The Invesco New York AMT-Free Municipal Bond ETF (Fund) is based on The ICE BofAML New York Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by New York or any US territory, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding. The Fund and the Index are rebalanced and reconstituted monthly.
Morningstar Rating ™Overall Rating - Muni New York Long Category
As of 07/31/2020 the Fund had an overall rating of 4 stars out of 66 funds and was rated 4 stars out of 66 funds, 4 stars out of 61 funds and 4 stars out of 44 funds for the 3-, 5- and 10- year periods, respectively.
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. ©2020 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.
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|ICE BofAML New York Long-Term Core Plus Municipal Securities Index||3.51||5.30||4.80||4.71||N/A||N/A|
|Bloomberg Barclays Municipal Bond 20 Year Index||4.27||6.47||5.63||5.10||5.40||5.40|
|Fund History (%)|
|After Tax Held||3.24||4.63||3.55||3.72||4.11||3.81|
|After Tax Sold||2.30||3.39||3.11||3.37||3.89||3.69|
|Fund Market Price||3.67||5.32||4.79||4.57||4.55||4.08|
|Index History (%)||YTD||1Yr||3Yr||5Yr||10Yr||Since Inception|
|ICE BofAML New York Long-Term Core Plus Municipal Securities Index||1.77||4.34||4.48||4.55||N/A||N/A|
|Bloomberg Barclays Municipal Bond 20 Year Index||2.05||5.06||5.22||4.81||5.30||5.26|
|Fund History (%)|
|After Tax Held||1.51||3.42||3.17||3.53||4.03||3.69|
|After Tax Sold||1.22||2.68||2.82||3.23||3.83||3.61|
|Fund Market Price||2.12||4.64||4.48||4.49||4.49||3.99|
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 06/30/2020. Fund performance shown at NAV.
ICE BofAML New York Long-Term Core Plus Municipal Securities Index* performance prior to 5/29/2009 reflects that of the original Underlying Index, The ICE BofAML New York Insured Long-Term Core Plus Municipal Securities Index. From 5/29/2009 to 7/7/2014, performance reflects that of the previous Underlying Index, ICE BofAML New York Insured Long-Term Core Plus Municipal Securities Index. From 7/8/2014 forward, performance reflects that of the Underlying Index, ICE BofAML New York Long-Term Core Plus Municipal Securities 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 08/10/2020
|AAA : 13%||Aaa : 12%|
|AA : 50%||Aa : 59%|
|A : 17%||A : 21%|
|BBB : 4%||Baa : 2%|
|BB : 0%||Ba : 2%|
|Not Rated : 16%||Not Rated : 4%|
Cash is excluded from the credit rating quality allocations table.
|Years||% of Fund|
|0 - 1 years||1.15|
|1 - 5 years||0.00|
|5 - 10 years||0.00|
|10 - 15 years||6.41|
|15 - 20 years||15.81|
|20 - 25 years||39.73|
|25 years and over||36.90|
as of 08/10/2020 Top Fixed-Income Holdings | View All
|Holding Name||Coupon Rate||Maturity Date||Next Call Date||S&P / Moody's Rating†||Weight|
|New York State Dormitory Authority||4.00%||02/15/2044||08/15/2027||AA+/Aa1||5.84%|
|Battery Park City Authority||5.00%||11/01/2049||11/01/2029||NR/Aaa||3.34%|
|Onondaga County Trust for Cultural Resources||5.00%||12/01/2043||12/01/2029||AA-/Aa3||3.32%|
|City of New York NY||5.00%||10/01/2039||10/01/2029||AA/Aa1||2.64%|
|New York State Dormitory Authority||5.00%||07/01/2050||07/01/2029||AA/Aa1||2.63%|
|Utility Debt Securitization Authority||5.00%||12/15/2038||12/15/2027||AAA/Aaa||2.61%|
|New York City Industrial Development Agency||6.50%||01/01/2046||09/10/2020||AA/A3||2.56%|
|New York State Urban Development Corp||4.00%||03/15/2044||09/15/2029||NR/Aa1||2.41%|
|New York City Transitional Finance Authority Future Tax Secu||4.00%||11/01/2042||05/01/2029||AAA/Aa1||2.41%|
|New York State Dormitory Authority||5.00%||07/01/2035||07/01/2025||A-/A3||2.37%|
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.
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 protest against losses in the Fund.
There is no guarantee that the Fund's income will be exempt from federal and state income taxes.
New York and Puerto Rico's economic problems increase the risk of investing in New York municipal obligations, including the risk of potential issuer default, heightens the risk that the prices of New York and Puerto Rico municipal obligations, and the Fund's net asset value, will experience greater volatility. See the prospectus for more information.
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.
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 Fund is non-diversified and may experience greater volatility than a more diversified investment.
The Barclays Municipal Insured Long 20 Year Index is an unmanaged index of insured municipal securities with a remaining maturity of 17 to 22 years. The ICE BofAML New York Insured Long-Term Core Plus Municipal Securities Index and the ICE BofAML New York Insured Long-Term Core Plus Municipal Securities Index are designed to track the performance of US dollar-denominated, investment-grade, insured tax-exempt debt publicly issued by New York or US territories, including Puerto Rico or their political subdivisions in the US domestic market. The Barclays Municipal Bond 20 Year Index is an unmanaged index of municipal bonds with a remaining maturity of 17 to 22 years.
"ICE BofAML," "The ICE BofAML New York Insured Long-Term Core Plus Municipal Securities IndexSM" and "ICE BofAML New York Long-Term Core Plus Municipal Securities Index" are reprinted with permission. © Copyright 2017 ICE Data Indices, LLC ("ICE BofAML"). All rights reserved. "ICE BofAML," "The ICE BofAML New York Insured Long-Term Core Plus Municipal Securities IndexSM" and "ICE BofAML New York Long-Term Core Plus Municipal Securities Index" are service marks of ICE BofAML and/or its affiliates and have been licensed for use for certain purposes by Invesco on behalf of the Invesco New York AMT-Free Municipal Bond ETF that is based on The ICE BofAML New York Long-Term Core Plus Municipal Securities IndexSM, and is not issued, sponsored, endorsed or promoted by ICE BofAML and/or ICE BofAML's affiliates nor is ICE BofAML and/or ICE BofAML's affiliates an adviser to the Invesco New York AMT-Free Municipal Bond ETF. ICE BofAML and ICE BofAML's affiliates make no representation, express or implied, regarding the advisability of investing in the Invesco New York AMT-Free Municipal Bond ETF or The ICE BofAML New York Long-Term Core Plus Municipal Securities IndexSM and do not guarantee the quality, accuracy or completeness of The ICE BofAML New York Long-Term Core Plus Municipal Securities IndexSM, index values or any index related data included herein, provided herewith or derived therefrom and assume no liability in connection with their use. As the index provider, ICE BofAML is licensing certain trademarks, The ICE BofAML New York Long-Term Core Plus Municipal Securities IndexSM and trade names that are composed by ICE BofAML without regard to Invesco, the Invesco New York AMT-Free Municipal Bond ETF or any investor. ICE BofAML and ICE BofAML's affiliates do not provide investment advice to Invesco or the Invesco New York AMT-Free Municipal Bond ETF and are not responsible for the performance of the Invesco New York AMT-Free Municipal Bond ETF.