Invesco Taxable Municipal Bond ETF
ALTAR
Score™
3.3% info Median Credit
S&P/Moody's
A+/Aa3
 
Yield to
Maturity
3.7% Current
Yield
4.5%
Macaulay
Duration
12.1 yrs Modified
Duration
11.9%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
The Invesco Taxable Municipal Bond Portfolio tracks a broad index of taxable investment grade municipal debts selected and weighted by market value.

FUND BASICS
Category Municipals
Fund Sponsor Invesco
Website www.invesco.com
Inception date Nov 17, 2009
Assets (mns) $1,306
Currency USD
Expense ratio 28 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon/The
Weighting Market Value
Index replication Optimized

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 308
No of distinct issuers 213
Inflation protected 0%
Variable/Fixed coupon 7% /93%
Non-standard maturity (callable, etc.) 30%

TOP TEN HOLDINGS
CALIFORNIA ST 7.6% 11/01/40 3.7 %
0.0% /00/00 3.0 %
CALIFORNIA ST 7.3% 1/01/39 2.0 %
COMMONWEALTH FING AUT 3.7% 6/01/38 1.9 %
AMERICAN MUN PWR OHIO 8.1% 2/15/50 1.6 %
CALIFORNIA ST 6.5% 4/01/39 1.4 %
UNIVERSITY CALIF REVS 3.3% 7/01/29 1.4 %
ILLINOIS ST 5.6% 2/01/21 1.4 %
TEXAS TRANSN COMMN ST 5.2% 4/01/30 1.3 %
CALIFORNIA ST 7.6% 4/01/39 1.3 %
   
TOTAL 19.0 %

TOP ISSUERS
CALIFORNIA ST FOR PREVIOUS ISSUES ...7.4%
CALIFORNIA ST5.8%
University Calif Revs4.8%
AMERICAN MUN PWR OHIO INC REV3.0%
Commonwealth Fing Auth Pa Rev2.4%

TOP COUNTRY EXPOSURE
UNITED STATES 93.3 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
8.7% 11.8% 5.8% -- 7.3%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 1.70 87%
S&P500 -0.13 9%
MSCI EAFE -0.05 1%
MSCI Emg. Mkts. 0.01 0%

Technical Indicators
Recent close $32.64
30d moving avg. $31.97
Annualized volatility 5.4%
Short interest (ETF) 0.1%
Relative strength (RSI) 73
Liquidity measures
Avg. volume (thou.) 190
Avg. daily value traded (mns) $6
Turnover 0.5%
Bid/Ask (% of price) 0.04

Distributions


Yield Comparison

*Fund Category: MUNICIPALS

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
BAB 12.1 yrs Category
Avg.*
7.8 yrs
 

Modified Duration info
 
BAB 11.9% Category
Avg.*
7.7%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 6.67% -26.8% $23.89
+200 bp 5.67% -19.9% $26.16
+150 bp 5.17% -15.6% $27.53
+100 bp 4.67% -10.9% $29.07
+75 bp 4.42% -8.4% $29.90
+50 bp 4.17% -5.7% $30.77
+25 bp 3.92% -2.9% $31.69
0 bp 3.67% 0% $32.64
-25 bp 3.42% 3.0% $33.63
-50 bp 3.17% 6.2% $34.67
-75 bp 2.92% 9.5% $35.74
-100 bp 2.67% 12.9% $36.86
-150 bp 2.17% 20.1% $39.22
-200 bp 1.67% 27.9% $41.73
-300 bp 0.67% 44.8% $47.26

*Fund Category: MUNICIPALS

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 367 bp
Less: Annual "default factor" info 11 bp
Less: Expense ratio 28 bp
Equals: ALTAR Score 3.28 %
 

Average ALTAR Score™ by Category
Aggregate 1.7%
Corporate 2.2%
Emerging Market 3.6%
Government 1.6%
Inflation Protected 1.7%
Mortgage 2.8%
Municipals 2.2%
 
*Note: The Invesco Taxable Municipal Bond ETF is classified as a Municipals fund.

 

Our estimate of the impact of potential defaults on investor returns, based on historical default and recovery rates for bonds of similar credit rating and maturities.
See RATING tab for calculations of ALTAR Score™
Estimate of fund sensitivity to interest rate changes based on modified duration and convexity adjustment applied to underlying bonds. Note: Less meaningful for inflation-indexed bonds.
Adds expected inflation to real YTM for inflation-linked bonds so that all instruments are compared on a nominal basis
Weighted-average term to maturity of the cash flows from a bond. All else being equal, bonds of longer duration are more sensitive to changes in interest rates than bonds of shorter duration.
Approximation of the change in bond prices given a 100 basis point shift in interest rates. A better estimate, particularly for larger moves in interest rates, is provided by the Rate Sensitivity Analysis below.