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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
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Invesco EUR Corporate Bond ESG Short Duration Multi-Factor UCITS ETF DistIndex, costs, backtest, listings and taxation

ISIN: IE000MUAJIF4Ticker: ECMD (Borsa Italiana) · ECMD (Xetra)Issuer: InvescoClass: Dist
Issuer-declared data
Declared index
Bloomberg Euro Corporate Bonds 1- 5 Years Index
TER
0.15%
Transaction costs
0.18% (issuer estimate, from the KID)
Management
Active management
Replication
Active
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
166.9 mln EUR
NAV
4.97 EUR (1 September 2026)
Domicile
Ireland
Inception date
7 September 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 EUR Corporate Bond ESG Short Duration Multi-Factor UCITS ETF Dist is an actively managed ETF: it does not track an index — the declared index (Bloomberg Euro Corporate Bonds 1- 5 Years Index) is a comparison yardstick only. The declared annual cost (TER) is 0.15%, plus 0.18% in transaction costs estimated by the issuer in the KID. Income is distributed to investors. The fund has assets of about 167 million euro, was launched on 7 September 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

Redemption and Dealing of Shares:The Fund's shares are listed on one or more Stock Exchange(s). Investors can buy or sell shares daily through an intermediary directly or on Stock Exchange(s) on which the shares are traded. In exceptional circumstances investors will be permitted to redeem their shares directly from the Umbrella Fund in accordance with the redemption procedures set out in the prospectus, subject to any applicable laws and relevant charges. Investment objective: The investment objective of the Fund is to seek total return by investing in an actively managed portfolio of corporate bonds that meet certain environmental, social, and corporate governance ("ESG") criteria. Investment approach:

Keep reading the KID section ▾

Intended Retail InvestorThe Fund is intended for investors aiming for income and medium term capital growth, who may not have specific financial expertise but are able to make an informed investment decision based on this document, the supplement, 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). To achieve the investment objective, the Fund will generally invest in a portfolio of fixed rate euro denominated unsecured corporate bonds from global issuers with an investment grade credit rating and less than or equal to 5 years until maturity which are selected based on two criteria: 1) compliance with the Fund’s ESG policy (the "ESG Policy"); which incorporates both exclusion criteria (based on an issuers exposure to controversial business activities or ESG controversies) and a best-in class approach which selects those securities from each industry that score highest according to the Investment Manager’s scoring system; and 2) attractiveness determined in accordance with the Investment Manager’s quantitative investment model. The Fund portfolio will rebalance 1 – 2 times per month. Investors should note that the Benchmark 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 actively managed and is not constrained by a benchmark. The Fund may use the Bloomberg Euro Corporate Bond 1-5 Year Index (the "Benchmark") for performance comparison purposes. The Fund may use derivative instruments for the purposes of managing risk, reducing costs, generating additional capital or income. The Fund may also use derivatives for investment purposes. The use of such instruments may impact the magnitude and frequency of the fluctuations in the value of the Fund. 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 securities at the end of the 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.

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) · EUR · from Sept 2022 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+12.2%
Annualised
+2.9%
Volatility (ann.)
2.2%
Max drawdown
-2.74%
-6%0%+5%+11%+16%Sept 2022Sept 2023Sept 2024Sept 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%)+12%Sept 2022Sept 2026
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%-1%-2%-3%-4%20222023202420252026−2.74% · 20 Oct 2022
Max drawdown
-2.74%
peak → trough
Trough
20 Oct 2022
from the 07 Sept 2022 peak
Recovery time
48 days
recovery only: trough to break-even
Underwater
91 days
decline + recovery: peak to break-even · ≈ 3 months · → recovered on 07 Dec 2022

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
07 Sept 202220 Oct 2022-2.74%07 Dec 202291
02 Feb 202306 Mar 2023-2.01%24 Jul 2023172
27 Feb 202627 Mar 2026-1.86%02 Jul 2026125
07 Dec 202230 Dec 2022-1.62%02 Feb 202357
11 Dec 202414 Jan 2025-0.86%31 Jan 202551

Calendar-year returns

2022
-1.5%
2023
5.7%
2024
4.2%
2025
3.3%
2026
0.2%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.50.3-1.70.70.60.3-0.5-0.0-0.10.2
20250.40.5-0.30.80.30.30.40.10.20.5-0.00.03.3
20240.1-0.70.7-0.40.30.61.20.41.0-0.21.0-0.14.2
20231.2-0.90.80.50.1-0.50.90.3-0.30.41.31.75.7
20220.11.3-0.9-1.5
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.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
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.

Risk indicators· EUR

Last yearLast 3 yearsFull history
Volatility (ann.)2.27%2.38%2.79%
Max drawdown-2.69%-2.78%-3.08%
Sharpe-1.79-1.17-1.15
Sortino-2.14-1.38-1.41
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, the fund's currency; the table follows the currency selected in the chart.

