GTOQ vs USHY

GTOQBInvesco High Yield Systematic Bond ETF

USHYAiShares Broad USD High Yield Corporate Bond ETF

In short

GTOQ A quant twist on junk bonds: GTOQ screens high-yield debt for value and low-volatility bonds instead of buying the index wholesale. Actively run, roughly 500 holdings, monthly payouts, at a fee near the middle of its category.

USHY The wide-angle lens on junk bonds: about 1,900 US dollar high yield corporate issues for 0.08% a year, a fifth of what the typical fund in its category charges. Broad, cheap, heavily traded, and it pays monthly.

Stated mandate

GTOQ The Fund seeks total return through active investment in high-yield, below-investment-grade fixed-income securities. Its systematic factor strategy targets quantifiable characteristics such as value and low volatility.

USHY The fund seeks to track an index of U.S. dollar-denominated high yield corporate bonds.

Why people hold it

• GTOQ Rules over hunches: a systematic factor process tilts the portfolio toward value and low-volatility high-yield bonds, per the fund's stated objective.
• 0.39% buys active management in a corner of the market where most competitors are passive index trackers; that sits around the middle of the category's fee range.
• Spreads credit risk across roughly 500 below-investment-grade bonds and pays income monthly.

• USHY Charges 0.08% a year while the median high yield fund in its cohort runs 0.40%. Cheap rent on an expensive-to-run corner of the bond market.
• Holds about 1,900 bonds against the ICE BofA US High Yield Constrained Index: the broad market, not a curated slice of the most liquid names.ishares.com
• A multi-billion-dollar fund and one of the more actively traded in high yield, which tends to keep bid-ask spreads thin even on busy days.
• Pays monthly and has tracked its index tightly since its 2017 launch, one of the closer index matches in its peer group.

Worth knowing

• GTOQ The cheap index crowd (SCYB, SPHY, USHY) charges a small fraction of 0.39%, so the factor process starts each year with a cost hurdle to clear.
• Below-investment-grade credit is the whole point here: higher default risk, and prices that can drop quickly when credit spreads widen.
• Until February 2026 this was IHYF, the Invesco High Yield Bond Factor ETF; the rename also added portfolio managers, so older data may sit under the old ticker.sec.gov

• USHY High yield means below-investment-grade borrowers. When credit gets stressed this asset class drops with stocks instead of cushioning them.
• Cheaper tickets sit on the same shelf: SCYB at 0.03% and SPHY at 0.05%.
• This is a fund, not a bond ladder. No maturity date hands your principal back; the basket rolls on indefinitely.

Full GTOQ profile⁠

Full USHY profile⁠