Fixed Income | US Fixed Income

Invesco Fundamental Investment Grade Corporate Bond ETF

Ticker: PFIG

Product Details

The Invesco Fundamental Investment Grade Corporate Bond ETF (Fund) is based on the RAFI® Bonds US Investment Grade 1-10 Index (Index). The Fund will generally invest at least 80% of its total assets in the securities that comprise the Index. The Index is comprised of US dollar-denominated investment grade corporate bonds that are SEC-registered securities or Rule 144A securities with registration rights and whose issuers are public companies listed on a major US stock exchange. Only investible non-convertible, non-exchangeable, non-zero, fixed coupon high-yield corporate bonds qualify for inclusion in the Index. Based on the Fundamental Index® methodology developed by Research Affiliates, LLC, the Index is compiled and calculated by ALM Research Solutions, LLC. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a "sampling" methodology to seek to achieve its investment objective. The Fund and the Index are rebalanced monthly and reconstituted annually in March.

as of 09/30/2022

Morningstar Rating

Overall Rating - Corporate Bond Category

As of 09/30/2022 the Fund had an overall rating of 4 stars out of 187 funds and was rated 4 stars out of 187 funds, 4 stars out of 167 funds and 3 stars out of 95 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 10/31/2022 09/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
RAFI Bonds US Investment Grade 1-10 Index -12.62 -12.69 -2.17 0.47 1.52 2.12
Bloomberg Barclays U.S. Corporate Index -19.56 -19.57 -4.18 -0.32 1.47 2.38
Fund History (%)
Fund NAV -12.79 -12.88 -2.40 0.21 1.26 1.77
After Tax Held -13.50 -13.96 -3.47 -0.92 0.16 0.70
After Tax Sold -7.55 -7.41 -2.15 -0.24 0.52 0.93
Fund Market Price -12.65 -12.81 -2.36 0.23 1.25 1.79
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
RAFI Bonds US Investment Grade 1-10 Index -12.27 -12.74 -1.84 0.60 1.63 2.17
Bloomberg Barclays U.S. Corporate Index -18.72 -18.53 -3.65 -0.03 1.70 2.50
Fund History (%)
Fund NAV -12.41 -12.90 -2.06 0.34 1.36 1.83
After Tax Held -13.04 -13.96 -3.13 -0.79 0.27 0.75
After Tax Sold -7.32 -7.42 -1.90 -0.15 0.60 0.97
Fund Market Price -12.38 -12.88 -2.09 0.33 1.33 1.83

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. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

as of 09/30/2022

Growth of $10,000

Data beginning Fund inception and ending 09/30/2022. 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 12/01/2022

Sector Allocation

Sector Percent of Fund
Financials 19.23%
Information Technology 12.66%
Health Care 11.45%
Industrials 9.84%
Consumer Staples 9.34%
Consumer Discretionary 9.16%
Utilities 6.87%
Energy 5.98%
Real Estate 5.30%
Communication Services 5.21%
Materials 4.36%
UnClassified 0.39%
Investment Companies 0.21%
Cash 0.00%

Quality Allocations as of 12/01/2022

S&P Moody's
AAA : 2% Aaa : 3%
AA : 8% Aa : 6%
A : 34% A : 36%
BBB : 56% Baa : 55%

Cash is excluded from the credit rating quality allocations table.

as of 12/01/2022

Maturity

Years % of Fund
0 - 1 years 4.33
1 - 5 years 46.17
5 - 10 years 48.61
10 - 15 years 0.89
15 - 20 years 0.00
20 - 25 years 0.00
25 years and over 0.00

as of 12/01/2022 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
JPMorgan Chase & Co 2.95% 10/01/2026 07/01/2026 A-/A1 1.18%
Microsoft Corp 3.30% 02/06/2027 11/06/2026 AAA/Aaa 0.96%
Bank of America Corp 3.30% 01/11/2023 N/A A-/A2 0.82%
Cisco Systems Inc 2.50% 09/20/2026 06/20/2026 AA-/A1 0.65%
Apple Inc 2.40% 05/03/2023 N/A AA+/Aaa 0.62%
General Electric Co 6.75% 03/15/2032 N/A BBB+/Baa1 0.59%
Morgan Stanley 3.62% 01/20/2027 N/A A-/A1 0.57%
Wells Fargo & Co 3.00% 04/22/2026 N/A BBB+/A1 0.56%
American International Group Inc 2.50% 06/30/2025 05/30/2025 BBB+/Baa2 0.55%
Citigroup Inc 4.45% 09/29/2027 N/A BBB/Baa2 0.53%

