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Launched

Invesco U.S. Hybrid Bond ETF

HBRDNYSE ArcaInvescoB

$23.83+0.10 (+0.42%) past 5 days

At close: Oct 29, 2026, 4:00 PM ET

B56/ 100

Rank 13 of 31 in Preferred Securities

B56/100Rank 13 of 31inPreferred Securities
5D price: up, 5 points from 23.73 to 23.83. Range 23.69 to 23.83. Use the arrow keys to read each point.23.7023.7323.7523.7723.80
Market opens at 9:30 AM ET.
Expense ratio
0.40%
Fund size
$14M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
200
Avg volume · 30D
345 sh
52W range
low $23.67high $25.07
Launched

The ETF.net HBRD Grade

Based on 5 of 6 pillars

B

Score 56 out of 100

Category
Preferred Securities⁠
Rank
13 of 31
Six-pillar profile for HBRD. Scores out of 100: Cost 90, Risk 39, Mission not scored, Tradability 0, Holdings 73, Durability 40. Strongest: Cost (90). Weakest: Tradability (0). Based on 5 of 6 pillars.

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.
    A90 out of 100
    Rank 3 of 31

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D39 out of 100
    Rank 19 of 31

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F0 out of 100
    Rank 31 of 31

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A73 out of 100
    Rank 9 of 29

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C40 out of 100
    Rank 22 of 31

Our read on HBRD

ETF.net Research

In short

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

  • 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 Performance

Launched Feb 25, 2026

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$9,930
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,573
Jul 29, 2026 to Oct 29, 2026. HBRD $9,930. SPY $10,573. Use the arrow keys to read each point.$10,000$10,500Jul 2026Sep 2026Oct 2026

Jul 29, 2026 – Oct 29, 2026

Returns run to the Oct 29, 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 yearNo data
1 month+1.1%
3 months−0.7%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−1.1%

Since listing, Feb 25, 2026

HBRD in the news

HBRD Dividends

Last payment
$0.12 per share
Paid 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. 8 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; Oct 19, 2026 $0.12. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Oct 19, 2026Oct 23, 2026$0.12
Sep 21, 2026Sep 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

Risk pillarD39 out of 100Rank 19 of 31 in Preferred Securities
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.

FMP measures it over up to five years of monthly returns.

HBRD Cost

Compare HBRD and PFFD

Overpaying vs PFFD, cheapest in Preferred Securities

$3,331

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HBRD 0.40%

    $8,090

  • PFFD 0.23% Cheapest

    $4,759

$10,000
30 years

Cost over time

  • HBRD 0.40%
  • PFFD 0.23%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530HBRD $8,090PFFD $4,759

Year by year

YearHBRDPFFDOverpaying
10$723$419$304
20$2,793$1,630$1,163
30$8,090$4,759$3,331

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