Duration and maturities

Duration · effective duration
2.74years

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

Maturity breakdown (% of fund)
9 to 12 months
2.64%
1 to 3 years
46.00%
3 to 5 years
51.15%
Cash and derivatives
0.22%

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)
AA
9.10%
A
48.06%
BBB
42.62%
Cash and derivatives
0.22%

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
333
Top-10 weight
8.0%

Top 10 holdings

Credit Agricole SA/London 1.75% 05/03/29
1.21%
Norsk Hydro ASA 2% 11/04/29
0.84%
AL Sydbank VAR 06/09/28
0.77%
Societe Generale SA VAR 28/09/29
0.77%
Brambles Finance PLC 1.5% 04/10/27
0.75%
BNP Paribas SA VAR 13/01/29
0.75%
Terna - Rete Elettrica Nazionale 1.375% 26/07/27
0.74%
Abertis France SAS 4.25% 18/03/30
0.74%
Tele2 AB 3.75% 22/11/29
0.74%
Amadeus IT Group SA 3.75% 20/05/31
0.72%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerland: 4.3%ChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 5.7%DjiboutiDenmark: 4.6%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 6%EstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 19.4%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 6.1%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 5.9%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 12%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Other21.5%
France19.4%
United Kingdom14.5%
United States12%
Netherlands6.1%
Spain6%
Sweden5.9%
Download the full portfolio — Excel, 333 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 →

Dividends

Latest dividend
0.0353 EUR
ex 11 Jun 2026 · paid 18 Jun 2026
Dividends, last 12 months
0.15 EUR
Dividend yield
2.92%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.15 EUR2.87 %
20250.15 EUR3.08 %
20240.18 EUR3.53 %
20230.17 EUR3.45 %

Dividend contribution to total return

-10%0%10%+0.96 %1 year+3.22 %2025+4.14 %2024+5.56 %2023
dividendsprice changeprice decline

Calendar per share (EUR)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.040.040.04
20250.040.040.040.04
20240.040.040.040.04
20230.040.040.040.04
20220.03

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.0383 EUR10 Sept 2026 · announced11 Sept 202617 Sept 2026
0.0353 EUR11 Jun 202612 Jun 202618 Jun 2026
0.036 EUR12 Mar 202613 Mar 202619 Mar 2026
0.0364 EUR11 Dec 202512 Dec 202518 Dec 2025
0.0375 EUR11 Sept 202512 Sept 202518 Sept 2025
0.039 EUR12 Jun 202513 Jun 202520 Jun 2025
0.0418 EUR13 Mar 202514 Mar 202520 Mar 2025
0.0439 EUR12 Dec 202413 Dec 202419 Dec 2024
Per-share dividends as declared by the issuer, in EUR, since the first payment (15 Dec 2022). Past dividends are not indicative of future ones.

ETFs declaring the same index

FundTERIncomeFund size
ECMS · Invescoactive
0.15%Acc.167 mln EUR
ESTA · Invesco · 2 classesactive
0.20%Acc. · Dist.61 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 →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE000MUAJIF4ECMD
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)ECMD12 Sept 2022
Börse DüsseldorfECMD12 Sept 2022
Börse FrankfurtECMD12 Sept 2022
Börse HamburgECMD19 Oct 2022
Börse HannoverECMD9 Dec 2024
Börse München / gettexECMD8 Dec 2022
Börse StuttgartECMD16 Sept 2022
Tradegate ExchangeECMD16 Oct 2023
Xetra (Deutsche Börse)ECMD12 Sept 2022
+ 11 more trading venues (MTFs and professional platforms).
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 EUR Corporate Bond ESG Short Duration Multi-Factor UCITS ETF Dist track?
The issuer Invesco declares the benchmark: Bloomberg Euro Corporate Bonds 1- 5 Years Index.
How much does ECMD cost?
The issuer-declared TER is 0.15% per year; the transaction costs estimated in the KID are 0.18%.
How is ECMD 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 ECMD?
The fund size declared by Invesco is about 167 million euro.
When was ECMD launched?
The fund was launched on 7 September 2022: it has 3 years of history.
Is ECMD actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (Bloomberg Euro Corporate Bonds 1- 5 Years Index) is a yardstick for comparison, not an index being tracked.
Does ECMD pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing (Quarterly)”).
Where does ECMD trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (ECMD), Börse Düsseldorf (ECMD), Börse Frankfurt (ECMD), Börse Hamburg (ECMD), Börse Hannover (ECMD), Börse München / gettex (ECMD).
What was ECMD's worst fall?
Over the available history (since 2022), the maximum drawdown was -3.08%, reached in September 2023. Past performance is not indicative of future results.
How many securities does ECMD hold?
The declared portfolio holds 333 securities; the top 10 positions weigh 8%.
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.