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Invesco Financial Preferred ETF

Ticker: PGF
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Product Details

The Invesco Financial Preferred ETF (Fund) is based on the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (Index). The Fund generally will invest at least 90% of its total assets in fixed rate U.S. dollar preferred securities issued in the U.S. domestic market by financial companies. The Index is designed to track the performance of exchange-listed fixed rate U.S. dollar preferred securities, and securities that the Index Provider believes are functionally equivalent to preferred securities issued by US financial companies, such as banking, brokerage, finance, investment and insurance . The Fund and the Index are rebalanced monthly.

as of 10/31/2022 09/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
ICE Exchange-Listed Fixed Rate Financial Preferred Securities Total Return Index -19.87 -19.71 N/A N/A N/A N/A
S&P U.S. Preferred Stock Index -19.73 -19.61 -2.08 0.93 3.42 3.71
Fund History (%)
Fund NAV -20.08 -19.97 -3.82 -0.24 3.06 2.93
After Tax Held -21.52 -21.57 -5.22 -1.62 1.64 1.60
After Tax Sold -11.81 -11.61 -2.98 -0.23 2.30 2.26
Fund Market Price -20.45 -20.35 -3.96 -0.28 3.02 2.87
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
ICE Exchange-Listed Fixed Rate Financial Preferred Securities Total Return Index -16.44 -16.08 N/A N/A N/A N/A
S&P U.S. Preferred Stock Index -17.21 -16.25 -0.85 1.45 3.86 3.93
Fund History (%)
Fund NAV -16.65 -16.41 -2.25 0.56 3.57 3.22
After Tax Held -17.99 -17.98 -3.64 -0.81 2.16 1.89
After Tax Sold -9.81 -9.46 -1.82 0.35 2.69 2.47
Fund Market Price -16.75 -16.29 -2.26 0.58 3.58 3.18

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

as of 09/30/2022

Growth of $10,000

Data beginning 10 years prior to the ending date of 09/30/2022. Fund performance shown at NAV.

ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index* performance prior to 6/30/2021 reflects that of the original Underlying Index, Wells Fargo Hybrid and Preferred Securities Financial Index. From 6/30/2021 forward, performance reflects that of the Underlying Index, ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index AND IS NOT INTENDED FOR ANY THIRD PARTY USE.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

Quality Allocations as of 11/28/2022

S&P Moody's
BBB : 61% Baa : 78%
BB : 34% Ba : 13%
B : 1% B : 0%
Not Rated : 4% Not Rated : 9%

Cash is excluded from the credit rating quality allocations table.

as of 11/28/2022 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
JPMorgan Chase & Co 6.00% 03/01/2024 BBB-/Baa2 2.84%
JPMorgan Chase & Co 5.75% 12/01/2023 BBB-/Baa2 2.52%
Wells Fargo & Co 5.85% 09/15/2023 BB+/Baa2 2.43%
Wells Fargo & Co 4.75% 03/15/2025 BB+/Baa2 2.33%
Citigroup Inc 6.88% 11/15/2023 BB+/Ba1 2.28%
JPMorgan Chase & Co 4.20% 09/01/2026 BBB-/Baa2 2.23%
JPMorgan Chase & Co 4.62% 06/01/2026 BBB-/Baa2 2.19%
Bank of America Corp 6.00% 05/16/2023 BBB-/Baa3 2.01%
Bank of America Corp 5.38% 12/30/2049 06/25/2024 BBB-/Baa3 1.92%
JPMorgan Chase & Co 4.55% 06/01/2026 BBB-/Baa2 1.79%

Holdings are subject to change and are not buy/sell recommendations.

The characterizations of distributions reflected in this table are as of the date noted below. The actual amounts of income, capital gains and return of capital for tax purposes are only determined after the Fund’s fiscal year end, and may differ from the amounts and characterizations reflected in the chart below. Please refer to the Tax Center for the most current and/or final characterizations of these distributions, including any distributions characterized as return of capital.

