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Invesco USD AT1 CoCo Bond UCITS ETF EUR Hdg Dist

Invesco · IE00BFZPF439

Invesco USD AT1 CoCo Bond UCITS ETF EUR Hdg Dist is an exchange-traded fund (ETF) from Invesco, traded under the ticker XAT1 (ISIN IE00BFZPF439). In a single purchase you get a diversified basket of holdings rather than a stake in just one business. In plain terms it is about lending to governments and companies in return for regular interest, which…

· Tracks the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index index ?

Bond ?Distributing ?Physical ?Ireland ?

Mid-range feePays cash dividendsOwns the shares directlyOtherBroadly spread

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Invesco funds Domiciled in Ireland Distributing Physically replicated Other bonds Yearly fee under 0.5%

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Fund size (AUM) ?

€1.4B

Risk level (SRI) ?

3 / 7 · Medium

1-year return ?

+1.1%

Total return · to 2026-09-03

Dividend yield

4.61%

Trailing 12 months

Yearly fee (TER) ?

0.39%

All-in cost ≈ 0.66%

About this fund

What you own

The iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index index is the benchmark this fund aims to copy. By holding it, this fund gives you a stake in around 103 companies across Other in a single purchase.

Dividends

The fund pays dividends out to you as cash, usually a few times a year.

You get the dividends as cash you can spend or move elsewhere, which some people like for a sense of income. If you would rather it compounded, you buy more units yourself — it will not reinvest on its own the way an accumulating version does. The same fund is often sold in both versions; what it holds underneath is identical.

How it works

The fund actually buys every share in the index it tracks (full replication).

Owning every holding keeps things transparent — what is in the index is what the fund actually owns. It can be a touch costlier to run for indexes with thousands of tiny positions, since the fund has to buy and maintain them all. There is no swap bank involved, so there is no extra “what if the partner fails” question to weigh.

Cost

0.39%Yearly fee (TER)

0.66%All-in cost

The yearly running cost of the fund, shown as a % of your money. Lower is cheaper.

For example, a 0.20% fee works out at €0.20 a year for every €100 invested — that’s a generic illustration of the mechanic, not this fund’s own fee. It is skimmed quietly from inside the fund a little each day, so you never get a bill — but it drags on your return every year you hold. On a broad index ETF it is usually a small fraction of a percent; the gap between a cheap and a pricey fund looks tiny on day one but compounds over decades, which is why it is worth a glance.

Fund facts

Index tracked ?

iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index

Replication ?

Physical

Full — buys every share

Regulation ?

UCITS

Yes

Launched

Jun 2018

8-year track record

Recommended holding period

7 years

Bond details

Inflation-linked ?

No — nominal (fixed) payouts

Performance

Growth of €100 invested — the line starts at €100.

Invesco USD AT1 CoCo Bond UCITS ETF EUR Hdg Dist

End-of-day prices, rebased to a common start so the shapes are comparable. Past performance does not predict future results.

YTD-1.9%

1 year+1.1%

3 years+3.5%

5 years-4.3%

Return, year by year

-17.0

-6.2

+1.6

+7.1

'22'23'24'25

2 of 4 up yearsBest: 2025 +7.1%Worst: 2022 -17.0%Calendar-year total returns, in EUR

How bumpy has it been?

5.9%

Volatility (1y) ?

How much the price swings year to year — lower is calmer.

-5.1%

Worst drop (3y) ?

The biggest fall from a peak over the last three years.

0.61

Return for the risk (3y) ?

Reward earned per unit of bumpiness.

The bigger picture

-19.0%

Since inception

Total growth since launch — about -4.0% a year.

+14.3%

Best 12 months

The strongest one-year stretch on record.

-26.9%

Worst 12 months

The weakest one-year stretch on record.

-34.2%

Worst fall on record ?

It has not fully recovered yet.

