Invesco AXI Brochure

Helping borrowers and lenders in a SOFR-based economy.

The Invesco AXI brochure provides information about the USD Across-the-Curve Credit Spread Indexes (AXI), and its extension the USD Financial Conditions Credit Spread Indexes (FXI). The brochure contains:

  • An overview of how AXI and FXI work including their key features
  • Explains how the indices can benefit both borrowers and lenders who transact in SOFR-based product
  • Provides data on historical performance of the indices from 2016
  • Highlights AXI and FXI use cases across a variety of financial instruments that can reference SOFR
  • Considers financial stability implications

We hope that the Invesco AXI brochure can serve as a helpful source of information for market participants and other who may be interested in AXI and FXI.

Download the Invesco AXI Brochure [PDF]




The information provided is for informational purposes only and should not be construed as an offer to buy or sell any financial instruments, or a recommendation for any security or fund interest. Invesco Indexing LLC is not an investment adviser or fiduciary and makes no representation regarding the advisability of investing in any security or strategy. There can be no assurance that an investment strategy based on the Invesco Indexes will be successful.

Indexes are unmanaged and it is not possible to invest directly in an index. Exposure to an asset class or trading strategy represented by an index is only available through investable instruments (if any) based on that index. Invesco Indexing LLC does not issue, sponsor, endorse, market, offer, review or  otherwise express any opinion regarding any fund, derivative or other security, financial product or trading strategy that is based on, linked to or seeks to track the performance of any Invesco Indexing LLC index.

Invesco Indexing LLC is an indirect, wholly owned subsidiary of Invesco Ltd. The group is legally, technologically and physically separate from other business units of Invesco, including the various global investment centers.

Further circulation, disclosure, or dissemination of all or any part of this material is prohibited. This information is provided for educational & informational purposes only and is not an offer of investment advice or financial products. Invesco Indexing LLC is not affiliated with SOFR Academy.

Financial Industry Regulatory Authority, FINRA, Trade Reporting and Compliance Engine, and TRACE are trademarks of Financial Industry Regulatory Authority, Inc. (FINRA), in the US and/or other countries. All rights reserved. See for further details regarding TRACE. AXI is not associated with, or endorsed or sponsored by, FINRA.

Darrell Duffie, who is the Adams Distinguished Professor of Management and Professor of Finance at the Stanford Graduate School of Business and a co-author of the proposal for AXI and FXI, has no related compensation or affiliation with its operationalization.

SOFR is published by the Federal Reserve Bank of New York (The New York Fed) and is used subject to The New York Fed Terms of Use for Select Rate Data. The New York Fed has no liability for your use of the data. AXI is not associated with, or endorsed or sponsored by, The New York Fed or the Federal Reserve System.

AXI and FXI are not currently available for use as benchmarks in the United Kingdom or the European Union.

As between the Parties, SOFR Academy shall own the intellectual property (IP) associated with AXI, this includes but is not limited to the literary work, the algorithm/code, all trade secrets, know-how, trademarks, designs, copyright, whether or not registered or registrable or having to undergo any other process for grant, registration or the like.

Upon each update to this methodology, the most recent version shall be deemed to supersede the preceding version from the date of such update such that, in the event of any conflict between an earlier version of the methodology and the most recent version, the most recent version shall prevail.