The Invesco Rochester High Yield Municipal ETF (IROC) is an actively managed exchange-traded fund designed to generate current income, which is exempt from federal income tax. Under typical market conditions, the fund pursues this objective by allocating a minimum of 75% of its net assets to higher-yielding municipal debt, specifically those considered medium or lower-grade in quality. Ordinarily, its portfolio maintains a weighted average duration of less than 7.5 years.