At a glance
GSY charges 0.22% a year, above the 0.13% average of the 7 funds most like it (the 7th cheapest of 8). It has $3.92B in assets, the 5th largest of that group; it paid 4.22% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.7% with distributions reinvested, 3rd of those 8 funds; over three years it returned +5.2% a year. At its worst it fell 5.2% in the 2020 crash (S&P 500: 33.7%) and 1.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 7 months after the lows. Its ten largest positions make up 7.5% of the fund, out of 409 in all.
The short version
Invesco Ultra Short Duration ETF (GSY) is an actively managed bond fund. As of July 31, 2026, it held 409 positions, mostly investment-grade corporate bonds plus Treasury bills and notes, and it keeps its average duration under one year. Its goal is to earn more than Treasury bills and money market funds while keeping price swings small. Its 0.22% expense ratio is above the 0.13% average for similar funds.
Price history
The interactive chart needs JavaScript.
GSY +3.7% 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 | |
|---|---|---|---|---|---|---|
| GSY official prospectus, to Dec 31, 2025 | — | +5.01% | — | +3.36% | +2.79% | — |
| GSY price data to Oct 27, 2026 | +2.9% | +3.7% | +5.2% | +3.9% | +2.9% | +2.0% |
- Over the year to Oct 27, 2026, GSY returned +3.7%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +3.9% and its 10-year +2.9%.
- In the 2020 COVID crash it fell 5.2% and regained its old high 2.3 months after the low.
- Its worst full calendar year was 2010 (-0.2%); its best was 2023 (+6.0%).
- The deepest fall in its price history was 12.1% (Dec 3, 2008 to Dec 4, 2008), recovered by Jun 6, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.9% | — |
| 2025 | +5.0% | +5.01% |
| 2024 | +6.0% | +5.96% |
| 2023 | +6.0% | +5.98% |
| 2022 | -0.0% | 0.00% |
| 2021 | 0.0% | +0.05% |
| 2020 | +1.9% | +1.86% |
| 2019 | +3.4% | +3.36% |
| 2018 | +2.1% | +2.17% |
| 2017 | +1.9% | +1.92% |
| 2016 | +1.8% | +1.80% |
| 2015 | +1.0% | — |
| 2014 | +0.8% | — |
| 2013 | +1.4% | — |
| 2012 | +1.6% | — |
| 2011 | +0.1% | — |
| 2010 | -0.2% | — |
| 2009 | +0.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 4.3% over that stretch · deepest drop along the way 5.2%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 1% over that stretch · deepest drop along the way 1.2% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.7500 | |
| 2025 | $2.3100 | -13.2% |
| 2024 | $2.6600 | +8.1% |
| 2023 | $2.4600 | +196.4% |
| 2022 | $0.8300 | +196.4% |
| 2021 | $0.2800 | -61.1% |
| 2020 | $0.7200 | -47.1% |
| 2019 | $1.3600 | +19.3% |
| 2018 | $1.1400 | +25.3% |
| 2017 | $0.9100 | +49.2% |
| 2016 | $0.6100 | +5.2% |
| 2015 | $0.5800 | -9.4% |
| 2014 | $0.6400 | +8.5% |
| 2013 | $0.5900 | +55.3% |
| 2012 | $0.3800 | +137.5% |
| 2011 | $0.1600 | +1500.0% |
| 2010 | $0.0100 | -91.9% |
| 2009 | $0.1240 |
What's inside
As of Jul 31, 2026, the fund held 409 securities; the ten largest made up 7.55% of assets.
| Holding | Weight | |
|---|---|---|
| U.S. Treasury Bills Bonds and notes | 1.24% | |
| U.S. Treasury Notes/Bonds Bonds and notes | 1.14% | |
| U.S. Treasury Notes/Bonds Bonds and notes | 1.02% | |
| American Tower Corp. Bonds and notes | 0.66% | |
| Amazon.com, Inc. Bonds and notes | 0.64% | |
| Jefferies Financial Group Inc. Bonds and notes | 0.64% | |
| Haleon US Capital LLC Bonds and notes | 0.63% | |
| NatWest Group PLC Bonds and notes | 0.53% | |
| GA Global Funding Trust Bonds and notes | 0.53% | |
| Heineken N.V. Bonds and notes | 0.52% | |
| Owens Corning Bonds and notes | 0.51% | |
| BHP Billiton Finance (USA) Ltd. Bonds and notes | 0.51% | |
| Morgan Stanley Bonds and notes | 0.51% | |
| Wells Fargo & Co. Bonds and notes | 0.51% | |
| Jackson National Life Global Funding Bonds and notes | 0.51% |
By country
United States 76.79%Canada 8.05%Cayman Islands 3.21%United Kingdom 2.71%Germany 1.35%By issuer
Companies 94.27%US Treasury 4.26%Other registered funds 0.24%The bonds mature in 3.5 years on average (weighted by size), with an average coupon of 3.86%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $456.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.34%, +0.31%, +0.32%.
