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Invesco Fundamental High Yield Corporate Bond ETF

ETF
PHB
Payout Change
Pending
Price as of:
$18.71 +0.0 +0.0%
primary theme
N/A
PHB (ETF)

Invesco Fundamental High Yield Corporate Bond ETF

Payout Change
Pending
Price as of:
$18.71 +0.0 +0.0%
primary theme
N/A
PHB (ETF)

Invesco Fundamental High Yield Corporate Bond ETF

Payout Change
Pending
Price as of:
$18.71 +0.0 +0.0%
primary theme
N/A

Name

As of 02/20/2026

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 Fundamental High Yield Corporate Bond ETF

PHB | ETF

$18.71

$378 M

5.69%

$1.06

0.23%

Vitals

YTD Return

1.1%

1 yr return

8.3%

3 Yr Avg Return

8.4%

5 Yr Avg Return

3.9%

Net Assets

$378 M

Holdings in Top 10

40.9%

52 WEEK LOW AND HIGH

$18.7
$17.50
$18.72

Expenses

OPERATING FEES

Expense Ratio 0.23%

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 02/20/2026

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 Fundamental High Yield Corporate Bond ETF

PHB | ETF

$18.71

$378 M

5.69%

$1.06

0.23%

PHB - Profile

Distributions

  • YTD Total Return 1.1%
  • 3 Yr Annualized Total Return 8.4%
  • 5 Yr Annualized Total Return 3.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.55%
DIVIDENDS
  • Dividend Yield 5.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Fundamental High Yield Corporate Bond ETF
  • Fund Family Name
    INVESCOETF
  • Inception Date
    Nov 15, 2007
  • Shares Outstanding
    46500000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Peter Hubbard

Fund Description

The Fund generally will invest at least 80% of its total assets in securities that comprise the Underlying Index.
Strictly in accordance with its guidelines and mandated procedures, Bloomberg Index Services Limited (the “Index Provider”) compiles, maintains and calculates the Underlying Index, which is designed to track the performance of U.S. dollar denominated fixed-rate corporate bonds that were previously rated “investment grade” and have been downgraded to “high yield” based on ratings of Moody’s Ratings (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. (“Fitch”). The downgrade from “investment grade” to “high yield” connotes that the bonds that comprise the Underlying Index are “fallen angels.” “High yield” bonds are also known as “junk” bonds.
To be eligible for inclusion in the Underlying Index, a bond must be a U.S. dollar-denominated corporate bond that:
■ 
is registered with the U.S. Securities & Exchange Commission (“SEC”), is a Section 3(a)(2) security under the Securities Act of 1933
(“Securities Act”) (which is a bond that is exempt from registration with the SEC), or is a Rule 144A security under the Securities Act (which is a privately placed security that is not registered with the SEC);
■ 
is issued by companies domiciled in countries classified as developed markets by the Index Provider;
■ 
previously had a rating of “investment grade” (as determined by the Index Provider based on ratings from Moody's, S&P and Fitch);
■ 
currently is rated “high yield” by the Index Provider and therefore has a Moody’s, S&P or Fitch rating of B1/B+/B+ or higher (up to the maximum rating of Ba1/BB+/BB+);
■ 
has at least $300 million of outstanding face value;
■ 
has a fixed-rate coupon; and
■ 
has at least one year to final maturity.
The Index Provider reviews bonds' average ratings in order to assess whether they are “investment grade” or “high yield.” In determining whether a bond has an average rating of “investment grade” or “high yield,” ratings from Moody's, S&P and Fitch are considered. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used to determine eligibility in the Underlying Index. If an issue is unrated, the Index Provider may consider expected ratings and/or issuer-level ratings adopted by a ratings agency.
As of the date of this prospectus, the Index Provider considers the following to be developed market countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Switzerland, Sweden, the United Kingdom and the United States.
There is no limit to the number of constituents in the Underlying Index. Bonds that meet the Index Provider’s criteria for inclusion in the Underlying Index are weighted based on the time since a bond’s rating was downgraded to “high yield.” This means that bonds that have been downgraded within the last 12 months have the highest relative weighting in the Underlying Index, while bonds that were downgraded more than 12 months ago have lower relative weightings in the Underlying Index. Bonds that were downgraded 24 or more months ago have the lowest relative weightings in the Underlying Index. Individual issuers with weights of 4.75% or greater are capped at 24% of the total index market value. Any excess above the cap is redistributed pro rata to other issuers.
As of December 31, 2025, the Underlying Index was comprised of 96constituents.
The Fund does not purchase all of the securities in the Underlying Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of December 31, 2025, the Underlying Index had significant exposure to the industrials sector. The Fund's portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time.
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PHB - Performance

Return Ranking - Trailing

Period PHB Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -1.4% 4.2% 44.87%
1 Yr 8.3% -2.3% 25.0% 22.02%
3 Yr 8.4%* -0.8% 19.5% 70.03%
5 Yr 3.9%* -3.2% 14.7% 54.53%
10 Yr 5.5%* 1.5% 21.5% 65.56%

* Annualized

Return Ranking - Calendar

Period PHB Return Category Return Low Category Return High Rank in Category (%)
2025 2.9% -9.4% 9.7% 8.24%
2024 -0.3% -25.4% 11.8% 87.73%
2023 5.9% -4.7% 12.2% 30.13%
2022 -11.8% -33.4% 3.6% 13.12%
2021 -0.1% -8.4% 9.8% 54.97%

Total Return Ranking - Trailing

Period PHB Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -1.4% 4.2% 44.87%
1 Yr 8.3% -2.3% 25.0% 22.02%
3 Yr 8.4%* -0.8% 19.5% 70.03%
5 Yr 3.9%* -3.2% 14.7% 54.53%
10 Yr 5.5%* 1.5% 21.5% 65.56%

* Annualized

Total Return Ranking - Calendar

Period PHB Return Category Return Low Category Return High Rank in Category (%)
2025 8.8% -2.1% 18.7% 41.68%
2024 5.5% -12.7% 18.9% 93.78%
2023 11.2% 3.5% 23.2% 74.24%
2022 -8.8% -29.1% 47.8% 22.66%
2021 3.3% -2.8% 16.2% 87.78%

PHB - Holdings

Concentration Analysis

PHB Category Low Category High PHB % Rank
Net Assets 378 M 3.13 M 31.5 B 68.24%
Number of Holdings 275 2 6939 70.12%
Net Assets in Top 10 161 M -492 M 7.24 B 36.50%
Weighting of Top 10 40.90% 4.4% 145.1% 6.79%

Top 10 Holdings

  1. Invesco Private Prime Fund 23.72%
  2. Invesco Private Government Fund 9.03%
  3. Albertsons Cos Inc / Safeway Inc / New Albertsons L.P./ Albertsons LLC 1.15%
  4. PGE Corp. 1.06%
  5. Synchrony Financial 1.05%
  6. Ford Motor Co. 1.03%
  7. Ford Motor Credit Co. LLC 1.00%
  8. Ally Financial Inc. 0.99%
  9. Level 3 Financing, Inc. 0.97%
  10. StoneX Group Inc. 0.89%

Asset Allocation

Weighting Return Low Return High PHB % Rank
Bonds 		98.37% 0.00% 145.36% 6.05%
Cash 		32.91% -52.00% 49.13% 0.34%
Stocks 		0.00% 0.00% 99.79% 95.80%
Preferred Stocks 		0.00% 0.00% 7.28% 88.46%
Other 		0.00% -39.08% 99.92% 82.51%
Convertible Bonds 		0.00% 0.00% 17.89% 98.81%

Bond Sector Breakdown

Weighting Return Low Return High PHB % Rank
Corporate 		99.65% 0.00% 100.00% 2.89%
Cash & Equivalents 		32.91% 0.00% 49.13% 0.34%
Derivative 		0.00% -19.70% 42.26% 82.17%
Securitized 		0.00% 0.00% 97.24% 91.67%
Municipal 		0.00% 0.00% 1.17% 84.69%
Government 		0.00% 0.00% 99.07% 89.63%

Bond Geographic Breakdown

Weighting Return Low Return High PHB % Rank
US 		98.37% 0.00% 126.57% 4.75%
Non US 		0.00% 0.00% 60.71% 88.62%

PHB - Expenses

Operational Fees

PHB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.23% 0.02% 28.81% 97.81%
Management Fee 0.23% 0.00% 1.75% 2.86%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

PHB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

PHB 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.

PHB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 1.00% 255.00% 8.96%

PHB - Distributions

Dividend Yield Analysis

PHB Category Low Category High PHB % Rank
Dividend Yield 5.69% 0.00% 11.76% 78.36%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PHB Category Low Category High PHB % Rank
Net Income Ratio 3.55% -2.39% 9.30% 85.64%

Capital Gain Distribution Analysis

PHB Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

PHB - Fund Manager Analysis

Managers

Peter Hubbard

Start Date

Tenure

Tenure Rank

Nov 15, 2007

14.55

14.6%

Peter Hubbard, Vice President and Director of Portfolio Management of the Invesco PowerShares Capital Management LLC. Mr. Hubbard has been a Portfolio Manager of the Adviser since June 2007 and has been associated with the Adviser since 2005. Prior to joining the Invesco PowerShares Capital Management LLC, Hubbard was a research analyst and trader for Ritchie Capital from September 2003 to May 2005.

Gary Jones

Start Date

Tenure

Tenure Rank

Jan 31, 2012

10.34

10.3%

Gary Jones is a Portfolio Manager of Invesco PowerShares Capital Management LLC and has been one of the Portfolio Managers primarily responsible for the day-to-day management of the Funds since January 2012. Mr. Jones has been a Portfolio Manager of the Adviser since December 2010. Previously, he was a Portfolio Manager of Van Kampen Investments from 2007 to 2009.

Richard Ose

Start Date

Tenure

Tenure Rank

Feb 28, 2014

8.26

8.3%

Richard Ose is a Vice President and Portfolio Manager of the Invesco PowerShares Capital Management LLC and has been employed by the Invesco PowerShares Capital Management LLC since 2011. Mr. Ose has been a Portfolio Manager of the Invesco PowerShares Capital Management LLC since July 2011. Prior to joining the Invesco PowerShares Capital Management LLC, Mr. Ose was an equity and derivatives trader at Claymore Advisors from 2007 to 2011.

Greg Meisenger

Start Date

Tenure

Tenure Rank

Dec 20, 2019

2.45

2.5%

Greg Meisenger, Portfolio Manager of Invesco Capital Management LLC. Mr. Meisenger has been associated with Invesco since March 2018. Prior to joining Invesco, Mr. Meisenger was a Senior Fixed Income Trader/Portfolio Manager with Columbia Threadneedle Investments since 2014. Prior to joining Columbia Threadneedle Investments, Mr. Meisenger was a Senior Fixed Income Trader with Thrivent Financial from 2004 to 2014.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.52 8.17

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