"Invesco AT1 Capital Bond UCITS ETF EUR Hdg Dist" is an exchange-traded investment fund (ETF). It refers to the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index. This index reflects the development of securities . The ETF replicates its index using full physical replication, so it contains all the securities of its reference index. The ETF's earnings are distributed to the investors. The fund company Invesco claims a total expense ratio (TER) of 0.39% per year. The yearly average divergence from the index performance (Tracking Difference) since 2019 was 2.76% per year. Therefore, the ETF was significantly more expensive than the TER suggests. Besides, the yearly tracking differences had strong variations, so their average value is not a very reliable measure.