Fixed Income | US Fixed Income

Invesco VRDO Tax-Free ETF

Ticker: PVI
How to invest

Product Details

The Invesco VRDO Tax-Free ETF (Fund) is based on the ICE US Municipal AMT-Free VRDO Constrained Index (Index). The Fund generally will invest at least 80% of its total assets in U.S. dollar tax-exempt variable rate demand obligations (VRDOs). The Index tracks the performance of U.S. dollar tax-exempt VRDOs that are publicly issued by U.S. states and territories, and their political subdivisions, and that have interest rates that reset daily, weekly or monthly. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a "sampling" methodology to seek to achieve its investment objective. The Fund and the Index are rebalanced on the last calendar day of the month.

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

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
ICE US Municipal AMT-Free VRDO Constrained Total Return Index 0.58 0.59 0.44 N/A N/A N/A
Bloomberg Barclays Municipal 1 Year Index -2.21 -2.19 0.05 0.72 0.73 1.31
Fund History (%)
Fund NAV 0.54 0.50 0.25 0.61 0.34 0.62
After Tax Held 0.42 0.38 0.19 0.38 0.22 0.55
After Tax Sold 0.32 0.30 0.20 0.38 0.23 0.55
Fund Market Price 0.50 0.42 0.25 0.60 0.34 0.62
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
ICE US Municipal AMT-Free VRDO Constrained Total Return Index 0.49 0.50 0.44 N/A N/A N/A
Bloomberg Barclays Municipal 1 Year Index -2.34 -2.34 0.10 0.70 0.72 1.31
Fund History (%)
Fund NAV 0.38 0.30 0.23 0.59 0.32 0.61
After Tax Held 0.29 0.21 0.17 0.37 0.22 0.54
After Tax Sold 0.22 0.17 0.18 0.37 0.22 0.55
Fund Market Price 0.38 0.30 0.29 0.59 0.32 0.61

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 US Municipal AMT-Free VRDO Constrained Index* performance prior to 8/5/2010 reflects that of the original Underlying Index Thomson Municipal Market Data VRDO Index. From 8/5/2010 to 3/24/2021, performance reflects that of the previous Underlying Index, Bloomberg US Municipal AMT-Free Weekly VRDO Index. From 3/24/2021 forward, performance reflects that of the Underlying Index, ICE US Municipal AMT-Free VRDO Constrained 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 11/25/2022

S&P Moody's
AAA : 9% Aaa : 10%
AA : 60% Aa : 62%
A : 8% A : 3%
Not Rated : 23% Not Rated : 25%

Cash is excluded from the credit rating quality allocations table.

as of 11/25/2022

Maturity

Years % of Fund
0 - 1 years 8.06
1 - 5 years 2.46
5 - 10 years 14.98
10 - 15 years 22.96
15 - 20 years 30.32
20 - 25 years 11.02
25 years and over 10.18

as of 11/25/2022 Top Fixed-Income Holdings | View All

Holding Name Coupon Rate Maturity Date Next Call Date S&P / Moody's Rating† Weight
Cash/Receivables/Payables 0.00% N/A NR/NR 5.34%
New Jersey Educational Facilities Authority 1.90% 07/01/2031 12/01/2022 AAA/Aaa 3.24%
Massachusetts Transportation Trust Fund Metropolitan Highway 1.90% 01/01/2037 11/28/2022 AA+/Aa1 3.13%
Geneva Industrial Development Agency 1.93% 12/01/2037 11/27/2022 AA/WR 3.11%
Emmaus General Authority 1.85% 12/01/2028 12/01/2022 AA/WR 3.11%
New York City Health and Hospitals Corp 1.90% 02/15/2031 11/27/2022 AA+/Aa1 3.11%
Illinois Finance Authority 1.88% 08/15/2052 11/28/2022 AA+/NR 3.11%
North Carolina Medical Care Commission 1.90% 11/01/2034 11/28/2022 AA-/Aa3 3.11%
Pennsylvania Turnpike Commission 1.86% 12/01/2039 12/01/2022 NR/Aa1 3.11%
California Health Facilities Financing Authority 1.55% 03/01/2047 11/28/2022 A+/Aa1 3.11%

