At a glance
PFIG charges 0.22% a year, above the 0.13% average of the 7 funds most like it (the 7th cheapest of 8). It has $123.9M in assets, the 8th largest of that group; it paid 4.6% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.2% with distributions reinvested, 6th of those 8 funds; over three years it returned +5.7% a year. At its worst it fell 12.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months after the low. Its ten largest positions make up 5.1% of the fund, out of 814 in all.
The short version
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) tracks a Research Affiliates index of US investment-grade corporate bonds. Instead of weighting companies by how much debt they owe, the index sizes them by sales, book assets, dividends and cash flow. As of October 27, 2026, the fund's trailing yield was 4.6%, paid monthly. Its 0.22% expense ratio is well above large short-term corporate bond funds such as Vanguard's VCSH, at 0.03%.
Price history
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PFIG -0.2% 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 | |
|---|---|---|---|---|---|---|
| PFIG official prospectus, to Dec 31, 2024 | — | +3.62% | — | +1.10% | +2.25% | — |
| PFIG price data to Oct 27, 2026 | -0.5% | -0.2% | +5.7% | +1.2% | — | +1.4% |
- Over the year to Oct 27, 2026, PFIG returned -0.2%, 6th of 8 among similar funds.
- Its 5-year annualized return was +1.2%.
- Its worst full calendar year was 2022 (-9.9%); its best was 2025 (+7.9%).
- The deepest fall in its price history was 15.5% (Aug 3, 2021 to Oct 20, 2022), recovered by Apr 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.5% | — |
| 2025 | +7.9% | — |
| 2024 | +3.0% | +3.62% |
| 2023 | +6.9% | +6.73% |
| 2022 | -9.9% | -10.13% |
| 2021 | -1.4% | -1.41% |
| 2020 | — | +7.79% |
| 2019 | — | +9.76% |
| 2018 | — | -0.60% |
| 2017 | — | +3.47% |
| 2016 | — | +4.02% |
| 2015 | — | +0.75% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.4% over that stretch · deepest drop along the way 12.7%, back to its old high 22.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8900 | |
| 2025 | $1.0100 | +7.4% |
| 2024 | $0.9400 | +11.9% |
| 2023 | $0.8400 | +37.7% |
| 2022 | $0.6100 | -30.7% |
| 2021 | $0.8800 |
What's inside
As of Aug 31, 2026, the fund held 814 securities; the ten largest made up 5.06% of assets, and 9.96% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| JPMorgan Chase & Co. Bonds and notes | 0.97% | |
| Exxon Mobil Corp. Bonds and notes | 0.74% | |
| Apple Inc. Bonds and notes | 0.45% | |
| Microsoft Corp. Bonds and notes | 0.44% | |
| Amazon.com, Inc. Bonds and notes | 0.43% | |
| Apple Inc. Bonds and notes | 0.42% | |
| Bank of America Corp. Bonds and notes | 0.41% | |
| Alphabet Inc. Bonds and notes | 0.40% | |
| Microsoft Corp. Bonds and notes | 0.40% | |
| American Express Co. Bonds and notes | 0.40% | |
| Bank of America Corp. Bonds and notes | 0.39% | |
| U.S. Bancorp Bonds and notes | 0.39% | |
| Berkshire Hathaway Energy Co. Bonds and notes | 0.39% | |
| Amazon.com, Inc. Bonds and notes | 0.38% | |
| PacifiCorp Bonds and notes | 0.38% |
By country
United States 95.41%Singapore 0.85%Ireland 0.81%Luxembourg 0.5%Bermuda 0.46%By issuer
Companies 98.51%The bonds mature in 4.9 years on average (weighted by size), with an average coupon of 4.01%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $10.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.08%, -0.67%, +0.21%.
How it works
PFIG tracks the RAFI Bonds U.S. Investment Grade 1-10 Index, which Research Affiliates compiles. The index measures US dollar investment-grade corporate bonds from public companies based in the United States. "Investment grade" means credit rating agencies judge the issuer relatively likely to repay. Only plain bonds qualify: fixed coupons, no conversion into stock, no zero-coupon bonds and no sinking funds (schedules that retire part of a bond early). Bonds can be SEC-registered or sold under Rule 144A, a route for selling bonds privately to large institutions.
Many bond indexes weight issuers by how much debt they have outstanding, so the most indebted companies get the biggest weights. This index uses Research Affiliates' Fundamental Index approach instead. It sizes companies by four measures: book value of assets, gross sales, gross dividends and cash flow. As of August 31, 2026, the largest positions were bonds from JPMorgan Chase (about 0.97%), Exxon Mobil (0.74%), Apple, Microsoft and Amazon. The top 10 made up just 5.06% of the fund.
