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HBRD

GradeBNew York Stock Exchange Arca

Invesco U.S. Hybrid Bond ETF

Specialty Bonds · Invesco · Inception 2026-02-25

$24.08−0.05 (−0.21%)

As of Sep 23, 2026, 10:13 AM EDT

History starts Feb 25, 2026.History starts Feb 25, 2026.
Intraday session: down, 3 prints from 24.13 to 24.08. Range 24.08 to 24.08. Use the arrow keys to read each point.$23.50$24.50$25.0010 AM12 PM2 PM4 PM
Expense ratio
0.40%
Fund size
$14M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
189
Volume · 30D
0M sh
NAV per share
$23.93
52W range
low $24.09high $25.05

The ETF.net HBRD Grade

B

56/ 100

Rank 14 of 31 in Preferred Securities⁠

Confidence Medium

Six-pillar profile for HBRD. Scores out of 100: Cost 88, Risk 40, Mission not scored, Tradability 0, Holdings 80, Durability 41. Strongest: Cost (88). Weakest: Tradability (0). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 56 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 88
    Category rank4/31 · top 13%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 40
    Category rank18/29 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 0
    Category rank31/31 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 80
    Category rank4/29 · top 14%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 41
    Category rank22/31 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on HBRD

ETF.net Research

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.

Stated mandate

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

  1. 01The 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
  2. 02At 0.40%, the fee sits below the median for preferred and hybrid ETFs and undercuts several larger, older names in the group.
  3. 03Roughly 180 bonds, with the index constrained at 4.65% per issuer, so no single borrower dominates the portfolio.
  4. 04Plain plumbing: a passive index tracker in a standard 1940 Act ETF wrapper from Invesco, paying income quarterly.

Worth knowing

  1. 01It 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.
  2. 02Still a small fund that trades thinly, which typically means wider bid-ask spreads than the category's household names.
  3. 03Income lands quarterly, not monthly, which matters if you plan cash flow around payout dates.

HBRD Holdings

As of Sep 20, 2026, 1:52 PM
Asset class
Bonds
Holdings
189
Top-10 weight
13%
Largest holding
CVS Health Corp 7.00% 03/10/20551.5%
The fund’s holdings, weight-ordered — page 1 of 13.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CVS Health Corp 7.00% 03/10/20551.45%204,000$209K14
002—Meiji Yasuda Life Insurance Co 6.10% 06/11/20551.36%201,000$195K4
003—Vodafone Group PLC 7.00% 04/04/20791.35%192,000$194K14
004—USD Pending Dividends1.30%0$188K240
005—Southern Co/The 6.38% 03/15/20551.24%180,000$179K16
006—Verizon Communications Inc 6.20% 05/14/20561.24%187,000$179K20
007—Verizon Communications Inc 6.05% 05/14/20581.22%182,000$176K17
008—Verizon Communications Inc 6.60% 02/15/20591.20%175,000$173K21
009—Meiji Yasuda Life Insurance Co 5.80% 09/11/20541.14%170,000$164K1
010—Verizon Communications Inc 6.75% 02/15/20571.06%155,000$152K20
011—Nippon Life Insurance Co 6.50% 04/30/20550.95%135,000$136K7
012—Enbridge Inc 8.50% 01/15/20840.93%120,000$134K11
013—Dominion Energy Inc 6.00% 02/15/20560.90%133,000$130K17
014—American Electric Power Co Inc 5.80% 03/15/20560.90%133,000$130K17
015—Southern Co/The 6.00% 04/01/20580.89%132,000$128K10

Showing 1–15 of 190 holdings

HBRD Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

HBRD$9,952
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. HBRD $9,952. SPY $10,415. Use the arrow keys to read each point.$9,741$10,122$10,502Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for HBRD. Periods over one year show the average yearly return.
PeriodHBRD
Year to dateFund launched this year—
1 month−0.2%
3 months−0.5%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HBRD
YearReturn barHBRD
2026 YTD−0.4%

Since listing, Feb 25, 2026

HBRD in the news

ETF.net Research hasn’t filed on HBRD yet — coverage lands here as it’s written.

HBRD Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Upcoming payment
$0.12 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 7 payments in 2026 YTD. Mar 23, 2026 $0.13; Apr 20, 2026 $0.12; May 18, 2026 $0.12; Jun 22, 2026 $0.12; Jul 20, 2026 $0.12; Aug 24, 2026 $0.12; Sep 21, 2026 $0.12. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 21, 2026Pays Sep 25, 2026$0.12
Aug 24, 2026Aug 28, 2026$0.12
Jul 20, 2026Jul 24, 2026$0.12
Jun 22, 2026Jun 26, 2026$0.12
May 18, 2026May 22, 2026$0.12
Apr 20, 2026Apr 24, 2026$0.12
Mar 23, 2026Mar 27, 2026$0.13

HBRD Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Feb 2026; fills in after 12 months
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.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Feb 2026; fills in after 12 months
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.

The largest fall from a peak to the low that followed.
—
Launched Feb 2026; fills in after 12 months
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.

How strongly the fund’s returns move with its asset-class index.
0.19
vs its asset-class index
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

Expense ratio0.40%
  • The middle half of Preferred Securities funds
  • Median 0.50%

3 of the 31 Preferred Securities funds charge less.

HBRD costs $40.00 a year on $10,000. The median Preferred Securities fund costs $50.00.