# Invesco USD AT1 CoCo Bond UCITS ETF (AT1P) **Page:** https://fundology.uk/fund/at1p · ISIN IE00BFZPF322 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. 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. ## Summary 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. Latest close: **£22.73** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | AT1P | | ISIN | IE00BFZPF322 | | Also listed as | AT1 (London Stock Exchange, US dollars) | | Category | Corporate & other bonds | | Type | ETF | | Provider | Invesco | | Tracks | Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 8% Issuer Cap Index | | Income | Accumulating | | Ongoing charge | 0.39% a year (£39 per £10,000) | | Fund size | £690m | | Launched | 2018 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/01/2018 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | +1.99% | -1.63% | income reinvested | | 3 years | +23.40% | +11.49% | income reinvested | | 5 years | +15.56% | -9.80% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year 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 CPIH inflation | Measured as | |---|---|---|---| | 2022 | +1.2% | -7.4% | Price | | 2023 | -3.3% | -7.1% | Price | | 2024 | +13.2% | +9.4% | Price | | 2025 | +2.0% | -1.5% | Price | | 2026 to 13/11/2026 | +3.2% | -0.1% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 5.57% | -3.75% | | 3 years | 6.51% | -8.66% | | 5 years | 10.22% | -21.89% | ## Largest fall 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. ## Charges compared with similar funds 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). ## 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 | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF (this fund) | 0.39% | +2.0% | +23.4% | +15.6% | | Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP | 0.39% | +2.6% | +29.5% | +10.5% | | Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF USD | 0.39% | +2.0% | +23.4% | +15.6% | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.39%** per year - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## What it holds 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. ### Top holdings Largest positions (as of 14/05/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 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% | ## Where it invests Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed. ### By country Added up from the fund’s published holdings, as of 14/05/2026. | Country | Weight | |---|---| | United States | 92.5% | | Switzerland | 0.3% | | Not classified | 7.2% | All 95 holdings: https://fundology.uk/fund/at1p/holdings ## 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. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.