Invesco Global ex-US High Yield Corporate Bond ETF

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) tracks an ICE index of US dollar junk bonds, meaning below-investment-grade corporate debt, issued by companies based outside the United States in both developed and emerging markets. It paid a trailing 12-month yield of 7.27%, in monthly distributions, as of October 27, 2026. Its 0.35% expense ratio is above the 0.24% average of similar high-yield funds, and it is the smallest fund in that group.

• Over the year to Oct 27, 2026, PGHY returned +1.2%, 6th of 8 among similar funds.
• Its 5-year annualized return was +4.2%.
• Its worst full calendar year was 2022 (-5.4%); its best was 2023 (+10.2%).
• The deepest fall in its price history was 9.4% (Jul 14, 2021 to Jul 13, 2022), recovered by Nov 22, 2023.

As of Jul 31, 2026, the fund held 598 securities; the ten largest made up 6.36% of assets, and 8.4% sat in cash and money-market holdings.

The bonds mature in 6.9 years on average (weighted by size), with an average coupon of 7.09%.

• Over the three months to Jul 31, 2026, investors added a net $15.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.50%, +0.22%, -0.24%.

PGHY tries to match, before fees, the ICE USD Global High Yield Excluding US Issuers Constrained Index. ICE Data Indices, LLC builds and maintains the index. It covers US dollar bonds rated below investment grade ("high yield" or "junk") that issuers outside the United States sold in the US domestic and eurobond markets. A bond qualifies only if three things hold. Its average rating from Moody's, S&P and Fitch must fall between BB1 and CCC3. It must pay a fixed coupon. And at least $500 million of it must be outstanding. It also needs 18 months to maturity when issued. Eurodollar bonds and privately placed Rule 144A bonds can count.

The fund doesn't buy every bond in the index. It uses "sampling," which means holding a representative slice meant to behave like the whole. As of December 31, 2025, the index held 572 bonds. As of July 31, 2026, the fund held 598 issues, with an average maturity of 6.9 years and an average coupon of 7.09%. At least 80% of total assets go into index bonds. Because this is an index fund, it generally won't sell a struggling bond unless that bond leaves the index.

Country labels can look odd. Many companies issue bonds through units in places like the Cayman Islands or Luxembourg, so those countries rank high in the fund's country breakdown.

• PGHY charges 0.35% a year, versus an average of 0.24% for the similar funds below (5th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $444 over 10 years (assuming a 5% annual return).

PGHY pays monthly and had a trailing yield of 7.27% as of October 27, 2026, but that income comes from riskier junk bonds issued outside the US.

PGHY could add monthly income from non-US companies, a group many US high-yield funds don't focus on. That income carries credit risk. In the 2022 bear market the fund fell 8.4% between January 3 and July 13, then took about 13 months to recover. Its deepest drop, 9.4%, ran from July 2021 to July 2022, and recovery took about 16 months. In the prospectus, its worst calendar year was 2022, at -4.72%, and its worst quarter was a 9.43% loss in early 2020. The fund launched in 2013, so it has no 2008 record. Someone selling shares for cash in a bad year could lock in losses. The fund costs 0.35% a year, or $36 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).