# Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP (TRLG)

**Page:** https://fundology.uk/fund/trlg · ISIN IE00BKWD3859

## 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, TRLG (Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP, ISIN IE00BKWD3859) closed at £3.72 on the London Stock Exchange. Its ongoing charge is 0.13% a year (about £13 on £10,000). Over the three years to 13/11/2026 its total return was −0.1%, or −9.7% after UK CPIH inflation.

## Summary

Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP is an exchange-traded fund (ETF) from Invesco, launched in 2022. It tracks the Bloomberg US Long Treasury 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 0.13% a year — about £13 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: **£3.72** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | TRLG |
| ISIN | IE00BKWD3859 |
| Category | Government bonds |
| Type | ETF |
| Provider | Invesco |
| Tracks | Bloomberg US Long Treasury Index - USD - Benchmark TR Net |
| Income | Distributing |
| Ongoing charge | 0.13% a year (£13 per £10,000) |
| Fund size | £44.7m |
| Launched | 2022 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 12/10/2022 |

## 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 | -6.43% | -9.74% | income reinvested |
| 3 years | -0.07% | -9.72% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP in pounds (price only, income paid out not included): 2023 −2.8%, 2024 −10.9%, 2025 +0.1%; 2026 to 13/11/2026 −8.2%. Returns of Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −12.6%; to 30/09/2025: −8.0%; to 30/09/2024: +9.6%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2023 | -2.8% | -6.7% | Price |
| 2024 | -10.9% | -14.0% | Price |
| 2025 | +0.1% | -3.4% | Price |
| 2026 to 13/11/2026 | -8.2% | -11.1% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 9.84% | -14.08% |
| 3 years | 12.10% | -21.69% |

## Largest fall

Volatility of Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP in pounds, annualised from weekly returns to 13/11/2026: 9.8% over 1 year, 12.1% over 3 years. Largest fall in the price of Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP since October 2022, in pounds: −27.6% from 07/04/2023 to 09/10/2026. The lowest 12-month return of Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP in pounds (price only, income paid out not included) since October 2022 was −16.8% (12 months to 26/04/2024); the highest was +11.5% (12 months to 18/10/2024). On 13/11/2026 the price of Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP was 25.7% below its highest weekly close since October 2022 (07/04/2023), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP 0.13% a year. Compared on 14/11/2026, 151 of the 311 other government bond funds charge more, 7 the same and 153 less (share classes counted once).

## Funds tracking the same index

6 funds track Bloomberg US Long Treasury Index - USD - Benchmark TR Net, this one included and share classes counted once; their ongoing charges range from 0.06% to 0.13% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Amundi US Treasury Bond Long Dated UCITS ETF | 0.06% | -7.0% | -1.9% | -30.4% |
| Amundi US Treasury Bond Long Dated UCITS ETF Acc- Capitalisation | 0.07% | -6.7% | -3.9% | — |
| Amundi US Treasury Bond Long Dated UCITS ETF GBP Hedged Dist | 0.10% | -9.4% | -3.0% | — |
| Invesco Markets II PLC - Invesco US Treasury Bond 10+ Year UCITS ETF Accum- USD | 0.06% | -7.0% | — | — |
| Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBP (this fund) | 0.13% | -6.4% | -0.1% | — |
| Invesco US Treasury Bond 10+ Year UCITS ETF USD | 0.06% | -7.0% | -5.0% | — |

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

## Charges & eligibility

- Ongoing charges figure (OCF): **0.13%** 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, TRLG holds 101 positions, according to its published holdings. The largest is US Tsy N/B 5.125% 15/08/56 at 2.24% of the fund; the ten largest make up 21.3%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | US Tsy N/B 5.125% 15/08/56 | — | 2.24% |
| 2 | US Tsy N/B 5% 15/05/56 | — | 2.20% |
| 3 | US Tsy N/B 4.625% 15/11/55 | — | 2.19% |
| 4 | US Tsy N/B 4.75% 15/05/55 | — | 2.18% |
| 5 | US Tsy N/B 4.75% 15/11/53 | — | 2.10% |
| 6 | US Tsy N/B 4.5% 15/11/54 | — | 2.09% |
| 7 | US Tsy N/B 4.75% 15/02/56 | — | 2.09% |
| 8 | US Tsy N/B 4.75% 15/08/55 | — | 2.09% |
| 9 | US Tsy N/B 4.625% 15/05/54 | — | 2.07% |
| 10 | US Tsy N/B 4.625% 15/02/55 | — | 2.06% |

All 101 holdings: https://fundology.uk/fund/trlg/holdings

## Questions people ask

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

The ongoing charge of TRLG is 0.13% a year — about £13 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 10+ Year UCITS ETF Hedged GBP 0.13% a year. Compared on 14/11/2026, 151 of the 311 other government bond funds charge more, 7 the same and 153 less (share classes counted once).

**What does TRLG track?**

TRLG tracks the Bloomberg US Long Treasury Index - USD - Benchmark TR Net.

**Is TRLG accumulating or distributing?**

TRLG 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 TRLG?**

The ISIN of TRLG is IE00BKWD3859. An ISIN identifies one exact share class of a fund; TRLG is its ticker on the London Stock Exchange.

**What does TRLG hold?**

As of 12/11/2026, TRLG holds 101 positions, according to its published holdings. The largest is US Tsy N/B 5.125% 15/08/56 at 2.24% of the fund; the ten largest make up 21.3%. Its ten largest holdings are US Tsy N/B 5.125% 15/08/56 (2.24%), US Tsy N/B 5% 15/05/56 (2.20%), US Tsy N/B 4.625% 15/11/55 (2.19%), US Tsy N/B 4.75% 15/05/55 (2.18%), US Tsy N/B 4.75% 15/11/53 (2.10%), US Tsy N/B 4.5% 15/11/54 (2.09%), US Tsy N/B 4.75% 15/02/56 (2.09%), US Tsy N/B 4.75% 15/08/55 (2.09%), US Tsy N/B 4.625% 15/05/54 (2.07%) and US Tsy N/B 4.625% 15/02/55 (2.06%).

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

Calendar-year returns of TRLG in pounds (price only, income paid out not included): 2023 −2.8%, 2024 −10.9%, 2025 +0.1%; 2026 to 13/11/2026 −8.2%. Past performance is not a guide to future returns.

**How has TRLG done after inflation?**

Over the three years to 13/11/2026 TRLG’s total return was −0.1%, or −9.7% 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.