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XAT1 ETF · Invesco AT1 Capital Bond UCITS ETF
The XAT1 Exchange Traded Fund (ETF) is provided by Invesco. It is built to track an index: Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. The XAT1 ETF provides physical exposure, so by buying it you actually own parts of all the 91 underlying holdings. This share class generates a stream of income by distributing dividends.
Share class
Dist
EUR
Hedged
Real-time data unavailable for XAT1
LIVE
CLOSED
This fund is part ofConvertible Bonds1M perf.-0.29%
Last price
N/A
1M perf.
-0.75%
1M flows
+€13M
AuM
€431M
TER
0.39%
Rating
Not rated
ESG Consensus®
XAT1
N/A
Performance & flows
Segment for quartile rank
February 19, 2026 → May 19, 2026
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XAT1
€16.25
-1.29%
Convertible Bonds
+1.26%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | -0.75%  | -1.29%  | +5.92%  | +30.33% | +4.50% | -0.69% | +1.70% | -0.08% | |
| Flows |
Key fund info
Segment for quartile rank
Main characteristics
More details
NAV
5/19/2026
€16.26
1D NAV change
-0.31%
Dividend policy
Replication method
Direct (Physical)
Replication model
Full replication
No. of holdings
91
Inception date
6/25/2018
Jurisdiction
Ireland
Distribution
Germany
Sweden
Portugal
Singapore (Qualified Investor)
Norway
Legal structure
Open-end Investment Company
Base currency
EUR
Dividend distribution
Trailing 12-month distr. yield
Distribution frequency
Last distribution
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Classification
Product type
Asset class
Factors
N/A
Share class info
EUR distributing hedged
Total AuM of fund
€1.4B
Decimalisation of shares
No
Investment strategy
The Invesco AT1 Capital Bond UCITS ETF aims to provide the performance of the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8/5% Issuer Cap), after the impact of fees. The index is a customized version of the iBoxx USD Contingent Convertible Liquid Developed Market AT1 index in which the weight of the top 5 issuers is capped at 8% and the remaining issuers are capped at 5%. It is designed to reflect the performance of financial institutions' AT1 contingent convertible debt, it aims to offer a broad coverage of the USD AT1 capital bond universe, whilst upholding minimum standards of investability and liquidity.
Tax optimisation
PEA
France
UK Reporting Status
United Kingdom
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Risk profile
Segment for quartile rank
Historical risk/return profile
| 3M | 1Y | 3Y | 5Y | |
|---|---|---|---|---|
| Returns | -1.29% | +5.92% | +30.33% | +4.50% |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
1
2
3
4
5
6
7
PRIIPS
1
2
3
4
5
6
7
More exposure metrics are available, exclusively in Trackinsight Enterprise
Exposure
Countries
United Kingdom
28.82%
France
17.74%
USA
14.18%
Spain
12.61%
Switzerland
6.05%
Netherlands
5.90%
Japan
4.53%
Australia
3.32%
Unavailable
1.13%
Other
5.72%
Sectors
Banks
75.91%
Holding companies
8.76%
Unavailable
15.32%
Diversification
Total weight of top 15 holdings out of 91
Top 15 holdings
Data as of March 31, 2026
Barclays, 8% perp., USD
Banco Santander, 8% perp., USD
Banco Santander, 9.625% perp., USD
Barclays, 9.625% perp., USD
Deutsche Bank, 6.25% perp., USD
Lloyds Banking Group, 8% perp., USD
Banco Santander, 9.625% perp., USD
USF2280BAC03
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Sumitomo Mitsui FG, 6.45% perp., USD
Westpac Banking (New Zealand Branch), 5% perp., USD
Credit Agricole SA, 6.7% perp., USD
Barclays, 7.625% perp., USD
Credit Agricole CIB, 4.75% perp., USD
Standard Chartered Plc, 4.3% perp., USD
Barclays, 4.375% perp., USD
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More risk metrics are available, exclusively in Trackinsight Enterprise
Sustainability
Integrates ESG criteria
Yes
SDG
ESG Consensus® by Conser
Data as of February 27, 2026
MethodologyOur partner Conser gathers the industry's consensus on the business practices of the underlying holdings. We have computed the following metrics about XAT1 ETF's sustainability, based on their methodology.
