📌 Table of Contents
✅ ETF Overview
🧠 Strategy & Structure
💼 Portfolio Profile
📈 Key Metrics & Yield
🔍 Pros & Cons
✅ Final Thoughts
✅ 1. ETF Overview
- Name: Invesco® Core Fixed Income ETF
- Ticker: GTOC (listed on Cboe/BATS) 야후 파이낸스+13Cboe Global Markets+13MarketChameleon.com+13
- Issuer: Invesco Ltd.
- Inception Date: July 23, 2025 Fintel+10Cboe Global Markets+10ETF Database+10
- Expense Ratio: 0.25% 야후 파이낸스+7Invesco+7ETF Database+7
- Assets Under Management (AUM): ~$15M (≈$253K–$15M range reported) InvescoMarketChameleon.com
- Category: Actively managed U.S. investment‑grade fixed‑income ETF
📌 GTOC is designed for investors seeking total return through a diversified portfolio of investment-grade U.S. bonds and related instruments.
🧠 2. Strategy & Structure
GTOC pursues total return by investing ≥80% of its assets in investment-grade fixed-income securities and related derivatives Webull+12NASDAQ Trader+12MarketChameleon.com+12.
- Core holdings include U.S. corporate and government bonds, mortgage-backed securities (MBS), and asset-backed securities (ABS)
- May invest up to 20% in non‑agency (private) ABS such as CMBS or RMBS MarketChameleon.com
- Uses derivatives including futures, swaps, or forwards for exposure management and yield enhancement
- No options embedded in ETF structure Investing.comNASDAQ Trader+1Fintel+1
📌 An active bond ETF blending broad exposure with tactical allocation tools.
💼 3. Portfolio Profile
- Number of Holdings: ~163–172 securities Invesco+2Invesco+2Investing.com+2
- Weighted average duration: ~5.97 years (effective), ~6.05 years (modified) Invesco+1Invesco+1
- Weighted average life: ~9.8 years; Yield to maturity ~4.98%; Yield to worst ~4.94%
- Weighted average coupon: ~4.55%; Weighted avg price ~97.59 Invesco+1Invesco+1
- NAV: $25.09 (as of July 29, 2025); Last trade: $25.04; Bid/ask spread tight at ~0.16% midspread Invesco+1Invesco+1
GTOC offers a moderate-duration, investment-grade bond profile targeting ~5% yield and capital structure diversification.
📈 4. Key Metrics & Yield
- SEC 30-Day Yield: 0.00% (likely due to short live history or delayed data) ETF Database+12Invesco+12Invesco+12
- NAV tracking: slight discount (~–0.08%) indicates reasonable pricing vs NAV Invesco
- Trading volume: limited (average ~1,500 shares/day) → very small liquidity pool NASDAQ Trader
- Asset value: ~15M USD total market cap InvescoMarketChameleon.com
🔍 5. Pros & Cons
✅ Advantages
- Active management allows flexibility across bond sectors (govt, corporate, MBS, ABS)
- Moderate-duration exposure (~6 yrs) helps balance income and interest-rate sensitivity
- Attractive yield (~4.9%) in current bond environment
- Tight expense ratio (0.25%) compared with peers MarketChameleon.comPublicETF Database
❌ Drawbacks
- Very limited AUM and volume → liquidity risk and wider spreads
- Yield data not fully available yet (lag in SEC yield numbers)
- Strategy still unproven due to recent launch (July 2025)
- Duration exposes to interest-rate risk and credit market fluctuations
✅ Final Thoughts
GTOC—Invesco’s Core Fixed Income ETF—offers a compelling option for investors seeking actively managed investment-grade bond exposure with a solid yield (~5%) and moderate duration. With a low expense ratio and flexible asset mix, it could serve as a core bond holding in portfolios.
However, the ETF is very new and small, meaning liquidity could be an issue. That, combined with modest duration sensitivity (≈6 years) and unestablished track record, suggests it's better suited for investors who understand bond strategies and can tolerate early-stage liquidity risks.
📌 May work well as a satellite bond position or complement to more liquid core bond ETFs.