IIGV - Invesco Investment Grade Value ETF
Fixed Income - US Fixed IncomeProduct Details
The Invesco Investment Grade Value ETF (Fund) is based on the Invesco Investment Grade Value Index (Index). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index, which is designed to provide exposure to higher value, U.S. investment grade bonds. Higher value bonds are characterized as those with higher yields that may provide greater returns in certain markets. In addition, the Index seeks to incorporate securities with relatively higher-quality characteristics, including higher credit ratings and shorter maturities. All eligible bonds are assigned a quality adjusted value (QAV) score, which is calculated based on a combination of value and quality factors or characteristics. The QAV score is calculated as a weighted-average combination of the Value Score (90%) and the Quality Score (10%). The Fund does not purchase all the securities in the Index; instead, it utilizes a “sampling” methodology to seek to achieve its investment objective. The Fund and the index are rebalanced monthly.
Performance
| YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception | |
|---|---|---|---|---|---|---|
| Index History (%) | ||||||
| Invesco Investment Grade Value Index | 2.27 | 13.84 | N/A | N/A | N/A | 11.10 |
| iBoxx USD Liquid Investment Grade Index | 2.65 | 16.67 | 7.48 | 4.91 | 6.27 | 12.80 |
| Fund History (%) | ||||||
| Fund NAV | 2.24 | 13.49 | N/A | N/A | N/A | 10.45 |
| After Tax Held | 2.14 | 11.82 | N/A | N/A | N/A | 8.76 |
| After Tax Sold | 1.32 | 7.95 | N/A | N/A | N/A | 7.25 |
| Fund Market Price | 2.23 | 13.45 | N/A | N/A | N/A | 10.67 |
| YTD | 1Yr | 3Yr | 5Yr | 10Yr | Since Inception | |
|---|---|---|---|---|---|---|
| Index History (%) | ||||||
| Invesco Investment Grade Value Index | 13.65 | 13.65 | N/A | N/A | N/A | 10.05 |
| iBoxx USD Liquid Investment Grade Index | 17.27 | 17.27 | 6.62 | 5.06 | 6.12 | 11.54 |
| Fund History (%) | ||||||
| Fund NAV | 13.17 | 13.17 | N/A | N/A | N/A | 9.40 |
| After Tax Held | 11.46 | 11.46 | N/A | N/A | N/A | 7.69 |
| After Tax Sold | 7.78 | 7.78 | N/A | N/A | N/A | 6.44 |
| Fund Market Price | 13.41 | 13.41 | N/A | N/A | N/A | 9.62 |
This is a new Fund and has no full-year Fund performance to report as of most recent quarter end.
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 12/31/2019. 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.
Sector Allocation
| Sector | Percent of Fund |
|---|---|
| Financials | 25.91% |
| Industrials | 10.55% |
| Information Technology | 10.42% |
| Utilities | 10.02% |
| Health Care | 9.70% |
| Energy | 9.51% |
| Consumer Discretionary | 8.58% |
| Consumer Staples | 5.58% |
| Real Estate | 4.36% |
| Materials | 2.78% |
| Communication Services | 2.59% |
Quality Allocations† as of 02/21/2020
| S&P | Moody's |
|---|---|
| AAA : 0% | Aaa : 2% |
| AA : 9% | Aa : 7% |
| A : 40% | A : 30% |
| BBB : 50% | Baa : 55% |
| Not Rated : 1% | Not Rated : 5% |
Cash is excluded from the credit rating quality allocations table.
