PGHY is a passively managed fund focusing on high-yield corporate bonds denominated in US dollars. It seeks global ex-US exposure through bonds issued by non-US corporations operating in both the US domestic and Eurobond markets. Notably, there is no specified maturity limit for the bonds to qualify for inclusion. The index is structured as market-value-weighted, but individual issuers are capped at 2% to maintain diversification. In cases where the index comprises fewer than 50 issuers, each issuer is given equal weight to maintain diversification and balance within the fund. The index is rebalanced monthly. Prior to August 28, 2023, the fund was named Invesco Global Short Term High Yield Bond ETF and tracked the DB Global Short Maturity High Yield Bond Index.
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