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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 Global Active Defensive ESG Equity UCITS ETF EUR PfHdg AccIndex, costs, backtest, listings and taxation

ISIN: IE000XIBT2R7Ticker: LVLE (Borsa Italiana) · LVLE (Xetra)Issuer: InvescoClass: EUR PfHdg Acc
Issuer-declared data
Declared index
MSCI World Total Return (Net) Index
TER
0.30%
Transaction costs
0.10% (issuer estimate, from the KID)
Management
Active management
Replication
Active
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
292.3 mln EUR
NAV
8.22 EUR (1 September 2026)
Domicile
Ireland
Inception date
19 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 Global Active Defensive ESG Equity UCITS ETF EUR PfHdg Acc is an actively managed ETF: it does not track an index — the declared index (MSCI World Total Return (Net) Index) is a comparison yardstick only. The declared annual cost (TER) is 0.30%, plus 0.10% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 292 million euro, was launched on 19 July 2022 and is domiciled in Ireland. In our registry 7 other ETFs declare the same index.

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

Investment objective: The objective of the Fund is to achieve a long-term return in excess of the MSCI World Index (the "Benchmark") by investing in an actively-managed portfolio of global equities that meet environmental, social, and corporate governance ("ESG") criteria while limiting the volatility of the portfolio. Dividend Policy: This Share Class does not pay you income, but instead reinvests it to grow your capital, in line with its stated objectives.

Keep reading the KID section ▾

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 approach: To achieve its investment objective, the Fund will invest primarily in a portfolio of equity and equity-related securities of companies from developed markets worldwide whereby securities are selected by the Sub-Investment Manager based on three 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 Sub-Investment Manager’s scoring system; 2) attractiveness determined in accordance with the Sub-Investment Manager’s quantitative investment model; and 3) consistency between the portfolio’s expected risk characteristics and the Fund’s investment objective. Fund holdings are rebalanced monthly. The "quantitative investment model" uses mathematical, logical and statistical techniques for stock selection purposes.

The Fund is actively managed in reference to the MSCI World Index (the "Benchmark"). The Fund will not seek to track the performance of the Benchmark. The Fund’s portfolio holdings are selected through an optimisation process that utilises the Benchmark as a reference for risk and return characteristics. The Benchmark is also used for performance comparison purposes. 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 may use derivative instruments for the purposes of managing risk, reducing costs, generating additional capital or income. 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 loan period and of being unable to sell the collateral provided to it if the borrower defaults. The Fund is an Article 8 Fund (it promotes environmental and/or social

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, 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). 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 0.30%: above the median of equity ETFs we track (0.22%).
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) · EUR · from Jul 2022 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+66.1%
Annualised
+13.1%
Volatility (ann.)
9.7%
Max drawdown
-12.18%
-11%+10%+30%+51%+71%Jul 2022Jul 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%)+66%Jul 2022Sept 2026
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
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%-5%-10%-15%-20%20222023202420252026−12.18% · 30 Sept 2022
Max drawdown
-12.18%
peak → trough
Trough
30 Sept 2022
from the 16 Aug 2022 peak
Recovery time
210 days
recovery only: trough to break-even · ≈ 7 months
Underwater
255 days
decline + recovery: peak to break-even · ≈ 8 months · → recovered on 28 Apr 2023

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
16 Aug 202230 Sept 2022-12.18%28 Apr 2023255
19 Feb 202508 Apr 2025-10.85%12 May 202582
27 Feb 202627 Mar 2026-7.81%14 May 202676
28 Jul 202327 Oct 2023-6.64%01 Dec 2023126
16 Jul 202405 Aug 2024-6.38%19 Aug 202434

Calendar-year returns

2022
-0.7%
2023
11.9%
2024
18.6%
2025
14.3%
2026
10.2%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
2026-0.02.6-6.14.83.5-0.42.82.50.510.2
20253.21.2-2.40.14.61.20.21.91.50.21.60.514.3
20243.62.73.3-3.03.31.42.22.90.7-1.34.5-2.818.6
20233.6-1.21.41.9-2.24.41.0-1.2-2.2-2.15.72.611.9
2022-3.1-6.87.04.6-3.7-0.7
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.