Maturity
| Years | % of Fund |
|---|---|
| 0 - 1 years | 0.00 |
| 1 - 5 years | 10.13 |
| 5 - 10 years | 89.87 |
| 10 - 15 years | 0.00 |
| 15 - 20 years | 0.00 |
| 20 - 25 years | 0.00 |
| 25 years and over | 0.00 |
as of 02/21/2020 Top Fixed-Income Holdings | View All
| Holding Name | Coupon Rate | Maturity Date | Next Call Date | S&P / Moody's Rating† | Weight |
|---|---|---|---|---|---|
| ERAC USA Finance LLC | 3.80% | 11/01/2025 | 08/01/2025 | A-/Baa1 | 1.24% |
| Lam Research Corp | 4.00% | 03/15/2029 | 12/15/2028 | BBB+/A3 | 1.21% |
| Whirlpool Corp | 4.75% | 02/26/2029 | 11/26/2028 | BBB/Baa1 | 1.19% |
| Exxon Mobil Corp | 3.04% | 03/01/2026 | 12/01/2025 | AA+/Aaa | 1.19% |
| Cargill Inc | 3.25% | 05/23/2029 | 02/23/2029 | A/A2 | 1.18% |
| Hewlett Packard Enterprise Co | 4.90% | 10/15/2025 | 07/15/2025 | BBB/Baa2 | 1.18% |
| Applied Materials Inc | 3.30% | 04/01/2027 | 01/01/2027 | A-/A3 | 1.17% |
| AmerisourceBergen Corp | 3.45% | 12/15/2027 | 09/15/2027 | A-/Baa2 | 1.16% |
| Booking Holdings Inc | 3.60% | 06/01/2026 | 03/01/2026 | A-/A3 | 1.15% |
| Athene Holding Ltd | 4.12% | 01/12/2028 | 10/12/2027 | BBB+/NA | 1.13% |
Holdings are subject to change and are not buy/sell recommendations.
Distributions | HideView All | Distribution Information
| Ex-Date | Record Date | Pay Date | $/ Share |
Ordinary Income | Short Term Gains | Long Term Gains | Return of Capital |
|---|---|---|---|---|---|---|---|
| 02/24/2020 | 02/25/2020 | 02/28/2020 | 0.05800 | 0.05800 | - | - | - |
| 01/21/2020 | 01/22/2020 | 01/31/2020 | 0.06226 | 0.06226 | - | - | - |
| 12/23/2019 | 12/24/2019 | 12/31/2019 | 0.21793 | 0.06173 | 0.12453 | 0.03167 | - |
| 11/18/2019 | 11/19/2019 | 11/29/2019 | 0.06173 | 0.06173 | - | - | - |
| 10/21/2019 | 10/22/2019 | 10/31/2019 | 0.06547 | 0.06547 | - | - | - |
| 09/23/2019 | 09/24/2019 | 09/30/2019 | 0.06323 | 0.06323 | - | - | - |
| 08/19/2019 | 08/20/2019 | 08/30/2019 | 0.06514 | 0.06514 | - | - | - |
| 07/22/2019 | 07/23/2019 | 07/31/2019 | 0.07470 | 0.07470 | - | - | - |
| 06/24/2019 | 06/25/2019 | 06/28/2019 | 0.07085 | 0.07085 | - | - | - |
| 05/20/2019 | 05/21/2019 | 05/31/2019 | 0.05875 | 0.05875 | - | - | - |
| 04/22/2019 | 04/23/2019 | 04/30/2019 | 0.08077 | 0.08077 | - | - | - |
| 03/18/2019 | 03/19/2019 | 03/29/2019 | 0.08325 | 0.08325 | - | - | - |
| 02/19/2019 | 02/20/2019 | 02/28/2019 | 0.07387 | - | - | - | - |
| 01/22/2019 | 01/23/2019 | 01/31/2019 | 0.08238 | 0.08238 | - | - | - |
| 12/26/2018 | 12/27/2018 | 12/31/2018 | - | - | 0.02498 | - | - |
| 12/24/2018 | 12/26/2018 | 12/31/2018 | 0.12272 | 0.12272 | - | - | - |
| 11/19/2018 | 11/20/2018 | 11/30/2018 | 0.07841 | 0.07841 | - | - | - |
| 10/22/2018 | 10/23/2018 | 10/31/2018 | 0.07039 | 0.07039 | - | - | - |
| 09/24/2018 | 09/25/2018 | 09/28/2018 | 0.08898 | 0.08898 | - | - | - |
| 08/20/2018 | 08/21/2018 | 08/31/2018 | 0.05603 | 0.05603 | - | - | - |
Distribution Information
QQQ/BLDRs (ADRA, ADRD, ADRE, and ADRU)
Fund distributions
Dividends from net investment income, if any, are declared and paid quarterly. For Funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of April, July, October and December respectively.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Fund distributions
Dividends from net investment income, if any, are declared and paid either annually, quarterly or monthly, depending on the Fund. For funds on an annual dividend payment cycle, the dividend ex-date is the next business day following the third Friday of December, payable the last business day of the year. For funds on a quarterly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each March, June, September and December, payable the last business day of the month. For funds on a monthly dividend payment cycle, the dividend ex-date is the next business day following the third Friday of each month, payable the last business day of the month.
