PCY
Invesco Emerging Markets Sovereign Debt ETF
Invesco Emerging Markets Sovereign Debt Portfolio is an exchange-traded fund incorporated in the USA. The Fund seeks investment results that correspond to the price and yield of the DB Emerging Market USD Liquid Balanced Index.
Emerging Market
FIXED INCOME
Passive
MANAGEMENT STYLE
1.2 B
ASSETS UNDER MGMT
50 bp
EXPENSES
Fund Basics
| Fund sponsor | Invesco |
| Category | Emerging Market |
| Asset class | Fixed Income |
| Website | link... |
| Inception date | Oct 11, 2007 |
| Assets (mns) | $1,192 |
| Expense ratio | 50 bp |
Constituent Breakdown
| No. of constituents | 97 |
| No. of distinct issuers | 44 |
| Coverage | 96% |
| Fixed/floating rate | 100% / 0% |
| Investment grade | 50% |
| Inflation protected | 0% |
| Non-standard maturity (callable, etc.) | 16% |
Fund Structure
| Regulation | Open-End Investment Company |
| Distributions | Monthly |
| Taxation | 1099 |
| Bond selection | |
| Weighting | Market Cap |
| Smart-beta | No |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| PAKISTAN (ISLAMIC REPUBLIC OF) 7.375% | 1.5 % |
| PAKISTAN (ISLAMIC REPUBLIC OF) 8.875% | 1.5 % |
| SERBIA (REPUBLIC OF) 2.125% | 1.1 % |
| QATAR (STATE OF) 4.625% | 1.1 % |
| UZBEKISTAN (THE REPUBLIC OF) 3.7% | 1.1 % |
| PANAMA (REPUBLIC OF) 6.4% | 1.1 % |
| JORDAN (KINGDOM OF) 7.5% | 1.1 % |
| SHARJAH (GOVERNMENT OF) 4% | 1.1 % |
| JORDAN (KINGDOM OF) 5.85% | 1.1 % |
| PANAMA (REPUBLIC OF) 6.875% | 1.1 % |
Issuer Type Breakdown
Top Issuers
| GOVT OF RUSSIA | 3.2 % |
| GOVT OF CHILE | 3.2 % |
| GOVT OF PANAMA | 3.2 % |
| GOVT OF QATAR | 3.2 % |
| GOVT OF POLAND | 3.2 % |
Historical Performance
Standardized Performance (as of 07/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 3.6% | 0.3% | 1.5% | 2.0% | -5.9% | -3.0% | -- | -1.3% |
| Dividend Yield | 1.1% | 3.2% | 5.3% | 5.8% | 5.2% | 5.2% | -- | 5.4% |
| Total Returns | 4.7% | 3.6% | 6.8% | 7.8% | -0.7% | 2.1% | -- | 4.1% | Ann. Volatility | 12.3% | 11.5% | 11.6% | 14.0% | 13.4% | 12.9% | -- | 16.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.73 | 57% |
| MSCI EAFE | 0.82 | 80% |
| MSCI Emg Mkts | 0.74 | 70% |
Liquidity Measures
| Avg. volume (000) | 224 |
| ADV traded (mns) | $5 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.06% |
Technical Indicators
| Recent close | $20.81 |
| 30d moving avg. | $20.55 |
| Annualized volatility | 14.8% |
| Relative strength (RSI) | 63 |
| Short interest | 0.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Credit Quality
Duration
Macaulay Duration
Modified Duration
SHORT
MED.
LONG TERM
10.3 yrs
Modified Duration
◁ INSENSITIVE
EXTREMELY SENSITIVE ▷
10.1%
ⓘ Our analysis shows this fund is likely to be moderately sensitive to changes in interest rates
Interest Rate Sensitivity Analysis
| Change in YTM |
New YTM |
Est. Price Change |
New Price |
|---|---|---|---|
| +300 bp | --% | --% | $-- |
| +200 bp | --% | --% | $-- |
| +150 bp | --% | --% | $-- |
| +100 bp | --% | --% | $-- |
| +75 bp | --% | --% | $-- |
| +50 bp | --% | --% | $-- |
| +25 bp | --% | --% | $-- |
| 0 bp | --% | --% | $-- |
| -25 bp | --% | --% | $-- |
| -50 bp | --% | --% | $-- |
| -75 bp | --% | --% | $-- |
| -100 bp | --% | --% | $-- |
| -150 bp | --% | --% | $-- |
| -200 bp | --% | --% | $-- |
| - 300bp | --% | --% | $-- |
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Yields
Disposition of YTM
Distribution Yield (Trailing 12 Months)
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ETF Research Center Fund Rating
The ALTAR Score™ is our measure of an ETF's overall investment merit. For fixed income funds, the Score is an estimate of risk-adjusted yield to maturity (calculation shown below). In effecient markets, the plot of ALTAR Scores™ vs. Duration should resemble the familiar yield curve. Funds that sit above the curve may offer better risk-adjusted returns than those that sit below the curve.
ALTAR Score™
PCY
6.1%
Cat. Avg
5.4%
Fund Category: Emerging Market
| Adj. Yield to Maturity | -- bp |
| Less: Annual "default factor" | -- bp |
| Less: Expenses | 50 bp |
| Equals: ALTAR Score™ | 6.1% |
ALTAR Score™ vs. Duration (Emerging Market Bond ETFs)
Expense Analysis
| Peer Group | Passive Emerging Market Fixed Income ETFs |
| # of ETFs | 4 |
| Avg. Expense Ratio | 39.8 bp |
| Std. Deviation | 7.1 bp |
| PCY (50 bp) Percentile rank | 93 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PCY | 50.0 | 5.9 | 55.9 |
| Peer Avg. | 47.3 | 35.0 | 82.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .