Fixed Income | International and Global Fixed Income

Invesco Global ex-US High Yield Corporate Bond ETF

Ticker: PGHY

Product Details

The Invesco Global ex-US High Yield Corporate Bond ETF (Fund) is based on the ICE USD Global High Yield Excluding US Issuers Constrained Index (Index). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index, all of which are denominated in US dollars. The Index is composed of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic and eurobond markets by non-U.S. issuers. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective. The Fund and the Index are rebalanced on the last calendar day of each month. 

Effective after the close of markets on Aug. 25, 2023, the Fund's name, ticker, underlying index, index provider,  investment objective and investment strategy changed. The Fund's name and ticker changed from Invesco Global Short Term High Yield Bond ETF  to the Invesco Global ex-US High Yield Corporate Bond ETF. The Fund's Index Provider changed from Deutsche Bank AG London to ICE Data Indices, LLC and its Underlying Index changed from the DB Global Short Maturity High Yield Bond Index to the ICE USD Global High Yield Excluding US Issuers Constrained Index; and as a result, the Fund's objective and strategy changed to seek to track the investment results of the new Underlying index by investing at least 80% of its total assets in securities that comprise the new Underlying Index.  See the prospectus for more information. 

as of 03/31/2024 03/31/2024

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
ICE USD Global High Yield Excluding US Issuers Constrained Total Return Index (USD) 2.39 N/A N/A N/A N/A N/A
ICE BofAML 0-5 Year US High Yield Constrained Index 1.58 10.49 3.76 4.30 4.29 4.69
DB Global Short Maturity High Yield Bond Index 2.29 10.11 1.62 2.26 3.86 4.10
Fund History (%)
Fund NAV 2.21 11.05 2.49 2.68 3.30 3.48
After Tax Held 1.43 7.38 0.10 0.37 1.00 1.23
After Tax Sold 1.31 6.42 0.85 1.03 1.48 1.64
Fund Market Price 2.83 11.67 2.47 2.64 3.28 3.54
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
ICE USD Global High Yield Excluding US Issuers Constrained Total Return Index (USD) 2.39 N/A N/A N/A N/A N/A
ICE BofAML 0-5 Year US High Yield Constrained Index 1.58 10.49 3.76 4.30 4.29 4.69
DB Global Short Maturity High Yield Bond Index 2.29 10.11 1.62 2.26 3.86 4.10
Fund History (%)
Fund NAV 2.21 11.05 2.49 2.68 3.30 3.48
After Tax Held 1.43 7.38 0.10 0.37 1.00 1.23
After Tax Sold 1.31 6.42 0.85 1.03 1.48 1.64
Fund Market Price 2.83 11.67 2.47 2.64 3.28 3.54

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

as of 03/31/2024

Growth of $10,000

Data beginning Fund inception and ending 03/31/2024. Fund performance shown at NAV.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

ICE USD Global High Yield Excluding US Issuers Constrained Index* performance prior to August 25, 2023 reflects that of the original Underlying Index, DB Global Short Maturity High Yield Bond Index. From August 25, 2023, forward, the Index performance reflects that of the Underlying Index, ICE USD Global High Yield Excluding US Issuers Constrained Index AND IS NOT INTENDED FOR ANY THIRD PARTY USE.

as of 04/15/2024

Sector Allocation

Sector Percent of Fund
Financials 15.94%
Materials 15.84%
Energy 15.36%
Industrials 11.28%
Consumer Discretionary 9.49%
Communication Services 9.47%
Utilities 6.54%
Telecommunication Services 4.95%
UnClassified 2.67%
Health Care 2.43%
Consumer Staples 2.06%
Real Estate 1.36%
Investment Companies 1.13%
Information Technology 1.05%
Sovereign Debt 0.33%
Cash 0.10%
as of 04/15/2024

Top Country Allocation

Country Percentage
Brazil 12.86%
Canada 10.63%
United Kingdom 7.00%
Turkey 5.93%
United States 4.78%
China 4.49%
Mexico 4.37%
Colombia 4.11%
India 3.46%
Italy 3.19%

