At a glance
CVY charges 1.15% a year, above the 0.53% average of the 2 funds most like it (the most expensive of 3). It has $124.4M in assets, the 3rd largest of that group; it paid 4.0% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned +16.0% a year. At its worst it fell 49.0% in the 2020 crash (S&P 500: 33.7%) and 21.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 15 months after the lows. Its ten largest positions make up 11.5% of the fund, out of 149 in all.
The short version
Invesco Zacks Multi-Asset Income ETF (CVY) is an index fund that tracks the Zacks Multi-Asset Income Index. As of July 31, 2026, that meant 149 high-income securities, including dividend stocks, preferred stocks, REITs, master limited partnerships and closed-end funds. It had a 4% trailing yield, paid quarterly, as of October 27, 2026. But its 1.15% expense ratio is more than double the 0.53% average of similar funds, and it fell 66.9% from 2007 to 2009.
Price history
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CVY +13.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CVY official prospectus, to Dec 31, 2025 | — | +10.71% | — | +10.40% | +8.29% | — |
| CVY price data to Oct 27, 2026 | +11.6% | +13.9% | +16.0% | +7.9% | +8.6% | +5.8% |
- Over the year to Oct 27, 2026, CVY returned +13.9%, 3rd of 3 among similar funds.
- Its 5-year annualized return was +7.9% and its 10-year +8.6%.
- In the 2020 COVID crash it fell 49% and regained its old high 10.8 months after the low.
- Its worst full calendar year was 2008 (-40.8%); its best was 2009 (+50.3%).
- The deepest fall in its price history was 66.9% (Jun 4, 2007 to Mar 9, 2009), recovered by Jan 25, 2012.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.6% | — |
| 2025 | +11.0% | +10.71% |
| 2024 | +10.2% | +10.74% |
| 2023 | +17.9% | +17.30% |
| 2022 | -9.3% | -8.86% |
| 2021 | +25.3% | +25.15% |
| 2020 | -10.5% | -10.55% |
| 2019 | +25.9% | +25.76% |
| 2018 | -10.8% | -10.42% |
| 2017 | +17.1% | +15.43% |
| 2016 | +16.2% | +16.20% |
| 2015 | -14.3% | — |
| 2014 | -4.3% | — |
| 2013 | +19.5% | — |
| 2012 | +13.1% | — |
| 2011 | +7.6% | — |
| 2010 | +17.8% | — |
| 2009 | +50.3% | — |
| 2008 | -40.8% | — |
| 2007 | -7.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 65.5% over that stretch · deepest drop along the way 65.5%, back to its old high 24.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.6% over that stretch · deepest drop along the way 49%, back to its old high 10.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.6% over that stretch · deepest drop along the way 21.6%, back to its old high 14.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8800 | |
| 2025 | $1.0700 | +4.9% |
| 2024 | $1.0200 | -2.9% |
| 2023 | $1.0500 | -3.7% |
| 2022 | $1.0900 | +87.9% |
| 2021 | $0.5800 | -14.7% |
| 2020 | $0.6800 | -9.3% |
| 2019 | $0.7500 | -11.8% |
| 2018 | $0.8500 | -23.1% |
| 2017 | $1.1059 | +22.9% |
| 2016 | $0.9000 | -15.1% |
| 2015 | $1.0600 | -24.8% |
| 2014 | $1.4100 | +6.8% |
| 2013 | $1.3200 | +11.9% |
| 2012 | $1.1800 | +5.4% |
| 2011 | $1.1200 | +16.7% |
| 2010 | $0.9600 | 0.0% |
| 2009 | $0.9600 | -31.4% |
| 2008 | $1.4000 | +5.3% |
| 2007 | $1.3300 |
What's inside
As of Jul 31, 2026, the fund held 149 securities; the ten largest made up 11.52% of assets, and 16.06% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Grupo Cibest S.A. | 1.23% | |
| Crane NXT, Co. | 1.22% | |
| PROG Holdings, Inc. | 1.20% | |
| Allstate Corp. (The) | 1.18% | |
| Banco Bilbao Vizcaya Argentaria S.A. | 1.15% | |
| Bank of America Corp. Preferred stock | 1.13% | |
| SLM Corp. | 1.12% | |
| KKR & Co. Inc. Preferred stock | 1.11% | |
| Jackson Financial Inc. | 1.10% | |
| Virtu Financial, Inc. | 1.08% | |
| Lloyds Banking Group PLC | 1.07% | |
| Capital One Financial Corp. | 1.07% | |
| Host Hotels & Resorts, Inc. | 1.07% | |
| Reinsurance Group of America, Inc. | 1.07% | |
| ING Groep N.V. | 1.06% |
By country
United States 79.45%Bermuda 4.45%United Kingdom 2.6%Netherlands 2.09%Brazil 2.01%By asset type
Stocks 90.3%Preferred stock 9.57%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $2.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.52%, +1.49%, +4.92%.
