Invesco Fundamental High Yld Corp Bd ETF
PFH.TO
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- Invesco Fundamental High Yield Corporate Bond Index ETF (PFH.TO) is an exchange-traded fund that seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the RAFI Bonds US High Yield 1-10 CAD Hedged Index, focusing on high-yield corporate bonds with 1-10 years to maturity; it invests primarily in securities of the Invesco Fundamental High Yield Corporate Bond ETF (NYSE Arca: PHB) or directly in corporate fixed-income securities using a fundamental weighting methodology developed by Research Affiliates to overweight issuers based on factors such as sales, cash flow, book value, and dividends. The ETF offers exposure to a concentrated portfolio of U.S. high-yield bonds, denominated in U.S. dollars but CAD-hedged to mitigate currency risk for Canadian investors; key characteristics include an effective duration of approximately 3.50 years, yield to maturity around 5.90%, and monthly distributions with a forward yield of about 5.53%. PFH.TO operates within the fixed income segment, targeting income-oriented investors such as individuals, institutions, and financial advisors seeking high-yield opportunities with reduced equity-like volatility. Managed by Invesco Canada Ltd., a subsidiary of Invesco Ltd. headquartered in Atlanta, Georgia (with Canadian operations based in Toronto, Ontario), the ETF was launched in 2015 and trades on the Toronto Stock Exchange under the ticker PFH-F.TO (also referenced as PFH.TO). It has no operating subsidiaries but maintains a holdings concentration exceeding 100% in its top position (the underlying PHB ETF) alongside cash equivalents in CAD and USD for hedging and liquidity purposes, serving primarily Canadian-domiciled investors with global high-yield bond exposure. Recent developments include an announced change effective March 24, 2025, to the underlying index provider for PFH.TO and related Invesco ETFs, shifting from FTSE International Limited (in conjunction with Research Affiliates) to indexes solely provided by Research Affiliates, LLC, to streamline index tracking methodologies. Invesco Canada also estimated 2024 cash and annual reinvested distributions for PFH.TO in January 2025, reflecting ongoing commitment to monthly payouts amid market conditions yielding a one-year total return of approximately 18.44% and YTD performance of 20.07% as of late 2025. No major acquisitions, funding rounds, or product launches were reported for the ETF itself in the last 1-2 years, though parent Invesco Ltd. standardized fundamental investment restrictions across its funds complex in September 2024 to enhance flexibility.