# Invesco US Treasury Bond UCITS ETF Accum USD (TRAG) **Page:** https://fundology.uk/fund/trag · ISIN IE00BF2GFJ42 ## 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, TRAG (Invesco US Treasury Bond UCITS ETF Accum USD, ISIN IE00BF2GFJ42) closed at £32.89 on the London Stock Exchange. Its ongoing charge is 0.06% a year (about £6 on £10,000). Over the three years to 13/11/2026 its total return was −0.9%, or −10.5% after UK CPIH inflation. ## Summary Invesco US Treasury Bond UCITS ETF Accum USD is an exchange-traded fund (ETF) from Invesco, launched in 2023. It tracks the Bloomberg U.S. Treasury index - USD - Benchmark TR Gross. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.06% a year — about £6 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: **£32.89** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | TRAG | | ISIN | IE00BF2GFJ42 | | Also listed as | TRAU (London Stock Exchange, US dollars) | | Category | Government bonds | | Type | ETF | | Provider | Invesco | | Tracks | Bloomberg U.S. Treasury index - USD - Benchmark TR Gross | | Income | Accumulating | | Ongoing charge | 0.06% a year (£6 per £10,000) | | Fund size | £105m | | Launched | 2023 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 08/08/2023 | ## 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 | -2.15% | -5.62% | income reinvested | | 3 years | -0.93% | -10.49% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Invesco US Treasury Bond UCITS ETF Accum USD in pounds (price, with income reinvested in the fund): 2024 +3.5%, 2025 −2.3%; 2026 to 13/11/2026 +0.7%. Returns of Invesco US Treasury Bond UCITS ETF Accum USD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −0.6%; to 30/09/2025: +1.6%; to 30/09/2024: −0.1%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2024 | +3.5% | -0.0% | Price | | 2025 | -2.3% | -5.7% | Price | | 2026 to 13/11/2026 | +0.7% | -2.5% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 5.53% | -4.53% | | 3 years | 6.87% | -8.12% | ## Largest fall Volatility of Invesco US Treasury Bond UCITS ETF Accum USD in pounds, annualised from weekly returns to 13/11/2026: 5.5% over 1 year, 6.9% over 3 years. Largest fall in the price of Invesco US Treasury Bond UCITS ETF Accum USD since August 2023, in pounds: −8.1% from 17/01/2025 to 23/05/2025. The lowest 12-month return of Invesco US Treasury Bond UCITS ETF Accum USD in pounds (price, with income reinvested in the fund) since August 2023 was −4.4% (12 months to 30/01/2026); the highest was +7.3% (12 months to 26/06/2026). On 13/11/2026 the price of Invesco US Treasury Bond UCITS ETF Accum USD was 3.4% below its highest weekly close since August 2023 (17/01/2025), in pounds. ## Charges compared with similar funds Ongoing charge of Invesco US Treasury Bond UCITS ETF Accum USD 0.06% a year. Compared on 14/11/2026, 272 of the 311 other government bond funds charge more, 26 the same and 13 less (share classes counted once). ## Funds tracking the same index 4 funds track Bloomberg U.S. Treasury index - USD - Benchmark TR Gross, this one included and share classes counted once; their ongoing charges range from 0.05% to 0.10% a year (13/11/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Amundi Core US Treasury Bond UCITS ETF Dist- Distribution | 0.05% | -2.2% | +3.6% | -2.8% | | HSBC Global Funds ICAV US Treasury Bond UCITS ETF | 0.06% | +0.1% | — | — | | Invesco Markets II PLC - Invesco US Treasury Bond UCITS ETF GBP Hedged | 0.10% | -1.5% | +8.7% | -6.9% | | Invesco US Treasury Bond UCITS ETF Accum USD (this fund) | 0.06% | -2.1% | -0.9% | — | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.06%** per year (as of 13/11/2026) - 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, TRAG holds 299 positions, according to its published holdings. The largest is US Tsy N/B 4.25% 15/08/35 at 0.89% of the fund; the ten largest make up 8.2%. ### Top holdings Largest positions (as of 12/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | US Tsy N/B 4.25% 15/08/35 | — | 0.89% | | 2 | US Tsy N/B 4.625% 15/02/35 | — | 0.89% | | 3 | US Tsy N/B 4.125% 15/02/36 | — | 0.88% | | 4 | US Tsy N/B 4.25% 15/11/34 | — | 0.87% | | 5 | US Tsy N/B 4.375% 15/05/34 | — | 0.83% | | 6 | US Tsy N/B 4% 15/02/34 | — | 0.81% | | 7 | US Tsy N/B 4.625% 15/08/36 | — | 0.80% | | 8 | US Tsy N/B 4.125% 15/11/32 | — | 0.77% | | 9 | US Tsy N/B 4.25% 15/05/35 | — | 0.74% | | 10 | US Tsy N/B 4.375% 15/05/36 | — | 0.72% | ## 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 05/11/2026. | Type of asset | Weight | |---|---| | Bonds | 99.8% | | Cash and money market | 0.3% | All 299 holdings: https://fundology.uk/fund/trag/holdings ## Questions people ask **What is the ongoing charge of TRAG?** The ongoing charge of TRAG is 0.06% a year — about £6 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 US Treasury Bond UCITS ETF Accum USD 0.06% a year. Compared on 14/11/2026, 272 of the 311 other government bond funds charge more, 26 the same and 13 less (share classes counted once). **What does TRAG track?** TRAG tracks the Bloomberg U.S. Treasury index - USD - Benchmark TR Gross. **Is TRAG accumulating or distributing?** TRAG 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 TRAG?** The ISIN of TRAG is IE00BF2GFJ42. An ISIN identifies one exact share class of a fund; TRAG is its ticker on the London Stock Exchange. The same share class is also listed as TRAU (London Stock Exchange, US dollars). **What does TRAG hold?** As of 12/11/2026, TRAG holds 299 positions, according to its published holdings. The largest is US Tsy N/B 4.25% 15/08/35 at 0.89% of the fund; the ten largest make up 8.2%. Its ten largest holdings are US Tsy N/B 4.25% 15/08/35 (0.89%), US Tsy N/B 4.625% 15/02/35 (0.89%), US Tsy N/B 4.125% 15/02/36 (0.88%), US Tsy N/B 4.25% 15/11/34 (0.87%), US Tsy N/B 4.375% 15/05/34 (0.83%), US Tsy N/B 4% 15/02/34 (0.81%), US Tsy N/B 4.625% 15/08/36 (0.80%), US Tsy N/B 4.125% 15/11/32 (0.77%), US Tsy N/B 4.25% 15/05/35 (0.74%) and US Tsy N/B 4.375% 15/05/36 (0.72%). **What were TRAG’s returns in each of the last five years?** Calendar-year returns of TRAG in pounds (price, with income reinvested in the fund): 2024 +3.5%, 2025 −2.3%; 2026 to 13/11/2026 +0.7%. Past performance is not a guide to future returns. **How has TRAG done after inflation?** Over the three years to 13/11/2026 TRAG’s total return was −0.9%, or −10.5% 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.