invesco International Dividend Achievers ETF
  • Invesco Investment Grade Defensive ETF
  • Invesco Investment Grade Value ETF
  • Invesco KBW Bank ETF
  • Invesco KBW High Dividend Yield Financial ETF
  • Invesco KBW Premium Yield Equity REIT ETF
  • Invesco KBW Property & Casualty Insurance ETF
  • Invesco KBW Regional Banking ETF
  • Invesco MSCI Global Timber ETF
  • Invesco MSCI Green Building ETF
  • Invesco MSCI Sustainable Future ETF
  • Invesco Moderately Conservative Multi-Asset Allocation ETF
  • Invesco NASDAQ 100 ETF
  • Invesco NASDAQ Internet ETF
  • Invesco NASDAQ Next Gen 100 ETF
  • Invesco Nasdaq Biotechnology ETF
  • Invesco National AMT-Free Municipal Bond ETF
  • Invesco New York AMT-Free Municipal Bond ETF
  • Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
  • Invesco PHLX Semiconductor ETF
  • Invesco Preferred ETF
  • Invesco PureBeta 0-5 Yr US TIPS ETF
  • Invesco PureBeta FTSE Developed ex-North America ETF
  • Invesco PureBeta FTSE Emerging Markets ETF
  • Invesco PureBeta MSCI USA ETF
  • Invesco PureBeta MSCI USA Small Cap ETF
  • Invesco PureBeta US Aggregate Bond ETF
  • Invesco QQQ
  • Invesco RAFI Strategic Developed ex-US ETF
  • Invesco RAFI Strategic Emerging Markets ETF
  • Invesco RAFI Strategic US ETF
  • Invesco RAFI Strategic US Small Company ETF
  • Invesco Raymond James SB-1 Equity ETF
  • Invesco Real Assets ESG ETF
  • Invesco Russell 1000 Dynamic Multifactor ETF
  • Invesco Russell 1000 Enhanced Equal Weight ETF
  • Invesco Russell 1000 Equal Weight ETF
  • Invesco Russell 1000 Low Beta Equal Weight ETF
  • Invesco Russell 2000 Dynamic Multifactor ETF
  • Invesco S&P 100 Equal Weight ETF
  • Invesco S&P 500 BuyWrite ETF
  • Invesco S&P 500 Downside Hedged ETF
  • Invesco S&P 500 Enhanced Value ETF
  • Invesco S&P 500 Equal Weight Communication Services ETF
  • Invesco S&P 500 Equal Weight Consumer Discretionary ETF
  • Invesco S&P 500 Equal Weight Consumer Staples ETF
  • Invesco S&P 500 Equal Weight ETF
  • Invesco S&P 500 Equal Weight Energy ETF
  • Invesco S&P 500 Equal Weight Financials ETF
  • Invesco S&P 500 Equal Weight Health Care ETF
  • Invesco S&P 500 Equal Weight Industrials ETF
  • Invesco S&P 500 Equal Weight Materials ETF
  • Invesco S&P 500 Equal Weight Real Estate ETF
  • Invesco S&P 500 Equal Weight Technology ETF
  • Invesco S&P 500 Equal Weight Utilities ETF
  • Invesco S&P 500 GARP ETF
  • Invesco S&P 500 High Beta ETF
  • Invesco S&P 500 High Dividend Low Volatility ETF
  • Invesco S&P 500 Low Volatility ETF
  • Invesco S&P 500 Minimum Variance ETF
  • Invesco S&P 500 Momentum ETF
  • Invesco S&P 500 Pure Growth ETF
  • Invesco S&P 500 Pure Value ETF
  • Invesco S&P 500 QVM Multi-Factor ETF
  • Invesco S&P 500 Quality ETF
  • Invesco S&P 500 Revenue ETF
  • Invesco S&P 500 Top 50 ETF
  • Invesco S&P 500 Value with Momentum ETF
  • Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF
  • Invesco S&P Emerging Markets Low Volatility ETF
  • Invesco S&P Emerging Markets Momentum ETF
  • Invesco S&P Global Water Index ETF
  • Invesco S&P International Developed High Dividend Low Volatility ETF
  • Invesco S&P International Developed Low Volatility ETF
  • Invesco S&P International Developed Momentum ETF
  • Invesco S&P International Developed Quality ETF
  • Invesco S&P MidCap 400 Equal Weight ETF
  • Invesco S&P MidCap 400 Pure Growth ETF
  • Invesco S&P MidCap 400 Pure Value ETF
  • Invesco S&P MidCap 400 QVM Multi-factor ETF
  • Invesco S&P MidCap 400 Revenue ETF
  • Invesco S&P MidCap Low Volatility ETF
  • Invesco S&P MidCap Momentum ETF
  • Invesco S&P MidCap Quality ETF
  • Invesco S&P MidCap Value with Momentum ETF
  • Invesco S&P SmallCap 600 Equal Weight ETF
  • Invesco S&P SmallCap 600 Pure Growth ETF
  • Invesco S&P SmallCap 600 Pure Value ETF
  • Invesco S&P SmallCap 600 QVM Multi-factor ETF
  • Invesco S&P SmallCap 600 Revenue ETF
  • Invesco S&P SmallCap Consumer Discretionary ETF
  • Invesco S&P SmallCap Consumer Staples ETF
  • Invesco S&P SmallCap Energy ETF
  • Invesco S&P SmallCap Financials ETF
  • Invesco S&P SmallCap Health Care ETF
  • Invesco S&P SmallCap High Dividend Low Volatility ETF
  • Invesco S&P SmallCap Industrials ETF
  • Invesco S&P SmallCap Information Technology ETF
  • Invesco S&P SmallCap Low Volatility ETF
  • Invesco S&P SmallCap Materials ETF
  • Invesco S&P SmallCap Momentum ETF
  • Invesco S&P SmallCap Quality ETF
  • Invesco S&P SmallCap Utilities & Communication Services ETF
  • Invesco S&P SmallCap Value with Momentum ETF
  • Invesco S&P Spin-Off ETF
  • Invesco S&P Ultra Dividend Revenue ETF
  • Invesco Select Growth ETF
  • Invesco Senior Loan ETF
  • Invesco Solar ETF
  • Invesco Taxable Municipal Bond ETF
  • Invesco Total Return Bond ETF
  • Invesco Treasury Collateral ETF
  • Invesco US Large Cap Core ESG ETF
  • Invesco Ultra Short Duration ETF
  • Invesco VRDO Tax-Free ETF
  • Invesco Variable Rate Investment Grade ETF
  • Invesco Variable Rate Preferred ETF
  • Invesco Water Resources ETF
  • Invesco WilderHill Clean Energy ETF
  • Invesco Zacks Mid-Cap ETF
  • Invesco Zacks Multi-Asset Income ETF

