ETF Evaluator:
Invesco Rochester HY Municipal ETF ()
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(as of Aug 26)
Best Performing in High Yield Muni Over the Last Year
| 10.8% | VanEck CEF Municipal Income ETF (XMPT) |
| 9.9% | Eaton Vance High Income Municipal ETF (EVYM) |
| 9.5% | Rockefeller Opportunistic Muncpl Bd ETF (RMOP) |
| 9.0% | Nomura National Hi-Yld Muncpl Bd ETF (HTAX) |
| 8.8% | Franklin Municipal High Yield ETF (FTMH) |
Risk
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Risk
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ETF Details
Invesco Rochester HY Municipal ETF Overview
Invesco Rochester HY Municipal ETF (IROC) is an actively managed Municipal Bond High Yield Muni exchange-traded fund (ETF). Invesco launched the ETF in 2022.
The investment seeks current income exempt from federal income tax.
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. It is non-diversified.
About Invesco Rochester HY Municipal ETF (IROC)
There are 7 members of the management team with an average tenure of 3.33 years: Mark Paris (2022), Julius Williams (2022), Tim O’Reilly (2022), John Schorle (2022), Joshua Cooney (2022), Jack Connelly (2022) and Amy Haklisch (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 3 primary benchmarks: S&P Municipal Bond TR index with a weighting of 100%, S&P Municipal Bond High Yield TR index with a weighting of 80% and S&P Municipal Bond IG TR USD index with a weighting of 20%. Invesco Rochester HY Municipal ETF has 157 securities in its portfolio. The top 10 holdings constitute 12.9% 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 Rochester HY Municipal ETF is part of the Fixed Income global asset class and is within the Municipal Bond ETF group. Invesco Rochester HY Municipal ETF has 1.0% 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 97.7% (96.8% domestic bond, 1.0% foreign bond and 0.0% convertible bond). Invesco Rochester HY Municipal ETF has 2.3% of the portfolio in cash.
Assets Under Management
The fund has $133 million in total assets, which is below the $990 million average for the High Yield Muni 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.
IROC 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 Rochester HY Municipal ETF expense ratio is below average compared to funds in the High Yield Muni category. Invesco Rochester HY Municipal ETF has an expense ratio of 0.39%, which is 35% lower than its category average, making the fund expense ratio grade a C. 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 Rochester HY Municipal ETF has a portfolio turnover rate of 52%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 38% for the High Yield Muni category.
Recently, in the month of July 2026, Invesco Rochester HY Municipal ETF returned -1.3%, which earned it a grade of A, as the High Yield Muni category had an average return of -1.8%. 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 Rochester HY Municipal ETF has a trailing yield of 5.20%, which is above the 4.58% 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 Rochester HY Municipal ETF Grades
Year to date, the ETF has returned 2.4%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 7.1% over the past year (grade of C) and 4.6% over the past three years (grade of D).
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IROC 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 |
|
| IROC Return (NAV) | -1.3% | 0.6% | 7.1% | 4.6% | na | na |
| IROC Return (Price) | -1.3% | 0.7% | 7.2% | 4.7% | na | na |
| NAV +/- Price Return | -0.004% | -0.081% | -0.127% | -0.101% | na | na |
| High Yield Muni Avg | -1.8% | 0.3% | 7.4% | 4.8% | 0.2% | 2.2% |
| IROC Grade (NAV) | A | B | C | D | na | na |
| +/- Category (NAV) | 0.5% | 0.3% | -0.4% | -0.2% | na | na |
| IROC Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
IROC Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IROC Return (NAV) | 2.4% | 4.0% | 4.5% | 6.3% | na | na | na | na | na | na | na |
| IROC Return (Price) | 2.4% | 4.1% | 4.7% | 6.3% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.006% | 0.020% | 0.044% | 0.003% | na | na | na | na | na | na | na |
| High Yield Muni Avg | 1.9% | 4.1% | 5.5% | 6.4% | -14.8% | 6.0% | 3.9% | 10.4% | 1.1% | 7.1% | 0.7% |
| IROC Grade (NAV) | A | C | F | D | na | na | na | na | na | na | na |
| +/- Category | 0.5% | -0.0% | -1.0% | -0.1% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.78 |
| R-Squared: | 92% |
| Standard Deviation: | 4.6% |
| Category Risk Index: | 0.72 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.38 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.2% |
| Total Assets: | $ 134 Mil |
| Share Class Assets: | $ 134 Mil |
| Turnover: | 52.0% |
| Expense Ratio: | 0.39% |
| Index Fund: | No |
| Index Tracked: | S&P Municipal Bond TR |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 3.6 years | |||
| Average Tenure: 3.3 years | |||
| Managers (Year): Paris Mark (2022), Williams Julius (2022), O’Reilly Tim (2022), Schorle John (2022), Cooney Joshua (2022), Connelly Jack (2022), Haklisch Amy (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 157 |
| % in Top 10 Holdings: | 12.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.8% |
| Foreign Bond: | 1.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | December 9, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.39% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.60% |
