# Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP (AT1S) **Page:** https://fundology.uk/fund/at1s · ISIN IE00BYZLWM19 ## 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, AT1S (Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP, ISIN IE00BYZLWM19) closed at £34.36 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 +10.5%, or −13.8% after UK CPIH inflation. ## Summary Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP 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 paid out to holders as cash, usually a few times a year. It is currency-hedged: it aims to remove most of the effect of exchange-rate moves against the pound. Latest close: **£34.36** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | AT1S | | ISIN | IE00BYZLWM19 | | Category | Corporate & other bonds | | Type | ETF | | Provider | Invesco | | Tracks | Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 8% Issuer Cap Index | | Income | Distributing | | Ongoing charge | 0.39% a year (£39 per £10,000) | | Fund size | £36.7m | | Launched | 2018 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 25/09/2018 | ## 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 | +2.59% | -1.04% | income reinvested | | 3 years | +29.52% | +17.01% | income reinvested | | 5 years | +10.49% | -13.76% | 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 Hedged GBP in pounds (price only, income paid out not included): 2022 −16.0%, 2023 −4.9%, 2024 +3.1%, 2025 +4.2%; 2026 to 13/11/2026 −3.4%. Returns of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −4.2%; to 30/09/2025: +2.7%; to 30/09/2024: +11.4%; to 30/09/2023: −5.4%; to 30/09/2022: −21.9%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -16.0% | -23.1% | Price | | 2023 | -4.9% | -8.7% | Price | | 2024 | +3.1% | -0.4% | Price | | 2025 | +4.2% | +0.6% | Price | | 2026 to 13/11/2026 | -3.4% | -6.5% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 6.61% | -6.51% | | 3 years | 5.84% | -6.51% | | 5 years | 10.20% | -31.35% | ## Largest fall Volatility of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP in pounds, annualised from weekly returns to 13/11/2026: 6.6% over 1 year, 5.8% 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 Hedged GBP since November 2021, in pounds: −31.3% from 19/11/2021 to 24/03/2023. The lowest 12-month return of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP in pounds (price only, income paid out not included) since January 2021 was −26.1% (12 months to 24/03/2023); the highest was +15.7% (12 months to 22/03/2024). On 13/11/2026 the price of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP was 18.1% below its highest weekly close since November 2021 (19/11/2021), in pounds. ## Charges compared with similar funds Ongoing charge of Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP 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 | 0.39% | +2.0% | +23.4% | +15.6% | | Invesco Markets II PLC - Invesco USD AT1 CoCo Bond UCITS ETF Hedged GBP (this fund) | 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 AT1S 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/at1s/holdings ## Questions people ask **What is the ongoing charge of AT1S?** The ongoing charge of AT1S 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 Hedged GBP 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 AT1S track?** AT1S tracks the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 8% Issuer Cap Index. **Is AT1S accumulating or distributing?** AT1S is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly. **What is the ISIN of AT1S?** The ISIN of AT1S is IE00BYZLWM19. An ISIN identifies one exact share class of a fund; AT1S is its ticker on the London Stock Exchange. **What does AT1S hold?** The latest published holdings of AT1S 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 AT1S’s returns in each of the last five years?** Calendar-year returns of AT1S in pounds (price only, income paid out not included): 2022 −16.0%, 2023 −4.9%, 2024 +3.1%, 2025 +4.2%; 2026 to 13/11/2026 −3.4%. Past performance is not a guide to future returns. **How has AT1S done after inflation?** Over the five years to 13/11/2026 AT1S’s total return was +10.5%, or −13.8% 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.