ETF Evaluator:
Invesco U.S. Hybrid Bond ETF ()
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(as of Aug 24)
Best Performing in Corporate Bond Over the Last Year
| 4.6% | Pacer US Cash Cows Bond ETF (MILK) |
| 3.8% | PGIM Corporate Bond 0-5 Year ETF (PCS) |
| 3.6% | Hilton BDC Corporate Bond ETF (HBDC) |
| 3.5% | iShares Invm Grd Crp Bd Buywrt Stgy ETF (LQDW) |
| 3.3% | State Street SPDR Port ItmtTermCorpBdETF (SPIB) |
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ETF Details
Invesco U.S. Hybrid Bond ETF Overview
Invesco U.S. Hybrid Bond ETF (HBRD) is a passively managed Taxable Bond Corporate Bond exchange-traded fund (ETF). Invesco launched the ETF in 2026.
The investment seeks to track the investment results (before fees and expenses) of the ICE USD Developed Markets Corporate Ex-Banks Hybrid Bond 4.85% Constrained Index (the “underlying index”).
The fund generally will invest at least 80% of its total assets in the components that comprise the underlying index. Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “index provider” or “ICE”) compiles, maintains and calculates the underlying index, which is designed to track the performance of U.S. dollar denominated hybrid corporate debt publicly issued and settled in the U.S. domestic market. It is non-diversified.
About Invesco U.S. Hybrid Bond ETF (HBRD)
There are 3 members of the management team with an average tenure of 0.31 years: Peter Hubbard (2026), Richard Ose (2026) and Tom Boksa (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: ICE USDDevMktCorpEx-ba HybBd4.85%Con USD index with a weighting of 100%. Invesco U.S. Hybrid Bond ETF has 173 securities in its portfolio. The top 10 holdings constitute 13.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco U.S. Hybrid Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Invesco U.S. Hybrid Bond ETF has 34.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.6% (60.6% domestic bond, 34.0% foreign bond and 5.3% convertible bond). Invesco U.S. Hybrid Bond ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $14 million in total assets, which is below the $3 billion average for the Corporate Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HBRD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco U.S. Hybrid Bond ETF expense ratio is average compared to funds in the Corporate Bond category. Invesco U.S. Hybrid Bond ETF has an expense ratio of 0.40%, which is 63% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco U.S. Hybrid Bond ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 58% for the Corporate Bond category.
Recently, in the month of July 2026, Invesco U.S. Hybrid Bond ETF returned -0.7%, which earned it a grade of A, as the Corporate Bond category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco U.S. Hybrid Bond ETF has a trailing yield of 0.00%, which is below the 5.07% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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HBRD Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HBRD Return (NAV) | -0.7% | 0.1% | na | na | na | na |
| HBRD Return (Price) | -0.1% | -0.1% | na | na | na | na |
| NAV +/- Price Return | -0.571% | 0.225% | na | na | na | na |
| Corporate Bond Avg | -1.4% | -0.6% | 2.6% | 4.8% | 0.1% | 2.3% |
| HBRD Grade (NAV) | A | A | na | na | na | na |
| +/- Category (NAV) | 0.8% | 0.8% | na | na | na | na |
| HBRD Tax-Cost Ratio | na | na | na | na | na | na |
HBRD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HBRD Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| HBRD Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Corporate Bond Avg | -0.6% | 7.8% | 2.8% | 8.3% | -14.8% | -0.9% | 9.6% | 13.5% | -2.0% | 5.2% | 5.0% |
| HBRD Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 15 Mil |
| Share Class Assets: | $ 15 Mil |
| Turnover: | na |
| Expense Ratio: | 0.40% |
| Index Fund: | Yes |
| Index Tracked: | ICE USDDevMktCorpEx-ba HybBd4.85%Con USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.4 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Hubbard Peter (2026), Ose Richard (2026), Boksa Tom (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 173 |
| % in Top 10 Holdings: | 13.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 34.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 60.6% |
| Foreign Bond: | 34.0% |
| Convertible Bond: | 5.3% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | February 23, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.40% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.25% |