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
11/21/2022 11/22/2022 11/25/2022 0.07162 0.07162 - - - -
10/24/2022 10/25/2022 10/28/2022 0.07054 0.07054 - - - -
09/19/2022 09/20/2022 09/23/2022 0.07082 0.07082 - - - -
08/22/2022 08/23/2022 08/26/2022 0.07062 0.07062 - - - -
07/18/2022 07/19/2022 07/22/2022 0.07170 0.07170 - - - -
06/21/2022 06/22/2022 06/30/2022 0.07159 0.07159 - - - -
05/23/2022 05/24/2022 05/31/2022 0.07133 0.07133 - - - -
04/18/2022 04/19/2022 04/29/2022 0.07107 0.07107 - - - -
03/21/2022 03/22/2022 03/31/2022 0.07160 0.07160 - - - -
02/22/2022 02/23/2022 02/28/2022 0.07222 0.07222 - - - -
01/24/2022 01/25/2022 01/31/2022 0.07158 0.07158 - - - -
12/20/2021 12/21/2021 12/31/2021 0.07087 0.07087 - - - -
11/22/2021 11/23/2021 11/30/2021 0.07087 0.07087 - - - -
10/18/2021 10/19/2021 10/29/2021 0.07086 0.07086 - - - -
09/20/2021 09/21/2021 09/30/2021 0.07159 0.07159 - - - -
08/23/2021 08/24/2021 08/31/2021 0.07232 0.07232 - - - -
07/19/2021 07/20/2021 07/30/2021 0.07319 0.07319 - - - -
06/21/2021 06/22/2021 06/30/2021 0.07445 0.07445 - - - -
05/24/2021 05/25/2021 05/28/2021 0.07560 0.07560 - - - -
04/19/2021 04/20/2021 04/30/2021 0.07626 0.07626 - - - -
03/22/2021 03/23/2021 03/31/2021 0.07443 0.07443 - - - -
02/22/2021 02/23/2021 02/26/2021 0.07427 0.07427 - - - -
01/19/2021 01/20/2021 01/29/2021 0.07640 0.07640 - - - -
12/21/2020 12/22/2020 12/31/2020 0.07803 0.07803 - - - -
11/23/2020 11/24/2020 11/30/2020 0.07732 0.07732 - - - -
10/19/2020 10/20/2020 10/30/2020 0.07649 0.07649 - - - -
09/21/2020 09/22/2020 09/30/2020 0.07707 0.07707 - - - -
08/24/2020 08/25/2020 08/31/2020 0.07569 0.07569 - - - -
07/20/2020 07/21/2020 07/31/2020 0.07572 0.07572 - - - -
06/22/2020 06/23/2020 06/30/2020 0.07710 0.07710 - - - -
05/18/2020 05/19/2020 05/29/2020 0.07950 0.07950 - - - -
04/20/2020 04/21/2020 04/30/2020 0.08130 0.08130 - - - -
03/23/2020 03/24/2020 03/31/2020 0.08297 0.08297 - - - -
02/24/2020 02/25/2020 02/28/2020 0.08109 0.08109 - - - -
01/21/2020 01/22/2020 01/31/2020 0.08018 0.08018 - - - -
12/23/2019 12/24/2019 12/31/2019 0.07721 0.07721 - - - -
11/18/2019 11/19/2019 11/29/2019 0.07721 0.07721 - - - -
10/21/2019 10/22/2019 10/31/2019 0.07543 0.07543 - - - -
09/23/2019 09/24/2019 09/30/2019 0.07685 0.07685 - - - -
08/19/2019 08/20/2019 08/30/2019 0.08072 0.08072 - - - -
07/22/2019 07/23/2019 07/31/2019 0.07778 0.07778 - - - -
06/24/2019 06/25/2019 06/28/2019 0.07728 0.07728 - - - -
05/20/2019 05/21/2019 05/31/2019 0.08160 0.08160 - - - -
04/22/2019 04/23/2019 04/30/2019 0.08532 0.08532 - - - -
03/18/2019 03/19/2019 03/29/2019 0.08787 0.08787 - - - -
02/19/2019 02/20/2019 02/28/2019 0.08982 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.08342 0.08342 - - - -
12/24/2018 12/26/2018 12/31/2018 0.09298 0.09298 - - - -
11/19/2018 11/20/2018 11/30/2018 0.08400 0.08400 - - - -
