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Invesco US High Yield Fallen Angels UCITS ETF AccIndex, costs, backtest, listings and taxation

ISIN: IE0009D6K2A2Ticker: HYFC (London SE)Issuer: InvescoClass: Acc
Issuer-declared data
Declared index
FTSE Time-Weighted US Fallen Angel Bond Select Index
TER
0.45%
Transaction costs
0.31% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
77.6 mln EUR
NAV
32.05 USD (1 September 2026)
Domicile
Ireland
Inception date
27 July 2022
Data as declared by Invesco in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

Invesco US High Yield Fallen Angels UCITS ETF Acc tracks the issuer-declared index: FTSE Time-Weighted US Fallen Angel Bond Select Index. The declared annual cost (TER) is 0.45%, plus 0.31% in transaction costs estimated by the issuer in the KID. Replication is physical replication (it buys the index constituents); income is accumulated and reinvested in the fund. The fund has assets of about 78 million euro, was launched on 27 July 2022 and is domiciled in Ireland. In our registry it is the largest by assets among the 3 ETFs declaring the same index.

The fund’s objective — in the issuer’s words

- The objective of the Fund is to provide investors with investment results which, before expenses, correspond to the price and yield performance of the FTSE Time-Weighted US Fallen Angel Bond Select Index (Total Return) (the "Index"). - The Fund’s base currency is USD. - The Index measures the performance of US Dollar "fallen angels" i.e., US Dollar corporate bonds which were a.) previously rated investment-grade (higher quality) and subsequently downgraded to high-yield (lower quality); or b.) previously rated high-yield, subsequently rated investment-grade and then downgraded again to high yield. The Index is based on the FTSE Time-Weighted US Fallen Angel Bond Index which includes US Dollar-denominated bonds issued by corporations where the country is assigned as Australia, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States. - This document provides a summary of the principal features of the Index, the complete description of the Index (available from the Index provider) shall at all times prevail. Investors should note that the Index is the intellectual property of the index provider. The Fund is not sponsored or endorsed by the index provider and a full disclaimer can be found in the Fund’s supplement. - The Fund is a passively managed ETF. - To achieve the objective the Fund will, as far as possible and practicable, replicate the Index by holding all the securities in the Index in a similar proportion to their respective weightings in the Index. - The Index is rebalanced on a monthly basis. - The Fund may engage in securities lending, whereby 90% of the revenues arising from securities lending will be returned to the Fund and 10% of the revenues will be retained by the securities lending agent. The Fund may be exposed to the risk of the borrower defaulting on its obligation to return the

Keep reading the KID section ▾

Intended Retail InvestorThe Fund is intended for investors aiming for long term capital growth, who may not have specific financial expertise but are able to make an informed investment decision based on this document, and the prospectus, have a risk appetite consistent with the risk indicator displayed below and understand that there is no capital guarantee or protection (100% of capital is at risk). Practical Information Fund Depositary: The Bank of New York Mellon SA/NV, Dublin Branch, Riverside Two, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, D02 KV60, Ireland. Find out more: This document is specific to the Fund. Further information about the Fund can be obtained from the supplement, the prospectus, annual and interim reports. The prospectus, annual and interim reports are prepared for the Umbrella Fund, of which the Fund is a sub-fund. These documents are available free of charge in English. They can be obtained along with other information, such as share prices, at https://etf.invesco.com (select your country and navigate to the Documents section on the product page), or by calling +353 1 439 8000. The assets of the Fund are segregated as a matter of Irish law and as such, in Ireland, the assets of one sub-fund will not be available to satisfy the liabilities of another sub-fund. This position may be considered differently by the courts in jurisdictions outside of Ireland. Subject to satisfying certain criteria as set out in the prospectus, investors may be able to exchange their investment in the Fund for shares in another sub-fund of the Umbrella which is being offered at that time.

From the KID’s “Objectives” section · 14 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.45%: above the median of bond ETFs we track (0.15%).
  • Average tracking difference over the last 3 years: -0.59% p.a., against a declared TER of 0.45%.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Jul 2022 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+28.4%
Annualised
+6.3%
Volatility (ann.)
4.6%
Max drawdown
-7.91%
-8%+2%+13%+23%+33%Jul 2022Aug 2023Aug 2024Aug 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+28%Jul 2022Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-2%-4%-6%-8%-10%20222023202420252026−7.91% · 29 Sept 2022
Max drawdown
-7.91%
peak → trough
Trough
29 Sept 2022
from the 16 Aug 2022 peak
Recovery time
126 days
recovery only: trough to break-even · ≈ 4 months
Underwater
170 days
decline + recovery: peak to break-even · ≈ 6 months · → recovered on 02 Feb 2023

