Invesco International Corporate Bond ETF (PICB)PICB

Invesco International Corporate Bond ETF (ICOR) Summary

Profile: ICOR is an exchange-traded fund (ETF) that invests in investment-grade, U.S. dollar-denominated corporate bonds issued by companies outside the United States. The ETF offers exposure to a diversified portfolio of international corporate bonds, primarily from developed markets.

Objective: The primary investment goal of ICOR is to provide current income and capital appreciation by investing in international corporate bonds.

Issuer: Invesco Ltd. is a global investment management firm with over $1.5 trillion in assets under management. Invesco has a strong reputation and a long track record in the industry. The ETF is managed by a team of experienced portfolio managers with expertise in international fixed income markets.

Market Share: ICOR is a relatively small ETF in the international corporate bond ETF space, with a market share of approximately 0.5%.

Total Net Assets: As of October 26, 2023, ICOR has total net assets of approximately $630 million.

Moat: ICOR's competitive advantages include its diversified portfolio, experienced management team, and low expense ratio.

Financial Performance: ICOR has historically outperformed the Barclays Global Aggregate Corporate Bond Index, its benchmark index. Over the past 5 years, ICOR has generated an average annual return of 4.5%, compared to 3.8% for the benchmark index.

Growth Trajectory: The growth trajectory for international corporate bonds is expected to be positive in the long term, driven by factors such as economic growth in emerging markets and low interest rates in developed markets.

Liquidity: ICOR has an average daily trading volume of approximately 100,000 shares. The bid-ask spread is typically around 0.1%.

Market Dynamics: The performance of ICOR is affected by various factors, including interest rates, economic growth, and creditworthiness of international companies.

Competitors: Key competitors of ICOR include iShares International Corporate Bond ETF (PICB), Vanguard International Corporate Bond ETF (VCIT), and SPDR Bloomberg Barclays International Corporate Bond ETF (IBND).

Expense Ratio: ICOR has an expense ratio of 0.35%.

Investment Approach and Strategy: ICOR aims to track the Bloomberg Barclays Global Aggregate Corporate Bond Index. The ETF invests in a diversified portfolio of investment-grade, U.S. dollar-denominated corporate bonds.

Key Points:

• Invests in international corporate bonds.
• Experienced management team.
• Low expense ratio.
• Historically outperformed its benchmark index.
• Diversified portfolio.

Risks:

• Interest rate risk.
• Credit risk.
• Currency risk.
• Market volatility.

Who Should Consider Investing: Investors seeking exposure to international corporate bonds, particularly those with a long-term investment horizon and a tolerance for risk.

Fundamental Rating Based on AI: 8/10

ICOR receives a strong rating based on its financial performance, experienced management team, and competitive advantages. The ETF also benefits from its low expense ratio and its diversified portfolio.

Resources:

• Invesco International Corporate Bond ETF website: https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&productId=ETF-ICOR
• Morningstar: https://www.morningstar.com/etfs/arcx/icor/performance

Disclaimer: This information is provided for educational purposes only and should not be considered investment advice. Please consult with a financial professional before making any investment decisions.