Invesco USD AT1 CoCo Bond UCITS ETF GBP Hdg DistIndex, costs, backtest, listings and taxation

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Investment objective: The objective of the Fund is to achieve the total return performance of the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index (the "Index"), less fees, expenses and transaction costs. Dividend Policy: This Share Class declares and distributes a dividend on a quarterly basis. Investment approach: The Fund is a passively managed ETF. To achieve the investment objective, the Fund will, as far as possible and practicable, hold all the securities in the Index in their respective weightings. 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 is an Article 8 Fund (it promotes environmental and/or social characteristics) for the purposes of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector ("SFDR"). 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.

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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.

Intended Retail InvestorThe Fund is intended for informed investors aiming for income and long term capital growth, who have specific knowledge or experience of investing in similar products and financial markets, have a risk appetite and an investment horizon 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 aims to measure the performance of USD-denominated contingent convertible bonds issued by banks from developed countries worldwide. Securities comprising the Index must be rated by at least one of the three credit rating agencies, Moody's, Standard & Poor’s or Fitch, but there is no minimum rating requirement. To be included in the index, securities must have a minimum par amount outstanding of USD750 million and the issuers must have a minimum notional outstanding of 1 billion in their local currency. In addition, the bonds must have been issued after 1 January 2013 and must have a remaining time to maturity of at least one year on the date of rebalancing. The index provider also applies its exclusionary criteria to exclude securities that: 1) are involved (as defined and determined by the

AT1S 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