# Invesco US Treasury Bond UCITS ETF GBP Hedged (TRGB)

**Page:** https://fundology.uk/fund/trgb · ISIN IE00BF2GFM70

## 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, TRGB (Invesco US Treasury Bond UCITS ETF GBP Hedged, ISIN IE00BF2GFM70) closed at £31.96 on the London Stock Exchange. Its ongoing charge is 0.10% a year (about £10 on £10,000). Over the five years to 13/11/2026 its total return was −6.9%, or −27.3% after UK CPIH inflation.

## Summary

Invesco Markets II PLC - Invesco US Treasury Bond UCITS ETF GBP Hedged is an exchange-traded fund (ETF) from Invesco, launched in 2019. 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 0.1% a year — about £10 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: **£31.96** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | TRGB |
| ISIN | IE00BF2GFM70 |
| Category | Government bonds |
| Type | ETF |
| Provider | Invesco |
| Tracks | Bloomberg U.S. Treasury index - USD - Benchmark TR Gross |
| Income | Distributing |
| Ongoing charge | 0.10% a year (£10 per £10,000) |
| Fund size | £67.5m |
| Launched | 2019 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/07/2019 |

## 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 | -1.54% | -5.03% | income reinvested |
| 3 years | +8.75% | -1.75% | income reinvested |
| 5 years | -6.90% | -27.33% | 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 US Treasury Bond UCITS ETF GBP Hedged in pounds (price only, income paid out not included): 2022 −15.0%, 2023 −1.0%, 2024 −3.8%, 2025 +1.5%; 2026 to 13/11/2026 −4.5%. Returns of Invesco Markets II PLC - Invesco US Treasury Bond UCITS ETF GBP Hedged in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −6.3%; to 30/09/2025: −2.4%; to 30/09/2024: +4.9%; to 30/09/2023: −5.7%; to 30/09/2022: −14.6%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -15.0% | -22.2% | Price |
| 2023 | -1.0% | -4.9% | Price |
| 2024 | -3.8% | -7.0% | Price |
| 2025 | +1.5% | -2.0% | Price |
| 2026 to 13/11/2026 | -4.5% | -7.5% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 4.66% | -7.26% |
| 3 years | 5.33% | -9.47% |
| 5 years | 5.79% | -23.15% |

## Largest fall

Volatility of Invesco Markets II PLC - Invesco US Treasury Bond UCITS ETF GBP Hedged in pounds, annualised from weekly returns to 13/11/2026: 4.7% over 1 year, 5.3% over 3 years, 5.8% over 5 years. Largest fall in the price of Invesco Markets II PLC - Invesco US Treasury Bond UCITS ETF GBP Hedged since November 2021, in pounds: −23.1% from 03/12/2021 to 02/10/2026. The lowest 12-month return of Invesco Markets II PLC - Invesco US Treasury Bond UCITS ETF GBP Hedged in pounds (price only, income paid out not included) since January 2021 was −17.0% (12 months to 04/11/2022); the highest was +4.9% (12 months to 27/09/2024). On 13/11/2026 the price of Invesco Markets II PLC - Invesco US Treasury Bond UCITS ETF GBP Hedged was 22.3% below its highest weekly close since November 2021 (03/12/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco Markets II PLC - Invesco US Treasury Bond UCITS ETF GBP Hedged 0.10% a year. Compared on 14/11/2026, 184 of the 311 other government bond funds charge more, 39 the same and 88 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 (this fund) | 0.10% | -1.5% | +8.7% | -6.9% |
| Invesco US Treasury Bond UCITS ETF Accum USD | 0.06% | -2.1% | -0.9% | — |

Returns are as reported, in pounds, income reinvested unless marked "(price)".

## Charges & eligibility

- Ongoing charges figure (OCF): **0.10%** 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, TRGB 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/trgb/holdings

## Questions people ask

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

The ongoing charge of TRGB is 0.10% a year — about £10 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 US Treasury Bond UCITS ETF GBP Hedged 0.10% a year. Compared on 14/11/2026, 184 of the 311 other government bond funds charge more, 39 the same and 88 less (share classes counted once).

**What does TRGB track?**

TRGB tracks the Bloomberg U.S. Treasury index - USD - Benchmark TR Gross.

**Is TRGB accumulating or distributing?**

TRGB 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 TRGB?**

The ISIN of TRGB is IE00BF2GFM70. An ISIN identifies one exact share class of a fund; TRGB is its ticker on the London Stock Exchange.

**What does TRGB hold?**

As of 12/11/2026, TRGB 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 TRGB’s returns in each of the last five years?**

Calendar-year returns of TRGB in pounds (price only, income paid out not included): 2022 −15.0%, 2023 −1.0%, 2024 −3.8%, 2025 +1.5%; 2026 to 13/11/2026 −4.5%. Past performance is not a guide to future returns.

**How has TRGB done after inflation?**

Over the five years to 13/11/2026 TRGB’s total return was −6.9%, or −27.3% 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.