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

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 0.02848 0.02848 - - - -
10/24/2022 10/25/2022 10/28/2022 0.02095 0.02095 - - - -
09/19/2022 09/20/2022 09/23/2022 0.02034 0.02034 - - - -
08/22/2022 08/23/2022 08/26/2022 0.01985 0.01985 - - - -
07/18/2022 07/19/2022 07/22/2022 0.01051 0.01051 - - - -
06/21/2022 06/22/2022 06/30/2022 0.00250 0.00250 - - - -
05/23/2022 05/24/2022 05/31/2022 0.00001 0.00001 - - - -
04/18/2022 04/19/2022 04/29/2022 0.00060 0.00060 - - - -
03/21/2022 03/22/2022 03/31/2022 0.00001 0.00001 - - - -
02/22/2022 02/23/2022 02/28/2022 0.00001 0.00001 - - - -
01/24/2022 01/25/2022 01/31/2022 0.00001 0.00001 - - - -
12/20/2021 12/21/2021 12/31/2021 0.00001 0.00001 - - - -
11/22/2021 11/23/2021 11/30/2021 0.00001 0.00001 - - - -
10/18/2021 10/19/2021 10/29/2021 0.00001 0.00001 - - - -
09/20/2021 09/21/2021 09/30/2021 0.00001 0.00001 - - - -
08/23/2021 08/24/2021 08/31/2021 0.00001 0.00001 - - - -
07/19/2021 07/20/2021 07/30/2021 0.00001 0.00001 - - - -
06/21/2021 06/22/2021 06/30/2021 0.00001 0.00001 - - - -
05/24/2021 05/25/2021 05/28/2021 0.00001 0.00001 - - - -
04/19/2021 04/20/2021 04/30/2021 0.00001 0.00001 - - - -
03/22/2021 03/23/2021 03/31/2021 0.00001 0.00001 - - - -
02/22/2021 02/23/2021 02/26/2021 0.00001 0.00001 - - - -
01/19/2021 01/20/2021 01/29/2021 0.00001 0.00001 - - - -
12/21/2020 12/22/2020 12/31/2020 0.00001 0.00001 - - - -
11/23/2020 11/24/2020 11/30/2020 0.00001 0.00001 - - - -
10/19/2020 10/20/2020 10/30/2020 0.00001 0.00001 - - - -
08/24/2020 08/25/2020 08/31/2020 0.00215 0.00215 - - - -
07/20/2020 07/21/2020 07/31/2020 0.00204 0.00204 - - - -
06/22/2020 06/23/2020 06/30/2020 0.00220 0.00220 - - - -
05/18/2020 05/19/2020 05/29/2020 0.00435 0.00435 - - - -
04/20/2020 04/21/2020 04/30/2020 0.02633 0.02633 - - - -
03/23/2020 03/24/2020 03/31/2020 0.01853 0.01853 - - - -
02/24/2020 02/25/2020 02/28/2020 0.01391 0.01391 - - - -
01/21/2020 01/22/2020 01/31/2020 0.02047 0.02047 - - - -
12/23/2019 12/24/2019 12/31/2019 0.01790 0.01790 - - - -
11/18/2019 11/19/2019 11/29/2019 0.01673 0.01673 - - - -
10/21/2019 10/22/2019 10/31/2019 0.02648 0.02648 - - - -
09/23/2019 09/24/2019 09/30/2019 0.02173 0.02173 - - - -
08/19/2019 08/20/2019 08/30/2019 0.00796 0.00796 - - - -
07/22/2019 07/23/2019 07/31/2019 0.03267 0.03267 - - - -
06/24/2019 06/25/2019 06/28/2019 0.01991 0.01991 - - - -
05/20/2019 05/21/2019 05/31/2019 0.03820 0.03820 - - - -
04/22/2019 04/23/2019 04/30/2019 0.02408 0.02408 - - - -
03/18/2019 03/19/2019 03/29/2019 0.02938 0.02938 - - - -
02/19/2019 02/20/2019 02/28/2019 0.02160 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.02953 0.02953 - - - -
12/24/2018 12/26/2018 12/31/2018 0.03532 0.03532 - - - -
11/19/2018 11/20/2018 11/30/2018 0.02505 0.02505 - - - -