How it works
CVY tracks the Zacks Multi-Asset Income Index, which Zacks Investment Research compiles. Zacks picks from U.S. and international companies listed on major U.S. exchanges. Its own private model scores stocks on several factors, including dividend yield and risk-adjusted return (gains measured against how much the price swings). The index can hold common stocks, preferred stocks, REITs, master limited partnerships (MLPs), closed-end funds and ADRs. ADRs are U.S.-traded certificates that stand for shares of foreign companies. As of June 30, 2026, the index had 149 members, each worth between $733.3 million and $203 billion.
Invesco uses full replication. That means the fund generally owns every security in the index, in the same proportions. It must keep at least 80% of net assets in index securities or investments that behave like them. As of July 31, 2026, the top 10 holdings made up just 11.52% of the fund. The largest were Colombia's Grupo Cibest (held as an ADR) at 1.23%, Crane NXT at 1.22% and PROG Holdings at 1.20%. Common stocks were 90.3% of the fund and preferred stocks 9.57%. The fund had heavy exposure to financial companies as of April 30, 2026.
Portfolio turnover was 159%, so the lineup changes a lot. Trading costs from that turnover are not included in the expense ratio. Because the fund owns closed-end funds, holders also pay a share of those funds' own expenses.
What it really costs
- CVY charges 1.15% a year, versus an average of 0.53% for the similar funds below (3rd of 3, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $117 in the first year and $1,398 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CVY | $117 | $365 | $633 | $1,398 |
In a retirement portfolio
Its index targets high-yield securities and it pays quarterly, but its deep past drops make it better suited as one income piece than as a core holding.
CVY could serve as an income piece. It pays quarterly and had a 4% trailing yield ($1.16 per share) as of October 27, 2026. The main thing to weigh is how it held up in downturns. It fell 65.5% in the 2008 financial crisis. Its deepest drop, 66.9% from June 2007 to March 2009, did not recover until January 2012. It lost 49% in the 2020 COVID crash and recovered by February 2021. It fell 21.6% in 2022 and recovered by December 2023. Its worst calendar year was 2008, down 40.8%. A retiree forced to cash out shares in those years would have locked in steep losses, and companies under stress can cut dividends. Costs are high too: 1.15% a year, or $1,398 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting quarterly income from a blend of dividend stocks, preferreds, REITs and closed-end funds; trailing yield was 4% as of October 27, 2026.
- Those who prefer spread-out holdings: across 149 holdings, the largest was about 1.2% of the fund as of July 31, 2026.
- Investors comfortable with heavy financials exposure, including small and mid-sized companies and foreign banks such as BBVA, Lloyds and ING held through ADRs.
Look elsewhere if
- Cost-conscious investors: CVY's 1.15% expense ratio compares with a 0.53% average for similar funds and 0.85% for SDVD.
- Retirees who can't handle deep drops: CVY fell 66.9% from 2007 to 2009 and took until 2012 to recover.
- Investors focused on recent returns: CVY's 13.9% one-year and 16% three-year returns ranked last of three similar funds as of October 27, 2026.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does CVY pay monthly dividends?
No. CVY pays distributions quarterly. Over the 12 months through October 27, 2026, it paid $1.16 per share, a trailing yield of 4%. Payouts depend on what the fund's holdings pay, so they can rise or fall. The prospectus warns that companies can change their dividend policies, and that dividend-paying stocks as a group can fall out of favor with investors.
What is CVY's expense ratio?
CVY's expense ratio is 1.15% a year, which includes a 0.50% management fee, according to its prospectus filed August 27, 2026. The average for similar funds is 0.53%. The SEC's standard example assumes $10,000 invested at a 5% annual return. On that basis, costs total $117 after one year, $633 after five years and $1,398 after 10. Because CVY owns closed-end funds, holders also pay a share of those funds' own expenses.
CVY vs SDVD: what's the difference?
Both are income-focused funds, but they share only about 11% of their holdings. FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD) costs 0.85% a year, compared with 1.15% for CVY. As of October 27, 2026, SDVD returned 14.4% over one year and 18.9% a year over three years. CVY returned 13.9% and 16%. SDVD is also much larger: $909.6 million in net assets versus $124.4 million for CVY, as of July 31, 2026.
Is CVY good for retirement income?
It can provide income, but with real risks. CVY yielded 4% over the 12 months through October 27, 2026, paid quarterly. Yet it lost 66.9% from June 2007 to March 2009 and 49% in early 2020, and its 1.15% expense ratio is high. It may suit retirees who use it as one income piece in a diversified portfolio and can avoid cashing out shares during deep slumps.
What is CVY's long-term return?
As of December 31, 2025, CVY's average annual returns were 10.71% over one year, 10.4% over five years and 8.29% over 10 years, according to its prospectus. The ride was bumpy. It lost 10.42% in 2018, 10.55% in 2020 and 8.86% in 2022. Its worst quarter was a 39.98% drop in early 2020. Based on market price, it has returned about 5.8% a year since its 2006 launch, as of October 27, 2026.