At a glance
GTO charges 0.35% a year, below the 0.36% average of the 7 funds most like it (the 4th cheapest of 8). It has $2.44B in assets, the 4th largest of that group; it paid 4.94% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.2% with distributions reinvested, 4th of those 8 funds; over three years it returned +5.8% a year. At its worst it fell 11.3% in the 2020 crash (S&P 500: 33.7%) and 17.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 36 months after the lows. Its ten largest positions make up 29.5% of the fund, out of 1,789 in all.
The short version
Invesco Total Return Bond ETF (GTO) is an actively managed bond fund. It mixes U.S. Treasuries, government-backed mortgage bonds and corporate debt, and it can also hold riskier credit such as junk bonds, bank loans and emerging-market debt. It charges 0.35% a year, close to the 0.36% average of similar total-return bond funds, and pays income monthly. Its managers trade heavily: portfolio turnover was 629%.
Price history
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GTO -1.2% 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 | |
|---|---|---|---|---|---|---|
| GTO official prospectus, to Dec 31, 2025 | — | +7.17% | — | -0.20% | — | +3.21% |
| GTO price data to Oct 27, 2026 | -1.0% | -1.2% | +5.8% | -0.4% | +2.5% | +2.8% |
- Over the year to Oct 27, 2026, GTO returned -1.2%, 4th of 8 among similar funds.
- Its 5-year annualized return was -0.4% and its 10-year +2.5%.
- In the 2020 COVID crash it fell 11.3% and regained its old high 2.6 months after the low.
- Its worst full calendar year was 2022 (-14.8%); its best was 2019 (+11.6%).
- The deepest fall in its price history was 20.7% (Sep 14, 2021 to Oct 21, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.0% | — |
| 2025 | +7.2% | +7.17% |
| 2024 | +2.6% | +2.70% |
| 2023 | +6.0% | +5.88% |
| 2022 | -14.8% | -14.72% |
| 2021 | -0.3% | -0.37% |
| 2020 | +10.9% | +10.87% |
| 2019 | +11.6% | +11.41% |
| 2018 | -0.3% | +0.17% |
| 2017 | +7.4% | +6.91% |
| 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 7.7% over that stretch · deepest drop along the way 11.3%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.2% over that stretch · deepest drop along the way 17.2%, back to its old high 36.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.8500 | |
| 2025 | $2.2200 | +8.3% |
| 2024 | $2.0500 | +6.8% |
| 2023 | $1.9200 | +18.5% |
| 2022 | $1.6200 | +45.9% |
| 2021 | $1.1100 | -52.6% |
| 2020 | $2.3400 | +46.2% |
| 2019 | $1.6000 | -38.9% |
| 2018 | $2.6200 | +77.0% |
| 2017 | $1.4800 |
What's inside
As of Jul 31, 2026, the fund held 1,789 securities; the ten largest made up 29.47% of assets, and 11.2% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| U.S. Treasury Notes/Bonds Bonds and notes | 6.49% | |
| U.S. Treasury Notes/Bonds Bonds and notes | 3.97% | |
| U.S. Treasury Notes/Bonds Bonds and notes | 3.85% | |
| Government National Mortgage Association Mortgage-backed securities | 3.68% | |
| U.S. Treasury Notes/Bonds Bonds and notes | 3.07% | |
| Government National Mortgage Association Mortgage-backed securities | 2.11% | |
| Uniform Mortgage-Backed Securities Mortgage-backed securities | 1.87% | |
| U.S. Treasury Notes/Bonds Bonds and notes | 1.52% | |
| Uniform Mortgage-Backed Securities Mortgage-backed securities | 1.49% | |
| Uniform Mortgage-Backed Securities Mortgage-backed securities | 1.42% | |
| Uniform Mortgage-Backed Securities Mortgage-backed securities | 1.30% | |
| Uniform Mortgage-Backed Securities Mortgage-backed securities | 1.24% | |
| U.S. Treasury Notes/Bonds Bonds and notes | 1.15% | |
| U.S. Treasury Notes/Bonds Bonds and notes | 1.00% | |
| Freddie Mac Multifamily Structured Pass Through Ctfs. ABS-APCP | 0.99% |
By country
United States 94.51%Cayman Islands 5.46%Japan 1.47%France 1.41%United Kingdom 1.3%By issuer
Companies 59.72%US Treasury 21.59%US government-sponsored enterprises 19.73%US government agencies 8.51%Foreign governments 2.64%The bonds mature in 15.9 years on average (weighted by size), with an average coupon of 4.73%.
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 $226.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.45%, +0.23%, -1.30%.
How it works
GTO does not track an index. Its sub-adviser, Invesco Advisers, Inc., picks bonds with the goal of "maximum total return," meaning income plus price gains. At least 80% of net assets goes into bonds of any maturity and any credit quality. These include Treasuries, U.S. and foreign corporate bonds, mortgage-backed and asset-backed securities, municipal bonds and CLOs. A CLO, or collateralized loan obligation, is a pool of corporate loans sliced into layers of different risk. The fund can put up to 33 1/3% of assets in junk bonds (bonds rated below investment grade), up to 20% in bank loans, and up to 20% in privately issued mortgage and asset-backed debt. It has no limit on emerging-market or foreign-currency debt, and it may use forward contracts to hedge currency risk.