10/22/2018 10/23/2018 10/31/2018 0.02400 0.02400 - - - -
09/24/2018 09/25/2018 09/28/2018 0.02400 0.02400 - - - -
08/20/2018 08/21/2018 08/31/2018 0.01402 0.01402 - - - -
07/23/2018 07/24/2018 07/31/2018 0.01695 0.01695 - - - -
06/18/2018 06/19/2018 06/29/2018 0.01248 0.01248 - - - -
05/21/2018 05/22/2018 05/31/2018 0.02840 0.02840 - - - -
04/23/2018 04/24/2018 04/30/2018 0.02332 0.02332 - - - -
03/19/2018 03/20/2018 03/29/2018 0.01594 0.01594 - - - -
02/20/2018 02/21/2018 02/28/2018 0.03482 0.03482 - - - -
01/22/2018 01/23/2018 01/31/2018 0.03050 0.03050 - - - -
12/18/2017 12/19/2017 12/29/2017 0.01425 0.01425 - - - -
11/20/2017 11/21/2017 11/30/2017 0.01398 0.01398 - - - -
10/23/2017 10/24/2017 10/31/2017 0.01282 0.01282 - - - -
09/18/2017 09/19/2017 09/29/2017 0.00966 0.00966 - - - -
08/15/2017 08/17/2017 08/31/2017 0.01098 0.01098 - - - -
07/14/2017 07/18/2017 07/31/2017 0.01318 0.01318 - - - -
06/15/2017 06/19/2017 06/30/2017 0.01003 0.01003 - - - -
05/15/2017 05/17/2017 05/31/2017 0.01380 0.01380 - - - -
04/13/2017 04/18/2017 04/28/2017 0.01374 0.01374 - - - -
03/15/2017 03/17/2017 03/31/2017 0.00784 0.00784 - - - -
02/15/2017 02/17/2017 02/28/2017 0.00858 0.00858 - - - -
01/13/2017 01/18/2017 01/31/2017 0.01084 0.01084 - - - -
12/15/2016 12/19/2016 12/30/2016 0.00660 0.00660 - - - -
11/15/2016 11/17/2016 11/30/2016 0.00789 0.00789 - - - -
10/14/2016 10/18/2016 10/31/2016 0.01105 0.01105 - - - -
09/15/2016 09/19/2016 09/30/2016 0.00389 0.00389 - - - -
08/15/2016 08/17/2016 08/31/2016 0.00054 0.00054 - - - -
07/15/2016 07/19/2016 07/29/2016 0.00082 0.00082 - - - -
06/15/2016 06/17/2016 06/30/2016 0.00012 0.00012 - - - -
05/13/2016 05/17/2016 05/31/2016 0.00040 0.00040 - - - -
04/15/2016 04/19/2016 04/29/2016 0.00148 0.00148 - - - -
03/15/2016 03/17/2016 03/31/2016 0.00005 - - - 0.00005 -
02/12/2016 02/17/2016 02/29/2016 0.00005 - - - 0.00005 -
01/15/2016 01/20/2016 01/29/2016 0.00005 - - - 0.00005 -
12/15/2015 12/17/2015 12/31/2015 0.00005 - - - 0.00005 -
11/13/2015 11/17/2015 11/30/2015 0.00005 - - - 0.00005 -
10/15/2015 10/19/2015 10/30/2015 0.00005 - - - 0.00005 -
09/15/2015 09/17/2015 09/30/2015 0.00005 - - - 0.00005 -
08/14/2015 08/18/2015 08/31/2015 0.00005 - - - 0.00005 -
07/15/2015 07/17/2015 07/31/2015 0.00005 - - - 0.00005 -
06/15/2015 06/17/2015 06/30/2015 0.00005 - - - 0.00005 -
05/15/2015 05/19/2015 05/29/2015 0.00005 - - - 0.00005 -
04/15/2015 04/17/2015 04/30/2015 0.00005 - - - 0.00005 -
03/13/2015 03/17/2015 03/31/2015 0.00005 - - - 0.00005 -
02/13/2015 02/18/2015 02/27/2015 0.00005 - - - 0.00005 -
01/15/2015 01/20/2015 01/30/2015 0.00005 - - - 0.00005 -
12/15/2014 12/17/2014 12/31/2014 0.00005 - - - 0.00005 -
11/14/2014 11/18/2014 11/28/2014 0.00005 - - - 0.00005 -
10/15/2014 10/17/2014 10/31/2014 0.00010 - - - 0.00010 -
09/15/2014 09/17/2014 09/30/2014 0.00010 - - - 0.00010 -