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 08/31/2021 06/30/2021

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg US Corporate High Yield 2% Issuer Capped Total Return Index 4.55 10.14 7.09 6.65 7.06 6.15
Fund History (%)
Fund NAV 4.00 N/A N/A N/A N/A 5.58
After Tax Held 2.74 N/A N/A N/A N/A 4.30
After Tax Sold 2.35 N/A N/A N/A N/A 3.29
Fund Market Price 3.91 N/A N/A N/A N/A 5.64
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index 3.61 15.34 7.42 7.47 6.65 5.20
Fund History (%)
Fund NAV 3.35 N/A N/A N/A N/A 4.92
After Tax Held 2.41 N/A N/A N/A N/A 3.97
After Tax Sold 1.97 N/A N/A N/A N/A 2.90
Fund Market Price 3.18 N/A N/A N/A N/A 4.91

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 09/24/2021

Sector Allocation

Sector Percent of Fund
Consumer Discretionary 17.30%
Energy 13.29%
Communication Services 12.23%
Industrials 10.64%
Financials 8.31%
Materials 7.28%
Health Care 7.20%
Derivatives 5.29%
Real Estate 5.11%
Information Technology 4.86%
Consumer Staples 3.95%
Utilities 3.22%
Telecommunication Services 1.15%
U.S. Government Securities 0.16%
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 09/24/2021

S&P Moody's
AAA : 0% Aaa : 0%
AA : 0% Aa : 0%
BBB : 3% Baa : 4%
BB : 67% Ba : 52%
B : 31% B : 42%
CCC : 3% Caa : 3%
Not Rated : 3% Not Rated : 5%

Cash is excluded from the credit rating quality allocations table.

