Invesco Global ex-US High Yield Corporate Bond ETF offers international high-yield exposure, blending developed and emerging market bonds for diversification. PGHY's performance closely tracks U.S. high-yield ETF JNK, providing similar total returns but with different underlying credit risks and issuers. Current macro conditions are unfavorable, as credit spreads are at historic lows, making now a poor entry point despite PGHY's portfolio benefits.