# Invesco US Treasury Bond 10+ Year UCITS ETF USD (TRLX) **Page:** https://fundology.uk/fund/trlx · ISIN IE00BKWD3743 ## 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, 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. ## Summary 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. Latest close: **£2.91** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | TRLX | | ISIN | IE00BKWD3743 | | Also listed as | TREL (London Stock Exchange, US dollars), TRDL (Xetra, euros) | | Category | Government bonds | | Type | ETF | | Provider | Invesco | | Tracks | Bloomberg US Long Treasury Index - USD - Benchmark TR Net | | Income | Distributing | | Ongoing charge | 0.06% a year (£6 per £10,000) | | Fund size | £26.5m | | 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 | -6.98% | -10.27% | income reinvested | | 3 years | -5.02% | -14.19% | 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 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 CPIH inflation | Measured as | |---|---|---|---| | 2023 | -6.8% | -10.5% | Price | | 2024 | -8.1% | -11.2% | Price | | 2025 | -7.7% | -10.9% | Price | | 2026 to 13/11/2026 | -6.2% | -9.2% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 10.08% | -13.65% | | 3 years | 12.34% | -22.82% | ## Largest fall 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. ## Charges compared with similar funds 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). ## 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 | 0.13% | -6.4% | -0.1% | — | | Invesco US Treasury Bond 10+ Year UCITS ETF USD (this fund) | 0.06% | -7.0% | -5.0% | — | 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, 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%. ### 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% | ## 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 | 99.5% | | Cash and money market | 0.5% | All 101 holdings: https://fundology.uk/fund/trlx/holdings ## 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. --- 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.