Invesco Bloomberg Analyst Rating Improvers ETF

Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) is an index fund. It holds the 50 large- and mid-cap US stocks whose average Wall Street analyst rating has improved the most over the past 6 and 12 months, in equal weights. It picks stocks by rising analyst sentiment rather than company size. It costs 0.40% a year, more than the 0.29% average of the funds whose holdings overlap with it most.

• Over the year to Oct 27, 2026, UPGD returned +13.6%, 5th of 6 among similar funds.
• Its worst full calendar year was 2025 (+8.9%); its best was 2025 (+8.9%).
• The deepest fall in its price history was 16.9% (Nov 29, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.

As of Jul 31, 2026, the fund held 50 securities; the ten largest made up 24.53% of assets. It also reported 5.74% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jul 31, 2026, investors added a net $113K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.78%, -0.02%, +0.11%.

UPGD tracks the Bloomberg ANR Improvers Index, run by Bloomberg Index Services Limited. The starting pool is the Bloomberg US Large Mid Universe, which covers about 85% of US stock market value. Bloomberg collects recommendations from analysts at financial firms and scores them from 1 (strong sell) to 5 (strong buy). A stock's consensus rating is the average from every analyst who updated a view in the past 12 months. To qualify, a stock needs more than 10 analysts, a consensus above 1 and below 4, enough trading volume, and five years of profit margin data.

Each eligible stock then gets an "ANR Improvers Score": how much its consensus rating rose over the past 6 months plus the past 12 months. The 50 highest scorers enter the index in equal weights. That means a $6.2 billion company counts as much as a $1.6 trillion one (the range as of June 30, 2026). The fund uses full replication, so it owns every index stock at its index weight. REITs and business development companies, which are firms that invest in or lend to smaller private businesses, can qualify.

Turnover is high, at 170%. That is roughly like replacing the whole portfolio 1.7 times a year, and the trading costs are not part of the 0.40% expense ratio. The fund held no derivatives as of July 31, 2026, and uses no leverage.

• UPGD charges 0.4% a year, versus an average of 0.29% for the similar funds below (6th of 6, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).

It holds 50 equally weighted stocks picked by changes in analyst sentiment and trades heavily, so it works better as a tilt next to a broad core fund than as the core itself.

UPGD could add a rules-based tilt toward stocks that analysts are rating more highly, alongside a broad index fund. It has struggled in rough markets. It fell 40.38% in the first quarter of 2020, then rebounded 35.83% the next quarter. It lost 13.13% in 2022 and 14.52% in 2018, its weakest year from 2016 through 2025. In price data starting March 2024, its deepest drop was 16.9%, from November 29, 2024 to April 8, 2025, and it recovered in about 4.5 months. Anyone forced to sell shares during a drop like that would lock in the loss.

Income is modest: the trailing yield was 1.54% as of October 27, 2026, paid once a year. The fund costs 0.40% a year. In the SEC's standard example, that comes to about $505 over 10 years on $10,000. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).