The Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) aims to replicate the investment results of the ICE USD Global High Yield Excluding US Issuers Constrained Index. This underlying benchmark is composed of speculative-grade corporate debt instruments, all denominated in U.S. dollars, which have been publicly issued in the U.S. domestic and eurobond markets by companies located outside the United States. PGHY typically allocates at least 80% of its total assets to the securities that constitute this Index. Rather than purchasing every bond within the Index, the Fund employs a "sampling" approach, selecting a representative subset of these securities to achieve its investment objective. Both the Fund and the Index undergo rebalancing on the final calendar day of each month.