# Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD (GCBS) **Page:** https://fundology.uk/fund/gcbs · ISIN IE000FVQW7E7 ## 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, GCBS (Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD, ISIN IE000FVQW7E7) closed at £3.75 on the London Stock Exchange. Its ongoing charge is 0.15% a year (about £15 on £10,000). Over the year to 13/11/2026 its total return was −3.3%, or −6.7% after UK CPIH inflation. ## Summary Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD is an exchange-traded fund (ETF) from Invesco, launched in 2024. It tracks the Bloomberg MSCI Global Liquid Corporate Climate Transition ESG Bond Index - USD - Benchmark TR Net. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.15% a year — about £15 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. Latest close: **£3.75** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | GCBS | | ISIN | IE000FVQW7E7 | | Also listed as | GCBE (London Stock Exchange, US dollars), GLBD (Xetra, euros) | | Category | Corporate & other bonds | | Type | ETF | | Provider | Invesco | | Tracks | Bloomberg MSCI Global Liquid Corporate Climate Transition ESG Bond Index - USD - Benchmark TR Net | | Income | Distributing | | Ongoing charge | 0.15% a year (£15 per £10,000) | | Fund size | £608k | | Launched | 2024 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 09/04/2024 | ## 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 | -3.29% | -6.71% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD in pounds (price only, income paid out not included): 2025 −2.3%; 2026 to 13/11/2026 −4.6%. Returns of Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −6.2%; to 30/09/2025: +0.4%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2025 | -2.3% | -5.7% | Price | | 2026 to 13/11/2026 | -4.6% | -7.6% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 5.37% | -8.09% | ## Largest fall Volatility of Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD in pounds, annualised from weekly returns to 13/11/2026: 5.4% over 1 year. Largest fall in the price of Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD since April 2024, in pounds: −9.0% from 17/01/2025 to 23/10/2026. The lowest 12-month return of Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD in pounds (price only, income paid out not included) since April 2024 was −7.8% (12 months to 30/10/2026); the highest was +2.4% (12 months to 26/06/2026). On 13/11/2026 the price of Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD was 8.4% below its highest weekly close since April 2024 (17/01/2025), in pounds. ## Charges compared with similar funds Ongoing charge of Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD 0.15% a year. Compared on 14/11/2026, 304 of the 427 other corporate and other bond funds charge more, 27 the same and 96 less (share classes counted once). ## Funds tracking the same index 2 funds track Bloomberg MSCI Global Liquid Corporate Climate Transition ESG Bond Index - USD - Benchmark TR Net, this one included and share classes counted once; their ongoing charges range from 0.15% to 0.29% a year (13/11/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Invesco Global Corporate Bond ESG Climate Transition UCITS ETF -PFHGD- GBP | 0.29% | -1.0% | — | — | | Invesco Global Corporate Bond ESG Climate Transition UCITS ETF USD (this fund) | 0.15% | -3.3% | — | — | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.15%** 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 As of 12/11/2026, GCBS holds 3,766 positions, according to its published holdings. The largest is SW Finance I PLC 7% 16/04/40 at 0.13% of the fund; the ten largest make up 1.0%. ### Top holdings Largest positions (as of 12/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | SW Finance I PLC 7% 16/04/40 | — | 0.13% | | 2 | AbbVie Inc 3.2% 21/11/29 | — | 0.11% | | 3 | Cigna Group/The 4.375% 15/10/28 | — | 0.11% | | 4 | Goldman Sachs Group Inc/The 6.75% 01/10/37 | — | 0.11% | | 5 | AXA SA Var 28/05/49 | — | 0.10% | | 6 | Pfizer Investment Enterprises Pte 4.75% 19/05/33 | — | 0.10% | | 7 | Pfizer Investment Enterprises Pte 5.3% 19/05/53 | — | 0.10% | | 8 | AbbVie Inc 4.25% 21/11/49 | — | 0.09% | | 9 | AerCap Ireland Capital DAC / AerCa 3% 29/10/28 | — | 0.09% | | 10 | AerCap Ireland Capital DAC / AerCa 3.3% 30/01/32 | — | 0.09% | ## 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 05/11/2026. | Country | Weight | |---|---| | United States | 65.9% | | France | 5.1% | | Canada | 4.1% | | Germany | 1.1% | | Switzerland | 0.5% | | Belgium | 0.4% | | Italy | 0.2% | | Austria | 0.1% | | Other countries | 0.1% | | Not classified | 22.5% | ### By type of asset Added up from the fund’s published holdings, as of 05/11/2026. | Type of asset | Weight | |---|---| | Bonds | 99.4% | | Cash and money market | 0.6% | The 3,738 holdings on record (of 3,766 reported): https://fundology.uk/fund/gcbs/holdings ## Questions people ask **What is the ongoing charge of GCBS?** The ongoing charge of GCBS is 0.15% a year — about £15 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 Global Corporate Bond ESG Climate Transition UCITS ETF USD 0.15% a year. Compared on 14/11/2026, 304 of the 427 other corporate and other bond funds charge more, 27 the same and 96 less (share classes counted once). **What does GCBS track?** GCBS tracks the Bloomberg MSCI Global Liquid Corporate Climate Transition ESG Bond Index - USD - Benchmark TR Net. **Is GCBS accumulating or distributing?** GCBS 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 GCBS?** The ISIN of GCBS is IE000FVQW7E7. An ISIN identifies one exact share class of a fund; GCBS is its ticker on the London Stock Exchange. The same share class is also listed as GCBE (London Stock Exchange, US dollars) and GLBD (Xetra, euros). **What does GCBS hold?** As of 12/11/2026, GCBS holds 3,766 positions, according to its published holdings. The largest is SW Finance I PLC 7% 16/04/40 at 0.13% of the fund; the ten largest make up 1.0%. Its ten largest holdings are SW Finance I PLC 7% 16/04/40 (0.13%), AbbVie Inc 3.2% 21/11/29 (0.11%), Cigna Group/The 4.375% 15/10/28 (0.11%), Goldman Sachs Group Inc/The 6.75% 01/10/37 (0.11%), AXA SA Var 28/05/49 (0.10%), Pfizer Investment Enterprises Pte 4.75% 19/05/33 (0.10%), Pfizer Investment Enterprises Pte 5.3% 19/05/53 (0.10%), AbbVie Inc 4.25% 21/11/49 (0.09%), AerCap Ireland Capital DAC / AerCa 3% 29/10/28 (0.09%) and AerCap Ireland Capital DAC / AerCa 3.3% 30/01/32 (0.09%). **What were GCBS’s returns in each of the last five years?** Calendar-year returns of GCBS in pounds (price only, income paid out not included): 2025 −2.3%; 2026 to 13/11/2026 −4.6%. Past performance is not a guide to future returns. **How has GCBS done after inflation?** Over the year to 13/11/2026 GCBS’s total return was −3.3%, or −6.7% 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.