The fund puts at least 80% of its total assets in index components. It uses sampling, which means it holds a representative selection of bonds rather than every one in the index, so its returns can drift from the index. As of August 31, 2026, it held about 814 bonds. Their average maturity was 4.9 years and their average coupon was 4.01%. Portfolio turnover was 29%.
What it really costs
- PFIG charges 0.22% a year, versus an average of 0.13% for the similar funds below (7th of 8, cheapest first).
- 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 |
|---|---|---|---|---|
| PFIG | $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
PFIG pays monthly interest from a broad mix of investment-grade US corporate bonds, though rising rates can still push its price down.
PFIG launched in 2011, so it has no record from the 2008 crisis. Its price history here starts after the 2020 COVID crash, though the prospectus shows a 7.79% gain for calendar 2020. The 2022 rate shock hit it hard. It fell 12.7% from January 3 to September 27, 2022, and took about 23 months to recover. Its deepest drop was 15.5%, from August 2021 to October 2022, and recovery took 29.4 months. Per the prospectus, 2022 was its worst calendar year, at -10.13%. Anyone forced to sell shares then would have locked in losses. As of October 27, 2026, the trailing yield was 4.6%, paid monthly. The 0.22% expense ratio is above the 0.13% average for similar funds. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US investment-grade corporate bonds weighted by company sales, assets, dividends and cash flow rather than by debt outstanding.
- Income seekers who value monthly payouts. The trailing yield was 4.6% as of October 27, 2026.
- Holders comfortable with moderate rate risk. The average maturity of 4.9 years sits between short-term VCSH (3.5) and intermediate VCIT (8.2).
Look elsewhere if
- Cost-focused investors. PFIG's 0.22% expense ratio compares with 0.04% for IGSB and 0.03% for VCSH.
- Anyone who may need the money soon. PFIG fell 15.5% between 2021 and 2022 and took 29.4 months to recover.
- Investors who prefer large funds. With about $124 million in net assets as of August 31, 2026, it was the smallest of eight similar funds.
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 |
|---|---|---|---|---|---|
| PFIG this fund | 4.9 yrs | 0.22% | $123.9M | -0.2% | +5.7% |
| FSIG First Trust Limited Duration Investment Gra… | 3.8 yrs | 0.55% | $1.51B | +1.1% | +5.2% |
| IGSB iShares 1-5 Year Investment Grade Corporate… | 3.7 yrs | 0.04% | $23.46B | +1.5% | +5.4% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
| SLQD iShares 0-5 Year Investment Grade Corporate… | 2.6 yrs | 0.06% | $2.38B | +1.9% | +5.3% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| JPST JPMorgan Ultra-Short Income ETF | 2 yrs | 0.18% | $41.13B | +3.1% | +4.8% |
Questions investors ask
Does PFIG pay monthly dividends?
Yes. PFIG pays income monthly. Over the 12 months to October 27, 2026, it paid about $1.07 per share, a trailing yield of 4.6%. The income comes from interest on roughly 814 investment-grade corporate bonds, which had an average coupon of 4.01% as of August 31, 2026. Payouts can rise or fall as bonds mature and are replaced at different interest rates. The share price moves too.
What's the difference between PFIG and VCSH?
The main differences are cost, size, maturity and how bonds are weighted. PFIG weights bonds by company fundamentals: sales, book assets, dividends and cash flow. VCSH charges 0.03% a year against PFIG's 0.22%. As of August 31, 2026, VCSH had $51.7 billion in net assets against PFIG's $124 million, and its bonds were shorter on average (3.5 years against 4.9). Over three years to late October 2026, both returned about 5.7% a year. Over one year, VCSH returned 1.9% and PFIG -0.2%.
How much did PFIG lose in 2022?
PFIG lost 10.13% in calendar 2022, according to its prospectus. That was its worst year on record, as rising interest rates pushed bond prices down. The price fell 12.7% from its peak on January 3, 2022, to a low on September 27, 2022. It didn't get back to that level until August 14, 2024. Its worst single quarter was the first quarter of 2022, at -5.36%.
What is PFIG's expense ratio?
PFIG's expense ratio is 0.22% a year, all of it management fee, per its prospectus filed December 18, 2025. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs come to about $23 after one year, $124 after five and $281 after ten. Among eight similar funds, which average 0.13%, only FSIG costs more, at 0.55%.
Is PFIG good for retirement income?
PFIG may suit retirees who want monthly income from investment-grade corporate bonds, but it isn't risk-free. It yielded 4.6% over the 12 months to October 27, 2026. Its price fell 15.5% between August 2021 and October 2022 as rates rose, and recovery took 29.4 months. Through December 31, 2024, its official average annual return was 1.1% over five years and 2.25% over ten. Its 0.22% cost is above most similar funds.