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Name

As of 11/21/2024

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 Ultra Short Duration ETF

GSY | Active ETF

$50.00

$2.07 B

5.59%

$2.79

0.23%

Vitals

YTD Return

5.3%

1 yr return

6.5%

3 Yr Avg Return

3.8%

5 Yr Avg Return

2.7%

Net Assets

$2.07 B

Holdings in Top 10

10.6%

52 WEEK LOW AND HIGH

$50.0
$49.72
$50.37

Expenses

OPERATING FEES

Expense Ratio 0.23%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 57.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/21/2024

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 Ultra Short Duration ETF

GSY | Active ETF

$50.00

$2.07 B

5.59%

$2.79

0.23%

GSY - Profile

Distributions

  • YTD Total Return 5.3%
  • 3 Yr Annualized Total Return 3.8%
  • 5 Yr Annualized Total Return 2.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.63%
DIVIDENDS
  • Dividend Yield 5.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Ultra Short Duration ETF
  • Fund Family Name
    INVESCOETF
  • Inception Date
    Feb 12, 2008
  • Shares Outstanding
    47600000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Marques Mercier

Fund Description

The Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities and in exchange-traded funds (“ETFs”) and closed-end funds that invest substantially all of their assets in fixed income securities. The Fund uses a low duration strategy to seek to outperform the ICE BofA US Treasury Bill Index (the “Benchmark”) in addition to providing returns in excess of those available in U.S. Treasury bills, government repurchase agreements, and money market funds, while seeking to provide preservation of capital and daily liquidity. The Fund is not a money market fund and does not seek to maintain a stable net asset value (“NAV”) of $1.00 per Share.
The Fund expects, under normal circumstances, to hold a diversified portfolio of fixed income instruments of varying maturities, but that have an average duration of less than one year. Duration is a measure of the price volatility of a debt instrument as a result of changes in interest rates, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers, among other characteristics, an instrument’s yield, coupon payments, principal payments and call features in addition to the amount of time until the instrument matures. As the value of an instrument changes over time, so will its duration.
The Fund may invest, without limitation, in short-term instruments such as commercial paper and/or repurchase agreements. Commercial paper includes variable amount master demand notes and asset-backed commercial paper. Commercial paper normally represents short-term unsecured promissory notes issued by banks or bank holding companies, corporations, finance companies and other issuers. Repurchase agreements are fixed-income securities in the form of agreements backed by collateral. These agreements, which may be viewed as a type of secured lending by the Fund, typically involve the acquisition by the Fund of securities from the selling institution (such as a bank or a broker-dealer), coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future (or on demand). The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Such collateral may include U.S. government securities, corporate obligations, equity securities, municipal debt securities, mortgage-backed securities and convertible securities. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization (typically purchase price plus accrued interest).
The Fund primarily invests in U.S. dollar-denominated investment grade debt securities, including U.S. Treasury securities and corporate bonds, rated Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by S&P Global Ratings, a division of S&P Global Inc. (“S&P”), Fitch Ratings Inc. (“Fitch”), or any other nationally recognized statistical rating organization (“NRSRO”), or, if unrated, determined by Invesco Advisers, Inc. (the “Sub-Adviser”) to be of comparable quality. At least 80% of issues of corporate bonds or corporate debt held by the Fund must have $200 million or more par amount outstanding. The Fund may invest no more than 10% of its assets in high yield securities (which also may be known as “junk bonds”), which are debt securities that are rated below investment grade by NRSROs, or are unrated securities that the Sub-Adviser believes are of comparable quality. The Fund may invest in securities that are offered pursuant to Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (“Securities Act”). Rule 144A securities are securities which, while privately placed, are eligible for purchase and resale pursuant to Rule 144A. This rule permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities even though such securities are not registered under the Securities Act. The Sub-Adviser will evaluate the liquidity of Rule 144A securities prior to investing in such securities and monitor their liquidity thereafter. The Fund will not invest in securities that are in default at the time of investment. If a security defaults subsequent to purchase by the Fund, the Sub-Adviser will determine in its discretion whether to hold or dispose of such security.
The Fund may invest in bank obligations, which include certificates of deposit, commercial paper, unsecured bank promissory notes, bankers’ acceptances, time deposits and other debt obligations. The Fund may invest in obligations issued or backed by U.S. banks when a bank has more than $1 billion in total assets at the time of purchase or is a branch or subsidiary of such a bank. In addition, the Fund may invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks that have more than $1 billion in total assets at the time of purchase, U.S. branches of such foreign banks (Yankee obligations), foreign branches of such foreign banks and foreign branches of U.S. banks having more than $1 billion in total assets at the time of purchase. Bank obligations may be general obligations of the parent bank or may be limited to the issuing branch by the terms of the specific obligation or by U.S. government regulation.
The Fund may invest, without limitation, in U.S. dollar-denominated debt securities of foreign issuers, including emerging market issuers. The Fund may also invest up to 20% of its assets in sovereign and corporate debt
securities denominated in foreign currencies. The Fund may invest in U.S. and non-U.S. dollar denominated bonds of supranational organizations. The Sub-Adviser may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date (“forward contracts”). The Fund may also invest up to 25% of its assets in municipal securities. The Fund will not invest in options contracts, futures contracts or swap agreements.
The Fund currently may invest up to 20% of its assets in mortgage-backed securities (“MBS”) or in other asset-backed securities (“ABS”). This limitation does not apply to securities issued or guaranteed by federal agencies and/or U.S. government sponsored instrumentalities, such as the Government National Mortgage Administration (“GNMA”), the Federal Housing Administration (“FHA”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). In addition to securities issued or guaranteed by such agencies or instrumentalities, the Fund may invest in MBS or other ABS issued or guaranteed by private issuers. The MBS in which the Fund may invest may also include residential mortgage-backed securities (“RMBS”), collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities (“CMBS”). The ABS in which the Fund may invest include collateralized debt obligations (“CDOs”). CDOs include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly structured securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans.
The Fund may obtain exposure to the securities in which it normally invests by engaging in various investment techniques, including forward purchase agreements, mortgage dollar rolls and “TBA” mortgage trading. A mortgage dollar roll involves the sale of a MBS by the Fund and its agreement to repurchase the instrument (or one which is substantially similar) at a specified time and price. Most transactions in fixed-rate mortgage pass-through securities occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement (a “TBA” transaction). The Fund may enter into such contracts on a regular basis. The Fund, pending settlement of such contracts, will invest its assets in high-quality, liquid short-term instruments, including shares of money market funds. The Fund will assume its pro rata share of the fees and expenses of any money market fund (or other investment company) that it may invest in, in addition to the Fund’s own fees and expenses. The Fund may also acquire interests in mortgage pools through means other than such standardized contracts for future delivery. The Fund also may invest directly in ETFs and other investment companies that provide exposure to fixed income securities similar to those securities in which the Fund may invest directly.
The credit research process utilized by the Fund to implement its investment strategy in pursuit of its investment objective considers factors that include, but are not limited to, an issuer’s operations, capital structure and environmental, social and governance (“ESG”) considerations. Credit quality analysis for certain issuers therefore may consider whether any ESG factors pose a material financial risk or opportunity to an issuer.
The Sub-Adviser may determine that ESG considerations are not material to certain issuers or types of investments held by the Fund, and not all issuers or Fund investments may undergo a credit quality analysis that considers ESG factors and ESG considerations may not be applied to each issuer or Fund investment. Consideration of ESG factors is just one component of the portfolio managers’ assessment of issuers eligible for investment and not necessarily determinative to an investment decision. Therefore, the Fund’s portfolio managers may still invest in securities of issuers that may be viewed as having a high ESG risk profile.
Read More

