ETF Evaluator: Invesco Glb ex-US High Yld Corp Bd ETF (PGHY) Follow This ETF

Invesco Glb ex-US High Yld Corp Bd ETF Overview

Invesco Glb ex-US High Yld Corp Bd ETF (PGHY) is a passively managed Taxable Bond High Yield Bond exchange-traded fund (ETF). Invesco launched the ETF in 2013.

The investment seeks to track the investment results (before fees and expenses) of the ICE USD Global High Yield Excluding U.S. Issuers Constrained Index. The fund invests at least 80% of its total assets in the components that comprise the underlying index. The underlying index is composed of U.S. dollar denominated, below investment grade corporate debt that is publicly issued in the U.S. domestic and eurobond markets by non-U.S. issuers.

About Invesco Glb ex-US High Yld Corp Bd ETF (PGHY)

There are 3 members of the management team with an average tenure of 13.12 years: Peter Hubbard (2013), Gary Jones (2013) and Richard Ose (2013). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and ICE USD Global HY Ex US Issuers Con USD index with a weighting of 100%. Invesco Glb ex-US High Yld Corp Bd ETF has 618 securities in its portfolio. The top 10 holdings constitute 7.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Invesco Glb ex-US High Yld Corp Bd ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Invesco Glb ex-US High Yld Corp Bd ETF has 96.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.2% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.8% (0.4% domestic bond, 96.4% foreign bond and 0.2% convertible bond). Invesco Glb ex-US High Yld Corp Bd ETF has 2.9% of the portfolio in cash.

Assets Under Management

The fund has $224 million in total assets, which is below the $1 billion average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

PGHY Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco Glb ex-US High Yld Corp Bd ETF expense ratio is below average compared to funds in the High Yield Bond category. Invesco Glb ex-US High Yld Corp Bd ETF has an expense ratio of 0.35%, which is 12% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco Glb ex-US High Yld Corp Bd ETF has a portfolio turnover rate of 31%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the High Yield Bond category.

Recently, in the month of July 2026, Invesco Glb ex-US High Yld Corp Bd ETF returned -0.2%, which earned it a grade of C, as the High Yield Bond category had an average return of -0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Invesco Glb ex-US High Yld Corp Bd ETF has a trailing yield of 7.18%, which is above the 6.77% category average. The fund normally distributes its income monthly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Invesco Glb ex-US High Yld Corp Bd ETF Grades

Year to date, the ETF has returned 2.3%, 0.7 percentage points better than the category, which translates into a grade of A. The fund has returned 5.3% over the past year (grade of B), 8.1% over the past three years (grade of B) and 4.6% per year over the past five years (grade of A) and 4.1% per year over the past 10 years (grade of F).

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