Quality Allocations as of 04/15/2024

S&P Moody's
BBB : 4% Baa : 4%
BB : 39% Ba : 40%
B : 23% B : 27%
CCC : 6% Caa : 7%
CC : 0% Ca : 0%
C : 0% C : 0%
Not Rated : 28% Not Rated : 22%
as of 04/15/2024

Maturity

Years % of Fund
0 - 1 years 9.44
1 - 5 years 44.64
5 - 10 years 29.21
10 - 15 years 2.14
15 - 20 years 1.03
20 - 25 years 1.88
25 years and over 11.66

as of 04/15/2024 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Industrial & Commercial Bank of China Ltd 3.20% 12/31/2079 09/24/2026 NR/Ba1 1.48%
Invesco Government & Agency Portfolio N/A N/A NR/NR 1.13%
1011778 BC ULC / New Red Finance Inc 4.00% 10/15/2030 10/15/2025 B+/B2 0.72%
Samarco Mineracao SA 9.50% 06/30/2031 04/30/2024 NR/B3 0.66%
Bank of Communications Co Ltd 3.80% 12/31/2079 11/18/2025 NR/NR 0.63%
Vodafone Group PLC 7.00% 04/04/2079 01/04/2029 BB+/Ba1 0.60%
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/01/2026 N/A BB-/Ba2 0.59%
Global Aircraft Leasing Co Ltd 6.50% 09/15/2024 05/15/2024 NR/B2 0.54%
Connect Finco SARL / Connect US Finco LLC 6.75% 10/01/2026 04/25/2024 B+/B1 0.51%
TK Elevator US Newco Inc 5.25% 07/15/2027 05/15/2024 B/B2 0.49%

Holdings are subject to change and are not buy/sell recommendations.

The characterizations of distributions reflected in this table are as of the date noted below. The actual amounts of income, capital gains and return of capital for tax purposes are only determined after the Fund’s fiscal year end, and may differ from the amounts and characterizations reflected in the chart below. Please refer to the Tax Center for the most current and/or final characterizations of these distributions, including any distributions characterized as return of capital.

