# Invesco Emerging Markets USD Bond UCITS ETF (PEMD)

**Page:** https://fundology.uk/fund/pemd · ISIN IE00BF51K132

## 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, PEMD (Invesco Emerging Markets USD Bond UCITS ETF, ISIN IE00BF51K132) closed at $15.83 on the London Stock Exchange. Its ongoing charge is 0.25% a year (about £25 on £10,000). Over the five years to 13/11/2026 its total return was +10.5%, or −13.7% after UK CPIH inflation.

## Summary

Invesco Emerging Markets USD Bond UCITS ETF is an exchange-traded fund (ETF) from Invesco, launched in 2017. It tracks the Bloomberg Barclays Emerging Markets USD Sovereign Bond Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.25% a year — about £25 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: **$15.83** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | PEMD |
| ISIN | IE00BF51K132 |
| Also listed as | EMSB (Xetra, euros), FEMSB (Xetra, euros) |
| Category | Government bonds |
| Type | ETF |
| Provider | Invesco |
| Tracks | Bloomberg Barclays Emerging Markets USD Sovereign Bond Index |
| Income | Distributing |
| Ongoing charge | 0.25% a year (£25 per £10,000) |
| Fund size | £51.5m |
| Launched | 2017 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 17/11/2017 |

## 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 | -0.68% | -4.20% | income reinvested |
| 3 years | +19.19% | +7.68% | income reinvested |
| 5 years | +10.54% | -13.72% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Invesco Emerging Markets USD Bond UCITS ETF in pounds (price only, income paid out not included): 2022 −10.8%, 2023 −1.2%, 2024 +2.9%, 2025 −1.9%; 2026 to 13/11/2026 −3.7%. Returns of Invesco Emerging Markets USD Bond UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −3.7%; to 30/09/2025: +0.9%; to 30/09/2024: +2.8%; to 30/09/2023: −7.4%; to 30/09/2022: −9.1%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -10.8% | -18.4% | Price |
| 2023 | -1.2% | -5.2% | Price |
| 2024 | +2.9% | -0.6% | Price |
| 2025 | -1.9% | -5.3% | Price |
| 2026 to 13/11/2026 | -3.7% | -6.8% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 6.59% | -7.85% |
| 3 years | 7.62% | -10.19% |
| 5 years | 8.90% | -19.91% |

## Largest fall

Volatility of Invesco Emerging Markets USD Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 6.6% over 1 year, 7.6% over 3 years, 8.9% over 5 years. Largest fall in the price of Invesco Emerging Markets USD Bond UCITS ETF since November 2021, in pounds: −19.9% from 10/12/2021 to 06/10/2023. The lowest 12-month return of Invesco Emerging Markets USD Bond UCITS ETF in pounds (price only, income paid out not included) since January 2021 was −12.7% (12 months to 17/06/2022); the highest was +7.7% (12 months to 26/06/2026). On 13/11/2026 the price of Invesco Emerging Markets USD Bond UCITS ETF was 17.0% below its highest weekly close since November 2021 (10/12/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco Emerging Markets USD Bond UCITS ETF 0.25% a year. Compared on 14/11/2026, 30 of the 311 other government bond funds charge more, 16 the same and 265 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **0.25%** 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, PEMD holds 423 positions, according to its published holdings. The largest is Argentina 4.125% 09/07/35 at 1.08% of the fund; the ten largest make up 6.5%.

### Top holdings

Largest positions (as of 12/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Argentina 4.125% 09/07/35 | — | 1.08% |
| 2 | Eagle Funding Luxco Sarl 5.5% 17/08/30 | — | 1.03% |
| 3 | Argentina 0.75% 09/07/30 | — | 0.74% |
| 4 | Argentina 5% 09/01/38 | — | 0.68% |
| 5 | Saudi International Bond 5.75% 16/01/54 | — | 0.53% |
| 6 | Argentina 3.5% 09/07/41 | — | 0.51% |
| 7 | Qatar 4.817% 14/03/49 | — | 0.50% |
| 8 | Ecuador 6.9% 31/07/35 | — | 0.47% |
| 9 | Qatar 4.4% 16/04/50 | — | 0.46% |
| 10 | Oman Gov Interntl Bond 6% 01/08/29 | — | 0.45% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By type of asset

Added up from the fund’s published holdings, as of 12/11/2026.

| Type of asset | Weight |
|---|---|
| Bonds | 99.9% |
| Cash and money market | 0.1% |

All 423 holdings: https://fundology.uk/fund/pemd/holdings

## Questions people ask

**What is the ongoing charge of PEMD?**

The ongoing charge of PEMD is 0.25% a year — about £25 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 Emerging Markets USD Bond UCITS ETF 0.25% a year. Compared on 14/11/2026, 30 of the 311 other government bond funds charge more, 16 the same and 265 less (share classes counted once).

**What does PEMD track?**

PEMD tracks the Bloomberg Barclays Emerging Markets USD Sovereign Bond Index.

**Is PEMD accumulating or distributing?**

PEMD 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 PEMD?**

The ISIN of PEMD is IE00BF51K132. An ISIN identifies one exact share class of a fund; PEMD is its ticker on the London Stock Exchange. The same share class is also listed as EMSB (Xetra, euros) and FEMSB (Xetra, euros).

**What does PEMD hold?**

As of 12/11/2026, PEMD holds 423 positions, according to its published holdings. The largest is Argentina 4.125% 09/07/35 at 1.08% of the fund; the ten largest make up 6.5%. Its ten largest holdings are Argentina 4.125% 09/07/35 (1.08%), Eagle Funding Luxco Sarl 5.5% 17/08/30 (1.03%), Argentina 0.75% 09/07/30 (0.74%), Argentina 5% 09/01/38 (0.68%), Saudi International Bond 5.75% 16/01/54 (0.53%), Argentina 3.5% 09/07/41 (0.51%), Qatar 4.817% 14/03/49 (0.50%), Ecuador 6.9% 31/07/35 (0.47%), Qatar 4.4% 16/04/50 (0.46%) and Oman Gov Interntl Bond 6% 01/08/29 (0.45%).

**What were PEMD’s returns in each of the last five years?**

Calendar-year returns of PEMD in pounds (price only, income paid out not included): 2022 −10.8%, 2023 −1.2%, 2024 +2.9%, 2025 −1.9%; 2026 to 13/11/2026 −3.7%. Past performance is not a guide to future returns.

**How has PEMD done after inflation?**

Over the five years to 13/11/2026 PEMD’s total return was +10.5%, or −13.7% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.