Invesco Raymond James SB-1 Equity ETF
RYJ
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- Invesco Raymond James SB-1 Equity ETF (RYJ) is an exchange-traded fund that seeks to track the Raymond James SB-1 Equity Index by investing at least 90% of its total assets in securities and depositary receipts comprising the index, which consists of U.S.-listed equity securities rated Strong Buy 1 by Raymond James & Associates, Inc.; the fund and index are rebalanced semi-monthly. It offers investors exposure across market capitalizations, with allocations emphasizing small-cap value (22.94%), small-cap blend (18.71%), and small-cap growth (20.00%) stocks, alongside sectors such as financials (21.08%), health care (16.60%), energy (15.71%), information technology (11.77%), and industrials (11.18%). The ETF targets institutional and retail investors seeking equity strategies focused on analyst-rated outperformers relative to broader benchmarks like the S&P MidCap 400 Index. Issuer Invesco Ltd., founded in 1935 and headquartered in Atlanta, Georgia, manages the fund as part of its broader exchange-traded fund offerings, which span equities, fixed income, commodities, and alternative strategies; Invesco operates globally with offices in over 20 countries. The fund traces its inception to May 19, 2006, incorporating performance history from predecessor funds including the Guggenheim and Claymore/Raymond James SB-1 Equity Funds following reorganizations in 2018 and 2008. In a major strategic shift effective March 25, 2024, the fund underwent a comprehensive reorganization, changing its name to Invesco Bloomberg Analyst Rating Improvers ETF, ticker symbol to UPGD, underlying index to the Bloomberg ANR Improvers Index (which tracks large- and mid-cap U.S. equities with the most improved consensus analyst ratings over the prior 12 months), and index provider to Bloomberg Index Services Limited; this update also revised the investment objective, principal strategy, eliminated the 80% non-fundamental policy tied to the prior name, and reduced the unitary management fee from 0.75% to 0.40%. Post-reorganization, the ETF maintains an equal-weighted approach with approximately 51 holdings, featuring top positions in stocks like CarMax (2.28%), Kroger (2.26%), and Zoom Video Communications (2.22%), and a net expense ratio of 0.40% as of late 2025. No subsequent acquisitions, partnerships, funding rounds, or product launches specific to this ETF have been reported in the last 1-2 years.