Distributions | Hide View All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
03/18/2024 03/19/2024 03/22/2024 0.12150 0.12150 - - - -
02/20/2024 02/21/2024 02/23/2024 0.11969 0.11969 - - - -
01/22/2024 01/23/2024 01/26/2024 0.12970 0.12970 - - - -
12/18/2023 12/19/2023 12/22/2023 0.13212 0.13212 - - - -
11/20/2023 11/21/2023 11/24/2023 0.14701 0.14701 - - - -
10/23/2023 10/24/2023 10/27/2023 0.14622 0.14622 - - - -
09/18/2023 09/19/2023 09/22/2023 0.13977 0.13977 - - - -
08/21/2023 08/22/2023 08/25/2023 0.13937 0.13937 - - - -
07/24/2023 07/25/2023 07/28/0203 0.14570 0.14570 - - - -
06/20/2023 06/21/2023 06/23/2023 0.13736 0.13736 - - - -
05/22/2023 05/23/2023 05/26/2023 0.12935 0.12935 - - - -
04/24/2023 04/25/2023 04/28/2023 0.11725 0.11725 - - - -
03/20/2023 03/21/2023 03/24/2023 0.10820 0.10820 - - - -
02/21/2023 02/22/2023 02/24/2023 0.10215 0.10215 - - - -
01/23/2023 01/24/2023 01/27/2023 0.09260 0.09260 - - - -
12/19/2022 12/20/2022 12/23/2022 0.08510 0.08510 - - - -
11/21/2022 11/22/2022 11/25/2022 0.08501 0.08501 - - - -
10/24/2022 10/25/2022 10/28/2022 0.07995 0.07995 - - - -
09/19/2022 09/20/2022 09/23/2022 0.07957 0.07957 - - - -
08/22/2022 08/23/2022 08/26/2022 0.07605 0.07605 - - - -
07/18/2022 07/19/2022 07/22/2022 0.07148 0.07148 - - - -
06/21/2022 06/22/2022 06/30/2022 0.07751 0.07751 - - - -
05/23/2022 05/24/2022 05/31/2022 0.08197 0.08197 - - - -
04/18/2022 04/19/2022 04/29/2022 0.08439 0.08439 - - - -
03/21/2022 03/22/2022 03/31/2022 0.08680 0.08680 - - - -
02/22/2022 02/23/2022 02/28/2022 0.08800 0.08800 - - - -
01/24/2022 01/25/2022 01/31/2022 0.08720 0.08720 - - - -
12/20/2021 12/21/2021 12/31/2021 0.08621 0.08621 - - - -
11/22/2021 11/23/2021 11/30/2021 0.08850 0.08850 - - - -
10/18/2021 10/19/2021 10/29/2021 0.08772 0.08772 - - - -
09/20/2021 09/21/2021 09/30/2021 0.08751 0.08751 - - - -
08/23/2021 08/24/2021 08/31/2021 0.08954 0.08954 - - - -
07/19/2021 07/20/2021 07/30/2021 0.08950 0.08950 - - - -
06/21/2021 06/22/2021 06/30/2021 0.08975 0.08975 - - - -
05/24/2021 05/25/2021 05/28/2021 0.09165 0.09165 - - - -
04/19/2021 04/20/2021 04/30/2021 0.09483 0.09483 - - - -
03/22/2021 03/23/2021 03/31/2021 0.09787 0.09787 - - - -
02/22/2021 02/23/2021 02/26/2021 0.09926 0.09926 - - - -
01/19/2021 01/20/2021 01/29/2021 0.10200 0.10200 - - - -
12/21/2020 12/22/2020 12/31/2020 0.10041 0.10041 - - - -
11/23/2020 11/24/2020 11/30/2020 0.10121 0.10121 - - - -
10/19/2020 10/20/2020 10/30/2020 0.09499 0.09499 - - - -
09/21/2020 09/22/2020 09/30/2020 0.09764 0.09764 - - - -
08/24/2020 08/25/2020 08/31/2020 0.10029 0.10029 - - - -
07/20/2020 07/21/2020 07/31/2020 0.10248 0.10248 - - - -
06/22/2020 06/23/2020 06/30/2020 0.10286 0.10286 - - - -
05/18/2020 05/19/2020 05/29/2020 0.10016 0.10016 - - - -
04/20/2020 04/21/2020 04/30/2020 0.10278 0.10278 - - - -
03/23/2020 03/24/2020 03/31/2020 0.10071 0.10071 - - - -
02/24/2020 02/25/2020 02/28/2020 0.10238 0.10238 - - - -
01/21/2020 01/22/2020 01/31/2020 0.10462 0.10462 - - - -
12/23/2019 12/24/2019 12/31/2019 0.10448 0.10448 - - - -
11/18/2019 11/19/2019 11/29/2019 0.10282 0.10282 - - - -
10/21/2019 10/22/2019 10/31/2019 0.10300 0.10300 - - - -
09/23/2019 09/24/2019 09/30/2019 0.10099 0.10099 - - - -
08/19/2019 08/20/2019 08/30/2019 0.09808 0.09808 - - - -
07/22/2019 07/23/2019 07/31/2019 0.09725 0.09725 - - - -
06/24/2019 06/25/2019 06/28/2019 0.09656 0.09656 - - - -
05/20/2019 05/21/2019 05/31/2019 0.09750 0.09750 - - - -
04/22/2019 04/23/2019 04/30/2019 0.10125 0.10125 - - - -
03/18/2019 03/19/2019 03/29/2019 0.09876 0.09876 - - - -
02/19/2019 02/20/2019 02/28/2019 0.09968 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.11352 0.11352 - - - -
12/24/2018 12/26/2018 12/31/2018 0.09827 0.09827 - - - -
11/19/2018 11/20/2018 11/30/2018 0.09932 0.09932 - - - -
10/22/2018 10/23/2018 10/31/2018 0.10970 0.10970 - - - -
09/24/2018 09/25/2018 09/28/2018 0.10236 0.10236 - - - -