The fund distributes its net realized capital gains, if any, to shareholders annually.
Distributions in cash may be reinvested automatically in additional whole shares of the fund only if the broker through whom you purchased shares makes such option available. Shareholders of the fund may contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the fund purchased in the secondary market.
Taxes on distributions
In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. Dividends paid out of the Fund's income and net short-term gains, if any, are taxable as ordinary income. Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held the Shares. Dividends from net investment income, if any, are declared and paid quarterly. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
Under the provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "2003 Tax Act"), long-term capital gains tax rates have generally been reduced for individuals to a maximum of 15% for taxable years beginning before January 1, 2009. In addition, some ordinary dividends declared and paid by the Fund to individual shareholders may qualify for taxation at the lower reduced tax rates applicable to long-term capital gains, provided that holding period and other requirements are met by the Fund and the shareholder.
Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in the Shares, and as capital gain thereafter. A distribution will reduce the Fund's net asset value per Share and may be taxable to you as ordinary income or capital gain even though, from an investment standpoint, the distribution may constitute a return of capital.
By law, the Fund must withhold a percentage of your distributions and proceeds if you have not provided a taxpayer identification number or social security number. The backup withholding rate is currently 28%.
Frequency Distribution of Discounts & Premiums
| Bid/Ask MidPoint Above NAV | |||||||
|---|---|---|---|---|---|---|---|
| Quarter Ending |
Days | 0.00- 0.25% |
0.26- 0.50% |
0.51- 0.99% |
1.00- 1.49% |
1.50- 1.99% |
≥2.00% |
| 12/31/2019 | 64 | 39 | 19 | 1 | 0 | 0 | 0 |
| 09/30/2019 | 64 | 37 | 23 | 1 | 0 | 0 | 0 |
| 06/30/2019 | 63 | 34 | 26 | 0 | 0 | 0 | 0 |
| 03/31/2019 | 61 | 43 | 13 | 0 | 0 | 0 | 0 |
| Year Ended 2019 | 252 | 153 | 81 | 2 | 0 | 0 | 0 |
| Bid/Ask Midpoint Below NAV | |||||||
|---|---|---|---|---|---|---|---|
| Quarter Ending |
Days | 0.00- 0.25% |
0.26- 0.50% |
0.51- 0.99% |
1.00- 1.49% |
1.50- 1.99% |
≥2.00% |
| 12/31/2019 | 64 | 5 | 0 | 0 | 0 | 0 | 0 |
| 09/30/2019 | 64 | 2 | 1 | 0 | 0 | 0 | 0 |
| 06/30/2019 | 63 | 3 | 0 | 0 | 0 | 0 | 0 |
| 03/31/2019 | 61 | 3 | 2 | 0 | 0 | 0 | 0 |
| Year Ended 2019 | 252 | 13 | 3 | 0 | 0 | 0 | 0 |
Fund Inception : 07/25/2018
Fund Documents
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.
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.
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.
The Fund is non-diversified and may experience greater volatility than a more diversified investment.
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 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 Invesco Investment Grade Value Index is a trademark of Invesco Indexing LLC (index provider) and has been licensed for use by Invesco Capital Management LLC (investment adviser). Invesco Indexing LLC, Invesco Capital Management LLC, and Invesco Distributors, Inc. (ETF distributor) are wholly owned, indirect subsidiaries of Invesco Ltd.
The iBoxx USD Liquid Investment Grade Index is designed to provide a balanced representation of the USD investment grade corporate market.
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