PBND - Invesco PureBeta℠ US Aggregate Bond ETFFixed Income - US Fixed Income
The Invesco PureBeta℠ US Aggregate Bond ETF (the "fund") is based on the ICE BofAML US Broad Market Index℠ (the “index”). The fund will invest at least 80% of its total assets in securities that comprise the index. The index measures the performance of US dollar-denominated, investment grade debt securities, including US Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. Securities are cap-weighted based on their amount outstanding times the market price plus accrued interest. 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 monthly on the last calendar day.
|Index History (%)|
|ICE BofAML US Broad Market Index||3.89||11.98||5.13||3.66||4.02||5.42|
|Fund History (%)|
|After Tax Held||3.56||10.47||N/A||N/A||N/A||4.02|
|After Tax Sold||2.22||6.90||N/A||N/A||N/A||3.45|
|Fund Market Price||3.83||11.85||N/A||N/A||N/A||5.37|
|Index History (%)|
|ICE BofAML US Broad Market Index||8.88||8.88||4.12||3.10||3.83||4.06|
|Fund History (%)|
|After Tax Held||7.64||7.64||N/A||N/A||N/A||2.72|
|After Tax Sold||5.23||5.23||N/A||N/A||N/A||2.46|
|Fund Market Price||8.79||8.79||N/A||N/A||N/A||4.03|
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 The results assume that no cash was added to or assets withdrawn from the Index.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.
Market Cap & Style Allocations
Quality Allocations† as of 03/27/2020
|Rating||% of Fund|
Cash is excluded from the credit rating quality allocations table.
|Years||% of Fund|
|0 - 1 years||1.16|
|1 - 5 years||35.23|
|5 - 10 years||18.08|
|10 - 15 years||3.78|
|15 - 20 years||5.79|
|20 - 25 years||6.40|
|25 years and over||29.56|
as of 03/27/2020 Top Fixed-Income Holdings | View All
|Holding Name||Coupon Rate||Maturity Date||Quality Rating †||Weight|
|Ginnie Mae II Pool||3.00%||11/20/2046||AAA||1.62%|
|United States Treasury Note/Bond||4.25%||05/15/2039||AAA||1.19%|
|Ginnie Mae II Pool||3.50%||08/20/2047||AAA||1.11%|
|Freddie Mac Gold Pool||3.00%||06/01/2046||AAA||1.11%|
|Fannie Mae Pool||4.00%||10/01/2047||AAA||1.05%|
|Ginnie Mae II Pool||3.50%||09/20/2047||AAA||0.97%|
|United States Treasury Note/Bond||2.25%||08/15/2046||AAA||0.93%|
|United States Treasury Note/Bond||3.62%||02/15/2044||AAA||0.89%|
|Japan Bank for International Cooperation||2.88%||06/01/2027||A+||0.86%|
|United States Treasury Note/Bond||2.25%||11/15/2025||AAA||0.84%|
Holdings are subject to change and are not buy/sell recommendations.
Risk & Other Information
† Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the home page; moodys.com and select 'Rating Methodologies' under Research and Ratings on the home page; fitchratings.com and select 'Ratings Definitions' on the home page.
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.
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.
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 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.
Obligations issued by US Government agencies and instrumentalities may receive varying levels of support from the government, which could affect the fund’s ability to recover should they default.
Mortgage- and asset-backed securities, which are subject to call (prepayment) risk, reinvestment risk and extension risk. These securities are also susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support.
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 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.
Beta is a measure of risk representing how a security is expected to respond to general market movements. PureBeta is a market-capitalization weighted methodology, and in no way refers to the purity or absence of errors or flaws in the Underlying Index’s methodology or of the Fund in seeking to track the investment results of the Underlying Index.
"ICE BofAML" and "The ICE BofAML US Broad Market Index℠" are reprinted with permission. © Copyright 2017 Merrill Lynch, Pierce, Fenner & Smith Incorporated ("ICE BofAML"). All rights reserved. "ICE BofAML" and "The ICE BofAML US Broad Market 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 PureBeta℠ US Aggregate Bond ETF that is based on The ICE BofAML US Broad Market Index℠, 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 PureBeta℠ US Aggregate Bond ETF. ICE BofAML and ICE BofAML's affiliates make no representation, express or implied, regarding the advisability of investing in the Invesco PureBeta℠ US Aggregate Bond ETF or The ICE BofAML US Broad Market Index℠ and do not guarantee the quality, accuracy or completeness of The ICE BofAML US Broad Market Index℠, 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 US Broad Market Index℠ and trade names which are composed by ICE BofAML without regard to Invesco, the Invesco PureBeta℠ US Aggregate Bond ETF or any investor. ICE BofAML and ICE BofAML's affiliates do not provide investment advice to Invesco or the Invesco PureBeta℠ US Aggregate Bond ETF and are not responsible for the performance of the Invesco PureBeta℠ US Aggregate Bond ETF.
Beta is a measure of risk representing how a security is expected to respond to general market movements. PureBeta is a market-capitalization weighted methodology, and in no way refers to the purity or absence of errors or flaws in the Underlying Index's methodology or of the Fund in seeking to track the investment results of the Underlying Index.