Fixed Income Factor Investing
Is your fixed income portfolio on the right path?

For illustrative purposes only. Factor investing is an investment strategy in which securities are chosen based on certain characteristics and attributes. Diversification does not guarantee a profit or eliminate the risk of loss.
Invesco’s fixed-income factor ETFs are a critical component to outcome-oriented strategies. They allow you to mix-and-match among asset classes and factors based on your targeted outcomes, with the convenience and low cost* of an ETF.
Customized, outcome-based index construction
The underlying indexes for Invesco’s fixed income factor ETFs were built by Invesco Indexing, LLC‡ — an experienced team of investment professionals who use a transparent, systematic and repeatable approach.
Invesco Indexing provides indexes that are:
- Client focused – designed to meet investors’ unique investment goals, resulting in highly customized, needs-based outcomes.
- Systematically constructed – use time-tested, rules-based methodologies that help mitigate the effects of behavioral biases and deliver clear, understandable outcomes.
Backed by global resources
Invesco Indexing leverages the experience and resources of Invesco – a leading global investment firm.
- > $900 billion in assets6
- Serving investors in 150+ countries world-wide
Learn more:

Invesco Whitepaper Series: Why should investors consider credit factors in fixed income?
Invesco Ltd.
> $900 billion
in assets6
Serving investors
in +150 countries
world-wide
Invesco's Value Fixed Income Factor ETFs
Focused on income and capital appreciation potential
Each ETF provides exposure to an underlying index that seeks to emphasize bonds with high yields and attractive prices, a measure of value, while attempting to screen out those with the highest chance of default. The intended outcome is to potentially help provide:
- Higher yields and income generation
- Upside participation and capital appreciation in rising markets
Value | ||
---|---|---|
IIGV | Invesco Investment Grade Value ETF Focuses on higher-value, US investment grade bonds with higher yields that may provide greater returns in certain markets. |
Underlying index: Invesco Investment Grade Value Index3 Benchmark index: Markit iBoxx USD Liquid Investment Grade Index Total expense ratio: 0.13% |
IHYV | Invesco Corporate Income Value ETF Focuses on higher-value, US high yield bonds and bonds rated BBB- and below with higher yields that may provide greater returns in certain markets. |
Underlying index: Invesco High Yield Value Index3 Benchmark index: Markit iBoxx USD Liquid High Yield Index Total expense ratio: 0.23% |
IEMV | Invesco Emerging Markets Debt Value ETF Focuses on higher-value, emerging market bonds with higher yields that may provide greater returns in certain markets. |
Underlying index: Invesco Emerging Markets Debt Value Index3 Benchmark index: JP Morgan Emerging Markets Bond Index (EMBI Global) Total expense ratio: 0.29% |
A value approach
to fixed income
may help add
income and capital
appreciation potential
to a portfolio
Invesco’s Defensive Fixed Income Factor ETFs
Focused on “quality” and potential downside mitigation
Each ETF provides exposure to an underlying index that seeks to avoid more volatile securities by avoiding those
with relatively higher probabilities of default, while at the same time emphasizing “quality” bonds with
shorter maturities and higher credit quality. The intended outcome is to provide the potential for:
The intended ouctome is to provide the potential for:
- Capital preservation during periods of market stress.
- Enhanced risk-adjusted returns
Defensive | ||
---|---|---|
IIGD | Invesco Investment Grade Defensive ETF Focuses on US investment grade bonds with relatively higher-quality characteristics, such as higher credit ratings and shorter maturities as compared to the overall US investment grade bond market. |
Underlying index: Invesco Investment Grade Defensive Index4 Benchmark index: Markit iBoxx USD Liquid Investment Grade Index Total expense ratio: 0.13% |
IHYD | Invesco Corporate Income Defensive ETF Focuses on an investment universe of US corporate bonds rated BBB- and below that have the highest “quality score,” defined by shorter maturities and higher credit ratings. |
Underlying index: Invesco High Yield Defensive Index4 Benchmark index: Markit iBoxx USD Liquid High Yield Index Total expense ratio: 0.23% |
IEMD | Invesco Emerging Markets Debt Defensive ETF Focuses on emerging markets debt securities with relatively higher-quality characteristics, such as higher credit ratings and shorter maturities as compared to the overall emerging market sovereign debt market. |
Underlying index: Invesco Emerging Markets Debt Defensive Index4 Benchmark index: JP Morgan Emerging Markets Bond Index (EMBI Global) Total expense ratio: 0.29% |
A defensive
approach to fixed
income portfolio
construction may
offer potential
capital
preservation,
especially during
poor market
environments.
Invesco’s Multi-Factor Fixed Income ETFs
Balanced factor exposure within a single strategy
Each ETF provides exposure to an underlying index that is built using an index-of-index approach. This blended methodology is intended to potentially provide investors:
- Portfolio diversification through broad fixed income factor and underlying asset exposures
- A robust fixed income portfolio that has the potential to perform well in various market conditions
Multi-Factor | ||
---|---|---|
IMFC | Invesco Multi-Factor Core Fixed Income ETF Focuses on multi-factor exposure to a core group of fixed income securities, including US investment grade bonds, mortgage-backed securities and Treasuries. |
Underlying index: Invesco Multi-Factor Core Index5 Benchmark index: Bloomberg Barclays U.S. Aggregate Bond Index Total expense ratio: 0.12% |
IMFP | Invesco Multi-Factor Core Plus Fixed Income ETF Focuses on multi-factor exposure to an expanded set of fixed income securities, including US investment grade and high yield bonds, mortgage-backed securities, Treasuries, and emerging markets debt. |
Underlying index: Invesco Multi-Factor Core Plus Index5 Benchmark index: Bloomberg Barclays U.S. Aggregate Bond Index Total expense ratio: 0.16% |
IMFD | Invesco Multi-Factor Defensive Core Fixed Income ETF Focuses on multi-factor exposure to a core group of fixed income securities, including US investment grade bonds, mortgage-backed securities, Treasuries and emerging markets debt. |
Underlying index: Invesco Multi-Factor Defensive Core Index5 Benchmark index: Bloomberg Barclays U.S. Aggregate Bond Index Total expense ratio: 0.12% |
IMFI | Invesco Multi-Factor Income ETF Focuses on multi-factor exposure to a core group of fixed income securities, including US investment grade bonds, mortgage-backed securities, high yield bonds and emergind markets debt. |
Underlying index: Invesco Multi-Factor Income Index5 Benchmark index: Bloomberg Barclays U.S. Aggregate Bond Index Total expense ratio: 0.16% |
A multi-factor
approach may help
provide a balanced
combination of
income, capital
preservation
and
capital appreciation
potential.