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Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco High Yield Bond Factor ETF

IHYF | Active ETF

$22.28

$42.6 M

7.59%

$1.69

0.39%

Vitals

YTD Return

2.0%

1 yr return

12.6%

3 Yr Avg Return

1.6%

5 Yr Avg Return

N/A

Net Assets

$42.6 M

Holdings in Top 10

15.4%

52 WEEK LOW AND HIGH

$22.3
$20.82
$22.42

Expenses

OPERATING FEES

Expense Ratio 0.39%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco High Yield Bond Factor ETF

IHYF | Active ETF

$22.28

$42.6 M

7.59%

$1.69

0.39%

IHYF - Profile

Distributions

  • YTD Total Return 2.0%
  • 3 Yr Annualized Total Return 1.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 7.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco High Yield Bond Factor ETF
  • Fund Family Name
    INVESCOETF
  • Inception Date
    Dec 02, 2020
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Noelle Corum

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade, fixed-income securities (also referred to as “junk” bonds), and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund's fixed income investments may include certain restricted securities, including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) (such securities being referred to as “Rule 144A Securities”).
Below-investment grade securities are securities rated below “BBB-” or below “Baa3” by at least one of S&P Global Ratings (S&P) or Moody’s Investors Service (Moody’s), respectively, or that have comparable ratings from other nationally recognized statistical rating organizations (“NRSROs”).The Fund may also invest in unrated securities, in which case the Fund’s sub-adviser, Invesco Advisers, Inc. (the “Sub-Adviser”), may internally assign ratings to certain of those securities, after assessing their credit quality, in categories similar to those of NRSROs. In such instances, the unrated securities would then be counted toward the 80% investment strategy if determined to be below-investment grade by the Sub-Adviser. There can be no assurance, nor is it intended, that the Sub-Adviser’s credit
analysis is consistent or comparable with the credit analysis process used by an NRSRO. In investing in below-investment grade securities, the Fund may invest in “distressed” securities and securities that are in default.
The Fund may purchase securities of any maturity and of issuers of any market capitalization.
The Sub-Adviser selects securities for the Fund’s portfolio by utilizing a factor-based strategy that involves systematically targeting securities exhibiting quantifiable issuer characteristics (or “factors”) that the Sub-Adviser believes will have higher returns than other fixed income securities with comparable characteristics over market cycles. Securities no longer exhibiting these factors will typically be sold. In practice, this means the Fund may have higher allocations to: value bonds (bonds that have high spreads relative to other securities of similar credit quality and/or sector); low volatility bonds (bonds that have lower levels of price volatility); and high carry bonds (bonds with higher absolute yield or spread). The portfolio managers expect to include additional factors or modify the factors used to build the Fund’s portfolio as they deem appropriate. The portfolio managers will also seek to minimize some of the residual risks associated with the higher allocations to the types of bonds mentioned above (such as duration and sector concentration), including through the use of derivatives, as described below.
Additionally, the Fund may invest up to 20% of its net assets in U.S. Treasury and agency securities. The Fund may also invest up to 10% of its net assets in certain collateralized debt obligations (CDOs), including collateralized mortgage obligations (CMOs) and collateralized loan obligations (CLOs), of any rating, and loan obligations, including bank loans. The Fund may also, subject to the requirements regarding below-investment grade allocations described above, invest in foreign debt securities, including securities issued by foreign governments or companies in developing and emerging markets, but may only invest up to 10% of its net assets in securities denominated in non-U.S. dollar currencies. The Fund may use derivatives to seek to hedge any foreign currency exposure.
For purposes of the percent allocations described above, the Sub-Adviser applies such rules to the Fund’s portfolio at the time of purchasing a security. Accordingly, the Fund’s portfolio may deviate from such limits due to market movement.
The Fund may also use certain types of derivative investments for investment purposes or for hedging, including: options, futures, forward contracts, swaps, “structured” notes and other types of derivatives.
The Fund can use swap contracts, including interest rate swaps, to hedge or adjust its exposure to interest rates. The Fund can also use swap contracts, including credit default swaps, to create long or short exposure to corporate or sovereign debt securities. The Fund can further use swap contracts, including: credit default index swaps, to hedge credit risk or take a position on a basket of credit entities; total return swaps, to gain exposure to a reference asset; and volatility swaps to adjust the volatility profile of the Fund.
The Fund can use options, including currency options, to seek alpha (return on investments in excess of the benchmark index) or to mitigate risk and to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fund can also use credit default swap options to gain the right to enter into a credit default swap at a specified future date. The Fund can further use swaptions (options on swaps) to manage interest rate risk, and options on bond or rate futures to manage interest rate exposure.
The Fund can use futures contracts, including interest rate futures and Treasury futures, to increase or reduce its exposure to interest rate changes. The Fund can also use currency futures to increase or decrease its exposure to foreign currencies. The Fund can engage in foreign currency
transactions either on a spot basis (i.e., for prompt delivery and settlement at the rate prevailing in the currency exchange market at the time) or through forward foreign currency contracts to gain or mitigate the risk of foreign currency exposure.
The Fund may also invest in certain mortgage-related securities or asset-backed securities, which may include privately issued and U.S. agency securities and securities of any credit rating.
The Fund may purchase and sell securities on a when-issued and delayed delivery basis, which means that the Fund buys or sells a security with payment and delivery taking place in the future. The payment obligation and the interest rate are fixed at the time the Fund enters into the commitment. No income accrues on such securities until the date the Fund actually takes delivery of the securities.
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IHYF - Performance

