Invesco US Treasury Bond UCITS ETF GBP Hdg DistIndex, costs, backtest, listings and taxation

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Dividend Policy: This Share Class declares and distributes a dividend on a quarterly basis. Investment objective: The objective of the Fund is to aim to track the Total Return performance of the Bloomberg US Treasury Index (the "Index"), less fees, expenses and transaction costs.

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Redemption and Dealing of Shares:The Fund's shares are listed on one or more Stock Exchange(s). Investors can buy or sell shares daily through an intermediary directly or on Stock Exchange(s) on which the shares are traded. In exceptional circumstances investors will be permitted to redeem their shares directly from the Umbrella Fund in accordance with the redemption procedures set out in the prospectus, subject to any applicable laws and relevant charges. Investment approach: The Fund is a passively managed ETF. To achieve the investment objective, the Fund will employ sampling techniques to select securities in the Index which may include but are not limited to index weighted average duration, industry sectors, country weights, liquidity and credit quality. The use of the sampling approach will result in the Fund holding a smaller number of securities than are in the underlying Index. The Fund may use derivative instruments for the purposes of managing risk, reducing costs, generating additional capital or income. The Fund may engage in securities lending, whereby 90% of the revenues arising from securities lending will be returned to the Fund and 10% of the revenues will be retained by the securities lending agent. The Fund may be exposed to the risk of the borrower defaulting on its obligation to return the securities at the end of the loan period and of being unable to sell the collateral provided to it if the borrower defaults. The Fund’s base currency is USD. The Share Class currency is GBP. To minimise exposure to fluctuations in the exchange rate between the Fund's base currency and the Share Class currency, the Share Class enters into foreign exchange transactions (typically FX forwards). Currency hedging between the base currency of the Fund and the currency of the share class may not completely eliminate the currency risk between those two currencies and may affect the performance of the share class.

Intended Retail InvestorThe Fund is intended for investors aiming for income and long term capital growth, who may not have specific financial expertise but are able to make an informed investment decision based on this document, the supplement, and the prospectus, have a risk appetite consistent with the risk indicator displayed below and understand that there is no capital guarantee or protection (100% of capital is at risk). Practical Information Fund Depositary: The Bank of New York Mellon SA/NV, Dublin Branch, Riverside Two, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, D02 KV60, Ireland. Find out more: This document is specific to the Fund. Further information about the Fund can be obtained from the supplement, the prospectus, annual and interim reports. The prospectus, annual and interim reports are prepared for the Umbrella Fund, of which the Fund is a sub-fund. These documents are available free of charge in English. They can be obtained along with other information, such as share prices, at https://etf.invesco.com (select your country and navigate to the Documents section on the product page), or by calling +353 1 439 8000. The assets of the Fund are segregated as a matter of Irish law and as such, in Ireland, the assets of one sub-fund will not be available to satisfy the liabilities of another sub-fund. This position may be considered differently by the courts in jurisdictions outside of Ireland. Subject to satisfying certain criteria as set out in the prospectus, investors may be able to exchange their investment in the Fund for shares in another sub-fund of the Umbrella which is being offered at that time. The Index: The Index is designed to measure the performance of US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. The securities which comprise the Index must be US dollar-denominated, rated investment grade (Baa3/BBB/BBB- or higher) using the middle rating of Moody’s, S&P and Fitch, with a minimum par amount outstanding USD 300mn, and at least one year until final maturity, regardless of optionality. Both fixed-rate coupon and original zero coupon

TRGB is hedged to GBP; the index the issuer places next to it in its documents is the unhedged, foreign-currency version. Subtracting one from the other does not measure replication quality: it measures the exchange rate. In a year when the currency moves 5%, “the TD” would come out near 5 points — a plausible-looking number, with decimals, and wrong.

Other sites publish that number. We would rather show one figure less than one figure wrong: the TD will return here the day we have the GBP-hedged index series, which the issuer does not publish today.

What tracking difference is and how we compute it →

Dividends

ETFs declaring the same index