Invesco US High Yield Fallen Angels UCITS ETF
FAHY.DE
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- Invesco US High Yield Fallen Angels UCITS ETF (FAHY.DE) is an exchange-traded fund that seeks to track the performance of the FTSE Time-Weighted US Fallen Angel Bond Select Index, focusing on USD-denominated high yield corporate bonds issued by North American companies that have been recently downgraded from investment grade status; the ETF employs a physical replication strategy and offers both distributing (quarterly dividends) and accumulating share classes. Core products include exposure to "fallen angel" bonds purchased within 1-30 days post-downgrade and held up to 60 months, utilizing time-weighting to emphasize recent downgrades for potential price rebound capture; variants feature currency-hedged options such as EUR Hedged Accumulating (IE00BYVTMZ20) and CHF Hedged Accumulating (IE00BYVTMY13); the fund maintains an ongoing charge of 0.45% p.a., with assets under management around EUR 85 million for the distributing class. Launched on September 1, 2016, and domiciled in Ireland as part of Invesco Markets III plc, the ETF trades on multiple exchanges including Xetra (FAHY.DE), London Stock Exchange (HYFA), SIX Swiss Exchange, Borsa Italiana, and Euronext Paris in currencies such as USD, GBP, and EUR; it primarily serves institutional and professional investors seeking income and capital appreciation from higher-quality high yield segments relative to broader US high yield markets. Invesco Ltd., the fund provider headquartered in Atlanta, Georgia (founded 1935), manages the ETF through its European operations. In February 2023, the ETF adjusted its investment approach following FTSE Russell's index methodology revisions, which raised the minimum bond issue size from $250 million to $300 million, elevated the minimum credit rating from C to B- to enhance liquidity and exclude distressed issuers, and reduced the time-based issuer weight cap from five times to three times market value (with a 5% absolute cap) to improve diversification. No further major changes, such as new product launches, acquisitions, partnerships, funding rounds, or strategic expansions specific to this ETF, have been reported in 2024 or 2025. The fund continues to operate within Invesco's broader fixed income offerings, targeting investors in the European Economic Area and select qualified clients globally.