As of July 31, 2026, GTO held 1,789 positions. The largest were U.S. Treasury notes and bonds, led by one issue at 6.5% of assets, plus Ginnie Mae mortgage pools. Mortgage-backed securities made up about 35% of the fund. Many of them were TBA ("to be announced") trades, which are agreements to buy pools of government-backed mortgages at a future date. Bond positions added up to about 110% of net assets, and the prospectus warns that derivatives and similar techniques can create leverage. Turnover of 629% means the managers replaced the portfolio more than six times over in a year. Average maturity was 15.9 years, so rate changes move the price noticeably.
What it really costs
- GTO charges 0.35% a year, versus an average of 0.36% for the similar funds below (4th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $444 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GTO | $36 | $113 | $197 | $444 |
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
GTO spreads money across Treasuries, government-backed mortgages and corporate bonds, so it could serve as the main bond holding in a portfolio, with some extra credit risk.
GTO launched in 2016, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 11.3% in under two weeks in March 2020 and recovered by June 2020. Rising rates in 2022 hit harder. The fund lost 14.72% that calendar year, its worst, and took until October 2025 to regain its January 2022 level. Its deepest drop was 20.7%, from September 2021 to October 2022, and it had not fully recovered as of October 27, 2026. Anyone selling shares or drawing income in a year like 2022 would have sold at depressed prices.
GTO pays income monthly. Its trailing yield was 4.94% as of October 27, 2026, and it costs 0.35% a year. Past results don't predict future returns. A retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one actively managed fund holding Treasuries, Ginnie Mae mortgages and corporate bonds for 0.35% a year.
- Retirees who value monthly income; the trailing yield was 4.94% as of October 27, 2026.
- Those comfortable with managers adding junk bonds (up to a third of assets), bank loans and emerging-market debt in pursuit of extra return.
Look elsewhere if
- Cost-focused investors: Schwab U.S. Aggregate Bond ETF (SCHZ) charges 0.03%, though it tracks an index instead of using active managers.
- Anyone who needs steady short-term value: GTO fell 20.7% from September 2021 to October 2022, and its average maturity was about 16 years.
- Investors who want only investment-grade bonds, since GTO may hold junk bonds, defaulted debt, bank loans and small stock positions.
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 |
|---|---|---|---|---|---|
| GTO this fund | 15.9 yrs | 0.35% | $2.44B | -1.2% | +5.8% |
| TOTR T. Rowe Price Total Return ETF | 16.1 yrs | 0.32% | $572.6M | -1.2% | +5.6% |
| PTRB PGIM Total Return Bond ETF | 16.6 yrs | 0.49% | $1.17B | -1.4% | +5.9% |
| FBND Fidelity Total Bond ETF | 14.4 yrs | 0.36% | $28.16B | -0.2% | +5.4% |
| STOT SPDR DoubleLine Short Duration Total Return… | 13.2 yrs | 0.45% | $473.3M | +2.1% | +4.8% |
| TOTL SPDR DoubleLine Total Return Tactical ETF | 18.1 yrs | 0.55% | $4.18B | -1.9% | +5.6% |
| HTRB Hartford Total Return Bond ETF | 19.1 yrs | 0.29% | $2.21B | -1.7% | +5.7% |
| SCHZ Schwab U.S. Aggregate Bond ETF | 12.5 yrs | 0.03% | $10.60B | -1.1% | +5.2% |
Questions investors ask
Does GTO pay monthly dividends?
Yes. GTO pays income every month. Over the 12 months to October 27, 2026, it paid about $2.23 per share, a trailing yield of 4.94%. The amount changes from month to month. The prospectus warns that income may fall when interest rates drop, because floating-rate holdings pay less and maturing bonds get reinvested at lower yields. Callable bonds may also be paid off early, which cuts income further.
What's the difference between GTO and TOTR?
Not much on paper. T. Rowe Price Total Return ETF (TOTR) is the closest match among similar funds. Both are actively managed total-return bond funds with average maturities near 16 years. TOTR charges 0.32% a year, against 0.35% for GTO. As of October 27, 2026, both returned -1.2% over one year. Over three years, GTO returned 5.8% a year and TOTR 5.6%. GTO is larger, with $2.44 billion in net assets as of July 31, 2026, against about $573 million for TOTR as of August 31, 2026.
Does GTO own junk bonds?
It can. The prospectus allows up to 33 1/3% of assets in junk bonds, which are bonds rated below investment grade, and it allows defaulted or distressed debt. GTO may also put up to 20% in bank loans to highly indebted companies. As of July 31, 2026, CLOs made up about 6.5% of the fund and loans about 2.4%. The largest holdings were still U.S. Treasuries and government-backed mortgage pools.
How much did GTO lose in 2022?
GTO lost 14.72% in calendar 2022, its worst year since its 2016 launch. Rising interest rates pushed bond prices down across the market. Measured from January 3 to October 12, 2022, the fund fell 17.2%, and it did not get back to its January 2022 level until October 2025. Its worst quarter was the three months ending June 30, 2022, when it fell 7.27%.
What is GTO's expense ratio?
GTO's expense ratio is 0.35% a year, according to the prospectus filed February 26, 2026. That is close to the 0.36% average for similar funds and ranks fourth of eight on cost. Under the SEC's standard example, $10,000 invested with a 5% annual return would cost about $36 in one year, $197 over five years and $444 over ten. Index fund SCHZ charges 0.03%.