Invesco US High Yield Fallen Angels UCITS ETF GBP Hdg Acc

Investment Risks

For complete information on risks, refer to the legal documents. The value of investments, and any income from them, will fluctuate. This may partly be the result of changes in exchange rates. Investors may not get back the full amount invested. The creditworthiness of the debt the Fund is exposed to may weaken and result in fluctuations in the value of the Fund. There is no guarantee the issuers of debt will repay the interest and capital on the redemption date. The risk is higher when the Fund is exposed to high yield debt securities. Changes in interest rates will result in fluctuations in the value of the fund. This fund may hold a significant amount of debt instruments which are of lower credit quality. This may result in large fluctuations of the value of the ETF as well as impacting its liquidity under certain circumstances. The Fund may be exposed to the risk of the borrower defaulting on its obligation to return the securities at the end of the loan period and of being unable to sell the collateral provided to it if the borrower defaults. The Fund might be concentrated in a specific region or sector or be exposed to a limited number of positions, which might result in greater fluctuations in the value of the Fund than for a fund that is more diversified. Currency hedging between the base currency of the Fund and the currency of the share class may not completely eliminate the currency risk between those two currencies and may affect the performance of the share class.

Fund components

Asset type

as of 28 Mar 2024 (%)

Country exposure

as of 28 Mar 2024 (%)

Currency

as of 28 Mar 2024 (%)

Credit rating

as of 28 Mar 2024 (%)

Country exposure aggregates the primary country of risk for individual securities.

Top 10 Exposures as of 28 Mar 2024 (%)

Name ISIN Cusip Coupon rate Weight
Paramount Global VAR 30/03/62 US92556HAE71 92556HAE7 6.375 2.74%
Western Alliance Bancorp VAR 15/06/31 US957638AD14 957638AD1 3 2.24%
Rogers Communications Inc VAR 15/03/82 US775109BS95 775109BS9 5.25 2.22%
Newell Brands Inc 5.2% 01/04/26 US651229AW64 651229AW6 5.2 2.22%
Western Digital Corp 4.75% 15/02/26 US958102AM75 958102AM7 4.75 2.08%
Kohl's Corp 4.625% 01/05/31 US500255AX28 500255AX2 4.625 2.08%
Fluor Corp 4.25% 15/09/28 US343412AF90 343412AF9 4.25 2.05%
Hughes Satellite Systems Corp 5.25% 01/08/26 US444454AD48 444454AD4 5.25 2.05%
Toledo Hospital/The 6.015% 15/11/48 US889184AE73 889184AE7 6.015 1.96%
Brandywine Operating Partnership L 3.95% 15/11/27 US105340AQ63 105340AQ6 3.95 1.95%

Securities lending

 

What is Securities Lending?

Securities Lending is a well-established and tightly regulated practice involving the short-term transfer (loan) of securities. The objective is to enhance the ETF’s overall performance.

When a security is loaned, the borrower (who has been approved by Invesco and the Lending Agent) provides collateral and pays an agreed fee for the duration of the loan. Collateral is an asset that a lender accepts as security for a loan. If the borrower defaults on the loan payments, the lender can seize the collateral and resell it to recoup its losses.

 

How much revenue goes to the ETF?

The ETF will receive 90% of the revenue arising from securities lending, with the remaining 10% deducted by the Lending Agent, Bank of New York Mellon (BNY Mellon), for its fees and to cover direct and indirect operational costs. Invesco will not receive any revenue from the programme.

Risks to consider
Securities lending involves certain risks that an investor should consider, including:

  • The risk of the borrower defaulting on its obligation to return the securities at the end of the loan period, and
  • The risk of the ETF being unable to sell the collateral provided to it if the borrower defaults.

To mitigate these risks, the ETF benefits from a “borrower default indemnity” provided by the Lending Agent, BNY Mellon. The indemnity allows for full replacement of the securities loaned if the collateral does not cover the value of the securities in the event of a borrower default.

