Strategies to help you find and keep more income

When income takes effort to uncover, every basis point matters. Our fixed income strategies can help you keep more of what you capture.

Explore strategies
Dog standing on a dirt trail while being walked by a person

Three strategies to enhance your fixed income portfolio

 

Federal Reserve easing can make it harder to generate the income you need. We can help you keep more of the yield you earn — and introduce you to new income possibilities.

Tax-efficient munis icon

Tax-efficient munis

Hold on to the yield you earn through municipal bonds that are free from federal income taxes.

Globe icon

Cost-efficient ETFs

Get core fixed income exposure through cost-efficient exchange-traded funds.

world globe

International debt

Unlock diverse sources of income with greater total return potential in a stable to weaker US dollar environment.

Keep more of what you earn with our municipal bond strategies

 

The income from munis is generally exempt from federal, and potentially state and local, income taxes so you can hold on to more of what you earn. Our portfolio managers scour the universe of more than 50,000 municipal bond issuers1 to find the best opportunities.

Man rock climbing helping a woman up a ledge

Trusted by investors

Invesco is the second-largest high yield municipal bond manager and sixth-largest municipal bond manager, as measured by assets.2 We have $61.1 billion in municipal assets under management3 and a track record of navigating multiple market cycles.

Transcript

Runner jumping over a ledge

Award-winning team

Our award-winning credit research team includes 24 analysts averaging more than 19 years’ experience and earning a Top 3 ranking for four consecutive years.4

Transcript

Aerial view of rowing team in action on water

Time-tested approach

We launched our first municipal fund in 1976, giving us a half century of experience managing municipal bond assets. As one of the largest municipal managers, we can deliver access to unique opportunities — municipalities often come to us first to secure financing for key projects.

Transcript

ORNYX
Invesco Rochester® Municipal Opportunities Fund

Transcript

IROC
Invesco Rochester High Yield Municipal ETF

Transcript

View more municipal bond top ideas

Transcript

Get cost-efficient access with our fixed income ETFs

 

ETFs are a tax-efficient vehicle and can provide cost-efficient ways to get core fixed income exposure. Our fixed income suite offers exposure to both index-based and actively managed ETFs, providing a wide range of choices to help investors reach their goals.

Person taking a photo in a mountain valley

A history of innovation

Invesco is an ETF pioneer with more than two decades of leadership in ETF innovation, and most of our fixed-income ETFs have track records of more than five years.

Transcript

Person on a paddleboard with a dog in a shallow river

Income opportunities

Our ETF strategies can be used to replace cash and money market investments with potentially higher yielding approaches.

Transcript

Person walking on a wide beach at sunset

ETF benefits

Their tax efficiency, transparency, liquidity, diversification potential, and the choice of active or passive approaches make ETFs a popular choice for many investors.

Transcript

GTO
Invesco Total Return Bond ETF

Transcript

GSY
Invesco Ultra Short Duration ETF

Transcript

View more fixed income ETF top ideas

Transcript

Diversify your opportunities with our international debt strategies

 

With a wide opportunity set to drive additional yield and total return, our category-leading funds can help boost portfolio diversification with exposure to non-US assets and foreign currencies.

Blue vehicle driving through a mountain valley

Currency exposure

A stable to weaker US dollar environment means that incorporating foreign currency exposure can offer an additional source of total return potential. And international bonds provide exposure to different economies, inflation regimes, and monetary cycles.

Transcript

Person hiking up a rocky slope above clouds

Top in its category

Invesco International Bond Fund is No. 1 in its Morningstar category over the past 1 and 3 years,5 reflecting consistently strong performance versus its benchmark and peers.

Transcript

Person biking on a ridge with a dog

A history of outperformance

Invesco Global Strategic Income Fund has top quartile performance versus its peers across 1-, 3-, 5-, and 10-year periods, and is No. 1 in its Morningstar category over the past 15 years.5

Transcript

OIBYX
Invesco International Bond Fund

Transcript

OSIYX
Invesco Global Strategic Income Fund

Transcript

Frequently
asked questions

The income produced by municipal bonds is typically exempt from income taxes at the federal level. Municipal bonds may also be exempt from state and local taxes based on where the investor resides.

