The Invesco Floating Rate Municipal Income ETF (Fund) is based on the ICE US Municipal AMT-Free VRDO Constrained Index (Index). The Fund generally will invest at least 80% of its total assets in U.S. dollar tax-exempt variable rate demand obligations (VRDOs). The Index tracks the performance of U.S. dollar tax-exempt VRDOs that are publicly issued by U.S. states and territories, and their political subdivisions, and that have interest rates that reset daily, weekly or monthly. 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 the month.
Effective after the close of markets on Aug. 25, 2023, the Fund’s name will change from Invesco VRDO Tax-Free ETF to Invesco Floating Rate Municipal Income ETF. No other changes were made to the Fund. See the prospectus for more information.
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|ICE US Municipal AMT-Free VRDO Constrained Total Return Index||1.41||2.04||0.81||N/A||N/A||N/A|
|Bloomberg Barclays Municipal 1 Year Index||1.46||1.83||0.28||1.08||0.93||1.41|
|Fund History (%)|
|After Tax Held||0.89||1.35||0.42||0.51||0.34||0.59|
|After Tax Sold||1.07||1.45||0.45||0.53||0.35||0.60|
|Fund Market Price||1.89||2.57||0.84||0.90||0.56||0.73|
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|ICE US Municipal AMT-Free VRDO Constrained Total Return Index||1.06||1.89||0.70||N/A||N/A||N/A|
|Bloomberg Barclays Municipal 1 Year Index||1.14||1.24||0.26||1.05||0.91||1.40|
|Fund History (%)|
|After Tax Held||0.73||1.30||0.36||0.50||0.32||0.58|
|After Tax Sold||0.79||1.27||0.37||0.50||0.33||0.59|
|Fund Market Price||1.30||2.15||0.61||0.80||0.50||0.70|
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 10 years prior to the ending date of 06/30/2023. Fund performance shown at NAV.
ICE US Municipal AMT-Free VRDO Constrained Index* performance prior to 8/5/2010 reflects that of the original Underlying Index Thomson Municipal Market Data VRDO Index. From 8/5/2010 to 3/24/2021, performance reflects that of the previous Underlying Index, Bloomberg US Municipal AMT-Free Weekly VRDO Index. From 3/24/2021 forward, performance reflects that of the Underlying Index, ICE US Municipal AMT-Free VRDO Constrained Index AND IS NOT INTENDED FOR ANY THIRD PARTY USE.
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.
Quality Allocations† as of 09/27/2023
|AAA : 6%||Aaa : 6%|
|AA : 55%||Aa : 68%|
|A : 9%||A : 5%|
|Not Rated : 29%||Not Rated : 21%|
Cash is excluded from the credit rating quality allocations table.
|Years||% of Fund|
|0 - 1 years||3.82|
|1 - 5 years||4.65|
|5 - 10 years||24.62|
|10 - 15 years||25.09|
|15 - 20 years||19.57|
|20 - 25 years||15.61|
|25 years and over||6.63|
as of 09/27/2023 Top Fixed-Income Holdings | View All
|Holding Name||Coupon Rate||Maturity Date||Next Call Date||S&P / Moody's Rating†||Weight|
|Wyoming Community Development Authority||4.50%||06/01/2048||09/27/2023||AA+/Aa1||5.54%|
|City of Houston TX Combined Utility System Revenue||4.36%||05/15/2034||09/27/2023||AA/NR||4.90%|
|Louisiana Offshore Terminal Authority||4.05%||09/01/2033||10/02/2023||NR/Aa1||4.90%|
|Raleigh Durham Airport Authority||4.28%||05/01/2036||09/27/2023||NR/Aa1||4.90%|
|Chelan County Public Utility District No 1||4.10%||07/01/2032||09/27/2023||AA+/Aa2||4.89%|
|Pasadena Independent School District||4.50%||02/01/2035||09/27/2023||NR/Aa2||4.41%|
|San Mateo Joint Powers Financing Authority||2.80%||04/01/2039||09/27/2023||A+/NR||4.40%|
|Emmaus General Authority||4.00%||12/01/2028||10/01/2023||AA/WR||3.92%|
|Metropolitan Transportation Authority||4.25%||11/01/2026||09/27/2023||AA-/Aa1||3.92%|
Holdings are subject to change and are not buy/sell recommendations.
Risk & Other Information
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.
The absence of an active secondary market for certain variable rate notes could make it difficult to dispose of the instruments, and a portfolio could suffer a loss if the issuer defaults during periods in which a portfolio is not entitled to exercise its demand rights.
Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer’s ability to make payments of principal and/ or interest.
Municipal insurance doesn't protect against losses in the Fund.
There is no guarantee that the Fund's income will be exempt from federal and state income taxes.
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.
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 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 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.
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.
ICE® is a trademark of ICE Data Indices, LLC or its affiliates (“ICE Data”) and has been licensed, along with the ICE US Municipal AMT-Free VRDO Constrained Index (“Index”) for use by Invesco Capital Management LLC (“Adviser”) in connection with the Invesco VRDO Tax-Free ETF. Neither Invesco Capital Management LLC (“Adviser”) nor the Invesco VRDO Tax-Free ETF, is sponsored, operated, endorsed, recommended, sold or promoted by ICE Data and its respective third party suppliers. ICE Data and its respective third party suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Invesco VRDO Tax-Free ETF particularly, or the ability of the Index to track general market performance. Past performance of the Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDEX, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS THIRD PARTY SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.