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
11/21/2022 11/22/2022 11/25/2022 0.05129 0.05129 - - - -
10/24/2022 10/25/2022 10/28/2022 0.05097 0.05097 - - - -
09/19/2022 09/20/2022 09/23/2022 0.05067 0.05067 - - - -
08/22/2022 08/23/2022 08/26/2022 0.05041 0.05041 - - - -
07/18/2022 07/19/2022 07/22/2022 0.04956 0.04956 - - - -
06/21/2022 06/22/2022 06/30/2022 0.04818 0.04818 - - - -
05/23/2022 05/24/2022 05/31/2022 0.04768 0.04768 - - - -
04/18/2022 04/19/2022 04/29/2022 0.04632 0.04632 - - - -
03/21/2022 03/22/2022 03/31/2022 0.04587 0.04587 - - - -
02/22/2022 02/23/2022 02/28/2022 0.04535 0.04535 - - - -
01/24/2022 01/25/2022 01/31/2022 0.04528 0.04528 - - - -
12/20/2021 12/21/2021 12/31/2021 0.33244 0.04444 0.03143 0.25657 - -
11/22/2021 11/23/2021 11/30/2021 0.04698 0.04698 - - - -
10/18/2021 10/19/2021 10/29/2021 0.04709 0.04709 - - - -
09/20/2021 09/21/2021 09/30/2021 0.04735 0.04735 - - - -
08/23/2021 08/24/2021 08/31/2021 0.04757 0.04757 - - - -
07/19/2021 07/20/2021 07/30/2021 0.04835 0.04835 - - - -
06/21/2021 06/22/2021 06/30/2021 0.04867 0.04867 - - - -
05/24/2021 05/25/2021 05/28/2021 0.04988 0.04988 - - - -
04/19/2021 04/20/2021 04/30/2021 0.05069 0.05069 - - - -
03/22/2021 03/23/2021 03/31/2021 0.05150 0.05150 - - - -
02/22/2021 02/23/2021 02/26/2021 0.05128 0.05128 - - - -
01/19/2021 01/20/2021 01/29/2021 0.05209 0.05209 - - - -
12/21/2020 12/22/2020 12/31/2020 0.15596 0.05310 0.00238 0.10048 - -
11/23/2020 11/24/2020 11/30/2020 0.05281 0.05281 - - - -
10/19/2020 10/20/2020 10/30/2020 0.05113 0.05113 - - - -
09/21/2020 09/22/2020 09/30/2020 0.04918 0.04918 - - - -
08/24/2020 08/25/2020 08/31/2020 0.04733 0.04733 - - - -
07/20/2020 07/21/2020 07/31/2020 0.05642 0.05642 - - - -
06/22/2020 06/23/2020 06/30/2020 0.05814 0.05814 - - - -
05/18/2020 05/19/2020 05/29/2020 0.06029 0.06029 - - - -
04/20/2020 04/21/2020 04/30/2020 0.06051 0.06051 - - - -
03/23/2020 03/24/2020 03/31/2020 0.06019 0.06019 - - - -
02/24/2020 02/25/2020 02/28/2020 0.06050 0.06050 - - - -
01/21/2020 01/22/2020 01/31/2020 0.06022 0.06022 - - - -
12/23/2019 12/24/2019 12/31/2019 0.06096 0.06096 - - - -
11/18/2019 11/19/2019 11/29/2019 0.06096 0.06096 - - - -
10/21/2019 10/22/2019 10/31/2019 0.06205 0.06205 - - - -
09/23/2019 09/24/2019 09/30/2019 0.06351 0.06351 - - - -
08/19/2019 08/20/2019 08/30/2019 0.06473 0.06473 - - - -
07/22/2019 07/23/2019 07/31/2019 0.06494 0.06494 - - - -
06/24/2019 06/25/2019 06/28/2019 0.06486 0.06486 - - - -
05/20/2019 05/21/2019 05/31/2019 0.06520 0.06520 - - - -
04/22/2019 04/23/2019 04/30/2019 0.06530 0.06530 - - - -
03/18/2019 03/19/2019 03/29/2019 0.06476 0.06476 - - - -
02/19/2019 02/20/2019 02/28/2019 0.06429 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.06399 0.06399 - - - -
12/24/2018 12/26/2018 12/31/2018 0.06035 0.06035 - - - -
11/19/2018 11/20/2018 11/30/2018 0.06246 0.06246 - - - -
10/22/2018 10/23/2018 10/31/2018 0.06166 0.06166 - - - -
09/24/2018 09/25/2018 09/28/2018 0.06154 0.06154 - - - -
08/20/2018 08/21/2018 08/31/2018 0.05999 0.05999 - - - -
07/23/2018 07/24/2018 07/31/2018 0.06110 0.06110 - - - -
06/18/2018 06/19/2018 06/29/2018 0.05966 0.05966 - - - -
05/21/2018 05/22/2018 05/31/2018 0.05947 0.05947 - - - -
04/23/2018 04/24/2018 04/30/2018 0.05898 0.05898 - - - -
03/19/2018 03/20/2018 03/29/2018 0.05796 0.05796 - - - -
02/20/2018 02/21/2018 02/28/2018 0.05602 0.05602 - - - -
01/22/2018 01/23/2018 01/31/2018 0.04978 0.04978 - - - -
12/18/2017 12/19/2017 12/29/2017 0.05019 0.05019 - - - -
11/20/2017 11/21/2017 11/30/2017 0.05349 0.05349 - - - -
10/23/2017 10/24/2017 10/31/2017 0.05475 0.05475 - - - -
09/18/2017 09/19/2017 09/29/2017 0.05601 0.05601 - - - -
08/15/2017 08/17/2017 08/31/2017 0.05508 0.05508 - - - -
07/14/2017 07/18/2017 07/31/2017 0.05501 0.05501 - - - -
06/15/2017 06/19/2017 06/30/2017 0.05465 0.05465 - - - -