Dividend history

This fund pays its dividends out to you (Quarterly). Recent payments per share:

Ex-date	Amount / share
2025-12-11	€0.2465
2025-09-11	€0.2449
2025-03-13	€0.2579

What's inside

The 10 biggest holdings make up 19.4% of the fund — the rest is spread across roughly 72 more companies.

Top 10 holdings

#	Company	Weight
2	Barclays PLC VAR 15/03/75	2.2%
3	Banco Santander SA VAR 01/11/74	2.2%
5	Banco Santander SA VAR 03/09/75	2.0%
6	Deutsche Bank AG VAR 30/04/75	2.0%
7	Lloyds Banking Group PLC VAR 27/06/75	2.0%
8	Westpac Banking Corp/New Zealand VAR 21/03/75	1.9%
10	Credit Agricole SA VAR 23/12/74	1.9%
12	Credit Agricole SA VAR 23/03/75	1.8%
13	Barclays PLC VAR 15/06/75	1.8%
14	Banco Santander SA VAR 21/02/75	1.7%

Where to buy this fund

Where you live:

Set from your language & location — change it if it's wrong.

Where it trades

Exchange	Ticker	Currency
SIX	XAT1	CHF	★ Primary
EUR listings
B3	XAT1D	EUR
B3	XAT1Z	EUR
B3	XAT1M	EUR
B4	XAT1EUR	EUR
Borsa Italiana	XAT1	EUR
E1	XAT1EUR	EUR
EB	XAT1D	EUR
EB	XAT1M	EUR
EP	XAT1EUR	EUR
EU	XAT1EUR	EUR
EZ	XAT1EUR	EUR
Frankfurt	XAT1	EUR
GD	XAT1	EUR
GF	XAT1	EUR
GH	XAT1	EUR
GM	XAT1	EUR
GS	XAT1	EUR
GT	XAT1	EUR
GZ	XAT1	EUR
I2	XAT1M	EUR
I2	XAT1D	EUR
IX	XAT1D	EUR
IX	XAT1M	EUR
L1	XAT1Z	EUR
L1	XAT1M	EUR
L1	XAT1D	EUR
L3	XAT1M	EUR
L3	XAT1Z	EUR
L3	XAT1D	EUR
LA	XAT1	EUR
London Stock Exchange	XAT1	EUR
LU	XAT1	EUR
PO	XAT1D	EUR
PO	XAT1M	EUR
PO	XAT1Z	EUR
QE	XAT1D	EUR
QT	XAT1	EUR
QX	XAT1D	EUR
S1	XAT1M	EUR
S1	XAT1D	EUR
S2	XAT1Z	EUR
S4	XAT1D	EUR
S4	XAT1M	EUR
SE	XAT1	EUR
T2	XAT1EUR	EUR
TH	XAT1	EUR
X9	XAT1EUR	EUR
XA	XAT1EUR	EUR
XE	XAT1EUR	EUR
XF	XAT1EUR	EUR
XG	XAT1EUR	EUR
XH	XAT1EUR	EUR
XJ	XAT1EUR	EUR
XL	XAT1EUR	EUR
XO	XAT1EUR	EUR
XQ	XAT1EUR	EUR
XS	XAT1EUR	EUR
XU	XAT1EUR	EUR
XV	XAT1EUR	EUR
XW	XAT1EUR	EUR
XX	XAT1EUR	EUR
XZ	XAT1EUR	EUR

For serious comparison — full data holdings, percentiles, advanced risk, tilt, flows

Full holdings

As of 2026-09-03 · the fund's own published holdings.