GSY - Performance

Return Ranking - Trailing

Period GSY Return Category Return Low Category Return High Rank in Category (%)
YTD 5.3% -0.5% 7.6% 42.25%
1 Yr 6.5% 1.7% 9.3% 25.82%
3 Yr 3.8%* -1.2% 7.0% 33.17%
5 Yr 2.7%* -0.9% 4.7% 32.11%
10 Yr 2.3%* -4.2% 27.9% 17.36%

* Annualized

Return Ranking - Calendar

Period GSY Return Category Return Low Category Return High Rank in Category (%)
2023 0.8% -2.3% 4.3% 65.26%
2022 -1.7% -6.5% 0.5% 38.83%
2021 -0.6% -2.1% 0.3% 65.50%
2020 0.4% -3.1% 1.8% 44.79%
2019 0.6% -1.2% 6.1% 37.91%

Total Return Ranking - Trailing

Period GSY Return Category Return Low Category Return High Rank in Category (%)
YTD 5.3% -0.5% 7.6% 42.25%
1 Yr 6.5% 1.7% 9.3% 25.82%
3 Yr 3.8%* -1.2% 7.0% 33.17%
5 Yr 2.7%* -0.9% 4.7% 32.11%
10 Yr 2.3%* -4.2% 27.9% 17.36%

* Annualized

Total Return Ranking - Calendar

Period GSY Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% 0.8% 12.1% 40.38%
2022 0.0% -5.1% 2.5% 45.15%
2021 0.0% -2.1% 14.5% 61.00%
2020 1.9% -1.0% 3.6% 36.98%
2019 3.4% 0.3% 9.6% 27.47%

GSY - Holdings

Concentration Analysis

GSY Category Low Category High GSY % Rank
Net Assets 2.07 B 26.6 K 22.6 B 34.27%
Number of Holdings 262 2 1258 53.52%
Net Assets in Top 10 225 M 27.7 K 22.7 B 43.66%
Weighting of Top 10 10.61% 6.3% 159.6% 88.73%