10/22/2018 10/23/2018 10/31/2018 0.08000 0.08000 - - - -
09/24/2018 09/25/2018 09/28/2018 0.08000 0.08000 - - - -
08/20/2018 08/21/2018 08/31/2018 0.08000 0.08000 - - - -
07/23/2018 07/24/2018 07/31/2018 0.08158 0.08158 - - - -
06/18/2018 06/19/2018 06/29/2018 0.08013 0.08013 - - - -
05/21/2018 05/22/2018 05/31/2018 0.08375 0.08375 - - - -
04/23/2018 04/24/2018 04/30/2018 0.08500 0.08500 - - - -
03/19/2018 03/20/2018 03/29/2018 0.08786 0.08786 - - - -
02/20/2018 02/21/2018 02/28/2018 0.08000 0.08000 - - - -
01/22/2018 01/23/2018 01/31/2018 0.08000 0.08000 - - - -
12/18/2017 12/19/2017 12/29/2017 0.08800 0.08800 - - - -
11/20/2017 11/21/2017 11/30/2017 0.08388 0.08388 - - - -
10/23/2017 10/24/2017 10/31/2017 0.08407 0.08407 - - - -
09/18/2017 09/19/2017 09/29/2017 0.08476 0.08476 - - - -
08/15/2017 08/17/2017 08/31/2017 0.08424 0.08424 - - - -
07/14/2017 07/18/2017 07/31/2017 0.08418 0.08418 - - - -
06/15/2017 06/19/2017 06/30/2017 0.08390 0.08390 - - - -
05/15/2017 05/17/2017 05/31/2017 0.08321 0.08321 - - - -
04/13/2017 04/18/2017 04/28/2017 0.08057 0.08057 - - - -
03/15/2017 03/17/2017 03/31/2017 0.08000 0.08000 - - - -
02/15/2017 02/17/2017 02/28/2017 0.08300 0.08300 - - - -
01/13/2017 01/18/2017 01/31/2017 0.08400 0.08400 - - - -
12/15/2016 12/19/2016 12/30/2016 0.09742 0.09742 - - - -
11/15/2016 11/17/2016 11/30/2016 0.08428 0.08428 - - - -
10/14/2016 10/18/2016 10/31/2016 0.08375 0.08375 - - - -
09/15/2016 09/19/2016 09/30/2016 0.08432 0.08432 - - - -
08/15/2016 08/17/2016 08/31/2016 0.08492 0.08492 - - - -
07/15/2016 07/19/2016 07/29/2016 0.08764 0.08764 - - - -
06/15/2016 06/17/2016 06/30/2016 0.08670 0.08670 - - - -
05/13/2016 05/17/2016 05/31/2016 0.09250 0.09250 - - - -
04/15/2016 04/19/2016 04/29/2016 0.09252 0.09252 - - - -
03/15/2016 03/17/2016 03/31/2016 0.09135 0.09135 - - - -
02/12/2016 02/17/2016 02/29/2016 0.08828 0.08828 - - - -
01/15/2016 01/20/2016 01/29/2016 0.08967 0.08967 - - - -
12/15/2015 12/17/2015 12/31/2015 0.09250 0.09250 - - - -
11/13/2015 11/17/2015 11/30/2015 0.08800 0.08800 - - - -
10/15/2015 10/19/2015 10/30/2015 0.08788 0.08788 - - - -
09/15/2015 09/17/2015 09/30/2015 0.08485 0.08485 - - - -
08/14/2015 08/18/2015 08/31/2015 0.08700 0.08700 - - - -
07/15/2015 07/17/2015 07/31/2015 0.08787 0.08787 - - - -
06/15/2015 06/17/2015 06/30/2015 0.08941 0.08941 - - - -
05/15/2015 05/19/2015 05/29/2015 0.08993 0.08993 - - - -
04/15/2015 04/17/2015 04/30/2015 0.08600 0.08600 - - - -
03/13/2015 03/17/2015 03/31/2015 0.08628 0.08628 - - - -
02/13/2015 02/18/2015 02/27/2015 0.08688 0.08688 - - - -
01/15/2015 01/20/2015 01/30/2015 0.08710 0.08710 - - - -
12/15/2014 12/17/2014 12/31/2014 0.08776 0.08776 - - - -
11/14/2014 11/18/2014 11/28/2014 0.09000 0.09000 - - - -
10/15/2014 10/17/2014 10/31/2014 0.09000 0.09000 - - - -
09/15/2014 09/17/2014 09/30/2014 0.09000 0.09000 - - - -
