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USA

Invesco is listing two more multi-factor bond ETFs, this time targeting defensive and income opportunities. Both funds track an "index of indexes" where the underlying indexes are made of lots of little Invesco sub-indexes.
  • Invesco Multi-Factor Defensive Core Fixed Income ETF (IMFD)
  • Invesco Multi-Factor Income ETF (IMFI)
IMFD will track an index made of four sub-indexes. Their target allocations are:
  1. Invesco U.S. Treasury 1-3 Years Index (55% weight);
  2. Invesco U.S. Fixed Rate 30 Year MBS Index (20% weight);
  3. Invesco Investment Grade Defensive Index (15% weight);
  4. Invesco Emerging Markets Debt Defensive Index (10% weight).
Each subindex is quite straightforward. The emerging market index is "defensive" in that its US dollar denominated and all securities must have a rating of B- or better. The index is rebalanced monthly.
IMFI will track an index made of a massive seven subindexes. Their target allocations are:
  1. Invesco U.S. Fixed Rate 30 Year MBS Index (25% weight);
  2. Invesco Emerging Markets Debt Value Index (15% weight);
  3. Invesco High Yield Defensive Index (15% weight);
  4. Invesco Investment Grade Value Index (15% weight);
  5. Invesco Emerging Markets Debt Defensive Index (10% weight);
  6. Invesco High Yield Value Index (10% weight);
  7. Invesco Investment Grade Defensive Index (10% weight).
The difference between the "value" and "defensive" versions of these indexes is the value indexes target higher yield. To ensure the resulting index doesn't fill up with junk, Invesco adds a quality screen. The quality screen looks at credit ratings and maturity.