Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Invesco U.S. Hybrid Bond ETF
$23.770.00 (0.00%)
- 0.40%
- $14M
- 0M sh
- $23.58
- low $23.67high $25.07
The ETF.net HBRD Grade
B
Score 56 out of 100
- 13 of 31
Score 56 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.A88 out of 100Rank 4 of 31Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C43 out of 100Rank 19 of 31Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F0 out of 100Rank 31 of 31Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A74 out of 100Rank 9 of 29Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C41 out of 100Rank 22 of 31
Our read on HBRD
BMost preferred and hybrid funds are, underneath, a bet on banks. HBRD's index throws the banks out and tracks dollar hybrid bonds from everybody else, for 0.40% a year.
The Fund seeks to track, before fees and expenses, the investment results of the ICE USD Developed Markets Corporate Ex-Banks Hybrid Bond 4.65% Constrained Index.
Why people hold it
- The index screens banks out entirely, tracking USD hybrid bonds from other developed-market corporates. That is a rare filter in the preferred and hybrid category.invesco.com
- At 0.40%, the fee sits below the median for preferred and hybrid ETFs and undercuts several larger, older names in the group.
- Roughly 180 bonds, with the index constrained at 4.65% per issuer, so no single borrower dominates the portfolio.
- Plain plumbing: a passive index tracker in a standard 1940 Act ETF wrapper from Invesco, paying income quarterly.
Worth knowing
- It launched in 2026, so there is no long record yet of how closely it tracks its index or how it behaves through a credit selloff.
- Still a small fund that trades thinly, which typically means wider bid-ask spreads than the category's household names.
- Income lands quarterly, not monthly, which matters if you plan cash flow around payout dates.
HBRD Holdings
- Bonds
- 200
- 12%
- CVS Health Corp 7.00% 03/10/2055
HBRD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
HBRD$9,800
Returns run to the Oct 9, 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 | HBRD |
|---|---|
| Year to date | — |
| 1 month | −1.7% |
| 3 months | −2.0% |
| 1 year | — |
| 3 years | — |
| 5 years | — |
| 10 years | — |
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 | HBRD |
|---|---|---|
| 2026 YTD | −1.8% |
HBRD in the news
HBRD Dividends
- $0.12 per share
- Monthly
Distribution data unavailable.
Distribution history
HBRD Risk
- —
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.
- —
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.
- —
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.
- 0.19
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
HBRD Cost
0.40%
HBRD0.40%
- The middle half of Preferred Securities funds
- Median 0.50%
3 of the 31 Preferred Securities funds charge less.
Other funds in Preferred Securities
- BPREFPrincipal Spectrum Preferred Securities Active ETFExpense ratio 0.55%1 year return +1.4%
- BCSSDCohen & Steers Short Duration Preferred and Income Active ETFExpense ratio 0.49%1 year return —
- BPGFInvesco Financial Preferred ETFExpense ratio 0.56%1 year return −7.7%
- BPFLDAAM Low Duration Preferred and Income Securities ETFExpense ratio 0.45%1 year return +3.2%
- CNPFINuveen Preferred and IncomeExpense ratio 0.56%1 year return +2.0%