To find out more view the Invesco ETFs Securities Lending document in our Documents section.

Securities lending information

Percentage revenue retained by the fund 90%
Maximum amount of fund assets that can be loaned 30%
Maximum amount of any single security that can be loaned 90%
Average amount on loan (29 Feb 2024) 3.51%
Securities lending return (29 Feb 2024) 0.0315%

Average amount on loan is the average percentage of the fund’s assets that were on loan over the previous 12 month period.

Securities lending return is the net securities lending revenue earned over the previous 12 month period, expressed as an annualised percentage return over the fund’s average AUM over the same period.

Assets on Loan

as of 29 Feb 2024 (%)

Collateral Held by Asset Type

as of 28 Mar 2024 (%)

Collateral Held by Country

as of 28 Mar 2024 (%)

Collateral Held by Currency

as of 28 Mar 2024 (%)

Value of Collateral Held

as of 28 Mar 2024 (%)

Top 10 Collateral Exposures as of 28 Mar 2024

Name Cusip ISIN Weight
US TREASURY INFLATION INDEXED NOTES 912828H45 US912828H458 4.95%
US TREASURY INFLATION INDEXED NOTES 912828XL9 US912828XL95 4.88%
US TREASURY INFLATION INDEXED NOTES 912828S50 US912828S505 4.57%
UNITED STATES TREASURY BOND 912810TN8 US912810TN81 4.21%
UNITED STATES TREASURY NOTE 9128282A7 US9128282A70 4.14%
UNITED STATES TREASURY BOND 912810SC3 US912810SC36 3.65%
UNITED STATES TREASURY NOTE 912828ZL7 US912828ZL77 3.60%
UNITED STATES TREASURY NOTE 912828YX2 US912828YX25 3.37%
UNITED STATES TREASURY NOTE 91282CBP5 US91282CBP59 3.35%
Other N/A N/A 63.28%

Key information

Bloomberg ticker FAGB LN
ISIN IE00BYVTN047
Benchmark BBG ticker CFIIHYFA
Management fee 0.50%
NAV (28 Mar 2024) £26.85
AUM £191,035,309
Base currency GBP
Replication method Physical
Securities lending Yes
Summary Risk Indicator (SRI) 3
Umbrella AUM (28 Mar 2024) £8,915,348,496

ESG Profile

(Fund 28 Mar 2024)

ESG Rating (AAA-CCC) A
Quality Score (0-10) 5.77
Carbon Intensity 220.58

Source: MSCI ESG Research. For more information on the ESG profile, see the ESG section on this product page. Carbon intensity is the weighted average carbon intensity (Tons CO2e/$million sales).

Costs may increase or decrease as result of currency and exchange rate fluctuations. Consult the legal documents for further information on costs. Returns may increase or decrease as a result of currency fluctuations.

The investment concerns the acquisition of units in a fund and not in a given underlying asset.

The Invesco US High Yield Fallen Angels UCITS ETF (the “Fund”) has been developed solely by Invesco. The “Fund” is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Time-Weighted US Fallen Angel Bond Select Index (the “Index”) vest in the relevant LSE Group company which owns the Index. “FTSE®” is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by Invesco.

The performance information on this web page refers to past performance. Past performance does not predict future returns.

 

The data shown on this page is not real-time, i.e. it may be delayed due to mandatory requirements of the data provider. As a consequence, the price of the product linked to a specific underlying you are quoted by your broker or intermediary may substantially differ from the price of the product that you would expect on the basis of the data displayed on this site. Invesco accepts no responsibility for loss, however caused, resulting from errors in this data.

ETF performance is in the fund’s base currency, includes dividends, reinvested. ETF performance is Net Asset Value after management fees and other ETF costs but does not consider any commissions or custody fees payable when buying, holding or selling the ETF. The ETF does not charge entry or exit fees. Data: Invesco.

 

The risk / reward profile classifies the fund by an indicator representing the levels from the lowest (1) to the highest (7). For more information see the KID/KIID.