Invesco Rochester High Yield Fund

The Invesco Rochester High Yield Fund is an actively managed exchange-traded fund focused on delivering current income that is exempt from federal income taxes. As a municipal bond ETF, it primarily invests at least 80% of its net assets in municipal securities whose income qualifies for federal tax exemption. The fund targets low- to medium-quality municipal bonds, often rated BBB or lower, and may also utilize derivatives and similar instruments to achieve its investment objective. Notably, the portfolio is structured to maintain a weighted average duration of less than 7.5 years, helping to moderate interest rate sensitivity. The fund’s holdings span debt obligations issued by U.S. states, territories (such as Puerto Rico, the U.S. Virgin Islands, and Guam), and their subdivisions, with exposure to both fixed and variable rate securities. Its benchmark is a custom index that equally blends investment grade and high-yield municipal bond indices, reflecting its strategy of seeking higher yields by accepting greater credit and market risks. This targeted approach supports the fund’s role as a specialized income provider within the broader fixed income and municipal bond segments of the financial market.