05/15/2017 05/17/2017 05/31/2017 0.05520 0.05520 - - - -
04/13/2017 04/18/2017 04/28/2017 0.05524 0.05524 - - - -
03/15/2017 03/17/2017 03/31/2017 0.05461 0.05461 - - - -
02/15/2017 02/17/2017 02/28/2017 0.05354 0.05354 - - - -
01/13/2017 01/18/2017 01/31/2017 0.05138 0.05138 - - - -
12/15/2016 12/19/2016 12/30/2016 0.05386 0.05386 - - - -
11/15/2016 11/17/2016 11/30/2016 0.05387 0.05387 - - - -
10/14/2016 10/18/2016 10/31/2016 0.05181 0.05181 - - - -
09/15/2016 09/19/2016 09/30/2016 0.05171 0.05171 - - - -
08/15/2016 08/17/2016 08/31/2016 0.05310 0.05310 - - - -
07/15/2016 07/19/2016 07/29/2016 0.05380 0.05380 - - - -
06/15/2016 06/17/2016 06/30/2016 0.05420 0.05420 - - - -
05/13/2016 05/17/2016 05/31/2016 0.05600 0.05600 - - - -
04/15/2016 04/19/2016 04/29/2016 0.05568 0.05568 - - - -
03/15/2016 03/17/2016 03/31/2016 0.05618 0.05618 - - - -
02/12/2016 02/17/2016 02/29/2016 0.05542 0.05542 - - - -
01/15/2016 01/20/2016 01/29/2016 0.05572 0.05572 - - - -
12/15/2015 12/17/2015 12/31/2015 0.05627 0.05627 - - - -
11/13/2015 11/17/2015 11/30/2015 0.05523 0.05523 - - - -
10/15/2015 10/19/2015 10/30/2015 0.05123 0.05123 - - - -
09/15/2015 09/17/2015 09/30/2015 0.05063 0.05063 - - - -
08/14/2015 08/18/2015 08/31/2015 0.05397 0.05397 - - - -
07/15/2015 07/17/2015 07/31/2015 0.05344 0.05344 - - - -
06/15/2015 06/17/2015 06/30/2015 0.05420 0.05420 - - - -
05/15/2015 05/19/2015 05/29/2015 0.05472 0.05472 - - - -
04/15/2015 04/17/2015 04/30/2015 0.05362 0.05362 - - - -
03/13/2015 03/17/2015 03/31/2015 0.05376 0.05376 - - - -
02/13/2015 02/18/2015 02/27/2015 0.05345 0.05345 - - - -
01/15/2015 01/20/2015 01/30/2015 0.05293 0.05293 - - - -
12/15/2014 12/17/2014 12/31/2014 0.05505 0.05505 - - - -
11/14/2014 11/18/2014 11/28/2014 0.05000 0.05000 - - - -
10/15/2014 10/17/2014 10/31/2014 0.05250 0.05250 - - - -
09/15/2014 09/17/2014 09/30/2014 0.05000 0.05000 - - - -
08/15/2014 08/19/2014 08/29/2014 0.05000 0.05000 - - - -
07/15/2014 07/17/2014 07/31/2014 0.05000 0.05000 - - - -
06/13/2014 06/17/2014 06/30/2014 0.05000 0.05000 - - - -
05/15/2014 05/19/2014 05/30/2014 0.05000 0.05000 - - - -
04/15/2014 04/17/2014 04/30/2014 0.05000 0.05000 - - - -
03/14/2014 03/18/2014 03/31/2014 0.05000 0.05000 - - - -
02/14/2014 02/19/2014 02/28/2014 0.05000 0.05000 - - - -
01/15/2014 01/17/2014 01/31/2014 0.05000 0.05000 - - - -
12/24/2013 12/27/2013 12/30/2013 0.01297 0.01297 - - - -
12/13/2013 12/17/2013 12/31/2013 0.04900 0.04900 - - - -
11/15/2013 11/19/2013 11/29/2013 0.04900 0.04900 - - - -
10/15/2013 10/17/2013 10/31/2013 0.04500 0.04500 - - - -
09/13/2013 09/17/2013 09/30/2013 0.04500 0.04500 - - - -
08/15/2013 08/19/2013 08/30/2013 0.04500 0.04500 - - - -
07/15/2013 07/17/2013 07/31/2013 0.04500 0.04500 - - - -
06/14/2013 06/18/2013 06/28/2013 0.04293 0.04293 - - - -
05/15/2013 05/17/2013 05/31/2013 0.04244 0.04244 - - - -
04/15/2013 04/17/2013 04/30/2013 0.04248 0.04248 - - - -
03/15/2013 03/19/2013 03/28/2013 0.04251 0.04251 - - - -
02/15/2013 02/20/2013 02/28/2013 0.04082 0.04082 - - - -
01/15/2013 01/17/2013 01/31/2013 0.04104 0.04104 - - - -
12/14/2012 12/18/2012 12/31/2012 0.07446 0.07446 - - - -
11/15/2012 11/19/2012 11/30/2012 0.04583 0.04583 - - - -
10/15/2012 10/17/2012 10/31/2012 0.04040 0.04040 - - - -
09/14/2012 09/18/2012 09/28/2012 0.04126 0.04126 - - - -
08/15/2012 08/17/2012 08/31/2012 0.04987 0.04987 - - - -
07/13/2012 07/17/2012 07/31/2012 0.04437 0.04437 - - - -
06/15/2012 06/19/2012 06/29/2012 0.04429 0.04429 - - - -
05/15/2012 05/17/2012 05/31/2012 0.04462 0.04462 - - - -
04/13/2012 04/17/2012 04/30/2012 0.04943 0.04943 - - - -
03/15/2012 03/19/2012 03/30/2012 0.04840 0.04840 - - - -
02/15/2012 02/17/2012 02/29/2012 0.05464 0.05464 - - - -
01/13/2012 01/18/2012 01/31/2012 0.05403 0.05403 - - - -
12/15/2011 12/19/2011 12/30/2011 0.07806 0.07806 - - - -
11/15/2011 11/17/2011 11/30/2011 0.08278 0.08278 - - - -

