Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Invesco Total Return Bond ETF
$44.76−0.01 (−0.02%)
- 0.35%
- $2.5B
- −1.4%
- 5.00%
- 0.3M sh
- $44.73
- low $44.42high $47.98
The ETF.net GTO Grade
B
Score 69 out of 100
- 34 of 117
Score 69 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C46 out of 100Rank 61 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C49 out of 100Rank 67 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A84 out of 100Rank 8 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B69 out of 100Rank 37 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A85 out of 100Rank 12 of 117
Our read on GTO
BThe active take on the boring middle of your bond shelf: no index to hug, just a mandate to pull total return from income plus price gains. Priced at 0.35%, right about what the average bond ETF charges.
The fund seeks maximum total return through a combination of income and capital appreciation.
Why people hold it
- Charges 0.35% a year, a shade under the typical fee in its bond category. Hands-on management usually asks for more than the category average.
- Pays monthly, and the stated goal is maximum total return from income and capital appreciation, not yield alone.invesco.com
- Spread across roughly 1,800 bonds, so no single issuer call dominates the portfolio.
- Trading since 2016 and now a multi-billion-dollar fund with reasonable depth on screen, sitting in the upper half of its bond peer group.
Worth knowing
- The index giants in this category (BND, SPAB, SCHZ) charge 0.03%. GTO costs roughly ten times that, and manager judgment is what the extra buys.
- No declared index to track, so results ride on the team's duration and credit calls and can diverge from a plain aggregate-bond tracker in either direction.
- Still a bond fund: rate moves and credit spreads set the ride, and a total-return mandate leaves room to lean into both.
GTO Holdings
- Bonds
- 1,910
- 22%
- United States Treasury Note/Bond 4.63% 08/15/2036
Sectors
- Technology24.2%
- Health Care13.6%
- Financials13.5%
- Consumer Discretionary12.5%
- Communication10.8%
- Industrials8.8%
- Consumer Staples7.0%
- Utilities2.8%
- Real Estate2.4%
- Energy2.3%
- Materials2.3%
Geography
- United States74.77%
- Japan3.89%
- Canada2.75%
- United Kingdom2.61%
- France2.14%
- South Korea1.94%
- Luxembourg1.47%
- Netherlands1.41%
- 9.03%
GTO Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
GTO$9,864
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | GTO |
|---|---|
| Year to date | −2.2% |
| 1 month | −1.2% |
| 3 months | −2.7% |
| 1 year | −1.4% |
| 3 years | +5.1% |
| 5 years | −0.5% |
| 10 years | +2.3% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | GTO |
|---|---|---|
| 2026 YTD | −2.2% | |
| 2025 | +7.2% | |
| 2024 | +2.6% | |
| 2023 | +6.0% | |
| 2022 | −14.8% | |
| 2021 | −0.4% | |
| 2020 | +10.9% |
GTO in the news
GTO Dividends
- 5.00%
- $2.24
- $0.19 per share
- Monthly
Distribution history
GTO Risk
- 5.7%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.04
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −19.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.00
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
GTO Cost
0.35%
GTO0.35%
- The middle half of US Aggregate Bond funds
- Median 0.34%
57 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- ANXUSNuveen International Aggregate Bond ETFExpense ratio 0.07%1 year return −0.9%
- AHTRBHartford Total Return Bond ETFExpense ratio 0.29%1 year return −2.3%
- AJBNDJPMorgan Active Bond ETFExpense ratio 0.25%1 year return −1.6%
- BSYSBiShares Systematic Bond ETFExpense ratio 0.25%1 year return −2.0%
- BBTOTiShares Total USD Fixed Income Market ETFExpense ratio 0.10%1 year return —