What Is the UPGD ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) is a factor-based ETF that selects stocks whose analyst consensus ratings have improved. This guide covers its underlying index, strategy, rebalancing, dividend schedule, costs, and alternative ETFs at a glance.
SubscribeWhat Is the Invesco Bloomberg Analyst Rating Improvers ETF?
This is a rules-based ETF that tracks the Bloomberg ANR Improvers Index and holds stocks whose analyst consensus ratings have improved. It invests across a range of industries without concentrating in any particular sector.
It suits investors who want to add the momentum element of improving analyst outlooks to their portfolios.
It is a passive (index-tracking) ETF managed by Invesco.
How Does the Invesco Bloomberg Analyst Rating Improvers ETF Invest?
| Item | Details |
|---|---|
| Underlying Index | Bloomberg ANR Improvers Index |
| Management Style | Passive (index tracking, based on the analyst rating factor) |
| Rebalancing Frequency | Quarterly |
| Dividend Frequency | Annual |
| Total Expense Ratio | 0.40% |
Based on Bloomberg analyst recommendation data, the fund selects stocks whose recent consensus ratings have improved markedly and holds them in a nearly equal-weighted manner. A defining feature is that holdings are spread evenly across many industries so that the portfolio does not tilt toward any single sector.
- A factor-based selection strategy built on improving analyst ratings
- A well-balanced, diversified composition across multiple sectors
Invesco Bloomberg Analyst Rating Improvers ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $112.7M, and the total expense ratio is 0.40% per year.
Invesco Bloomberg Analyst Rating Improvers ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBecause the fund newly adds stocks with improving analyst ratings every quarter, individual holdings turn over fairly often, and the fund tends to respond more sensitively to changes in the earnings outlook of its holdings than to the overall direction of the market.
It is a relatively new product within the factor-based smart beta ETF category. Its fund flows are more volatile than those of broad core ETFs, and the size of inflows and outflows tends to vary widely with market interest.
Invesco Bloomberg Analyst Rating Improvers ETF Pros and Cons
Its strength is a diversified portfolio built on a distinctive factor, namely improving analyst outlooks, while its relatively short track record and frequent turnover of holdings are points to consider.
💪 Key Strengths
⚠️ Points to Watch
Invesco Bloomberg Analyst Rating Improvers ETF Alternative ETFs and Related Products
The similar-category ETFs shown in the table are smart beta products that use factor methodologies different from UPGD, such as economic moats, trend following, defensive structures, collar strategies, and share buybacks, and each has its own underlying index and selection criteria. For a broader factor comparison, it is also worth considering QUAL and SPHQ, which track the quality factor, and MTUM, which tracks the momentum factor.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 MOAT | VanEck Morningstar Wide Moat ETF | $112.04 | -0.9% | $11.9B | 0.46% | 1.25% | +9.3% |
 PTLC | Pacer Trendpilot US Large Cap ETF | $59.34 | -0.5% | $3.3B | 0.60% | 1% | +7.4% |
 BALT | Innovator Defined Wealth Shield ETF | $34.97 | -0.1% | $3.2B | 0.69% | - | +6.2% |
 ACIO | Aptus Collared Investment Opportunity ETF | $46.60 | -0.2% | $2.4B | 0.79% | 0.39% | +6.5% |
 PKW | Invesco BuyBack Achievers ETF | $150.19 | -0.9% | $1.7B | 0.63% | 0.64% | +13.3% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| INTC | Intel Corp | 0.04% | $86.96 | +1.7% | $459.7B | - | 0.05% |
| NTAP | Netapp Inc | 0.03% | $215.48 | +1.4% | $42.3B | 30.4 | 0.99% |
| EXPE | Expedia Group Inc | 0.03% | $289.01 | -3.2% | $34.7B | 18.0 | 0.52% |
 IP | International Paper Co | 0.03% | $33.19 | -1.4% | $17.6B | - | 5.63% |
| MTD | Mettler-Toledo International Inc | 0.03% | $1670.29 | -0.8% | $33.5B | 37.6 | - |
| WSM | Williams-Sonoma Inc | 0.02% | $252.47 | -3.2% | $29.7B | 25.8 | 1.14% |
| CAT | Caterpillar Inc | 0.02% | $687.00 | -2.4% | $315.8B | 29.6 | 0.9% |
 FFIV | F5 Inc | 0.02% | $455.42 | +1.2% | $25.8B | 36.3 | - |
 INCY | Incyte Corp | 0.02% | $115.71 | -1.0% | $23.5B | 14.8 | - |
 ALLE | Allegion plc | 0.02% | $178.98 | +1.4% | $15.2B | 22.3 | 1.22% |
Invesco Bloomberg Analyst Rating Improvers ETF Investor Checkpoints
These are the points to review before considering an investment in UPGD. As a factor-based product, it is advisable to thoroughly check how the strategy works, as well as its costs and liquidity, in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check cumulative costs over a long holding period | Needs comparison with the category average |
| 🔄 Rebalancing | Impact of turnover from quarterly holding changes | Applied on a regular schedule |
| 📊 Sector Diversification | Whether it is concentrated in specific industries | Evenly spread across multiple industries |
| 💧 Liquidity | Daily trading value and bid-ask spread | Limited compared with large ETFs |
The short track record and relatively limited liquidity are the main considerations. Given the nature of factor-based strategies, performance may vary depending on the market phase.
It is a suitable choice for investors who want exposure to the distinctive factor of improving analyst ratings, and it is recommended to approach it as a satellite portfolio component rather than a long-term core holding.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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