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
16 Aug 202229 Sept 2022-7.91%02 Feb 2023170
02 Feb 202328 Mar 2023-5.00%20 Nov 2023291
20 Feb 202627 Mar 2026-4.58%01 Jul 2026131
10 Mar 202511 Apr 2025-3.99%04 Jun 202586
28 Mar 202418 Apr 2024-2.24%10 Jul 2024104

Calendar-year returns

2022
-1.1%
2023
10.4%
2024
4.8%
2025
9.8%
2026
2.2%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.70.1-3.52.80.70.7-0.21.0-0.12.2
20251.50.9-0.4-1.01.42.80.21.91.20.30.60.19.8
2024-0.2-0.31.6-1.50.50.42.31.11.8-0.80.7-0.84.8
20233.4-1.90.10.2-0.92.41.4-0.8-1.7-1.15.23.810.4
2022-1.9-4.21.92.0-0.4-1.1
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: Invesco. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 3 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.59% /anno
Declared TER
0.45%
YearFundIndexDifference
2025+9.82%+9.85%-0.03%
2024+4.77%+5.70%-0.93%
2023+10.41%+11.21%-0.80%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsFull history
Volatility (ann.)5.38%7.10%7.82%
Max drawdown-2.92%-11.99%-11.99%
Sharpe0.510.280.01
Sortino0.740.370.02
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Duration and maturities

Duration · effective duration
3.88years

Price sensitivity to rates: the longer, the more the fund moves. What is duration →

Maturity breakdown (% of fund)
180 days to 1 years
1.22%
1 to 3 years
29.30%
3 to 5 years
37.56%
> 5 years
31.92%

Source: factsheet Invesco, data as of 31 July 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Credit rating

How the portfolio is spread by credit quality: from AAA (strongest) downwards. More weight in the top buckets = lower risk that an issuer fails to pay, usually with lower yields.

Rating breakdown (% of fund)
BBB
7.73%
BB
87.15%
B
5.12%

Source: factsheet Invesco, data as of 31 July 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Ratings are those the issuer assigns to portfolio holdings under its own methodology (usually the median of S&P, Moody’s and Fitch); scale and buckets are those of the original document.

Portfolio holdings

Securities in portfolio
73
Top-10 weight
34.4%

Top 10 holdings

GFL Environmental Inc 6.75% 15/01/31
4.94%
Six Flags Entertainment Corp /Six 6.625% 01/05/32
4.88%
VF Corp 2.95% 23/04/30
4.01%
CVS Health Corp VAR 10/03/55
3.89%
Cash and/or Derivatives
3.69%
Alcoa Nederland Holding BV 4.125% 31/03/29
2.85%
Fluor Corp 4.25% 15/09/28
2.83%
Kohl's Corp 5.125% 01/05/31
2.67%
Huntsman International LLC 4.5% 01/05/29
2.52%
Coty Inc/HFC Prestige Products Inc 5.6% 15/01/31
2.07%
Download the full portfolio — Excel, 73 rows
Full portfolio declared by Invesco, as of 1 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

ETFs declaring the same index

FundTERIncomeFund size
HYFA · Invesco
0.45%Dist.78 mln EUR
FAEU · Invesco
0.50%Acc.67 mln EUR
3 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTicker
Bolsa Institucional de Valores (BIVA)HYFCN
London Stock ExchangeHYFC
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does Invesco US High Yield Fallen Angels UCITS ETF Acc track?
The issuer Invesco declares the benchmark: FTSE Time-Weighted US Fallen Angel Bond Select Index.
How much does HYFC cost?
The issuer-declared TER is 0.45% per year; the transaction costs estimated in the KID are 0.31%.
How is HYFC taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of HYFC?
The fund size declared by Invesco is about 78 million euro.
When was HYFC launched?
The fund was launched on 27 July 2022: it has 4 years of history.
How does HYFC replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Physical”).
Does HYFC pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does HYFC trade?
Per the official ESMA register it trades on 2 main exchanges, including Bolsa Institucional de Valores (BIVA) (HYFCN), London Stock Exchange (HYFC).
What was HYFC's worst fall?
Over the available history (since 2022), the maximum drawdown was -7.91%, reached in September 2022. Past performance is not indicative of future results.
What is HYFC's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.59% per year versus its index (from issuer-declared series).
How many securities does HYFC hold?
The declared portfolio holds 73 securities; the top 10 positions weigh 34.4%.
Transparency note
The data in this sheet is declared by Invesco in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.