Invesco Rochester High Yield Municipal ETF
$48.46−0.54 (−1.10%)
- Expense ratio
- 0.40%
- Fund size
- $163M
- 1Y return
- +1.9%
- Yield · Last 12 months
- 5.29%
- Holdings
- 181
- Volume · 30D
- 0M sh
- NAV per share
- $48.90
- 52W range
The ETF.net IROC Grade
Score 55 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.CScore 44Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 79Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 64Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 34Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 58Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 48Category rank
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
- 181
- 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.
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.
| Period | IROC |
|---|---|
| Year to date | +0.4% |
| 1 month | −1.9% |
| 3 months | −2.6% |
| 1 year | +1.9% |
| 3 years | +4.6% |
| 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 | +0.4% | |
| 2025 | +4.1% | |
| 2024 | +4.7% | |
| 2023 | +6.3% | |
| 2022 | −0.7% |
IROC in the news
ETF.net Research hasn’t filed on IROC yet — coverage lands here as it’s written.
IROC Dividends
- 5.29%
- $2.59
- $0.21 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.21 |
| Aug 24, 2026 | Aug 28, 2026 | $0.21 |
| Jul 20, 2026 | Jul 24, 2026 | $0.22 |
| Jun 22, 2026 | Jun 26, 2026 | $0.22 |
| May 18, 2026 | May 22, 2026 | $0.22 |
| Apr 20, 2026 | Apr 24, 2026 | $0.22 |
| Mar 23, 2026 | Mar 27, 2026 | $0.22 |
| Feb 23, 2026 | Feb 27, 2026 | $0.22 |
| Jan 20, 2026 | Jan 23, 2026 | $0.22 |
| Dec 22, 2025 | Dec 26, 2025 | $0.22 |
| Nov 24, 2025 | Nov 28, 2025 | $0.22 |
| Oct 20, 2025 | Oct 24, 2025 | $0.22 |
IROC Risk
- 4.6%
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.
- 0.08
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.
- −4.8%
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.
- 0.24
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
- The middle half of High-Yield Municipal Bonds funds
- Median 0.40%
9 of the 19 High-Yield Municipal Bonds funds charge less.