as of 09/24/2021

Maturity

Years % of Fund
0 - 1 years 5.45
1 - 5 years 54.58
5 - 10 years 34.87
10 - 15 years 1.56
15 - 20 years 1.43
20 - 25 years 1.15
25 years and over 0.96

as of 09/24/2021 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 12/21/2021 N/A NR/NR 4.58%
Ultra 10-Year US Treasury Note Futures N/A 12/21/2021 N/A NR/NR 4.06%
CBOT 5 Year US Treasury Note N/A 12/31/2021 N/A NR/NR 1.42%
Occidental Petroleum Corp 8.88% 07/15/2030 01/15/2030 BB/Ba2 1.05%
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 7.88% 02/15/2025 02/15/2022 B/B2 0.73%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.50% 03/01/2025 12/01/2024 BB-/B1 0.69%
GFL Environmental Inc 4.25% 06/01/2025 06/01/2022 BB-/Ba3 0.64%
Cleveland-Cliffs Inc 6.75% 03/15/2026 03/15/2022 BB-/Ba2 0.63%
Sprint Corp 7.12% 06/15/2024 N/A BB+/Ba2 0.62%
Staples Inc 7.50% 04/15/2026 04/15/2022 B/B2 0.62%

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

as of 09/24/2021 Summary Holdings | View All

Fund Holdings subject to change

Investment Long / Short % of Net Assets
Communication Services Long 12.23
Consumer Discretionary Long 17.30
Consumer Staples Long 3.95
Derivatives Long 10.89
Derivatives Short -5.60
Energy Long 13.29
Financials Long 8.31
Health Care Long 7.20
Industrials Long 10.64
Information Technology Long 4.86
Materials Long 7.28
Real Estate Long 5.11
Telecommunication Services Long 1.15
U.S. Government Securities Long 0.16
Utilities Long 3.22
Collateral Long / Short % of Net Assets
No holdings available