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%
09/30/2022 64 28 4 0 0 0 0
06/30/2022 62 12 1 0 0 0 0
03/31/2022 62 10 1 0 0 0 0
12/31/2021 64 9 0 0 0 0 0
Year Ended 2021 252 80 0 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%
09/30/2022 64 27 5 0 0 0 0
06/30/2022 62 39 10 0 0 0 0
03/31/2022 62 42 8 1 0 0 0
12/31/2021 64 54 1 0 0 0 0
Year Ended 2021 252 170 2 0 0 0 0

Fund Inception : 09/15/2011

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. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying 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.

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.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

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 may invest in privately issued 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.

Reinvestment risk is the risk that a bond's cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

Investments focused in a particular industry or sector are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The Barclays U.S. Corporate Index is an unmanaged index considered representative of fixed-rate, investment-grade taxable bond debt.

Fundamental Index®, Research Affiliates®, RAFI® and all other RA trademarks, trade names, patented and patent-pending concepts are the exclusive property of Research Affiliates, LLC. The RAFI® Bonds US Investment Grade 1-10 Index is calculated and maintained by ALM Research Solutions, Inc. (a wholly owned subsidiary of Ryan ALM, Inc.) in conjunction with Research Affiliates, LLC and is the exclusive property of Research Affiliates.

Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart Beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk.