ETF · Invesco
TRLX Invesco US Treasury Bond 10+ Year UCITS ETF USD
ISIN IE00BKWD3743London Stock Exchange: TRLXInvesco Ltd.
- Government bonds
- ETF
- ISA
- SIPP
- Distributing
Latest close
LSE£2.91
on
- Ongoing charge
- 0.06% a year
- Fund size
- £26.5m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, TRLX (Invesco US Treasury Bond 10+ Year UCITS ETF USD, ISIN IE00BKWD3743) closed at £2.91 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 −5.0%, or −14.2% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- −7.0%
- −10.3% after inflation (UK CPIH)
- 3 years to 13/11/2026
- −5.0%
- −14.2% after inflation (UK CPIH)
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of Invesco US Treasury Bond 10+ Year UCITS ETF USD in pounds (price only, income paid out not included): 2023 −6.8%, 2024 −8.1%, 2025 −7.7%; 2026 to 13/11/2026 −6.2%. Returns of Invesco US Treasury Bond 10+ Year UCITS ETF USD in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −11.2%; to 30/09/2025: −8.2%; to 30/09/2024: +0.5%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | −6.2% | −9.2% | |
| to | −7.7% | −10.9% | |
| to | −8.1% | −11.2% | |
| −6.8% | −10.5% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | −11.2% | −14.4% |
| from | −8.2% | −11.8% |
| from | +0.5% | −2.0% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
12.3%over 3 years
| 1 year | 10.1% |
|---|---|
| 3 years | 12.3% |
Annualised from weekly returns. Higher means bumpier.
- Largest fall since October 2022
- −31.4%
- From to
- Lowest 12-month return
- −16.4%
- 12 months to
- Highest 12-month return
- +4.7%
- 12 months to
- Below its highest weekly close since October 2022
- 29.6%
- High of , latest
In words: Volatility of Invesco US Treasury Bond 10+ Year UCITS ETF USD in pounds, annualised from weekly returns to 13/11/2026: 10.1% over 1 year, 12.3% over 3 years. Largest fall in the price of Invesco US Treasury Bond 10+ Year UCITS ETF USD since October 2022, in pounds: −31.4% from 03/02/2023 to 09/10/2026. The lowest 12-month return of Invesco US Treasury Bond 10+ Year UCITS ETF USD in pounds (price only, income paid out not included) since October 2022 was −16.4% (12 months to 20/10/2023); the highest was +4.7% (12 months to 18/10/2024). On 13/11/2026 the price of Invesco US Treasury Bond 10+ Year UCITS ETF USD was 29.6% below its highest weekly close since October 2022 (03/02/2023), in pounds.
As of , price only — income paid out is not included
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.06%
- a year
- On £10,000
- £6
- a year, roughly
- Over five years
- £30
- of £10,000, before growth
- 13 charge less
- 26 the same
- 272 charge more
Ongoing charge of Invesco US Treasury Bond 10+ Year UCITS ETF 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).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
As of
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
Invesco US Treasury Bond 10+ Year UCITS ETF USD 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 0.06% 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 paid out to holders as cash, usually a few times a year.
Government bonds: Loans to governments, such as UK gilts and US Treasuries. They pay interest; their prices move when interest rates change.
Terms:ETFIndex fundUCITSAccumulating or incomeShare classISIN
Key facts
- Ticker
- TRLX
- ISIN
- IE00BKWD3743
- Also listed as
- TREL (London Stock Exchange, US dollars), TRDL (Xetra, euros)
- Provider
- Invesco
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Distributing, paid quarterly
- Income is paid out to holders as cash, usually a few times a year.
- Ongoing charge
- 0.06% a year · about £6 on £10,000
- Fund size
- £26.5m
- Launched
- Domicile
- Ireland
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- No
- Price currency
- Pounds (GBP)
- Category
- Government bonds
Price chart
Over the last year, the closing price went from £3.25 on 14/11/2025 to £2.91 on 13/11/2026 (−10.5%). The lowest close shown was £2.83 on 09/10/2026 and the highest £3.28 on 21/11/2025.
One close a week. Before 17/09/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded. Price only — income paid out is not included, so the line can end below the total return above.
As of , at least 15 min delayed
Five years of prices, and after inflation
213 weekly closes, from 21/10/2022 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
Sign-up takes an email address. There is no card to enter and nothing to pay.
How we work it out:Prices and returnsNAV and price
What it holds
- Holdings
- 101
- on record
- Ten largest
- 21.3%
- of the whole fund
- Effective number of holdings
- 77
- As concentrated as this many equal-sized holdings (how it is worked out)
- Largest holding
- 2.2%
- US Tsy N/B 5.125% 15/08/56
Top 10 holdings
| Rank# | Holding | Weight as a percentage of the fund |
|---|---|---|
| 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% |
As of , holdings as published
See the full portfolio
Every holding with search and filters, the whole breakdown by sector, country and type of asset, a map of the 100 largest and what changed since .
All holdings
The fund publishes 101 holdings; the ten largest make up 21.3% of it.
Create a free account to see the full holdings list
Sign-up takes an email address. There is no card to enter and nothing to pay.
Holdings:Compare what it holds with another fundHoldings overlapHow overlap is measured
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 | Charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Amundi US Treasury Bond Long Dated UCITS ETFDistributing · 0.06% a year | 0.06% | −7.0% | −1.9% | −30.4% |
| Amundi US Treasury Bond Long Dated UCITS ETF Acc- CapitalisationAccumulating · 0.07% a year | 0.07% | −6.7% | −3.9% | Not reported |
| Amundi US Treasury Bond Long Dated UCITS ETF GBP Hedged DistDistributing · Currency hedged · 0.10% a year | 0.10% | −9.4% | −3.0% | Not reported |
| Invesco US Treasury Bond 10+ Year UCITS ETF Accum- USDAccumulating · 0.06% a year | 0.06% | −7.0% | Not reported | Not reported |
| Invesco US Treasury Bond 10+ Year UCITS ETF Hedged GBPDistributing · Currency hedged · 0.13% a year | 0.13% | −6.4% | −0.1% | Not reported |
| Invesco US Treasury Bond 10+ Year UCITS ETF USDThis fundDistributing · 0.06% a year | 0.06% | −7.0% | −5.0% | Not reported |
As of
Bloomberg US Long Treasury funds compared: charges, sizes and share classes
Read more:Index fundsTracking differenceHow funds are compared
Other versions of this fund
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1 and 3 years, from weekly returns in pounds.
With a free accountRolling returns
The full range of 161 rolling 12-month returns since October 2022, in pounds, with how often they were above zero.
With a free accountLargest falls and recoveries
The 2 largest falls since October 2022, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios, every rolling return and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Moves compared with a similar fund
Correlation and beta of weekly returns in pounds against iShares Core UK Gilts UCITS ETF, over the three years to 13/11/2026 (156 weeks).
Pro
Pro — currently by invitation
Pro includes moves against a comparable fund
Pro is open by invitation while it is being built. There is nothing to buy. To ask about access, email [email protected].
Questions people ask
What is the ongoing charge of TRLX?
The ongoing charge of TRLX 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 10+ Year UCITS ETF 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 TRLX track?
TRLX tracks the Bloomberg US Long Treasury Index - USD - Benchmark TR Net.
Is TRLX accumulating or distributing?
TRLX 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 TRLX?
The ISIN of TRLX is IE00BKWD3743. An ISIN identifies one exact share class of a fund; TRLX is its ticker on the London Stock Exchange. The same share class is also listed as TREL (London Stock Exchange, US dollars) and TRDL (Xetra, euros).
What does TRLX hold?
As of 12/11/2026, TRLX 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 TRLX’s returns in each of the last five years?
Calendar-year returns of TRLX in pounds (price only, income paid out not included): 2023 −6.8%, 2024 −8.1%, 2025 −7.7%; 2026 to 13/11/2026 −6.2%. Past performance is not a guide to future returns.
How has TRLX done after inflation?
Over the three years to 13/11/2026 TRLX’s total return was −5.0%, or −14.2% after UK CPIH inflation. Past performance is not a guide to future returns.
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Fund documents and methods
Methodology:ReturnsCategoriesAll methods
A machine-readable copy of this page: Markdown.