Our high conviction approach to investing aims to deliver a highly competitive yield by exploiting anomalies that exist in the high yield municipal market.  The Invesco Municipal Bond team employs a bottom-up, research-oriented approach to generate income-driven total return. Our experienced credit research staff works to uncover value in non-rated bonds, which may offer the potential for higher yield and total return.  

We believe in giving investors choices that work for their unique needs. Invesco Rochester High Yield Municipal ETF is an actively managed exchange-traded fund that seeks current income exempt from federal income tax. And, we support investor access with initiatives like our fee waiver on IROC, now offering a 0% net expense ratio to December 31, 2026.6

ETFs are fast-becoming a go-to tool for fixed income investors who are focused on fees, taxes, transparency, and liquidity.

Our team is empowered by a collaborative culture and extensive research capabilities across geographies, asset classes, and sectors. We bring the resources of a global asset manager while remaining nimble enough to add value through security selection. Through a rigorous, repeatable process that constantly identifies new themes and opportunities, we build best-idea portfolios that seek to deliver strong risk-adjusted performance over time.

GSY is an actively managed ETF that may fill the void between cash and short-term bonds for investors looking to put excess cash to work.

In our view, global fixed income markets offer a wide opportunity set for additional yield and total return potential, with built-in diversification across geographies and fixed income sectors.

Pure international exposure with actively managed currency exposure may be an effective complement to US fixed income, by offering additional diversification, income and total return potential.

The strategy uses top-down macro and bottom-up country analyses to invest across foreign exchange, interest rates and credit securities in international and emerging markets.

The strategy typically invests in a strategic mix of global fixed income sectors to seek high income and total return.

We view risk from multiple lenses and manage it using both integrated and independent approaches. First, risk management is embedded within our investment process. Second, multiple governance structures provide independent oversight and monitoring. Third comes senior management and board review.

  • 1

    Source: Invesco as of Dec. 31, 2025
  • 2

    Source: Strategic Insight, based on AUM as of Dec. 31, 2025.
  • 3

    Source: Invesco, data as of Dec. 31, 2025.
  • 4

    Source: Smith’s Research & Gradings, awarded Dec. 3, 2025. Smith’s Research & Gradings was founded in 1992 by Terence Smith to provide independent third-party research and credit analytics for institutional investors. Smith’s has become a bellwether research company, often predicting significant trends and spotlighting controversial subjects sometimes months and years before they come to light elsewhere. Smith’s analysis is an indispensable part of Wall Street and the world’s capital markets. Methodology: Each year, nominations to the ballot are made by a committee of portfolio managers from 13 investment firms. The final ballot is sent out to 1,000 institutional investors for voting. Each institutional investor is only allowed to vote for one analyst in a sector — every vote is for the first-team analyst. Overall, the ballot recognized more than 315 municipal analysts at more than 85 firms in 28 different categories. Invesco was ranked 3rd in 2022, 1st in 2023, 2nd in 2024 and 2nd in 2025. Smith's All-Star Analysts Program includes a team category, which recognizes the contributions by all members of the analytical group. It is important to understand that voters are not choosing First, Second or Third teams — all votes are cast for an analyst to be on the First Team.
  • 5

    Morningstar and Invesco, as of Dec. 31, 2025. Past performance does not guarantee future results. Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance, placing more emphasis on the downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a 3-year history. The overall rating is derived from a weighted average of 3-, 5- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Invesco International Bond Fund R6 shares were ranked 1st out of 147 funds in the Morningstar Global Bond category for the 1- and 3-year periods. Invesco Global Strategic Income Fund R6 shares were ranked 21st out of 147 funds in the Morningstar Global Bond category for the 1-year period, 5th out of 147 funds for the 3-year period, 4th out of 142 funds for the 5-year period, 6th out of 126 funds for the 10-year period, and 1st out of 84 funds for the 15-year period. Morningstar ratings are as of 12/31/2025 and are subject to change every month. Ratings for other share classes may differ due to different performance characteristics. ©2026 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance cannot guarantee comparable future results.
  • 6

    Effective July 1, 2025 through December 31, 2026, Invesco Capital Management LLC (the “Adviser”) will voluntarily waive 100% of its management fee, 0.39%, for the Fund. Through August 31, 2027, Invesco Capital Management LLC (the “Adviser”) has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate. This waiver will have the effect of reducing the Acquired Fund Fees and Expenses that are indirectly borne by the Fund. The Adviser cannot discontinue this waiver prior to its expiration. The .39 is waived through 12/31/26 and the .01 is waived through 8/31/27. The Net Expense Ratio for the Fund through December 31, 2026, is 0.00%.