ESG Consensus®
ESG Consensus® is based on the Final Sustainability Grade, which itself consists of 10 grades. Our partner Conser calculates the exact grade, based on market intelligence, using their proprietary ESG Consensus® methodology.
XAT1’s has a Final Sustainability Grade of either C+, C, C-, or D.
A+
A
A-
B+
B
B-
C+
C
C-
D
This fund’s exact Final Sustainability Grade is available in Trackinsight Enterprise.
Learn more about Trackinsight EnterpriseHoldings review
62.02% of holdings have positive scoring
37.97% of holdings have negative scoring
31.59%
30.43%
17.14%
20.83%
Consensus levels
Strong
Medium
Weak
No data on remaining < 1% of holdings
More sustainability metrics are available, exclusively in Trackinsight Enterprise
Issuer
Invesco
Invesco ID Card
Number of funds
633
Total AuM
€965.7B
Expense ratio range
0.04% - 5.39%
Average expense ratio
0.3558%
Top 5 funds by Invesco
| AuM | ||
|---|---|---|
QQQ | Invesco QQQ ETF | €402.69B |
QQQM | Invesco NASDAQ 100 ETF | €78.27B |
RSP | Invesco S&P 500® Equal Weight ETF | €73.8B |
SPXS | Invesco S&P 500 UCITS ETF | €33.63B |
SGLD | Invesco Physical Gold USD ETC | €25.44B |
Frequently asked questions about XAT1
What does Invesco AT1 Capital Bond UCITS ETF, XAT1, invest in?
XAT1 is a Passive ETF. This ETF provides exposure to Developed markets Financial Services Mixed Ratings Corporate Bonds.
Which benchmark or index does XAT1 replicate?
XAT1 tracks the Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) TR Index - USD, through a full replication replication method.
What is the Total Expense ratio (TER) of XAT1?
XAT1 carries a total expense ratio (TER) of 0.39%, indicating the annual cost for holding the fund.
When was XAT1 launched?
XAT1 was introduced to the market on June 25, 2018. It trades on Germany, among other exchanges
Who is the ETF issuer of XAT1?
Invesco AT1 Capital Bond UCITS ETF, XAT1, is provided by Invesco. Learn more about Invesco here.
Does XAT1 have multiple share classes?
Yes, XAT1 is available in multiple share classes, which may differ by distribution policy (e.g., accumulating vs. distributing), currency or hedging. Explore the different share classes .
What is the current assets under management (AUM) of XAT1?
XAT1 oversees €431M in assets as of May 19, 2026.
How has XAT1 performed lately?
Based on data from May 19, 2026, XAT1 returned -0.75% over the past month, -1.29% over the last three months and -0.08% year-to-date.
What are the latest inflows or outflows for XAT1?
As of May 19, 2026, XAT1 recorded net flows of +€13M over the last month and +€83M year-to-date.
Does XAT1 distribute dividends?
XAT1 follows a distributing dividend policy, meaning it pays out income to investors. As of May 19, 2026, its 12-month trailing yield was 5.98%.
What are the main country or region exposures of XAT1?
As of March 31, 2026, XAT1 has significant geographic allocations in United Kingdom, France and USA.
In which sector or theme does XAT1 invest in?
As of March 31, 2026, XAT1 focuses largely on Banks and Holding companies.
How many securities does XAT1 hold and how diversified is it?
As of March 31, 2026, XAT1 holds 91 positions in its portfolio, with 29.36% of assets concentrated in its top 15 holdings.
What are the main positions in XAT1?
As of March 31, 2026, XAT1 top three holdings include Barclays, 8% perp., USD, Banco Santander, 8% perp., USD and Banco Santander, 9.625% perp., USD.
What is the base currency of XAT1?
The base currency of XAT1 is EUR.
Is XAT1 currency-hedged?
XAT1 is hedged, meaning it seeks to minimize the impact of currency fluctuations between its base currency and the currency of the underlying assets.
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