#	Company	Weight
2	Barclays PLC VAR 15/03/75	2.2%
3	Banco Santander SA VAR 01/11/74	2.2%
5	Banco Santander SA VAR 03/09/75	2.0%
6	Deutsche Bank AG VAR 30/04/75	2.0%
7	Lloyds Banking Group PLC VAR 27/06/75	2.0%
8	Westpac Banking Corp/New Zealand VAR 21/03/75	1.9%
10	Credit Agricole SA VAR 23/12/74	1.9%
12	Credit Agricole SA VAR 23/03/75	1.8%
13	Barclays PLC VAR 15/06/75	1.8%
14	Banco Santander SA VAR 21/02/75	1.7%
15	Barclays PLC VAR 15/12/74	1.7%
16	Banco Bilbao Vizcaya Argentaria SA VAR 19/12/74	1.6%
17	NatWest Group PLC VAR 30/06/75	1.6%
18	Banco Bilbao Vizcaya Argentaria SA VAR 14/04/75	1.6%
19	Lloyds Banking Group PLC VAR 27/12/74	1.5%
20	Nomura Holdings Inc VAR 15/01/75	1.5%
21	Banco Bilbao Vizcaya Argentaria SA VAR 16/02/75	1.5%
22	Banco Bilbao Vizcaya Argentaria SA VAR 08/08/75	1.5%
23	Sumitomo Mitsui Financial Group In VAR 05/06/75	1.5%
24	Lloyds Banking Group PLC VAR 27/03/75	1.5%
26	Standard Chartered PLC VAR 19/02/75	1.5%
27	Societe Generale SA VAR 22/05/75	1.5%
28	Nordea Bank Abp VAR 01/03/75	1.4%
29	Nordea Bank Abp VAR 10/11/74	1.3%
30	Societe Generale SA VAR 18/05/75	1.3%
31	Standard Chartered PLC VAR 15/02/75	1.3%
32	Societe Generale SA VAR 14/05/75	1.3%
33	HSBC Holdings PLC VAR 22/11/74	1.2%
34	Nordea Bank Abp VAR 25/03/75	1.2%
35	Mitsubishi UFJ Financial Group Inc VAR 15/01/75	1.2%
37	Societe Generale SA VAR 06/10/74	1.2%
38	Standard Chartered PLC VAR 14/07/75	1.2%
39	NatWest Group PLC VAR 31/12/74	1.2%
42	Standard Chartered PLC VAR 08/09/74	1.1%
43	NatWest Group PLC VAR 30/09/74	1.0%
44	Standard Chartered PLC VAR 16/07/75	1.0%
46	Societe Generale SA VAR 25/09/74	1.0%
47	Standard Chartered PLC VAR 14/05/75	1.0%
48	Standard Chartered PLC VAR 08/12/74	1.0%
49	Societe Generale SA VAR 21/05/75	1.0%
51	Societe Generale SA VAR 15/07/75	0.9%
52	HSBC Holdings PLC VAR 07/09/74	0.9%
53	HSBC Holdings PLC VAR 05/12/74	0.9%
55	UBS Group AG VAR 13/05/75	0.8%
58	HSBC Holdings PLC VAR 23/09/74	0.8%
61	BNP Paribas SA VAR 22/08/75	0.7%
62	ING Groep NV VAR 16/11/74	0.7%
63	BNP Paribas SA VAR 14/02/75	0.7%
64	BNP Paribas SA VAR 27/12/74	0.7%
65	UBS Group AG VAR 10/03/75	0.7%
66	BNP Paribas SA VAR 17/10/74	0.7%
67	UBS Group AG VAR 05/12/74	0.6%
68	BNP Paribas SA VAR 17/02/75	0.6%
70	UBS Group AG VAR 08/07/75	0.6%
72	UBS Group AG VAR 12/08/75	0.6%
74	HSBC Holdings PLC VAR 27/08/75	0.6%
75	HSBC Holdings PLC VAR 18/11/74	0.6%
77	UBS Group AG VAR 10/08/75	0.6%
78	HSBC Holdings PLC VAR 17/06/75	0.6%
79	ING Groep NV VAR 16/05/75	0.6%
80	BNP Paribas SA VAR 12/07/75	0.5%
81	BNP Paribas SA VAR 15/06/75	0.5%
84	HSBC HOLDINGS PLC VAR 24/09/74	0.5%
85	HSBC Holdings PLC VAR 11/03/75	0.5%
86	BNP Paribas SA VAR 25/08/75	0.5%
87	BNP Paribas SA VAR 17/05/75	0.5%
88	BNP Paribas SA VAR 10/03/75	0.5%
89	UBS Group AG VAR 12/04/75	0.5%
90	HSBC Holdings PLC VAR 09/09/74	0.4%
91	BNP Paribas SA VAR 16/02/75	0.3%
92	BNP Paribas SA VAR 15/05/75	0.3%
93	UBS Group AG VAR 05/02/75	0.3%
94	Credit Suisse Group AG 6.25% 18/12/74	0.0%
95	Credit Suisse Group AG 7.5% 11/06/72	0.0%
96	Credit Suisse Group AG 7.5% 17/01/75	0.0%
97	Credit Suisse Group AG 6.375% 21/02/75	0.0%
98	Credit Suisse Group AG 9.75% 23/12/71	0.0%
99	Credit Suisse Group AG 4.5% 03/03/72	0.0%
100	Credit Suisse Group AG 7.25% 12/03/75	0.0%
101	Credit Suisse Group AG 5.25% 11/02/72	0.0%
102	Credit Suisse Group AG 5.1% 24/07/72	0.0%
103	Cash and/or Derivatives	0.0%