08/15/2014 08/19/2014 08/29/2014 0.09020 0.09020 - - - -
07/15/2014 07/17/2014 07/31/2014 0.09000 0.09000 - - - -
06/13/2014 06/17/2014 06/30/2014 0.09021 0.09021 - - - -
05/15/2014 05/19/2014 05/30/2014 0.09016 0.09016 - - - -
04/15/2014 04/17/2014 04/30/2014 0.09000 0.09000 - - - -
03/14/2014 03/18/2014 03/31/2014 0.09064 0.09064 - - - -
02/14/2014 02/19/2014 02/28/2014 0.09060 0.09060 - - - -
01/15/2014 01/17/2014 01/31/2014 0.09058 0.09058 - - - -
12/13/2013 12/17/2013 12/31/2013 0.09500 0.09500 - - - -
11/15/2013 11/19/2013 11/29/2013 0.09138 0.09138 - - - -
10/15/2013 10/17/2013 10/31/2013 0.09000 0.09000 - - - -
09/13/2013 09/17/2013 09/30/2013 0.09600 0.09600 - - - -
08/15/2013 08/19/2013 08/30/2013 0.09230 0.09230 - - - -
07/15/2013 07/17/2013 07/31/2013 0.09300 0.09300 - - - -
06/14/2013 06/18/2013 06/28/2013 0.09202 0.09202 - - - -
05/15/2013 05/17/2013 05/31/2013 0.09224 0.09224 - - - -
04/15/2013 04/17/2013 04/30/2013 0.09500 0.09500 - - - -
03/15/2013 03/19/2013 03/28/2013 0.09707 0.09707 - - - -
02/15/2013 02/20/2013 02/28/2013 0.09508 0.09508 - - - -
01/15/2013 01/17/2013 01/31/2013 0.09536 0.09536 - - - -
12/14/2012 12/18/2012 12/31/2012 0.11570 0.11570 - - - -
11/15/2012 11/19/2012 11/30/2012 0.09869 0.09869 - - - -
10/15/2012 10/17/2012 10/31/2012 0.09078 0.09078 - - - -
09/14/2012 09/18/2012 09/28/2012 0.09020 0.09020 - - - -
08/15/2012 08/17/2012 08/31/2012 0.09032 0.09032 - - - -
07/13/2012 07/17/2012 07/31/2012 0.09550 0.09550 - - - -
06/15/2012 06/19/2012 06/29/2012 0.09600 0.09600 - - - -
05/15/2012 05/17/2012 05/31/2012 0.09500 0.09500 - - - -
04/13/2012 04/17/2012 04/30/2012 0.09630 0.09630 - - - -
03/15/2012 03/19/2012 03/30/2012 0.09598 0.09598 - - - -
02/15/2012 02/17/2012 02/29/2012 0.09725 0.09725 - - - -
01/13/2012 01/18/2012 01/31/2012 0.09875 0.09875 - - - -
12/15/2011 12/19/2011 12/30/2011 0.15447 0.15447 - - - -
11/15/2011 11/17/2011 11/30/2011 0.09401 0.09401 - - - -
10/14/2011 10/18/2011 10/31/2011 0.09541 0.09541 - - - -
09/15/2011 09/19/2011 09/30/2011 0.09491 0.09491 - - - -
08/15/2011 08/17/2011 08/31/2011 0.09650 0.09650 - - - -
07/15/2011 07/19/2011 07/29/2011 0.09658 0.09658 - - - -
06/15/2011 06/17/2011 06/30/2011 0.09956 0.09956 - - - -
05/13/2011 05/17/2011 05/31/2011 0.09832 0.09832 - - - -
04/15/2011 04/19/2011 04/29/2011 0.09827 0.09827 - - - -
03/15/2011 03/17/2011 03/31/2011 0.10520 0.10520 - - - -
02/15/2011 02/17/2011 02/28/2011 0.09845 0.09845 - - - -
01/14/2011 01/19/2011 01/31/2011 0.09932 0.09932 - - - -
12/15/2010 12/17/2010 12/31/2010 0.14199 0.14199 - - - -
11/15/2010 11/17/2010 11/30/2010 0.10519 0.10519 - - - -
10/15/2010 10/19/2010 10/29/2010 0.10599 0.10599 - - - -
09/15/2010 09/17/2010 09/30/2010 0.10580 0.10580 - - - -
08/13/2010 08/17/2010 08/31/2010 0.10295 0.10295 - - - -
07/15/2010 07/19/2010 07/30/2010 0.09502 0.09502 - - - -
