# Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged (TRXS)

**Page:** https://fundology.uk/fund/trxs · ISIN IE00BF2FNB90

## 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, TRXS (Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged, ISIN IE00BF2FNB90) closed at £32.01 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 −10.4%, or −30.0% after UK CPIH inflation.

## Summary

Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged is an exchange-traded fund (ETF) from Invesco, launched in 2019. It tracks the Bloomberg US Treasury 7-10 Year Index - 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: **£32.01** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | TRXS |
| ISIN | IE00BF2FNB90 |
| Category | Government bonds |
| Type | ETF |
| Provider | Invesco |
| Tracks | Bloomberg US Treasury 7-10 Year Index - Benchmark TR Gross |
| Income | Distributing |
| Ongoing charge | 0.10% a year (£10 per £10,000) |
| Fund size | £209m |
| Launched | 2019 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 11/01/2019 |

## 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 | -3.02% | -6.46% | income reinvested |
| 3 years | +8.62% | -1.87% | income reinvested |
| 5 years | -10.37% | -30.04% | income reinvested |

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

## Calendar-year returns

Calendar-year returns of Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged in pounds (price only, income paid out not included): 2022 −17.9%, 2023 −1.0%, 2024 −5.0%, 2025 +3.4%; 2026 to 13/11/2026 −6.0%. Returns of Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −8.0%; to 30/09/2025: −2.1%; to 30/09/2024: +6.1%; to 30/09/2023: −6.5%; to 30/09/2022: −17.6%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | -17.9% | -24.9% | Price |
| 2023 | -1.0% | -4.9% | Price |
| 2024 | -5.0% | -8.2% | Price |
| 2025 | +3.4% | -0.1% | Price |
| 2026 to 13/11/2026 | -6.0% | -9.0% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 5.77% | -9.36% |
| 3 years | 6.82% | -11.04% |
| 5 years | 7.75% | -26.79% |

## Largest fall

Volatility of Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged in pounds, annualised from weekly returns to 13/11/2026: 5.8% over 1 year, 6.8% over 3 years, 7.8% over 5 years. Largest fall in the price of Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged since November 2021, in pounds: −26.8% from 03/12/2021 to 02/10/2026. The lowest 12-month return of Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged in pounds (price only, income paid out not included) since January 2021 was −20.1% (12 months to 04/11/2022); the highest was +6.1% (12 months to 18/10/2024). On 13/11/2026 the price of Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged was 25.8% below its highest weekly close since November 2021 (03/12/2021), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco US Treasury Bond 7-10 Year 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

8 funds track Bloomberg US Treasury 7-10 Year Index - Benchmark TR Gross, this one included and share classes counted once; their ongoing charges range from 0.06% to 0.10% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Amundi US Treasury Bond 7-10Y UCITS ETF | 0.07% | -3.4% | -2.8% | — |
| Amundi US Treasury Bond 7-10Y UCITS ETF -Dist- Distribution | 0.07% | -3.8% | +3.4% | -6.7% |
| Amundi US Treasury Bond 7-10Y UCITS ETF GBP Hedged Distribution | 0.09% | -7.0% | +0.5% | — |
| Invesco US Treasury Bond 7-10 Year UCITS ETF | 0.06% | -3.6% | +3.7% | -6.3% |
| Invesco US Treasury Bond 7-10 Year UCITS ETF Accum- USD | 0.06% | -3.6% | — | — |
| Invesco US Treasury Bond 7-10 Year UCITS ETF GBP Hedged (this fund) | 0.10% | -3.0% | +8.6% | -10.4% |
| Vanguard Funds plc - Vanguard U.S. Treasury 7-10 Year Bond UCITS ETF AccumUSD | 0.06% | -2.5% | — | — |
| Vanguard U.S. Treasury 7-10 Year Bond UCITS ETF USD | 0.06% | -2.5% | — | — |

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, TRXS holds 13 positions, according to its published holdings. The largest is US Tsy N/B 4.625% 15/02/35 at 8.53% of the fund; the ten largest make up 83.6%.

### Top holdings

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

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | US Tsy N/B 4.625% 15/02/35 | — | 8.53% |
| 2 | US Tsy N/B 4.625% 15/08/36 | — | 8.48% |
| 3 | US Tsy N/B 4.25% 15/11/34 | — | 8.44% |
| 4 | US Tsy N/B 4.375% 15/05/36 | — | 8.44% |
| 5 | US Tsy N/B 4.375% 15/05/34 | — | 8.43% |
| 6 | US Tsy N/B 4.25% 15/05/35 | — | 8.40% |
| 7 | US Tsy N/B 4.25% 15/08/35 | — | 8.30% |
| 8 | US Tsy N/B 4% 15/02/34 | — | 8.20% |
| 9 | US Tsy N/B 4.125% 15/02/36 | — | 8.19% |
| 10 | US Tsy N/B 4% 15/11/35 | — | 8.18% |

All 13 holdings: https://fundology.uk/fund/trxs/holdings

## Questions people ask

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

The ongoing charge of TRXS 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 US Treasury Bond 7-10 Year 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 TRXS track?**

TRXS tracks the Bloomberg US Treasury 7-10 Year Index - Benchmark TR Gross.

**Is TRXS accumulating or distributing?**

TRXS 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 TRXS?**

The ISIN of TRXS is IE00BF2FNB90. An ISIN identifies one exact share class of a fund; TRXS is its ticker on the London Stock Exchange.

**What does TRXS hold?**

As of 12/11/2026, TRXS holds 13 positions, according to its published holdings. The largest is US Tsy N/B 4.625% 15/02/35 at 8.53% of the fund; the ten largest make up 83.6%. Its ten largest holdings are US Tsy N/B 4.625% 15/02/35 (8.53%), US Tsy N/B 4.625% 15/08/36 (8.48%), US Tsy N/B 4.25% 15/11/34 (8.44%), US Tsy N/B 4.375% 15/05/36 (8.44%), US Tsy N/B 4.375% 15/05/34 (8.43%), US Tsy N/B 4.25% 15/05/35 (8.40%), US Tsy N/B 4.25% 15/08/35 (8.30%), US Tsy N/B 4% 15/02/34 (8.20%), US Tsy N/B 4.125% 15/02/36 (8.19%) and US Tsy N/B 4% 15/11/35 (8.18%).

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

Calendar-year returns of TRXS in pounds (price only, income paid out not included): 2022 −17.9%, 2023 −1.0%, 2024 −5.0%, 2025 +3.4%; 2026 to 13/11/2026 −6.0%. Past performance is not a guide to future returns.

**How has TRXS done after inflation?**

Over the five years to 13/11/2026 TRXS’s total return was −10.4%, or −30.0% 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.