Risk indicators· EUR

Last yearLast 3 yearsFull history
Volatility (ann.)8.23%9.13%9.57%
Max drawdown-7.81%-10.85%-12.18%
Sharpe1.411.271.00
Sortino2.111.791.42
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.

Portfolio holdings

Securities in portfolio
381
Top-10 weight
18.9%

Top 10 holdings

NVIDIA CORP USD0.001
4.79%
MICROSOFT CORP USD0.00000625
3.68%
ALPHABET INC-CL A USD0.001
3.15%
BROADCOM INC NPV
1.59%
JOHNSON & JOHNSON USD1
1.05%
NOVARTIS AG-REG CHF0.5
0.95%
VISA INC-CLASS A SHARES USD0.0001
0.93%
ABBVIE INC USD0.01
0.93%
TRAVELERS COS INC/THE NPV
0.93%
MERCK & CO. INC. USD0.5
0.92%

Sectors

Information Technology
27.0%
Financials
17.9%
Health Care
16.3%
Communication Services
11.0%
Industrials
9.2%
Consumer Staples
7.3%
Consumer Discretionary
6.2%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 1.7%AustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 2.3%Switzerland: 1.8%ChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 2.6%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapan: 9.3%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 2%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 68.9%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States68.9%
Japan9.3%
Other7.6%
France2.6%
United Kingdom2.5%
Canada2.3%
Netherlands2%
Download the full portfolio — Excel, 381 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
SMSWLD · Invesco
0.05%Acc.8.5 mld EUR
IQGA · Invescoactive
0.24%Acc.994 mln EUR
LVLC · Invesco · 2 classesactive
0.25%Acc. · Dist.339 mln EUR
IQGE · Invescoactive
0.29%Acc.857 mln EUR
IQSA · Invescoactive
0.30%Acc.3 mld EUR
IQSE · Invesco · 2 classesactive
0.30%Acc. · Dist.2.5 mld EUR
IQGG · Invescoactivenot on Borsa Italiana
0.29%Acc.734 mln EUR
8 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:

IE000XIBT2R7LVLE
  • Moneyfarmzero on single buys from 1,000 €, agreement until 31 December 2026
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)LVLE21 Jul 2022
Börse DüsseldorfLVLE21 Jul 2022
Börse FrankfurtLVLE21 Jul 2022
Börse HamburgLVLE19 Oct 2022
Börse HannoverLVLE9 Dec 2024
Börse München / gettexLVLE8 Dec 2022
Börse StuttgartLVLE28 Feb 2025
Tradegate ExchangeLVLE16 Oct 2023
Xetra (Deutsche Börse)LVLE21 Jul 2022
+ 9 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 Global Active Defensive ESG Equity UCITS ETF EUR PfHdg Acc track?
The issuer Invesco declares the benchmark: MSCI World Total Return (Net) Index.
How much does LVLE cost?
The issuer-declared TER is 0.30% per year; the transaction costs estimated in the KID are 0.10%.
How is LVLE 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 LVLE?
The fund size declared by Invesco is about 292 million euro.
When was LVLE launched?
The fund was launched on 19 July 2022: it has 4 years of history.
Is LVLE actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (MSCI World Total Return (Net) Index) is a yardstick for comparison, not an index being tracked.
Does LVLE pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does LVLE trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (LVLE), Börse Düsseldorf (LVLE), Börse Frankfurt (LVLE), Börse Hamburg (LVLE), Börse Hannover (LVLE), Börse München / gettex (LVLE).
What was LVLE's worst fall?
Over the available history (since 2022), the maximum drawdown was -12.18%, reached in September 2022. Past performance is not indicative of future results.
How many securities does LVLE hold?
The declared portfolio holds 381 securities; the top 10 positions weigh 18.9%.
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.