Return Ranking - Trailing

Period IHYF Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -39.9% 6.2% 95.65%
1 Yr 12.6% -22.1% 21.3% 17.97%
3 Yr 1.6%* -14.2% 66.8% N/A
5 Yr N/A* -13.6% 37.2% N/A
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Return Ranking - Calendar

Period IHYF Return Category Return Low Category Return High Rank in Category (%)
2023 6.4% -44.3% 3.7% 0.69%
2022 -17.1% -56.9% 9.2% N/A
2021 0.4% -53.7% 70.9% N/A
2020 N/A -33.7% 5.1% N/A
2019 N/A -9.4% 12.0% N/A

Total Return Ranking - Trailing

Period IHYF Return Category Return Low Category Return High Rank in Category (%)
YTD 2.0% -39.9% 6.2% 96.87%
1 Yr 12.6% -22.1% 22.2% 18.55%
3 Yr 1.6%* -14.2% 66.8% N/A
5 Yr N/A* -13.6% 37.2% N/A
10 Yr N/A* -9.3% 16.2% N/A

* Annualized

Total Return Ranking - Calendar

Period IHYF Return Category Return Low Category Return High Rank in Category (%)
2023 14.2% -44.3% 3.7% 0.69%
2022 -12.2% -56.9% 9.2% N/A
2021 5.4% -53.7% 70.9% N/A
2020 N/A -33.7% 5.1% N/A
2019 N/A -9.4% 12.0% N/A

IHYF - Holdings

Concentration Analysis

IHYF Category Low Category High IHYF % Rank
Net Assets 42.6 M 1.47 M 26.2 B 89.72%
Number of Holdings 420 2 2736 54.21%
Net Assets in Top 10 7.48 M -492 M 2.55 B 90.39%
Weighting of Top 10 15.45% 3.0% 100.0% 9.51%

Top 10 Holdings

  1. Invesco Private Prime Fund 7.64%
  2. Invesco Private Government Fund 2.97%
  3. Invesco Government Agency Portfolio, Institutional Class 0.74%
  4. Uber Technologies Inc. 0.63%
  5. Neptune Bidco US Inc. 0.61%
  6. AECOM 0.61%
  7. CEC Entertainment, LLC 0.58%
  8. CCO Holdings, LLC/CCO Holdings Capital Corp. 0.57%
  9. Tenneco Inc. 0.56%
  10. Paramount Global 0.55%

Asset Allocation

Weighting Return Low Return High IHYF % Rank
Bonds 		97.25% 0.00% 154.38% 8.13%
Cash 		11.35% -52.00% 100.00% 80.66%
Other 		0.08% -63.70% 32.06% 36.05%
Stocks 		0.00% -0.60% 52.82% 70.12%
Preferred Stocks 		0.00% 0.00% 14.10% 45.53%
Convertible Bonds 		0.00% 0.00% 17.89% 84.34%

Bond Sector Breakdown

Weighting Return Low Return High IHYF % Rank
Cash & Equivalents 		11.35% 0.00% 99.98% 86.96%
Derivative 		0.08% 0.00% 45.95% 28.46%
Securitized 		0.00% 0.00% 97.24% 42.03%
Corporate 		0.00% 0.00% 100.00% 87.48%
Municipal 		0.00% 0.00% 1.17% 10.67%
Government 		0.00% 0.00% 99.07% 1.58%

Bond Geographic Breakdown

Weighting Return Low Return High IHYF % Rank
US 		97.25% 0.00% 150.64% 35.13%
Non US 		0.00% 0.00% 96.17% 25.00%

IHYF - Expenses

Operational Fees

IHYF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.39% 0.02% 3.87% 88.65%
Management Fee 0.39% 0.00% 1.84% 13.11%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

IHYF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

IHYF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

IHYF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 327.00% 25.42%

IHYF - Distributions

Dividend Yield Analysis

IHYF Category Low Category High IHYF % Rank
Dividend Yield 7.59% 0.00% 39.36% 17.80%

Dividend Distribution Analysis

IHYF Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

IHYF Category Low Category High IHYF % Rank
Net Income Ratio N/A -2.39% 14.30% 63.21%

Capital Gain Distribution Analysis

IHYF Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

IHYF - Fund Manager Analysis

Managers

Noelle Corum

Start Date

Tenure

Tenure Rank

Nov 30, 2020

1.5

1.5%

Noelle Corum, Portfolio Manager, has been associated with Invesco and/or its affiliates since 2010.

Jay Raol

Start Date

Tenure

Tenure Rank

Nov 30, 2020

1.5

1.5%

Jay Raol, Portfolio Manager, has been associated with Invesco and/or its affiliates since 2013.

James Ong

Start Date

Tenure

Tenure Rank

Nov 30, 2020

1.5

1.5%

James Ong is a Senior Macro Strategist and a Derivative Portfolio Manager for Invesco Fixed Income (IFI). Mr. Ong contributes economic and market analysis to the macro research platform, in addition to leading the IFI derivative strategy and overseeing derivatives held in IFI portfolios. Mr. Ong began his investment career in 2001. Prior to joining Invesco in 2014, he was a senior vice president, a senior portfolio manager and a senior trader at Hartford Investment Management Company. Mr. Ong earned his BA degree in economics from Middlebury College. He is a Chartered Financial Analyst® (CFA) charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.07 2.92

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