Invesco Rochester High Yield Municipal ETF
The ETF.net IROC Grade
B
Score 61 out of 100
- 10 of 19
Score 61 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.C47 out of 100Rank 9 of 19Mission
Whether the fund did what it promised, tested against its stated mandate.A89 out of 100Rank 10 of 18Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A73 out of 100Rank 1 of 19Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C40 out of 100Rank 16 of 19Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B58 out of 100Rank 11 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
In short
BInvesco's Rochester muni desk, ETF-wrapped: active high-yield munis at 0.39% net of a waiver through December 31, 2026, with room to add leverage through tender option bonds and duration normally kept under 7.5 years.
Stated mandate
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
Worth knowing
IROC Holdings
- Bonds
- 206
- 11%
- USD Pending Dividends
Geography
- United States98.63%
- Puerto Rico1.25%
- U.S. Virgin Islands0.12%
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$10,169
Returns run to the Oct 30, 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 | +1.1% |
| 1 month | +3.0% |
| 3 months | −1.3% |
| 1 year | +1.7% |
| 3 years | +5.8% |
| 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 | +1.1% | |
| 2025 | +4.1% | |
| 2024 | +4.7% | |
| 2023 | +6.3% | |
| 2022 | −0.7% |
IROC in the news
IROC Dividends
- 5.23%
- $2.57
- $0.19 per share
- Monthly
IROC Risk
- 5.1%
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.
- 0.27
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.
FMP measures it over up to five years of monthly returns.
IROC Cost
Overpaying vs FMUB, cheapest in High-Yield Municipal Bonds
$1,749
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
IROC 0.39%
$7,898
FMUB 0.30% Cheapest
$6,149
Cost over time
Year by year
| Year | IROC | FMUB | Overpaying |
|---|---|---|---|
| 10 | $705 | $545 | $160 |
| 20 | $2,725 | $2,113 | $612 |
| 30 | $7,898 | $6,149 | $1,749 |
You pay 0.39%Waived by Invesco 0.01%
Full fee 0.40% waiver 0.01% you pay 0.39%
Other funds in High-Yield Municipal Bonds
- BHIMUIshares High Yield Muni Active ETFExpense ratio 0.39%1 year return +0.9%
- BSHYMiShares Short Duration High Yield Muni Active ETFExpense ratio 0.40%1 year return +2.3%
- BNHYMNuveen High Yield Municipal IncomeExpense ratio 0.35%1 year return +0.2%
- BEVYMEaton Vance High Income Municipal ETFExpense ratio 0.40%1 year return +1.3%
- BFMHIFirst Trust Municipal High Income ETFExpense ratio 0.70%1 year return +0.6%