06/15/2010 06/17/2010 06/30/2010 0.09935 0.09935 - - - -
05/14/2010 05/18/2010 05/28/2010 0.09686 0.09686 - - - -
04/15/2010 04/19/2010 04/30/2010 0.09856 0.09856 - - - -
03/15/2010 03/17/2010 03/31/2010 0.10682 0.10682 - - - -
02/12/2010 02/17/2010 02/26/2010 0.09690 0.09690 - - - -
01/15/2010 01/20/2010 01/29/2010 0.09261 0.09261 - - - -
12/15/2009 12/17/2009 12/31/2009 0.18735 0.18735 - - - -
11/13/2009 11/17/2009 11/30/2009 0.09537 0.09537 - - - -
10/15/2009 10/19/2009 10/30/2009 0.11220 0.11220 - - - -
09/15/2009 09/17/2009 09/30/2009 0.12036 0.12036 - - - -
08/14/2009 08/18/2009 08/31/2009 0.11242 0.11242 - - - -
07/15/2009 07/17/2009 07/31/2009 0.11224 0.11224 - - - -
06/15/2009 06/17/2009 06/30/2009 0.11039 0.11039 - - - -
05/15/2009 05/19/2009 05/29/2009 0.11249 0.11249 - - - -
04/15/2009 04/17/2009 04/30/2009 0.11404 0.11404 - - - -
03/13/2009 03/17/2009 03/31/2009 0.12237 0.12237 - - - -
02/13/2009 02/18/2009 02/27/2009 0.11817 0.11817 - - - -
01/15/2009 01/20/2009 01/30/2009 0.11614 0.11614 - - - -
12/15/2008 12/17/2008 12/31/2008 0.15366 0.15366 - - - -
11/14/2008 11/18/2008 11/28/2008 0.12700 0.12700 - - - -
10/15/2008 10/17/2008 10/31/2008 0.10796 0.10796 - - - -
09/15/2008 09/17/2008 09/30/2008 0.12741 0.12741 - - - -
08/15/2008 08/19/2008 08/29/2008 0.12672 0.12672 - - - -
07/15/2008 07/17/2008 07/31/2008 0.12379 0.12379 - - - -
06/13/2008 06/17/2008 06/30/2008 0.12115 0.12115 - - - -
05/15/2008 05/19/2008 05/30/2008 0.12015 0.12015 - - - -
04/15/2008 04/17/2008 04/30/2008 0.12384 0.12384 - - - -
03/14/2008 03/18/2008 03/31/2008 0.12397 0.12397 - - - -
02/15/2008 02/19/2008 02/29/2008 0.12405 0.12405 - - - -
01/15/2008 01/17/2008 01/31/2008 0.12478 0.12478 - - - -
12/14/2007 12/18/2007 12/31/2007 0.18870 0.18870 - - - -
11/15/2007 11/19/2007 11/30/2007 0.11423 0.11423 - - - -
10/15/2007 10/17/2007 10/31/2007 0.08669 0.08669 - - - -
09/14/2007 09/18/2007 09/28/2007 0.11516 0.11516 - - - -
08/15/2007 08/17/2007 08/31/2007 0.11319 0.11319 - - - -
07/13/2007 07/17/2007 07/31/2007 0.11325 0.11325 - - - -
06/15/2007 06/19/2007 06/29/2007 0.11307 0.11307 - - - -
05/15/2007 05/17/2007 05/31/2007 0.11540 0.11540 - - - -
04/13/2007 04/17/2007 04/30/2007 0.11205 0.11205 - - - -
03/15/2007 03/19/2007 03/30/2007 0.11020 0.11020 - - - -
02/15/2007 02/20/2007 02/28/2007 0.11250 0.11250 - - - -
01/12/2007 01/16/2007 01/31/2007 0.11260 0.11260 - - - -
12/15/2006 12/19/2006 12/29/2006 0.18568 0.18568 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
09/30/2022 64 13 2 0 0 0 0
06/30/2022 62 11 0 0 0 0 0
03/31/2022 62 3 0 0 0 0 0
12/31/2021 64 25 0 0 0 0 0
Year Ended 2021 252 127 1 0 0 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
09/30/2022 64 38 10 1 0 0 0
06/30/2022 62 44 7 0 0 0 0
03/31/2022 62 53 6 0 0 0 0
12/31/2021 64 39 0 0 0 0 0
Year Ended 2021 252 122 2 0 0 0 0

