ETF · Invesco
AT1P Invesco USD AT1 CoCo Bond UCITS ETF
ISIN IE00BFZPF322London Stock Exchange: AT1PInvesco Ltd.
- Corporate & other bonds
- ETF
- ISA
- SIPP
- Accumulating
Latest close
LSE£22.73
on
- Ongoing charge
- 0.39% a year
- Fund size
- £690m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, AT1P (Invesco USD AT1 CoCo Bond UCITS ETF, ISIN IE00BFZPF322) closed at £22.73 on the London Stock Exchange. Its ongoing charge is 0.39% a year (about £39 on £10,000). Over the five years to 13/11/2026 its total return was +15.6%, or −9.8% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- +2.0%
- −1.6% after inflation (UK CPIH)
- 3 years to 13/11/2026
- +23.4%
- +11.5% after inflation (UK CPIH)
- 5 years to 13/11/2026
- +15.6%
- −9.8% after inflation (UK CPIH)
£1,000 put in five years ago would have been worth about £1,156 on 13/11/2026 — about £902 in today’s spending power, once price rises are taken out. Past performance is not a guide to future returns.
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF in pounds (price, with income reinvested in the fund): 2022 +1.2%, 2023 −3.3%, 2024 +13.2%, 2025 +2.0%; 2026 to 13/11/2026 +3.2%. Returns of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +3.5%; to 30/09/2025: +8.7%; to 30/09/2024: +8.4%; to 30/09/2023: −6.2%; to 30/09/2022: +1.0%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | +3.2% | −0.1% | |
| to | +2.0% | −1.5% | |
| to | +13.2% | +9.4% | |
| −3.3% | −7.1% | ||
| +1.2% | −7.4% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | +3.5% | −0.2% |
| from | +8.7% | +4.5% |
| from | +8.4% | +5.6% |
| from | −6.2% | −11.8% |
| from | +1.0% | −7.2% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
10.2%over 5 years
| 1 year | 5.6% |
|---|---|
| 3 years | 6.5% |
| 5 years | 10.2% |
Annualised from weekly returns. Higher means bumpier.
- Largest fall since November 2021
- −21.9%
- From to
- Lowest 12-month return
- −13.5%
- 12 months to
- Highest 12-month return
- +20.6%
- 12 months to
- Below its highest weekly close since November 2021
- 0.9%
- High of , latest
In words: Volatility of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 5.6% over 1 year, 6.5% over 3 years, 10.2% over 5 years. Largest fall in the price of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF since November 2021, in pounds: −21.9% from 03/02/2023 to 24/03/2023. The lowest 12-month return of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF in pounds (price, with income reinvested in the fund) since January 2021 was −13.5% (12 months to 12/05/2023); the highest was +20.6% (12 months to 22/03/2024). On 13/11/2026 the price of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF was 0.9% below its highest weekly close since November 2021 (26/06/2026), in pounds.
As of , price, with income reinvested in the fund
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.39%
- a year
- On £10,000
- £39
- a year, roughly
- Over five years
- £193
- of £10,000, before growth
- 319 charge less
- 6 the same
- 102 charge more
Ongoing charge of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF 0.39% a year. Compared on 14/11/2026, 102 of the 427 other corporate and other bond funds charge more, 6 the same and 319 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF is an exchange-traded fund (ETF) from Invesco, launched in 2018.
It tracks the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 8% Issuer Cap Index.
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.39% a year — about £39 a year on every £10,000 invested, taken from the fund's value rather than billed to you.
Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
Corporate & other bonds: Loans to companies and other borrowers, which usually pay more interest than government bonds in exchange for more risk.
Terms:ETFIndex fundUCITSAccumulating or incomeShare classISIN
Key facts
- Ticker
- AT1P
- ISIN
- IE00BFZPF322
- Also listed as
- AT1 (London Stock Exchange, US dollars)
- Provider
- Invesco
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Accumulating
- Income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
- Ongoing charge
- 0.39% a year · about £39 on £10,000
- Fund size
- £690m
- Launched
- Domicile
- Ireland
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- No
- Price currency
- Pounds (GBP)
- Category
- Corporate & other bonds
Price chart
Over the last year, the closing price went from £22.23 on 14/11/2025 to £22.73 on 13/11/2026 (+2.2%). The lowest close shown was £21.80 on 30/01/2026 and the highest £22.95 on 26/06/2026.
One close a week. Before 08/09/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded.
As of , at least 15 min delayed
Five years of prices, and after inflation
262 weekly closes, from 12/11/2021 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
Sign-up takes an email address. There is no card to enter and nothing to pay.
