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

ISIN: IE00BD0Q9673Ticker: HYFA (Borsa Italiana) · FAHY (Xetra) · HYFA (London SE) · HYFA (Euronext Paris) · HYFA (SIX)Issuer: InvescoClass: Dist
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
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
77.6 mln EUR
NAV
21.52 USD (1 September 2026)
Domicile
Ireland
Inception date
1 September 2016
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 Dist 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 distributed to investors. The fund has assets of about 78 million euro, was launched on 1 September 2016 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

Keep reading the KID section ▾

Intended Retail InvestorThe Fund is intended for investors aiming for income and 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: -0.60% 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 Sept 2016 to Aug 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+55.5%
Annualised
+4.5%
Volatility (ann.)
5.7%
Max drawdown
-26.45%
-13%+5%+24%+42%+60%Sept 2016Mar 2019Aug 2021Feb 2024Aug 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+55%Sept 2016Aug 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%-5%-10%-15%-20%-25%-30%201620182020202220242026−26.45% · 24 Mar 2020
Max drawdown
-26.45%
peak → trough
Trough
24 Mar 2020
from the 17 Jan 2020 peak
Recovery time
162 days
recovery only: trough to break-even · ≈ 5 months
Underwater
229 days
decline + recovery: peak to break-even · ≈ 8 months · → recovered on 02 Sept 2020

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
17 Jan 202024 Mar 2020-26.45%02 Sept 2020229
09 Nov 202129 Sept 2022-17.66%04 Dec 20241,121
02 Oct 201827 Dec 2018-8.27%08 Apr 2019188
20 Feb 202627 Mar 2026-4.57%01 Jul 2026131
26 Jan 201804 Apr 2018-4.40%14 Sept 2018231

Calendar-year returns

2016
3.5%
2017
9.1%
2018
-4.9%
2019
11.8%
2020
9.1%
2021
6.0%
2022
-13.9%
2023
10.4%
2024
4.8%
2025
9.8%
2026
2.3%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.70.1-3.52.80.70.7-0.21.02.3
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
2022-3.6-1.3-0.7-4.30.1-6.74.8-1.9-4.21.92.0-0.4-13.9
20210.10.7-0.41.60.51.60.80.8-0.00.1-1.31.56.0
20200.1-2.8-19.59.56.32.85.02.5-1.80.66.52.99.1
20195.22.00.51.5-3.12.60.9-1.1-0.5-0.10.63.011.8
20181.9-2.0-1.71.80.5-0.11.10.60.7-2.1-2.4-3.1-4.9
20171.91.40.21.20.2-0.51.50.21.90.6-0.10.29.1
20161.4-0.91.53.5
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.

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 9 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.60% /anno
Declared TER
0.45%
YearFundIndexDifference
2025+9.81%+9.85%-0.04%
2024+4.77%+5.70%-0.93%
2023+10.38%+11.21%-0.83%
2022-13.88%-13.72%-0.16%
2021+6.01%+6.60%-0.59%
2020+9.10%+11.76%-2.66%
2019+11.80%+12.75%-0.95%
2018-4.87%-4.18%-0.68%
2017+9.12%+11.24%-2.12%
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 yearsLast 5 yearsLast 10 years
Volatility (ann.)6.33%7.85%8.52%8.85%
Max drawdown-5.63%-13.55%-22.14%-33.12%
Sharpe-0.59-0.62-0.69-0.31
Sortino-0.75-0.78-0.88-0.41
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%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapan: 3.3%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 93%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States93%
Cash and/or Derivatives3.7%
Japan3.3%
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 →

Dividends

Latest dividend
0.3474 USD
ex 11 Jun 2026 · paid 18 Jun 2026
Dividends, last 12 months
1.41 USD
Dividend yield
6.53%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year1.41 USD6.40 %
20251.43 USD6.76 %
20241.50 USD6.91 %
20231.46 USD6.93 %
20221.22 USD4.72 %
20211.20 USD4.69 %

Dividend contribution to total return

-20%-10%0%10%+4.37 %1 year+9.56 %2025+4.63 %2024+9.95 %2023−13.77 %2022+5.90 %2021
dividendsprice changeprice decline

Calendar per share (USD)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.350.350.35
20250.370.360.360.35
20240.390.380.370.37
20230.340.350.380.39
20220.280.290.190.45
20210.310.290.300.30
20200.370.380.390.36
20190.390.410.340.38
20180.370.340.370.38
20170.340.360.370.37
20160.31

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.3497 USD10 Sept 2026 · announced11 Sept 202617 Sept 2026
0.3474 USD11 Jun 202612 Jun 202618 Jun 2026
0.3542 USD12 Mar 202613 Mar 202619 Mar 2026
0.3513 USD11 Dec 202512 Dec 202518 Dec 2025
0.3551 USD11 Sept 202512 Sept 202518 Sept 2025
0.3598 USD12 Jun 202513 Jun 202519 Jun 2025
0.3672 USD13 Mar 202514 Mar 202520 Mar 2025
0.3682 USD12 Dec 202413 Dec 202419 Dec 2024
Per-share dividends as declared by the issuer, in USD, since the first payment (29 Dec 2016). Past dividends are not indicative of future ones.

ETFs declaring the same index

FundTERIncomeFund size
FAEU · Invesco
0.50%Acc.67 mln EUR
HYFC · Invesconot on Borsa Italiana
0.45%Acc.78 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:

IE00BD0Q9673HYFA
  • 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)HYFA12 Sept 2016
Börse DüsseldorfFAHY9 Jan 2017
Börse FrankfurtFAHY15 Nov 2016
Börse HamburgFAHY14 Dec 2017
Börse HannoverFAHY9 Dec 2024
Börse München / gettexFAHY5 Aug 2020
Börse StuttgartFAHY25 Jan 2017
Euronext ParisHYFA12 Sept 2016
Tradegate ExchangeFAHY7 Dec 2016
Xetra (Deutsche Börse)FAHY15 Nov 2016
+ 13 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 US High Yield Fallen Angels UCITS ETF Dist track?
The issuer Invesco declares the benchmark: FTSE Time-Weighted US Fallen Angel Bond Select Index.
How much does HYFA cost?
The issuer-declared TER is 0.45% per year; the transaction costs estimated in the KID are 0.31%.
How is HYFA 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 HYFA?
The fund size declared by Invesco is about 78 million euro.
When was HYFA launched?
The fund was launched on 1 September 2016: it has 10 years of history.
How does HYFA replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (issuer wording: “Physical”).
Does HYFA pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing (Quarterly)”).
Where does HYFA trade?
Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (HYFA), Börse Düsseldorf (FAHY), Börse Frankfurt (FAHY), Börse Hamburg (FAHY), Börse Hannover (FAHY), Börse München / gettex (FAHY).
What was HYFA's worst fall?
Over the available history (since 2016), the maximum drawdown was -32.37%, reached in March 2020. Past performance is not indicative of future results.
What is HYFA's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.60% per year versus its index (from issuer-declared series).
How many securities does HYFA 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.