08/15/2014 08/19/2014 08/29/2014 0.00010 - - - 0.00010 -
07/15/2014 07/17/2014 07/31/2014 0.00010 - - - 0.00010 -
06/13/2014 06/17/2014 06/30/2014 0.00010 - - - 0.00010 -
05/15/2014 05/19/2014 05/30/2014 0.00010 - - - 0.00010 -
04/15/2014 04/17/2014 04/30/2014 0.00010 - - - 0.00010 -
03/14/2014 03/18/2014 03/31/2014 0.00010 - - - 0.00010 -
02/14/2014 02/19/2014 02/28/2014 0.00010 - - - 0.00010 -
01/15/2014 01/17/2014 01/31/2014 0.00010 - - - 0.00010 -
12/13/2013 12/17/2013 12/31/2013 0.00010 0.00010 - - - -
11/15/2013 11/19/2013 11/29/2013 0.00010 0.00010 - - - -
10/15/2013 10/17/2013 10/31/2013 0.00010 0.00010 - - - -
09/13/2013 09/17/2013 09/30/2013 0.00010 0.00010 - - - -
08/15/2013 08/19/2013 08/30/2013 0.00012 0.00012 - - - -
07/15/2013 07/17/2013 07/31/2013 0.00054 0.00054 - - - -
06/14/2013 06/18/2013 06/28/2013 0.00066 0.00066 - - - -
05/15/2013 05/17/2013 05/31/2013 0.00265 0.00265 - - - -
04/15/2013 04/17/2013 04/30/2013 0.00042 0.00042 - - - -
03/15/2013 03/19/2013 03/28/2013 0.00068 0.00068 - - - -
02/15/2013 02/20/2013 02/28/2013 0.00066 0.00066 - - - -
01/15/2013 01/17/2013 01/31/2013 0.00052 0.00052 - - - -
12/14/2012 12/18/2012 12/31/2012 0.00114 0.00114 - - - -
11/15/2012 11/19/2012 11/30/2012 0.00203 0.00203 - - - -
10/15/2012 10/17/2012 10/31/2012 0.00050 0.00050 - - - -
09/14/2012 09/18/2012 09/28/2012 0.00180 0.00180 - - - -
08/15/2012 08/17/2012 08/31/2012 0.00219 0.00219 - - - -
07/13/2012 07/17/2012 07/31/2012 0.00333 0.00333 - - - -
06/15/2012 06/19/2012 06/29/2012 0.00332 0.00332 - - - -
05/15/2012 05/17/2012 05/31/2012 0.00589 0.00589 - - - -
04/13/2012 04/17/2012 04/30/2012 0.00380 0.00380 - - - -
03/15/2012 03/19/2012 03/30/2012 0.00317 0.00317 - - - -
02/15/2012 02/17/2012 02/29/2012 0.00443 0.00443 - - - -
01/13/2012 01/18/2012 01/31/2012 0.00984 0.00984 - - - -
12/15/2011 12/19/2011 12/30/2011 0.00921 0.00921 - - - -
11/15/2011 11/17/2011 11/30/2011 0.00887 0.00887 - - - -
10/14/2011 10/18/2011 10/31/2011 0.00999 0.00999 - - - -
09/15/2011 09/19/2011 09/30/2011 0.01607 0.01607 - - - -
08/15/2011 08/17/2011 08/31/2011 0.01778 0.01778 - - - -
07/15/2011 07/19/2011 07/29/2011 0.02048 0.02048 - - - -
06/15/2011 06/17/2011 06/30/2011 0.00603 0.00603 - - - -
05/13/2011 05/17/2011 05/31/2011 0.00840 0.00840 - - - -
04/15/2011 04/19/2011 04/29/2011 0.00448 0.00448 - - - -
03/15/2011 03/17/2011 03/31/2011 0.00462 0.00462 - - - -
02/15/2011 02/17/2011 02/28/2011 0.00985 0.00985 - - - -
01/14/2011 01/19/2011 01/31/2011 0.01532 0.01532 - - - -
12/15/2010 12/17/2010 12/31/2010 0.01190 0.01190 - - - -
11/15/2010 11/17/2010 11/30/2010 0.01222 0.01222 - - - -
10/15/2010 10/19/2010 10/29/2010 0.00869 0.00869 - - - -
09/15/2010 09/17/2010 09/30/2010 0.00806 0.00806 - - - -
08/13/2010 08/17/2010 08/31/2010 0.00831 0.00831 - - - -
07/15/2010 07/19/2010 07/30/2010 0.00731 0.00731 - - - -