Top 10 Holdings

  1. Jabil Inc. 1.58%
  2. Kinder Morgan, Inc. 1.20%
  3. Arrow Electronics, Inc. 1.18%
  4. Conagra Brands Inc. 1.11%
  5. Ionic Funding LLC 1.08%
  6. Brookfield Infrastructure Holdings Canada Inc. 1.03%
  7. Mercedes-Benz Finance North America LLC 0.95%
  8. U.S. Treasury Notes/Bonds 0.94%
  9. Jackson National Life Global Funding 0.79%
  10. Energy Transfer L.P. 0.75%

Asset Allocation

Weighting Return Low Return High GSY % Rank
Bonds 		91.68% 0.00% 129.63% 27.70%
Other 		8.91% -13.48% 99.96% 54.93%
Convertible Bonds 		6.07% 0.00% 15.25% 23.11%
Cash 		0.89% 0.00% 112.72% 85.45%
Stocks 		0.14% 0.00% 97.16% 15.96%
Preferred Stocks 		0.00% 0.00% 0.00% 87.32%

Stock Sector Breakdown

Weighting Return Low Return High GSY % Rank
Utilities 		0.00% 0.00% 0.87% N/A
Technology 		0.00% 0.00% 32.06% N/A
Real Estate 		0.00% 0.00% 0.00% N/A
Industrials 		0.00% 0.00% 2.85% N/A
Healthcare 		0.00% 0.00% 4.23% N/A
Financial Services 		0.00% 0.00% 99.34% N/A
Energy 		0.00% 0.00% 100.00% N/A
Communication Services 		0.00% 0.00% 11.28% N/A
Consumer Defense 		0.00% 0.00% 4.16% N/A
Consumer Cyclical 		0.00% 0.00% 11.26% N/A
Basic Materials 		0.00% 0.00% 0.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High GSY % Rank
US 		0.14% 0.00% 97.16% 15.96%
Non US 		0.00% 0.00% 0.00% 87.32%

Bond Sector Breakdown

Weighting Return Low Return High GSY % Rank
Corporate 		39.20% 0.00% 99.91% 51.89%
Securitized 		14.01% 0.00% 100.00% 65.57%
Cash & Equivalents 		0.89% 0.00% 112.72% 73.24%
Derivative 		0.00% -13.48% 16.56% 69.95%
Municipal 		0.00% 0.00% 70.39% 95.28%
Government 		0.00% 0.00% 100.00% 97.64%

Bond Geographic Breakdown

Weighting Return Low Return High GSY % Rank
US 		91.68% 0.00% 129.63% 27.70%
Non US 		0.00% 0.00% 20.18% 87.79%

GSY - Expenses

Operational Fees

GSY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.23% 0.08% 29.63% 88.10%
Management Fee 0.20% 0.00% 1.19% 30.99%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

GSY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

GSY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% 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.

GSY Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 57.00% 0.00% 336.00% 38.55%

GSY - Distributions

Dividend Yield Analysis

GSY Category Low Category High GSY % Rank
Dividend Yield 5.59% 0.00% 8.76% 14.08%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

GSY Category Low Category High GSY % Rank
Net Income Ratio 0.63% -1.30% 14.86% 36.59%

Capital Gain Distribution Analysis

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

Distributions History

View More +

GSY - Fund Manager Analysis

Managers

Marques Mercier

Start Date

Tenure

Tenure Rank

Apr 09, 2018

4.15

4.2%

Marques Mercier is a Senior Portfolio Manager for Invesco Fixed Income. He is responsible for the management of all cash management products, including institutional, retail and offshore money funds, as well as private accounts. Mr. Mercier joined Invesco in 1994 as a representative in the transfer agency. In 1996, he was promoted to portfolio administrator for money market funds. Mr. Mercier assumed his current position in 1998. Mr. Mercier earned a BA degree in English and an MBA from the University of Houston.

Laurie Brignac

Start Date

Tenure

Tenure Rank

Apr 09, 2018

4.15

4.2%

Laurie Brignac is Head of Global Liquidity Portfolio Management and a Ssenior Pportfolio Mmanager for Invesco Fixed Income. Ms. Brignac and is responsible for the management of cash management products, including institutional, retail and offshore money market funds, as well as private accounts. Ms. Brignac has been in the investment business since 1989. She joined Invesco in 1992 as a money market trader and was promoted to investment officer in 1994 and senior portfolio manager in 2002. Her duties have expanded to include all forms of short-term taxable fixed income products.

Joseph Madrid

Start Date

Tenure

Tenure Rank

Apr 09, 2018

4.15

4.2%

Joseph Madrid is a Senior Portfolio Manager for Invesco Fixed Income. He is responsible for contributing to the strategy and management of cash management products, including institutional, retail and offshore funds, as well as private accounts and ultra-short bond portfolios. Mr. Madrid began his investment career in 2002 as a financial analyst with J.P. Morgan Chase & Co. Prior to joining Invesco, he was a portfolio manager in client service and a senior fixed income securities analyst with National City Corp. He joined Invesco in 2009 and was previously a fixed income analyst.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.52 0.13

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