How we work it out:Prices and returnsNAV and price
What it holds
- Holdings
- 95
- on record
- Ten largest
- 20.5%
- of the whole fund
- Effective number of holdings
- 77
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 2.4%
- Barclays PLC VAR 15/12/74 (US06738EBX22)
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 1 | Barclays PLC VAR 15/12/74 (US06738EBX22) | 2.39% |
| 2 | Banco Santander SA VAR 01/11/74 | 2.34% |
| 3 | Banco Santander SA VAR 21/02/75 (US05971KAQ22) | 2.32% |
| 4 | Barclays PLC VAR 15/03/75 | 2.21% |
| 5 | Lloyds Banking Group PLC VAR 27/06/74 | 1.92% |
| 6 | Deutsche Bank AG VAR 30/04/75 | 1.91% |
| 7 | Credit Agricole SA VAR 23/12/74 (USF2280BAC03) | 1.87% |
| 8 | Banco Santander SA VAR 21/02/75 (US05971KAP49) | 1.84% |
| 9 | Credit Agricole SA VAR 23/12/74 (USF2280BAA47) | 1.83% |
| 10 | Sumitomo Mitsui Financial Group In VAR 05/06/74 (US86562MDW73) | 1.83% |
As of , holdings as published
Where it invests
The portfolio by sector, country and type of asset, as a share of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.
By country
- United States92.5%
- Switzerland0.3%
- Not classified7.2%
See the full portfolio
Every holding with search and filters, the whole breakdown by sector, country and type of asset, a map of the 95 largest.
All holdings
The fund publishes 95 holdings; the ten largest make up 20.5% of it.
Create a free account to see the full holdings list
Sign-up takes an email address. There is no card to enter and nothing to pay.
Holdings:Compare what it holds with another fundHoldings overlapHow overlap is measured
Funds tracking the same index
3 funds track Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 8% Issuer Cap Index, this one included and share classes counted once; their ongoing charges range from 0.39% to 0.39% a year (13/11/2026).
| Fund | Charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Invesco USD AT1 CoCo Bond UCITS ETFThis fundAccumulating · 0.39% a year | 0.39% | +2.0% | +23.4% | +15.6% |
| Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBPDistributing · Currency hedged · 0.39% a year | 0.39% | +2.6% | +29.5% | +10.5% |
| Invesco USD AT1 CoCo Bond UCITS ETF USDDistributing · 0.39% a year | 0.39% | +2.0% | +23.4% | +15.6% |
As of
Read more:Index fundsTracking differenceHow funds are compared
Other versions of this fund
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1, 3 and 5 years, from weekly returns in pounds.
With a free accountRolling returns
The full range of 254 rolling 12-month returns since January 2021, and of 150 rolling three-year returns, in pounds, with how often they were above zero.
With a free accountLargest falls and recoveries
The 3 largest falls since November 2021, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios, every rolling return and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Moves compared with a similar fund
Correlation and beta of weekly returns in pounds against iShares Core UK Gilts UCITS ETF, over the three years to 13/11/2026 (156 weeks).
Pro
Pro — currently by invitation
Pro includes moves against a comparable fund
Pro is open by invitation while it is being built. There is nothing to buy. To ask about access, email [email protected].
Questions people ask
What is the ongoing charge of AT1P?
The ongoing charge of AT1P is 0.39% a year — about £39 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF 0.39% a year. Compared on 14/11/2026, 102 of the 427 other corporate and other bond funds charge more, 6 the same and 319 less (share classes counted once).
What does AT1P track?
AT1P tracks the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 8% Issuer Cap Index.
Is AT1P accumulating or distributing?
AT1P is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.
What is the ISIN of AT1P?
The ISIN of AT1P is IE00BFZPF322. An ISIN identifies one exact share class of a fund; AT1P is its ticker on the London Stock Exchange. The same share class is also listed as AT1 (London Stock Exchange, US dollars).
What does AT1P hold?
The latest published holdings of AT1P are dated 14/05/2026, more than three months older than the manager’s other lists. The fund’s portfolio today may differ. Its ten largest holdings are Barclays PLC VAR 15/12/74 (US06738EBX22) (2.39%), Banco Santander SA VAR 01/11/74 (2.34%), Banco Santander SA VAR 21/02/75 (US05971KAQ22) (2.32%), Barclays PLC VAR 15/03/75 (2.21%), Lloyds Banking Group PLC VAR 27/06/74 (1.92%), Deutsche Bank AG VAR 30/04/75 (1.91%), Credit Agricole SA VAR 23/12/74 (USF2280BAC03) (1.87%), Banco Santander SA VAR 21/02/75 (US05971KAP49) (1.84%), Credit Agricole SA VAR 23/12/74 (USF2280BAA47) (1.83%) and Sumitomo Mitsui Financial Group In VAR 05/06/74 (US86562MDW73) (1.83%).
What were AT1P’s returns in each of the last five years?
Calendar-year returns of AT1P in pounds (price, with income reinvested in the fund): 2022 +1.2%, 2023 −3.3%, 2024 +13.2%, 2025 +2.0%; 2026 to 13/11/2026 +3.2%. Past performance is not a guide to future returns.
How has AT1P done after inflation?
Over the five years to 13/11/2026 AT1P’s total return was +15.6%, or −9.8% after UK CPIH inflation. Past performance is not a guide to future returns.
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Fund documents and methods
Methodology:ReturnsCategoriesAll methods
A machine-readable copy of this page: Markdown.