What this ETF is trying to do

The INVESCO BLOOMBERG ANALYST RATING IMPROVERS ETF (ticker: UPGD) is an exchange-traded fund designed to follow a specific strategy. While the exact mechanics are not detailed here, it focuses on companies that may be seeing improvements in analyst ratings. This ETF holds a total of 52 different investments.

What the numbers show

The current price of UPGD is $81.42. To understand how the fund has performed, we can look at both price returns and total returns.

• Price Return: This measures only the change in the share price. The year-to-date (YTD) price return is approximately 10.05%. Over the last year, the price return was approximately 11.04%. Looking further back, the three-year price return was approximately 50.31%.

• Total Return: This includes both price changes and the value of distributions. The YTD total return is approximately 10.05%. The one-year total return was approximately 12.95%, and the three-year total return was approximately 57.03%. The five-year total return was approximately 39.75%.

An estimated price from roughly one year ago was $73.32.

Top Holdings

The following is a partial list of the fund's largest holdings (as of October 12, 2026). Please note that holdings can change over time:

• Bloom Energy Corp Class A (2.81%)

• Illumina Inc (2.80%)

• Intel Corp (2.71%)

• F5 Inc (2.44%)

• NetApp Inc (2.26%)

• Mettler-Toledo International Inc (2.22%)

• Texas Instruments Inc (2.19%)

• eBay Inc (2.16%)

• Tesla Inc (2.12%)

• Symbotic Inc Ordinary Shares Class A (2.10%)

Income and distribution explanation

UPGD provides some level of cash income through distributions. The distribution yield is approximately 1.59%. This number describes the cash paid out relative to the ETF's price.

The trailing distributions were $1.29 per share. It is important to note that the distribution frequency is described as "irregular" or "less frequent," with only one payout recorded in the last 12 months. Because distributions are irregular, they do not provide a steady stream of monthly income.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, regarding price erosion (the decline in the market price of the shares), the fund has an erosion score of 100, which is labeled as "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag.

Pros

• The fund has shown positive price returns over the one-year, three-year, and five-year periods.

• The total return is higher than the price return, meaning distributions have added value to the overall performance.

• The erosion-risk indicators suggest no significant price deterioration has been detected.

Cons

• The distribution frequency is irregular, which may not suit investors looking for consistent, predictable income.

• The distribution yield is relatively low at approximately 1.59%.

Beginner takeaway

UPGD is an ETF that has experienced share-price growth over several years. While it pays distributions, they do not happen on a regular schedule. When looking at this fund, it is helpful to distinguish between the price return (how much the share price moved) and the total return (the price move plus the distributions received).