The Invesco Global ex-US High Yield Corporate Bond ETF (Fund) is based on the ICE USD Global High Yield Excluding US Issuers Constrained Index (Index). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index, all of which are denominated in US dollars. The Index is composed of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic and eurobond markets by non-U.S. issuers. 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 on the last calendar day of each month.
Effective after the close of markets on Aug. 25, 2023, the Fund's name, ticker, underlying index, index provider, investment objective and investment strategy changed. The Fund's name and ticker changed from Invesco Global Short Term High Yield Bond ETF to the Invesco Global ex-US High Yield Corporate Bond ETF. The Fund's Index Provider changed from Deutsche Bank AG London to ICE Data Indices, LLC and its Underlying Index changed from the DB Global Short Maturity High Yield Bond Index to the ICE USD Global High Yield Excluding US Issuers Constrained Index; and as a result, the Fund's objective and strategy changed to seek to track the investment results of the new Underlying index by investing at least 80% of its total assets in securities that comprise the new Underlying Index. See the prospectus for more information.
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|ICE USD Global High Yield Excluding US Issuers Constrained Total Return Index (USD)||N/A||N/A||N/A||N/A||N/A||N/A|
|ICE BofAML 0-5 Year US High Yield Constrained Index||7.03||7.81||4.19||3.44||4.20||4.32|
|DB Global Short Maturity High Yield Bond Index||5.55||7.68||1.55||1.61||3.66||3.71|
|Fund History (%)|
|After Tax Held||2.87||3.97||-0.50||-0.47||0.66||0.79|
|After Tax Sold||2.93||3.99||0.34||0.37||1.21||1.30|
|Fund Market Price||5.38||6.82||1.57||1.74||2.82||2.99|
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|DB Global Short Maturity High Yield Bond Index||4.02||6.83||2.08||1.44||3.62||3.62|
|ICE BofAML 0-5 Year US High Yield Constrained Index||5.12||9.25||5.16||3.39||4.22||4.20|
|Fund History (%)|
|After Tax Held||2.29||3.80||-0.01||-0.54||0.76||0.74|
|After Tax Sold||2.23||3.68||0.70||0.31||1.27||1.26|
|Fund Market Price||4.65||7.06||2.31||1.67||2.86||2.97|
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.
Growth of $10,000
Data beginning Fund inception and ending 06/30/2023. 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.
|Sector||Percent of Fund|
Top Country Allocation
Quality Allocations† as of 09/21/2023
|BBB : 3%||Baa : 4%|
|BB : 42%||Ba : 40%|
|B : 24%||B : 30%|
|CCC : 5%||Caa : 7%|
|CC : 0%||Ca : 0%|
|C : 0%||C : 0%|
|Not Rated : 26%||Not Rated : 20%|
Cash is excluded from the credit rating quality allocations table.
|Years||% of Fund|
|0 - 1 years||9.74|
|1 - 5 years||45.73|
|5 - 10 years||28.12|
|10 - 15 years||2.86|
|15 - 20 years||0.83|
|20 - 25 years||1.57|
|25 years and over||11.15|
as of 09/21/2023 Top Fixed-Income Holdings | View All
|Holding Name||Coupon Rate||Maturity Date||Next Call Date||S&P / Moody's Rating†||Weight|
|Industrial & Commercial Bank of China Ltd||3.20%||12/31/2079||09/24/2026||NR/Ba1||1.49%|
|Invesco Government & Agency Portfolio||N/A||N/A||NR/NR||0.88%|
|Bank of Communications Co Ltd||3.80%||12/31/2079||11/18/2025||NR/NR||0.73%|
|1011778 BC ULC / New Red Finance Inc||4.00%||10/15/2030||10/15/2025||B+/B2||0.64%|
|Teva Pharmaceutical Finance Netherlands III BV||3.15%||10/01/2026||N/A||BB-/Ba2||0.56%|
|Vodafone Group PLC||7.00%||04/04/2079||01/04/2029||BB+/Ba1||0.54%|
|Connect Finco SARL / Connect US Finco LLC||6.75%||10/01/2026||10/02/2023||BB-/B1||0.52%|
|Global Aircraft Leasing Co Ltd||6.50%||09/15/2024||10/23/2023||NR/B2||0.50%|
Holdings are subject to change and are not buy/sell recommendations.
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.
Non-investment grade securities may be subject to greater price volatility due to specific corporate developments, interest-rate sensitivity, negative perceptions of the market, adverse economic and competitive industry conditions and decreased market liquidity.
The Fund will invest in bonds with short-term maturity (three years or less) which may have additional risks, including interest rate changes over the life of the bond. The average maturity of the Fund's investments will affect the volatility of the Fund's share price.
The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.
Issuers of sovereign debt or the governmental authorities that control repayment may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of default. Without debt holder approval, some governmental debtors may be able to reschedule or restructure their debt payments or declare moratoria on payments.
The Fund may invest in obligations issued or guaranteed by supranational entities. If one or more shareholders fails to make necessary additional capital contributions, the entity may be unable to pay interest or repay principal on its debt securities.
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’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.
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 performance of an investment concentrated in issuers of a certain region or country is expected to be closely tied to conditions within that region and to be more volatile than more geographically diversified investments.
Restricted securities generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which may result in substantial losses to the Fund.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.
The ICE BofAML 0-5 Year US High Yield Constrained Index is an unmanaged index comprised of US dollar-denominated, below investment-grade corporate debt securities publicly issued in the US domestic market with remaining maturities of less than five years.
The ICE USD Global High Yield Excluding US Issuers Constrained Index is composed of U.S. dollar denominated, below investment grade corporate debt that is publicly issued in the U.S. domestic and eurobond markets by non-U.S. issuer.
The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.
"Deutsche Bank" and the DB Global Short Maturity High Yield Bond Index are reprinted with permission. © Copyright 2017 Deutsche Bank AG. All rights reserved. "Deutsche Bank" is a service mark of Deutsche Bank AG and has been licensed for use for certain purposes by the adviser. The Fund is not sponsored, endorsed, sold or promoted by Deutsche Bank AG or any of its affiliates of subsidiaries. Deutsche Bank AG and Deutsche Bank Securities Inc., as Index Provider, make no representation, express or implied, regarding the advisability of investing in this product. As the Index Provider, Deutsche Bank AG and Deutsche Bank Securities Inc. are licensing certain trademarks, the underlying Index and trade names which are composed by Deutsche Bank AG and Deutsche Bank Securities Inc. without regard to this Index, this product or any investor.
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.