Invesco Rochester High Yield Municipal ETF
$48.08+0.30 (+0.63%)
- 0.40%
- $185M
- −0.9%
- 5.43%
- 0M sh
- $47.61
- low $47.35high $51.93
The ETF.net IROC Grade
B
Score 60 out of 100
- 11 of 19
Score 60 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.C50 out of 100Rank 9 of 19Mission
Whether the fund did what it promised, tested against its stated mandate.A86 out of 100Rank 12 of 18Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B69 out of 100Rank 3 of 19Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D36 out of 100Rank 15 of 19Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B61 out of 100Rank 12 of 19Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C50 out of 100Rank 12 of 19
Our read on IROC
BMost high yield bond ETFs buy corporate junk. This one buys munis instead: an actively run, federally tax-exempt income portfolio from Invesco's Rochester muni desk, in an ETF wrapper since 2022.
The Fund is actively managed and seeks its objective by investing at least 80% of assets in high-yield municipal securities and economically similar derivatives or instruments. Income from the municipal securities is intended to be exempt from federal income taxes.
Why people hold it
- Income is intended to be exempt from federal income tax, a different animal from the fully taxable coupons most high yield bond ETFs throw off.invesco.com
- Active by design: managers pick medium- and lower-grade munis, at least 75% of net assets, instead of taking whatever an index rulebook hands them.invesco.com
- Weighted average duration is normally held under 7.5 years, a stated leash on how hard rate moves hit the portfolio.invesco.com
- Pays monthly, and the 0.40% expense ratio sits right at the median for its high yield bond peer group.
Worth knowing
- Index rivals in the cohort charge a fraction of this (SCYB 0.03%, SPHY 0.05%). The 0.40% is the price of a human muni credit desk, not a tracking algorithm.
- Non-diversified, so single issuers can carry real weight, and a portion of the otherwise tax-exempt income can still be caught by the federal alternative minimum tax.invesco.com
- Trades thinly next to the corporate high yield giants in its category, so spreads and order type carry more weight at the trade window.
IROC Holdings
- Bonds
- 193
- 15%
- Cash & Equivalents
IROC 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.
IROC$9,913
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 | IROC |
|---|---|
| Year to date | −2.1% |
| 1 month | −2.8% |
| 3 months | −5.5% |
| 1 year | −0.9% |
| 3 years | +4.2% |
| 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 | IROC |
|---|---|---|
| 2026 YTD | −2.1% | |
| 2025 | +4.1% | |
| 2024 | +4.7% | |
| 2023 | +6.3% | |
| 2022 | −0.7% |
IROC in the news
IROC Dividends
- 5.43%
- $2.59
- $0.21 per share
- Monthly
Distribution history
IROC Risk
- 5.0%
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.
- −6.2%
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.
- 0.26
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
IROC Cost
0.40%
IROC0.40%
- The middle half of High-Yield Municipal Bonds funds
- Median 0.40%
8 of the 19 High-Yield Municipal Bonds funds charge less.
Other funds in High-Yield Municipal Bonds
- BFMHIFirst Trust Municipal High Income ETFExpense ratio 0.49%1 year return −2.3%
- BNHYMNuveen High Yield Municipal IncomeExpense ratio 0.35%1 year return −2.8%
- BSHYMiShares Short Duration High Yield Muni Active ETFExpense ratio 0.42%1 year return +1.0%
- BEVYMEaton Vance High Income Municipal ETFExpense ratio 0.40%1 year return −1.2%
- BFCALFirst Trust California Municipal High Income ETFExpense ratio 0.49%1 year return −2.3%