ETF Evaluator:
Invesco Intermediate Municipal ETF ()
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(as of Aug 26)
Best Performing in Muni National Interm Over the Last Year
| 7.5% | Simplify National Muni Bond ETF (NMB) |
| 6.9% | X-Square Municipal Income Tax Free ETF (ZTAX) |
| 6.3% | BNY Mellon Municipal Opportunities ETF (BMOP) |
| 6.2% | PIMCO Muncpl Income Oppos Act Ex-Trd (MINO) |
| 6.0% | American Century Divers Muncpl Bd ETF (TAXF) |
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ETF Details
Invesco Intermediate Municipal ETF Overview
Invesco Intermediate Municipal ETF (INTM) is an actively managed Municipal Bond Muni National Interm exchange-traded fund (ETF). Invesco launched the ETF in 2025.
The investment seeks current income exempt from federal income taxes.
The fund is an actively managed ETF that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in investments the income from which is exempt from federal income taxes (municipal securities) and in derivatives and other instruments that have economic characteristics similar to such securities. The fund is non-diversified.
About Invesco Intermediate Municipal ETF (INTM)
There are 6 members of the management team with an average tenure of 1.03 years: Mark Paris (2025), Julius Williams (2025), Elizabeth Mossow (2025), Tim O’Reilly (2025), Joshua Cooney (2025) and Michael Magee (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Invesco Intermediate Municipal ETF has 173 securities in its portfolio. The top 10 holdings constitute 15.7% 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 Intermediate Municipal ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Invesco Intermediate Municipal ETF has 1.7% 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 98.5% (96.8% domestic bond, 1.7% foreign bond and 0.0% convertible bond). Invesco Intermediate Municipal ETF has 1.5% of the portfolio in cash.
Assets Under Management
The fund has $101 million in total assets, which is below the $2 billion average for the Muni National Interm 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.
INTM 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 Intermediate Municipal ETF expense ratio is below average compared to funds in the Muni National Interm category. Invesco Intermediate Municipal ETF has an expense ratio of 0.35%, which is 24% higher than its category average, making the fund expense ratio grade a D. 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 Intermediate Municipal ETF has a portfolio turnover rate of 59%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni National Interm category.
Recently, in the month of July 2026, Invesco Intermediate Municipal ETF returned -1.4%, which earned it a grade of B, as the Muni National Interm category had an average return of -1.6%. 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 Intermediate Municipal ETF has a trailing yield of 3.28%, which is below the 3.53% 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.
Invesco Intermediate Municipal ETF Grades
Year to date, the ETF has returned 0.7%, 0.3 percentage points better than the category, which translates into a grade of A. The fund has returned 5.3% over the past year (grade of B).
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INTM 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 |
|
| INTM Return (NAV) | -1.4% | -0.3% | 5.3% | na | na | na |
| INTM Return (Price) | -1.7% | 0.3% | 6.0% | na | na | na |
| NAV +/- Price Return | 0.282% | -0.638% | -0.735% | na | na | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.9% | 3.3% | 0.6% | 1.9% |
| INTM Grade (NAV) | B | A | B | na | na | na |
| +/- Category (NAV) | 0.2% | 0.2% | 0.3% | na | na | na |
| INTM Tax-Cost Ratio | na | na | 0.0% | na | na | na |
INTM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| INTM Return (NAV) | 0.7% | na | na | na | na | na | na | na | na | na | na |
| INTM Return (Price) | 1.4% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.976% | na | na | na | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.7% | 2.0% | 6.1% | -8.1% | 1.6% | 5.0% | 7.7% | 1.2% | 5.2% | 0.1% |
| INTM Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.3% | 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: | 3.3% |
| Total Assets: | $ 101 Mil |
| Share Class Assets: | $ 101 Mil |
| Turnover: | 59.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 1.0 years | |||
| Average Tenure: 1.0 years | |||
| Managers (Year): Paris Mark (2025), Williams Julius (2025), Mossow Elizabeth (2025), O’Reilly Tim (2025), Cooney Joshua (2025), Magee Michael (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 173 |
| % in Top 10 Holdings: | 15.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.8% |
| Foreign Bond: | 1.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | July 21, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.28% |