NA5276268

Class Y shares are closed to most investors. Please see the prospectus for more details.

Invesco does not offer tax advice. Please consult your own tax professional for information regarding your personal tax situation.

Most ETFs disclose their portfolio holdings daily.

Since ordinary brokerage commissions apply for each buy and sell transaction, frequent trading activity may increase the cost of ETFs.

Diversification does not guarantee a profit or eliminate the risk of loss.

There is no guarantee that the Fund's income will be exempt from federal and state income taxes.

Fixed income products are subject to risk, including credit risk of the issuer and the effects of changing interest rates. 

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. Investments concentrated in a comparatively narrow market sector can be more volatile than non-concentrated investments.

The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

There are risks involved with investing in ETFs, including possible loss of money. Index–based ETFs are not actively managed. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Both index–based and actively managed ETFs are subject to risk similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. Please be aware that the mutual funds and ETFs listed may be subject to certain additional risks. See the prospectus for complete details about the risks associated with each fund.

Investors should be aware of the material differences between mutual funds and ETFs. ETFs generally have lower expenses than actively managed mutual funds due to their different management styles. Most ETFs are passively managed and are structured to track an index, whereas many mutual funds are actively managed and thus have higher management fees. Unlike ETFs, actively managed mutual funds have the ability react to market changes and the potential to outperform a stated benchmark. Since ordinary brokerage commissions apply for each ETF buy and sell transaction, frequent trading activity may increase the cost of ETFs. ETFs can be traded throughout the day, whereas, mutual funds are traded only once a day. While extreme market conditions could result in illiquidity for ETFs. Typically they are still more liquid than most traditional mutual funds because they trade on exchanges. Investors should talk with their advisers regarding their situation before investing.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed income investment to a change in interest rates. Duration is expressed as a number of years.

BulletShares ETFs

Investments focused in a particular sector are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The funds are non-diversified and may experience greater volatility than a more diversified investment.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

During the final year of the funds’ operations, as the bonds mature and the portfolio transitions to cash and cash equivalents, the funds’ yield will generally tend to move toward the yield of cash and cash equivalents and thus may be lower than the yields of the bonds previously held by the funds and/or bonds in the market.

If interest rates fall, it is possible that issuers of callable securities will call or prepay their securities before maturity, causing the Fund to reinvest proceeds in securities bearing lower interest rates and reducing the Fund’s income and distributions.

An issuer may be unable or unwilling to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

Income generated from the funds is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, the funds’ income may drop as well. During periods of rising interest rates, an issuer may exercise its right to pay principal on an obligation later than expected, resulting in a decrease in the value of the obligation and in a decline in the funds’ income.

An issuer’s ability to prepay principal prior to maturity can limit the funds’ potential gains. Prepayments may require the funds to replace the loan or debt security with a lower yielding security, adversely affecting the funds’ yield.

The Fund generally expects to make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. However, from time to time, the Fund reserves the right to effect redemptions for cash, rather than in-kind. In doing so this may decrease the tax efficiency of the Fund compared to utilizing an in-kind redemption process. 

Unlike a direct investment in bonds, the funds’ income distributions will vary over time and the breakdown of returns between fund distributions and liquidation proceeds are not predictable at the time of investment. For example, at times the funds may make distributions at a greater (or lesser) rate than the coupon payments received, which will result in the funds returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of fund distribution payments may affect the tax characterization of returns, and the amount received as liquidation proceeds upon fund termination may result in a gain or loss for tax purposes.

During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the fund, the ability of the fund to value its holdings becomes more difficult and the judgment of the sub-adviser may play a greater role in the valuation of the fund’s holdings due to reduced availability of reliable objective pricing data.

The funds’ use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

BulletShares High Yield ETFs

The values of junk bonds fluctuate more than those of high quality bonds and can decline significantly over short time periods.

The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

The Fund may invest in privately issued securities, including 144A securities which are restricted (i.e., not publicly traded). The liquidity market for Rule 144A securities may vary, as a result, delay or difficulty in selling such securities may result in a loss to the Fund.

BulletShares Municipal ETFs

Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer’s ability to make payments of principal and/ or interest.