PVI - Invesco VRDO Tax-Free Weekly ETFFixed Income - US Fixed Income
The Invesco VRDO Tax-Free Weekly ETF (Fund) is based on the Bloomberg US Municipal AMT-Free Weekly VRDO Index (Index). The Fund generally will invest at least 80% of its total assets in variable rate demand obligation (VRDO) bonds that are exempt from federal income tax with interest rates that reset weekly, which comprise the Underlying Index. The Index is comprised of municipal securities issued in the primary market as VRDOs.
VRDOs are floating-rate bonds that provide investors with tax-exempt income. VRDOs are generally purchased at par. When they are put back to an investment dealer, the investor generally receives par plus accrued interest. The Fund and the Index are rebalanced and reconstituted monthly.
|Index History (%)|
|Bloomberg US Municipal AMT-Free Weekly VRDO Index||1.18||1.43||1.13||0.75||N/A||N/A|
|Bloomberg Barclays Municipal 1 Year Index||2.13||2.84||1.52||1.14||1.11||1.63|
|Fund History (%)|
|After Tax Held||0.60||0.74||0.61||0.36||0.27||0.64|
|After Tax Sold||0.60||0.74||0.61||0.36||0.28||0.64|
|Fund Market Price||0.97||1.10||0.94||0.53||0.36||0.71|
|Index History (%)|
|Bloomberg US Municipal AMT-Free Weekly VRDO Index||1.07||1.46||1.11||0.73||N/A||N/A|
|Bloomberg Barclays Municipal 1 Year Index||1.84||2.64||1.44||1.09||1.10||1.62|
|Fund History (%)|
|After Tax Held||0.54||0.74||0.61||0.34||0.27||0.63|
|After Tax Sold||0.54||0.74||0.61||0.34||0.28||0.64|
|Fund Market Price||0.74||1.09||0.87||0.49||0.34||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 09/30/2019. Fund performance shown at NAV.
Bloomberg US Municipal AMT-Free Weekly VRDO Index* performance prior to 8/5/2010 reflects that of the original Underlying Index Thomson Municipal Market Data VRDO Index. From 8/5/2010, forward, the Index performance reflects that of the Underlying Index Bloomberg US Municipal AMT-Free Weekly VRDO 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 11/15/2019
|AAA : 11%||Aaa : 6%|
|AA : 60%||Aa : 68%|
|A : 3%||A : 8%|
|Not Rated : 26%||Not Rated : 18%|
Cash is excluded from the credit rating quality allocations table.
|Years||% of Fund|
|0 - 1 years||0.00|
|1 - 5 years||9.02|
|5 - 10 years||23.51|
|10 - 15 years||11.52|
|15 - 20 years||35.32|
|20 - 25 years||12.48|
|25 years and over||8.16|
as of 11/15/2019 Top Fixed-Income Holdings | View All
|Holding Name||Coupon Rate||Maturity Date||Next Call Date||S&P / Moody's Rating†||Weight|
|Arizona Health Facilities Authority||1.13%||07/01/2035||11/15/2019||AA/Aa1||4.80%|
|Build NYC Resource Corp||1.03%||04/01/2045||12/02/2019||AA-/NR||4.80%|
|City of Indianapolis IN||1.12%||05/15/2038||12/15/2019||AA+/NR||4.80%|
|County of Clark Department of Aviation||1.12%||07/01/2029||11/15/2019||AA+/Aa1||4.80%|
|County of Franklin OH||1.13%||11/15/2041||11/15/2019||NR/Aa2||4.80%|
|Florida Keys Aqueduct Authority||1.15%||09/01/2035||11/15/2019||AA+/Aa1||4.80%|
|Health & Educational Facilities Authority of the State of Mi||1.10%||05/15/2038||11/15/2019||AA/Aa2||4.80%|
|JEA Water & Sewer System Revenue||1.11%||10/01/2041||11/15/2019||AAA/A2||4.80%|
|Massachusetts Health & Educational Facilities Authority||1.08%||07/01/2027||12/02/2019||AA-/Aa3||4.80%|
|Michigan State University||1.11%||08/15/2030||11/15/2019||AA/Aa2||4.80%|
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.
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.
There is no guarantee that the Fund's income will be exempt from federal and state income taxes.
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 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 Barclays Municipal 1 Year Index is an unmanaged index of municipal bonds with a remaining maturity of 1-2 years. The Thomson Municipal Market Data VRDO Index is designed to track the performance of a pool of tax-exempt Variable Rate Demand Obligations (VRDOs) issued by municipalities in the United States on which the yields generally reset on a weekly basis.
The Bloomberg US Municipal AMT-Free Weekly VRDO Index is a trademark and service mark of Bloomberg and has been licensed for use by the Adviser. Bloomberg is not affiliated with the Adviser or the Invesco VRDO Tax-Free Weekly ETF. Bloomberg does not: (i) approve, endorse, review or recommend the Adviser or the Invesco VRDO Tax-Free Weekly ETF, (ii) guarantee the correctness or completeness of the Bloomberg US Municipal AMT-Free Weekly VRDO Index or other information furnished in connection with the Bloomberg US Municipal AMT-Free Weekly VRDO Index, (iii) warrant, expressly or impliedly, the results to be obtained by the Adviser, the Adviser's customers, owners of the Invesco VRDO Tax-Free Weekly ETF, or any other person or entity from the use of the Bloomberg US Municipal AMT-Free Weekly VRDO Index or any data included therein.