08/20/2018 08/21/2018 08/31/2018 0.10800 0.10800 - - - -
07/23/2018 07/24/2018 07/31/2018 0.10750 0.10750 - - - -
06/18/2018 06/19/2018 06/29/2018 0.10500 0.10500 - - - -
05/21/2018 05/22/2018 05/31/2018 0.10918 0.10918 - - - -
04/23/2018 04/24/2018 04/30/2018 0.10737 0.10737 - - - -
03/19/2018 03/20/2018 03/29/2018 0.09975 0.09975 - - - -
02/20/2018 02/21/2018 02/28/2018 0.09925 0.09925 - - - -
01/22/2018 01/23/2018 01/31/2018 0.09201 0.09201 - - - -
12/18/2017 12/19/2017 12/29/2017 0.10246 0.10246 - - - -
11/20/2017 11/21/2017 11/30/2017 0.10178 0.10178 - - - -
10/23/2017 10/24/2017 10/31/2017 0.10150 0.10150 - - - -
09/18/2017 09/19/2017 09/29/2017 0.10206 0.10206 - - - -
08/15/2017 08/17/2017 08/31/2017 0.10646 0.10646 - - - -
07/14/2017 07/18/2017 07/31/2017 0.11077 0.11077 - - - -
06/15/2017 06/19/2017 06/30/2017 0.11011 0.11011 - - - -
05/15/2017 05/17/2017 05/31/2017 0.10620 0.10620 - - - -
04/13/2017 04/18/2017 04/28/2017 0.11303 0.11303 - - - -
03/15/2017 03/17/2017 03/31/2017 0.11796 0.11796 - - - -
02/15/2017 02/17/2017 02/28/2017 0.12227 0.12227 - - - -
01/13/2017 01/18/2017 01/31/2017 0.12213 0.12213 - - - -
12/15/2016 12/19/2016 12/30/2016 0.13953 0.13953 - - - -
11/15/2016 11/17/2016 11/30/2016 0.13256 0.13256 - - - -
10/14/2016 10/18/2016 10/31/2016 0.18554 0.18554 - - - -
09/15/2016 09/19/2016 09/30/2016 0.15000 0.15000 - - - -
08/15/2016 08/17/2016 08/31/2016 0.14750 0.14750 - - - -
07/15/2016 07/19/2016 07/29/2016 0.14685 0.14685 - - - -
06/15/2016 06/17/2016 06/30/2016 0.13000 0.13000 - - - -
05/13/2016 05/17/2016 05/31/2016 0.12500 0.12500 - - - -
04/15/2016 04/19/2016 04/29/2016 0.10000 0.10000 - - - -
03/15/2016 03/17/2016 03/31/2016 0.09200 0.09200 - - - -
02/12/2016 02/17/2016 02/29/2016 0.09000 0.09000 - - - -
01/15/2016 01/20/2016 01/29/2016 0.09000 0.09000 - - - -
12/15/2015 12/17/2015 12/31/2015 0.09100 0.09100 - - - -
11/13/2015 11/17/2015 11/30/2015 0.09122 0.09122 - - - -
10/15/2015 10/19/2015 10/30/2015 0.08350 0.08350 - - - -
09/15/2015 09/17/2015 09/30/2015 0.08349 0.08349 - - - -
08/14/2015 08/18/2015 08/31/2015 0.09360 0.09360 - - - -
07/15/2015 07/17/2015 07/31/2015 0.08945 0.08945 - - - -
06/15/2015 06/17/2015 06/30/2015 0.08455 0.08455 - - - -
05/15/2015 05/19/2015 05/29/2015 0.08601 0.08601 - - - -
04/15/2015 04/17/2015 04/30/2015 0.08597 0.08597 - - - -
03/13/2015 03/17/2015 03/31/2015 0.08926 0.08926 - - - -
02/13/2015 02/18/2015 02/27/2015 0.08912 0.08912 - - - -
01/15/2015 01/20/2015 01/30/2015 0.08608 0.08608 - - - -
12/15/2014 12/17/2014 12/31/2014 0.08473 0.08473 - - - -
11/14/2014 11/18/2014 11/28/2014 0.08435 0.08435 - - - -
10/15/2014 10/17/2014 10/31/2014 0.08388 0.08388 - - - -
09/15/2014 09/17/2014 09/30/2014 0.08500 0.08500 - - - -
08/15/2014 08/19/2014 08/29/2014 0.08300 0.08300 - - - -
07/15/2014 07/17/2014 07/31/2014 0.08800 0.08800 - - - -
06/13/2014 06/17/2014 06/30/2014 0.08733 0.08733 - - - -
05/15/2014 05/19/2014 05/30/2014 0.08803 0.08803 - - - -
04/15/2014 04/17/2014 04/30/2014 0.08734 0.08734 - - - -
03/14/2014 03/18/2014 03/31/2014 0.09000 0.09000 - - - -
02/14/2014 02/19/2014 02/28/2014 0.08846 0.08846 - - - -
01/15/2014 01/17/2014 01/31/2014 0.07713 0.07713 - - - -
12/13/2013 12/17/2013 12/31/2013 0.08400 0.08400 - - - -
11/15/2013 11/19/2013 11/29/2013 0.09440 0.09440 - - - -
10/15/2013 10/17/2013 10/31/2013 0.09900 0.09900 - - - -
09/13/2013 09/17/2013 09/30/2013 0.09900 0.09900 - - - -
08/15/2013 08/19/2013 08/30/2013 0.09900 0.09900 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
03/31/2024 61 22 27 7 0 0 0
12/31/2023 63 15 3 0 0 0 0
09/30/2023 63 18 9 4 0 0 0
06/30/2023 62 9 10 2 0 0 0
Year Ended 2023 250 58 39 20 0 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
03/31/2024 61 2 2 1 0 0 0
12/31/2023 63 24 13 8 0 0 0
09/30/2023 63 14 15 3 0 0 0
06/30/2023 62 19 21 1 0 0 0
Year Ended 2023 250 66 55 12 0 0 0

