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Morningstar

Invesco Fundamental Hi Yld® Corp Bd ETF PHB

Morningstar Analyst Rating
Analyst rating as of | See Invesco Investment Hub

Morningstar’s Analysis PHB

Will PHB outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PHB’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the PHB management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

Parent Pillar

The Parent Pillar is our rating of PHB’s parent organization’s priorities and whether they’re in line with investors’ interests.

A risky approach to weighting creates issues for this fund.

Director

Summary

| by Bryan Armour

Invesco Fundamental High Yield Corporate Bond ETF PHB uses an alternative weighting scheme that creates a concentrated portfolio of smaller and less liquid high-yield bonds. Its tight focus on a few large positions with high trading costs destroys any advantage it has over ICE Bank of America High Yield Index. It receives a Morningstar Analyst Rating of Negative.

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