as of 09/24/2021 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 4.58
Ultra 10-Year US Treasury Note Futures 4.06
Sprint Corp 1.78
Bausch Health Cos Inc 1.57
CBOT 5 Year US Treasury Note 1.42
Occidental Petroleum Corp 1.34
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 1.15
Navient Corp 1.12
Travel + Leisure Co 1.10
Lumen Technologies Inc 1.02
Service Properties Trust 1.00
Ford Motor Credit Co LLC 0.99
Melco Resorts Finance Ltd 0.95
Methanex Corp 0.86
Murphy Oil Corp 0.82
Iron Mountain Inc 0.78
PBF Holding Co LLC / PBF Finance Corp 0.77
Genesis Energy LP / Genesis Energy Finance Corp 0.77
Cleveland-Cliffs Inc 0.75
Ford Motor Co 0.74
Tenet Healthcare Corp 0.74
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 0.73
Carnival Corp 0.70
Telesat Canada / Telesat LLC 0.69
GFL Environmental Inc 0.64
AMC Networks Inc 0.64
OneMain Finance Corp 0.64
Nordstrom Inc 0.63
Staples Inc 0.62
DIRECTV Holdings LLC / DIRECTV Financing Co Inc 0.62
Liberty Interactive LLC 0.62
Herbalife Nutrition Ltd / HLF Financing Inc 0.62
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia 0.62
EnLink Midstream Partners LP 0.62
CoreCivic Inc 0.60
Delta Air Lines Inc 0.60
Xerox Holdings Corp 0.59
Sensata Technologies BV 0.58
Royal Caribbean Cruises Ltd 0.58
MGM Growth Properties Operating Partnership LP / MGP Finance 0.57
PDC Energy Inc 0.56
CVR Energy Inc 0.56
SBA Communications Corp 0.55
Embarq Corp 0.54
Audacy Capital Corp 0.54
Imola Merger Corp 0.53
Global Aircraft Leasing Co Ltd 0.53
Commerzbank AG 0.52
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 0.52
International Game Technology PLC 0.52
HCA Inc 0.51
UniCredit SpA 0.51
Rolls-Royce PLC 0.51
CSC Holdings LLC 0.51
IHO Verwaltungs GmbH 0.50
Intesa Sanpaolo SpA 0.50
Telecom Italia SpA/Milano 0.50
C&S Group Enterprises LLC 0.49
Telenet Finance Luxembourg Notes Sarl 0.49
Connect Finco SARL / Connect US Finco LLC 0.48
Fluor Corp 0.48
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc 0.48
Endo Luxembourg Finance Co I Sarl / Endo US Inc 0.48
Midcap Financial Issuer Trust 0.48
Tenneco Inc 0.48
Windstream Escrow LLC / Windstream Escrow Finance Corp 0.48
SRM Escrow Issuer LLC 0.48
Drax Finco PLC 0.48
Banijay Entertainment SASU 0.48
Neptune Energy Bondco PLC 0.48
OCI NV 0.48
EnLink Midstream LLC 0.48
Oriflame Investment Holding PLC 0.48
Warrior Met Coal Inc 0.48
US Acute Care Solutions LLC 0.47
AG Issuer LLC 0.47
LGI Homes Inc 0.47
Vmed O2 UK Financing I PLC 0.47
Western Midstream Operating LP 0.47
Aramark Services Inc 0.46
ASG Finance Designated Activity Co 0.46
InterGen NV 0.46
MPH Acquisition Holdings LLC 0.46
Affinity Gaming 0.46
CME Ultra Long Term US Treasury Bond Future 0.45
Vail Resorts Inc 0.45
North Queensland Export Terminal Pty Ltd 0.45
Stericycle Inc 0.44
Open Text Corp 0.44
DISH DBS Corp 0.44
Southwestern Energy Co 0.44
ArcelorMittal SA 0.43
Carpenter Technology Corp 0.43
Par Pharmaceutical Inc 0.43
Pilgrim's Pride Corp 0.42
Macy's Retail Holdings LLC 0.42
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc 0.41
MGM Resorts International 0.41
Veritas US Inc / Veritas Bermuda Ltd 0.41
WPX Energy Inc 0.41
NCL Corp Ltd 0.41
Spirit AeroSystems Inc 0.40
ACCO Brands Corp 0.40
Howard Hughes Corp/The 0.39
Icahn Enterprises LP / Icahn Enterprises Finance Corp 0.39
NextEra Energy Operating Partners LP 0.39
Talen Energy Supply LLC 0.39
TripAdvisor Inc 0.38
Ball Corp 0.38
FMG Resources August 2006 Pty Ltd 0.38
Xerox Corp 0.38
Encino Acquisition Partners Holdings LLC 0.38
Freeport-McMoRan Inc 0.38
Magellan Health Inc 0.38
Standard Industries Inc/NJ 0.37
Pitney Bowes Inc 0.37
VOC Escrow Ltd 0.37
CBOT US Long Bond Future 0.37
VICI Properties LP / VICI Note Co Inc 0.37
Continental Resources Inc/OK 0.37
Abercrombie & Fitch Management Co 0.37
AerCap Holdings NV 0.37
Summit Materials LLC / Summit Materials Finance Corp 0.36
EQT Corp 0.36
Cinemark USA Inc 0.36
AdaptHealth LLC 0.36
Ziggo BV 0.36
NortonLifeLock Inc 0.35
Brightstar Escrow Corp 0.35
P&L Development LLC / PLD Finance Corp 0.35
Hanesbrands Inc 0.35
NOVA Chemicals Corp 0.35
Akumin Inc 0.35
Avon Products Inc 0.35
Oceaneering International Inc 0.35
PRA Group Inc 0.35
iStar Inc 0.34
New Enterprise Stone & Lime Co Inc 0.34
TRI Pointe Group Inc / TRI Pointe Homes Inc 0.34
Vermilion Energy Inc 0.34