Fund Inception : 06/20/2013

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

Premiums/Discounts

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

 Risk & Other Information

† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

Non-investment grade securities may be subject to greater price volatility due to specific corporate developments, interest-rate sensitivity, negative perceptions of the market, adverse economic and competitive industry conditions and decreased market liquidity.

The Fund will invest in bonds with short-term maturity (three years or less) which may have additional risks, including interest rate changes over the life of the bond. The average maturity of the Fund's investments will affect the volatility of the Fund's share price.

The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

Issuers of sovereign debt or the governmental authorities that control repayment may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of default. Without debt holder approval, some governmental debtors may be able to reschedule or restructure their debt payments or declare moratoria on payments.

The Fund may invest in obligations issued or guaranteed by supranational entities. If one or more shareholders fails to make necessary additional capital contributions, the entity may be unable to pay interest or repay principal on its debt securities.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

Investments focused in a particular industry or sector are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The performance of an investment concentrated in issuers of a certain region or country is expected to be closely tied to conditions within that region and to be more volatile than more geographically diversified investments.

Restricted securities generally cannot be sold to the public and may involve a high degree of business, financial and liquidity risk, which may result in substantial losses to the Fund.The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

The Fund may invest in privately issued securities, including 144A securities which are restricted (i.e. not publicly traded). The liquidity market for Rule 144A securities may vary, as a result, delay or difficulty in selling such securities may result in a loss to the Fund.

The ICE BofAML 0-5 Year US High Yield Constrained Index is an unmanaged index comprised of US dollar-denominated, below investment-grade corporate debt securities publicly issued in the US domestic market with remaining maturities of less than five years.

The ICE USD Global High Yield Excluding US Issuers Constrained Index is composed of U.S. dollar denominated, below investment grade corporate debt that is publicly issued in the U.S. domestic and eurobond markets by non-U.S. issuer.

The Global Industry Classification Standard was developed by and is the exclusive property and a service mark of MSCI, Inc. and Standard & Poor's.

"Deutsche Bank" and the DB Global Short Maturity High Yield Bond Index are reprinted with permission. © Copyright 2017 Deutsche Bank AG. All rights reserved. "Deutsche Bank" is a service mark of Deutsche Bank AG and has been licensed for use for certain purposes by the adviser. The Fund is not sponsored, endorsed, sold or promoted by Deutsche Bank AG or any of its affiliates of subsidiaries. Deutsche Bank AG and Deutsche Bank Securities Inc., as Index Provider, make no representation, express or implied, regarding the advisability of investing in this product. As the Index Provider, Deutsche Bank AG and Deutsche Bank Securities Inc. are licensing certain trademarks, the underlying Index and trade names which are composed by Deutsche Bank AG and Deutsche Bank Securities Inc. without regard to this Index, this product or any investor.

Beta is a measure of risk representing how a security is expected to respond to general market movements. Smart Beta represents an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk.