LDRI - Invesco LadderRite 0-5 Year Corporate Bond ETFFixed Income - US Fixed Income
The Invesco LadderRite 0-5 Year Corporate Bond ETF (Fund) is based on the NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index (Index). The Fund will normally invest at least 80% of its total assets in short-term investment grade corporate bonds that comprise the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a "sampling" methodology to help to achieve its investment objective, which seeks to track the investment results (before fees and expenses) of the Index. The Fund and Index are rebalanced monthly.
Morningstar Rating ™Overall Rating - Short-Term Bond Category
As of 10/31/2019 the Fund had an overall rating of 4 stars out of 491 funds and was rated 4 stars out of 491 funds, 4 stars out of 439 funds and N/A stars out of N/A 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. ©2019 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 (%)|
|NASDAQ LadderRite 0-5 Year USD Corporate Bond Index||5.75||6.57||2.86||2.55||N/A||2.54|
|ICE BofAML 0-5 Year US Corporate Index||6.02||6.89||2.99||2.69||N/A||2.68|
|Fund History (%)|
|After Tax Held||4.52||5.06||1.67||1.39||N/A||1.38|
|After Tax Sold||3.20||3.63||1.57||1.32||N/A||1.31|
|Fund Market Price||6.77||6.34||2.46||2.19||N/A||2.19|
|Index History (%)|
|NASDAQ LadderRite 0-5 Year USD Corporate Bond Index||5.29||6.04||2.70||2.52||N/A||2.49|
|ICE BofAML 0-5 Year US Corporate Index||5.52||6.32||2.82||2.66||N/A||2.63|
|Fund History (%)|
|After Tax Held||4.19||4.55||1.52||1.36||N/A||1.34|
|After Tax Sold||2.95||3.33||1.46||1.30||N/A||1.28|
|Fund Market Price||6.30||5.92||2.30||2.08||N/A||2.13|
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.
Growth of $10,000
Data beginning Fund inception and ending 09/30/2019. 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.
|Industry||Percent of Fund|
|Oil, Gas & Consumable Fuels||8.71%|
|Technology Hardware, Storage & Peripherals||3.08%|
|Health Care Providers & Services||3.01%|
|Equity Real Estate Investment Trusts (REITs)||2.63%|
|Diversified Telecommunication Services||2.56%|
|Semiconductors & Semiconductor Equipment||2.56%|
|Aerospace & Defense||2.06%|
|Food & Staples Retailing||1.96%|
|Internet & Direct Marketing Retail||1.53%|
|Commercial Services & Supplies||1.08%|
|Hotels, Restaurants & Leisure||1.06%|
|Trading Companies & Distributors||1.04%|
|Road & Rail||1.03%|
|Diversified Financial Services||1.03%|
|Health Care Equipment & Supplies||1.02%|
|Life Sciences Tools & Services||0.54%|
|Wireless Telecommunication Services||0.53%|
|Energy Equipment & Services||0.31%|
|Sector||Percent of Fund|
Top Country Allocation
Quality Allocations† as of 11/13/2019
|AAA : 2%||Aaa : 3%|
|AA : 11%||Aa : 13%|
|A : 40%||A : 40%|
|BBB : 46%||Baa : 40%|
|BB : 1%||Ba : 3%|
|Not Rated : 0%||Not Rated : 1%|
Cash is excluded from the credit rating quality allocations table.
|Years||% of Fund|
|0 - 1 years||21.81|
|1 - 5 years||78.19|
|5 - 10 years||0.00|
|10 - 15 years||0.00|
|15 - 20 years||0.00|
|20 - 25 years||0.00|
|25 years and over||0.00|
as of 11/13/2019 Top Fixed-Income Holdings | View All
|Holding Name||Coupon Rate||Maturity Date||S&P / Moody's Rating†||Weight|
|HSBC Holdings PLC||2.65%||01/05/2022||A/A2||2.02%|
|Verizon Communications Inc||5.15%||09/15/2023||BBB+/Baa1||1.11%|
|Royal Bank of Scotland Group PLC||6.10%||06/10/2023||BB+/Baa3||1.10%|
|Crown Castle International Corp||5.25%||01/15/2023||BBB-/Baa3||1.09%|
|Republic Services Inc||4.75%||05/15/2023||BBB+/Baa2||1.08%|
|Bank of New York Mellon Corp/The||3.65%||02/04/2024||A/A1||1.06%|
|Hewlett Packard Enterprise Co||4.40%||10/15/2022||BBB/Baa2||1.06%|
|JPMorgan Chase & Co||3.62%||05/13/2024||A-/A2||1.06%|
Holdings are subject to change and are not buy/sell recommendations.
Risk & Other Information
Typically, security classifications used in calculating allocation tables are as of the last trading day of the previous month.
† 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 risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.
The Fund will invest in bonds with short- or intermediate-term (five years or less) maturity 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 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 sector, such as financials, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.
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.
Investments focused in a particular industry are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.
The ICE BofAML 0-5 Year US Corporate Index tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market.
The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.
The NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index is a trademark jointly owned by The NASDAQ OMX Group, Inc. and LadderRite Portfolios LLC and has been licensed for use for certain purposes by the Adviser. The Fund is not sponsored, endorsed, sold or promoted by The NASDAQ OMX Group, Inc., LadderRite Portfolios LLC or their affiliates (collectively referred to as the "Corporations"). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund's Underlying Index to track general stock market performance. The Corporations' only relationship to the Adviser is in the licensing of the trade/service marks of NASDAQ OMX®, and the NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index, and certain trade names of the Corporations and the use of the NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index, which is determined, composed and calculated by NASDAQ OMX without regard to the Adviser or the Fund. NASDAQ OMX has no obligation to take the needs of the Adviser or the owners of the Fund into consideration in determining, composing or calculating the NASDAQ LadderRite® 0-5 Year USD Corporate Bond Index. The Corporations are not responsible for, and have not participated in, the determination of the timing of, prices at, or quantities of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Fund. "NASDAQ®" is a registered trademark and is used under license. "LadderRite®" is a registered trademark and is used under license.
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.