Fund Inception : 12/01/2006

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

Premiums/Discounts

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

 Risk & Other Information

† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

Investments focused in a particular sector, such as financial, are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

Preferred securities may be less liquid than many other securities, and in certain circumstances, an issuer of preferred securities may redeem the securities prior to a specified date.

Stocks of small and mid-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.

The Fund's use of a representative sampling approach will result in its holding a smaller number of bonds than are in the underlying Index, and may be subject to greater volatility.

The Fund is non-diversified and may experience greater volatility than a more diversified investment.

High yield securities involve greater risk and are less liquid than higher grade issues. Changes in general economic conditions, financial conditions of the issuers and in interest rates may adversely impact the ability of issuers to make timely payments of interest and principal.

The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

The Fund invests in financial instruments that use the London Interbank Offered Rate (“LIBOR”) as a reference or benchmark rate for variable interest rate calculations. LIBOR will be phased out by the end of 2021, and it's anticipated that LIBOR will cease to be published after that time. To assist with the transition, US dollar LIBOR rates will continue to be published until June 2023. There is uncertainty on the effects of the LIBOR transition process, therefore any impact of the LIBOR transition on the Fund or its investments cannot yet be determined. There is no assurance an alternative rate will be similar to, produce the same value or economic equivalence or instruments using the rate will have the same volume or liquidity as LIBOR. Any effects of LIBOR transition and the adoption of alternative rates could result in losses to the Fund.

Wells Fargo® Hybrid and Preferred Securities Financial Index is a market capitalization weighted index designed to track the performance of preferred securities traded in the US market by financial institutions. The S&P U.S. Preferred Stock Index is an unmanaged index consisting of U.S.-listed preferred stocks. An investment cannot be made into an index.

ICE® is a trademark of ICE Data Indices, LLC or its affiliates (“ICE Data”) and has been licensed, along with the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (“Index”) for use by Invesco Capital Management LLC (“Adviser”) in connection with the Invesco Financial Preferred ETF. Neither Invesco Capital Management LLC (“Adviser”) nor the Invesco Financial Preferred ETF, is sponsored, operated, endorsed, recommended, sold or promoted by ICE Data and its respective third party suppliers. ICE Data and its respective third party suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Invesco Financial Preferred ETF particularly, or the ability of the Index to track general market performance. Past performance of the Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDEX, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS THIRD PARTY SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.