Invesco Fundamental High Yield Corporate Bond ETF

PHB tracks a fundamental-weighted index of high-yield US corporate bonds that must be rated between B3/B- and Ba1/BB+.

The Invesco Fundamental High Yield Corporate Bond ETF (PHB) was launched on 11/15/2007, and is a smart beta exchange traded fund designed to offer broad exposure to the High-Yield/Junk Bond ETFs category of the market.

Is Invesco Fundamental High Yield Corporate Bond ETF (PHB) a Strong ETF Right Now?

The PHB has higher expense ratios than functionally similar high-yield ETFs. Credit spreads are low despite economic challenges already brought on by unsubtle pre-administration rhetoric crystallising inflation at higher levels. PHB also has an almost four-year duration enhancing its sensitivity to rate changes, where we believe there is upside risk on the possible incoming tariffs.

PHB: Trump Means Caution On Duration Bets

Invesco Fundamental High Yield® Corporate Bond ETF selects high-yield corporate bonds (“junk bonds”) based on fundamental metrics. The PHB ETF is well-diversified and has a relatively high-quality profile in the high-yield corporate bond category. PHB has underperformed a junk bond benchmark since inception and shows moderate decays in price and distributions over the last 10 years.

PHB: Unconvincing Junk Bond Strategy

The Invesco Fundamental High Yield® Corporate Bond ETF offers exposure to high-yield bonds with a focus on quality and fundamentals. The fund is highly diversified, with no position making up more than 1.23% of the portfolio. The fund carries credit risk, liquidity risk, interest rate risk, and sector concentration risks.

PHB: Fundamental Focus But No Real Alpha (Yet)

The Invesco Fundamental High Yield Corporate Bond ETF is a fixed income exchange traded fund that invests in US dollar-denominated high yield corporate bonds. The fund currently has a large allocation to BBB-rated bonds, primarily due to Ford's recent rating upgrade. PHB has a conservative composition with an overweight position in BB-rated bonds, but its performance lags significantly compared to other high yield funds.

PHB: Unattractive High Yield Fund, Better Alternatives Exist

Despite the manager's claims that the RAFI Fundamental Index methodology delivers excess returns, historical performance suggest the opposite.

PHB: Good In Theory, But Lagging In Practice

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If you haven't heard, distressed debt remains popular with hedge funds. Bloomberg recently profiled a new UK fund that's raised more than $500 million to invest.

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Many portfolios are lacking high-yield exposure in the current environment. It may seem like a savvy and defensive move to skip out on high-yield exposure.

Balanced Portfolios Don't Abandon High-Yield Exposure

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Invesco has six non-core fixed income ETFs that advisors can add to portfolios to create alpha opportunities and increase portfolio diversification. Exposure to non-core fixed income is important as the largest U.S. bond index only provides exposure to approximately 40% of the U.S.

Use Invesco's Non-Core Fixed Income ETFs to Enhance Returns

PHB owns a portfolio of mostly high yield corporate bonds in the U.S. The fund has higher credit risk especially in an economic downturn.

PHB: Investors Should Wait On The Sidelines

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Lipper High Yield ETFs attracted $2.7 billion in new money last week after posting their largest weekly performance since the first week of September (+0.43%). Lipper High Yield classification has outperformed all other general domestic taxable fixed income Lipper classifications on a month-to-date (+0.48%), year-to-date (+4.88%), and trailing one-year basis (+8.22%).

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For European investors, investing in high yield has been paying dividends — in certain cases, they've been paying better than stock dividends. U.S. investors don't have to be left out with high yield options from Invesco.

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While junk bonds have often been considered the pariah of the bond market in the past, a robust fundamentals setting is helping to bolster what is frequently seen as one of the riskiest products in the financial markets. Bond yields, which run inversely with bond prices, for the lowest-grade bonds are near historic lows after [.

Is Now the Time to Consider High-Yield Bond ETFs?

In scrambling for more yield, investors are, not surprisingly, embracing high-yield corporate debt. However, inflation is taking a bite out of junk bond returns, indicating investors could get selective in this corner of the bond market.

Junk Bond Yields Are Falling. Should Investors Get Picky?

For many investors, credit risk is usually the primary concern when evaluating high-yield corporate bonds and their related exchange traded funds, including the Invesco Fundamental High Yield® Corporate Bond ETF (PHB). After all, there are reasons why these bonds sport junk ratings and high yields and those reasons often revolve around issues such as balance [.

With Default Rates Sliding, Make a Push for ‘PHB'

Yields on high-yield corporate debt are declining and underscoring the importance of emphasizing fundamentals. There's an exchange traded fund for that: the Invesco Fundamental High Yield® Corporate Bond ETF (PHB).

Building a Better Bond ETF: Invesco's ‘PHB'

Getting yield nowadays might be akin to finding a needle in the haystack, but one area investors can consider is high yield. While buyers may need to take on more risk, doing so won't be a difficult pill to swallow if they stick to the fundamentals.

Consider This ETF For High Yield Corporate Debt Exposure

The Federal Reserve has signaled its intent to keep interest rates near zero for the foreseeable future, forcing income-minded investors to seek alternative income-generating investments in a persistently low-yield environment. In the upcoming webcast, How to Find Yield in a Low-Rate Environment, Jason Bloom, Director, Global Macro ETF Strategy, Invesco; and Brian McMullen, Fixed Income [.

How to Find Yield in a Low-Rate Environment

This high-yield bond ETF hits a new 52-week high. Are more gains in store for this ETF?

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