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GSY: Low Duration Doesn't Protect Against Credit Widening
The Invesco Ultra Short Duration ETF offers a 4.27% SEC yield with a low 0.77-year duration, targeting above-cash returns via incremental investment-grade credit risk. GSY's incremental yield over Treasuries is primarily from credit exposure, but current credit premiums are compressed and not particularly attractive. The 0.22% expense ratio further erodes net returns, especially given the fund's reliance on low credit spreads for excess yield.
goeasy Q2 Earnings Call Highlights
goeasy TSE: GSY reported second-quarter adjusted diluted earnings per share of C$1.02, improving from an adjusted diluted loss per share of C$1.90 in the first quarter, as the non-prime lender reduced originations, released credit-loss provisions tied to a smaller loan book and strengthened its liquidity position.
GSY: Still Carries FX Risks, Spot Yields Looking To Fall
Invesco Ultra Short Duration ETF (GSY) loses appeal as momoentary Middle East ceasefire reduces spot yields on high rated corporate credit. With spot yields likely to fall and markets broadening their rally, opportunity costs are rising. Anyway, GSY's higher expense ratio (0.22%) versus FLOT (0.15%) makes FLOT a superior option for low-duration exposure.
Invesco Ultra Short Duration ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| TJD Thomas John Drogan PR Inc.IPAL SECURITIES Inc. | 337,031 | $16.86M | $16.88M | $12,931.81 | 0.08% |
| BZ Brandon Zatopek Commonwealth Equity Services LLC | 103,799 | $5.21M | $5.19M | -$12,469.13 | -0.24% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 4,448 | $223,100.71 | $222,533.44 | -$567.27 | -0.25% |
| RS Ramu Singh CALTON & ASSOCIATES Inc. | 4,414 | $221,426.04 | $221,075.19 | -$350.85 | -0.16% |
| NA Nizar Araji National Bank Of Canada /FI/ | 10,697 | $534,401.6 | $535,598.79 | $1,197.19 | 0.22% |
Invesco Ultra Short Duration ETF (GSY) FAQ
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Invesco Ultra Short Duration ETF Profile
| ARCA Exchange | US Country |
Overview
The fund is designed for investors seeking a strategic approach to fixed income investing with a focus on capital preservation and liquidity. By allocating at least 80% of its net assets in fixed income securities, alongside investments in ETFs and closed-end funds that predominantly target fixed income assets, the fund positions itself as a stable investment vehicle. Employing a low duration strategy, it aims to outperform the ICE BofA US Treasury Bill Index. The primary objectives include generating returns that surpass those from U.S. Treasury bills, government repurchase agreements, and money market funds, while emphasizing the preservation of capital and ensuring daily liquidity for its investors.
Products and Services
- Fixed Income Securities
Investments in various fixed income instruments constitute the core of the fund's portfolio. This approach is designed to provide a steady income stream to investors, with a focus on bonds and other debt instruments that promise fixed returns over time. This is particularly appealing to those who seek regular income and lower risk compared to equities.
- ETFs and Closed-end Funds
The fund also focuses on investing in ETFs (Exchange-traded Funds) and closed-end funds that are heavily oriented towards fixed income securities. This enables the fund to diversify its investment portfolio, mitigating risks and potentially tapping into various markets and sectors within the fixed income universe. Such investments can include corporate bonds, government bonds, municipal bonds, and more, depending on the objectives and strategies of the underlying ETFs and closed-end funds.
- Low Duration Strategy
By pursuing a low duration strategy, the fund aims to minimize the sensitivity of its investments to changes in interest rates, thus potentially reducing volatility and preserving capital. Duration is a measure of the sensitivity of the price of a bond to a change in interest rates, with lower duration indicating lower sensitivity. This strategy can be especially advantageous in environments where interest rates are rising, helping to protect investor capital.
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