Core Viewpoint - The Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) is designed to provide broad exposure to the High-Yield/Junk Bond ETFs category, with a focus on non-U.S. issuers and a smart beta strategy [1][5]. Fund Overview - PGHY was launched on June 20, 2013, and has accumulated over $201.3 million in assets, categorizing it as an average-sized ETF in its segment [1][5]. - The fund is managed by Invesco and aims to match the performance of the DB Global Short Maturity High Yield Bond Index [5]. Cost and Expenses - PGHY has an annual operating expense ratio of 0.35%, making it one of the more cost-effective options in the high-yield space [7]. - The ETF offers a 12-month trailing dividend yield of 7.18% [7]. Holdings and Sector Exposure - The ETF's top holdings include Industrial & Commercial Bank Of China Ltd (1.4% of total assets), Samarco Mineracao Sa, and Invesco Government & Agency Portfolio [9]. - The top 10 holdings account for approximately 6.73% of PGHY's total assets under management [9]. Performance Metrics - Year-to-date, PGHY has gained about 0.87% and is up approximately 7.02% over the last 12 months as of February 6, 2026 [11]. - The ETF has traded between $18.92 and $20.26 in the past 52 weeks, with a beta of 0.19 and a standard deviation of 5.22% over the trailing three-year period, indicating a high-risk profile [11]. Alternatives - Other ETFs in the high-yield space include iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and iShares Broad USD High Yield Corporate Bond ETF (USHY), with assets of $17.64 billion and $25.79 billion respectively [13]. - HYG has an expense ratio of 0.49%, while USHY has a lower expense ratio of 0.08% [13].

Core Insights - The Invesco Fundamental High Yield Corporate Bond ETF (PHB) debuted on November 15, 2007, and provides broad exposure to the High-Yield/Junk Bond ETFs category [1] - The ETF industry has been traditionally dominated by market capitalization weighted indexes, but smart beta funds offer non-cap weighted strategies for investors seeking to outperform the market [2][3] - PHB is managed by Invesco and has accumulated over $348.46 million in assets, aiming to match the performance of the RAFI Bonds US High Yield 1-10 Index [5][6] Fund Details - The annual operating expenses for PHB are 0.50%, with a 12-month trailing dividend yield of 5.70% [7] - The fund's top holdings include Walgreens Boots Alliance Inc (1.61% of total assets), Albertsons Cos Inc, and Synchrony Financial, with the top 10 holdings accounting for approximately 10.76% of total assets [9] - As of July 31, 2025, PHB has returned approximately 4.79% year-to-date and 6.87% over the past year, with a trading range between $17.50 and $18.61 in the last 52 weeks [11] Alternatives and Market Position - Other ETFs in the high-yield space include iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and iShares Broad USD High Yield Corporate Bond ETF (USHY), with assets of $16.91 billion and $25.18 billion respectively [13] - Investors seeking lower-cost options may consider traditional market cap weighted ETFs that aim to match the returns of the High-Yield/Junk Bond ETFs [14]