Endeavor Energy Resources LP / EER Finance Inc 0.34
Winnebago Industries Inc 0.33
Triumph Group Inc 0.33
Kraft Heinz Foods Co 0.33
FirstEnergy Transmission LLC 0.33
Sabre GLBL Inc 0.32
Plantronics Inc 0.32
TEGNA Inc 0.32
Howmet Aerospace Inc 0.31
goeasy Ltd 0.31
AmeriGas Partners LP / AmeriGas Finance Corp 0.31
EMC Corp 0.31
Seagate HDD Cayman 0.30
PM General Purchaser LLC 0.30
Calumet Specialty Products Partners LP / Calumet Finance Cor 0.30
CNX Resources Corp 0.29
Prime Security Services Borrower LLC / Prime Finance Inc 0.29
SunCoke Energy Inc 0.29
Specialty Building Products Holdings LLC / SBP Finance Corp 0.29
Videotron Ltd 0.29
MEDNAX Inc 0.29
Dell International LLC / EMC Corp 0.28
Advantage Sales & Marketing Inc 0.28
CrownRock LP / CrownRock Finance Inc 0.28
EQM Midstream Partners LP 0.28
Varex Imaging Corp 0.28
QVC Inc 0.27
New Residential Investment Corp 0.27
Global Medical Response Inc 0.27
FXI Holdings Inc 0.27
LSF9 Atlantis Holdings LLC / Victra Finance Corp 0.27
Buckeye Partners LP 0.27
Midland Cogeneration Venture LP 0.26
Bombardier Inc 0.25
Infrabuild Australia Pty Ltd 0.25
Vector Group Ltd 0.25
Trinity Industries Inc 0.25
Southeast Supply Header LLC 0.24
Netflix Inc 0.23
Bed Bath & Beyond Inc 0.23
CDW LLC / CDW Finance Corp 0.23
G-III Apparel Group Ltd 0.22
Diversified Healthcare Trust 0.22
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations 0.22
Mineral Resources Ltd 0.22
NMI Holdings Inc 0.21
MEG Energy Corp 0.21
Qwest Corp 0.21
Dell Inc 0.21
Provident Financing Trust I 0.21
Harvest Midstream I LP 0.21
New Home Co Inc/The 0.20
Garda World Security Corp 0.19
Owens & Minor Inc 0.19
Berry Global Inc 0.19
TriMas Corp 0.19
Ladder Capital Finance Holdings LLLP / Ladder Capital Financ 0.19
Talos Production Inc 0.19
Credit Acceptance Corp 0.19
Emergent BioSolutions Inc 0.19
Sinclair Television Group Inc 0.19
Altera Infrastructure LP/Teekay Offshore Finance Corp 0.19
Clearwater Paper Corp 0.19
Graphic Packaging International LLC 0.19
Amsted Industries Inc 0.19
Cumulus Media New Holdings Inc 0.18
Baytex Energy Corp 0.17
Patterson-UTI Energy Inc 0.17
CNG Holdings Inc 0.17
Urban One Inc 0.17
CIT Group Inc 0.17
United States Treasury Bill 0.16
Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus 0.16
Enstar Finance LLC 0.16
JPW Industries Holding Corp 0.16
Diamond Sports Group LLC / Diamond Sports Finance Co 0.15
Starwood Property Trust Inc 0.15
Dycom Industries Inc 0.15
CHS/Community Health Systems Inc 0.14
TransDigm Inc 0.14
WW International Inc 0.14
Rite Aid Corp 0.14
Mauser Packaging Solutions Holding Co 0.14
Weatherford International Ltd 0.13
Sizzling Platter LLC / Sizzling Platter Finance Corp 0.12
Radian Group Inc 0.12
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issu 0.12
Ritchie Bros Auctioneers Inc 0.12
Caesars Entertainment Inc 0.11
FS Energy and Power Fund 0.11
Caesars Resort Collection LLC / CRC Finco Inc 0.11
iHeartCommunications Inc 0.11
AAG FH LP / AAG FH Finco Inc 0.10
Manitowoc Co Inc/The 0.10
Michael Baker International LLC 0.10
Radiate Holdco LLC / Radiate Finance Inc 0.10
T-Mobile USA Inc 0.09
Michaels Cos Inc/The 0.09
CommScope Technologies LLC 0.09
American Airlines Inc/AAdvantage Loyalty IP Ltd 0.09
Clarios Global LP / Clarios US Finance Co 0.09
Change Healthcare Holdings LLC / Change Healthcare Finance I 0.08
American Airlines 2014-1 Class A Pass Through Trust 0.08
Intercontinental Exchange Inc 0.07
Ligado Networks LLC 0.07
StoneX Group Inc 0.06
RegionalCare Hospital Partners Holdings Inc / LifePoint Heal 0.06
HUB International Ltd 0.06
NFP Corp 0.06
Endo Dac / Endo Finance LLC / Endo Finco Inc 0.06
MGIC Investment Corp 0.05
Banff Merger Sub Inc 0.05
CVR Partners LP / CVR Nitrogen Finance Corp 0.04
Genworth Holdings Inc 0.04
CBOT 2 Year US Treasury Note Future -

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
09/20/2021 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%
06/30/2021 63 13 47 3 0 0 0
03/31/2021 61 18 38 4 0 0 0
12/31/2020 21 3 18 0 0 0 0
Year Ended 2020 21 3 18 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%
06/30/2021 63 0 0 0 0 0 0
03/31/2021 61 1 0 0 0 0 0
12/31/2020 21 0 0 0 0 0 0
Year Ended 2020 21 0 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 Barclays 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%.