What it really costs
- GSY charges 0.22% a year, versus an average of 0.13% for the similar funds below (7th of 8, cheapest first).
- Of that, 0.2% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $23 in the first year and $281 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GSY | $23 | $71 | $124 | $281 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
GSY aims to protect capital and pay more than Treasury bills, with very small price swings in most years.
GSY could hold a cash reserve or near-term spending money. Its trailing 12-month yield was 4.22% as of October 27, 2026, and it pays monthly. That income can fall when interest rates fall. Its worst calendar year was 2010, at -0.2%. In the 2020 COVID crash it fell 5.2% between March 5 and March 19, then recovered by May 27, 2020. In 2022 it dipped 1.2% and was back by December 30. Its price history doesn't span the full 2008 crisis, but its deepest drop came in December 2008. That 12.1% fall took about 102 months to recover, until June 2017. Someone forced to sell then would have locked in a loss.
Costs are higher than most peers: $23 in the first year on a $10,000 investment, under the SEC's standard 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 holding a cash reserve who accept small price swings for monthly income. The trailing yield was 4.22% as of October 27, 2026.
- Investors who want little interest-rate risk: average duration stays under one year, and one-year volatility was 0.5% as of October 27, 2026.
- Investors comfortable with active management across 409 holdings. The 10 largest made up just 7.55% of assets as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: the 0.22% expense ratio ranks 7th of 8 among similar funds. Vanguard Ultra-Short Bond ETF (VUSB) charges 0.10%.
- Anyone who needs a stable $1 share price. GSY is not a money market fund, and it fell 5.2% in March 2020.
- Investors who want mostly government debt: companies made up 94.27% of holdings and US Treasuries 4.26% as of July 31, 2026.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GSY this fund | 3.5 yrs | 0.22% | $3.92B | +3.7% | +5.2% |
| RAVI FlexShares Ultra-Short Income Fund | 3.4 yrs | 0.25% | $1.49B | +3.7% | +4.9% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
| IGSB iShares 1-5 Year Investment Grade Corporate… | 3.7 yrs | 0.04% | $23.46B | +1.5% | +5.4% |
| VUSB Vanguard Ultra-Short Bond ETF | 2.8 yrs | 0.1% | $8.94B | +3.5% | +5.1% |
| GSST Goldman Sachs Ultra Short Bond ETF | 4.2 yrs | 0.16% | $1.64B | +3.9% | +5.3% |
| TBUX T. Rowe Price Ultra Short-Term Bond ETF | 5.3 yrs | 0.17% | $1.51B | +4.0% | +5.5% |
| JPST JPMorgan Ultra-Short Income ETF | 2 yrs | 0.18% | $41.13B | +3.1% | +4.8% |
Questions investors ask
Is GSY a money market fund?
No. Invesco Ultra Short Duration ETF says plainly that it is not a money market fund and does not try to keep a stable $1.00 share price. It buys short-term bonds with an average duration under one year, and it aims to earn more than Treasury bills, government repurchase agreements and money market funds. That higher potential return comes with price swings. For example, the fund fell 5.2% in March 2020 before recovering by late May.
Does GSY pay monthly dividends?
Yes. GSY pays income monthly. Over the 12 months to October 27, 2026, it paid $2.11 per share, a trailing yield of 4.22%. Because the fund holds short-term and floating-rate debt, its income tracks short-term interest rates fairly closely. The prospectus warns that income may decline when rates fall, since maturing bonds get replaced with lower-yielding ones.
Can you lose money in GSY?
Yes. Its worst quarter was -1.41%, in the first quarter of 2020, and it fell 5.2% between March 5 and March 19, 2020. Its deepest drop was 12.1% in December 2008, and that took about 102 months to recover. Most of the time its swings are tiny: one-year volatility was 0.5% as of October 27, 2026. Credit risk is the main danger, because companies made up 94.27% of holdings as of July 31, 2026.
What's the difference between GSY and RAVI?
Both are actively managed ultra-short bond ETFs. FlexShares Ultra-Short Income Fund (RAVI) is GSY's closest match by average maturity and issuer mix, with a 96% similarity score. GSY costs 0.22% a year, compared with 0.25% for RAVI. Both returned 3.7% over the year to October 27, 2026. Over three years, GSY returned 5.2% a year and RAVI 4.9%. As of July 31, 2026, GSY held $3.92 billion and RAVI $1.49 billion. Vanguard's VUSB charges 0.10%.
What is GSY's long-term return?
As of December 31, 2025, GSY's average annual return was 5.01% over one year, 3.36% over five years and 2.79% over ten years. Results swing with short-term interest rates. The fund returned 0.05% in 2021 and 0.00% in 2022, when rates were very low or rising. It returned 5.98% in 2023 and 5.96% in 2024. For 2026, the year-to-date return was 2.93% through October 27.