⭳ Download full holdings (CSV)

How it ranks vs peers

🪙 Cheaper than 4% of similar ETFs💰 All-in cost cheaper than 0%📈 Higher 1-yr return than 59%📈 Higher 3-yr return than 83%📈 Higher 5-yr return than 15%📊 Beat its category by 0.3% (1-yr) (category average +0.8%)📊 Beat its category by 1.6% (3-yr) (category average +2.0%)📊 Behind its category by 2.6% (5-yr) (category average -1.6%)

Versus the Bonds · Other · EUR ETFs we track.

Advanced risk

0.82

Sortino (3y) ?

0.70

Calmar (3y) ?

4.5%

Downside deviation ?

75%

Up months (hit rate) ?

€16.77

52-week high ?

€15.92

52-week low ?

Concentration depth

~75 ?

Effective number of holdings

Roughly 103 companies are held, but the largest names carry most of the weight — so it behaves like ~75 equal-sized positions.

Estimated fund flows

−€8.5M

Estimated net flow, last month

Estimated from fund-size changes.

Documents

📄 KID (PDF)

Similar funds

We found 6 funds that do much the same job as this one. To pick them we matched this fund's asset class and region, then show how close each match is below.

Matched on🌍 Other bonds

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Why it's similar	This is the fund on this page.	BondsPhysicalCheaper fee Tracks a different index in the same category.	BondsPhysicalCheaper fee Tracks a different index in the same category.	BondsPhysicalCheaper fee Tracks a different index in the same category.	BondsDistributingPhysicalCheaper fee Tracks a different index in the same category.	BondsDistributingPhysicalCheaper fee Tracks a different index in the same category.	BondsPhysicalCheaper fee Tracks a different index in the same category.
Index tracked	iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index	S&P High Yield Dividend Aristocrats Index
Yearly fee (TER)	0.39%	0.35%	0.10%	0.11%	0.11%	0.07%	0.07%
All-in cost	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Fund size	€1.4B	€18.8B	€12.5B	€12.4B	€12.4B	€10.9B	€10.9B
Domicile	Ireland	United States	Ireland	Ireland	Ireland	Ireland	Ireland
Replication	Physical (full)	Physical (full)	Physical (full)	Physical (full)	Physical (full)	Physical (full)	Physical (full)
3-yr return p.a.	+3.5%	+8.9%	+2.5%	+6.9%		+5.9%	+4.4%
5-yr return p.a.	-4.3%	+4.6%	+0.0%			+2.8%	+1.8%
# holdings	103	158	97	4,156	4,156	97	97

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Data as of 2026-09-03 · Source: issuer data, compiled by Finance Hamster

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