06/15/2010 06/17/2010 06/30/2010 0.00750 0.00750 - - - -
05/14/2010 05/18/2010 05/28/2010 0.00525 0.00525 - - - -
04/15/2010 04/19/2010 04/30/2010 0.00427 0.00427 - - - -
03/15/2010 03/17/2010 03/31/2010 0.00258 0.00258 - - - -
02/12/2010 02/17/2010 02/26/2010 0.00222 0.00222 - - - -
01/15/2010 01/20/2010 01/29/2010 0.00300 0.00300 - - - -
12/15/2009 12/17/2009 12/31/2009 0.00751 0.00751 - - - -
11/13/2009 11/17/2009 11/30/2009 0.01100 0.01100 - - - -
10/15/2009 10/19/2009 10/30/2009 0.01610 0.01610 - - - -
09/15/2009 09/17/2009 09/30/2009 0.01724 0.01724 - - - -
08/14/2009 08/18/2009 08/31/2009 0.02639 0.02639 - - - -
07/15/2009 07/17/2009 07/31/2009 0.02656 0.02656 - - - -
06/15/2009 06/17/2009 06/30/2009 0.03049 0.03049 - - - -
05/15/2009 05/19/2009 05/29/2009 0.03597 0.03597 - - - -
04/15/2009 04/17/2009 04/30/2009 0.03794 0.03794 - - - -
03/13/2009 03/17/2009 03/31/2009 0.03411 0.03411 - - - -
02/13/2009 02/18/2009 02/27/2009 0.03497 0.03497 - - - -
01/15/2009 01/20/2009 01/30/2009 0.02957 0.02957 - - - -
12/15/2008 12/17/2008 12/31/2008 0.05179 0.05179 - - - -
11/14/2008 11/18/2008 11/28/2008 0.07993 0.07993 - - - -
10/15/2008 10/17/2008 10/31/2008 0.12146 0.12146 - - - -
09/15/2008 09/17/2008 09/30/2008 0.05858 0.05858 - - - -
08/15/2008 08/19/2008 08/29/2008 0.07486 0.07486 - - - -
07/15/2008 07/17/2008 07/31/2008 0.06825 0.06825 - - - -
06/13/2008 06/17/2008 06/30/2008 0.05456 0.05456 - - - -
05/15/2008 05/19/2008 05/30/2008 0.06155 0.06155 - - - -
04/15/2008 04/17/2008 04/30/2008 0.06355 0.06355 - - - -
03/14/2008 03/18/2008 03/31/2008 0.09018 0.09018 - - - -
02/15/2008 02/19/2008 02/29/2008 0.06523 0.06523 - - - -
01/15/2008 01/17/2008 01/31/2008 0.05742 0.05742 - - - -
12/14/2007 12/18/2007 12/31/2007 0.10340 0.10340 - - - -

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 39 0 0 0 0 0
06/30/2022 62 31 0 0 0 0 0
03/31/2022 62 39 0 0 0 0 0
12/31/2021 64 33 0 0 0 0 0
Year Ended 2021 252 92 0 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 25 0 0 0 0 0
06/30/2022 62 31 0 0 0 0 0
03/31/2022 62 23 0 0 0 0 0
12/31/2021 64 31 0 0 0 0 0
Year Ended 2021 252 159 1 0 0 0 0

Fund Inception : 11/15/2007

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

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.

The absence of an active secondary market for certain variable rate notes could make it difficult to dispose of the instruments, and a portfolio could suffer a loss if the issuer defaults during periods in which a portfolio is not entitled to exercise its demand rights.

Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer’s ability to make payments of principal and/ or interest. Municipal insurance doesn't protest against losses in the Fund.

There is no guarantee that the Fund's income will be exempt from federal and state income taxes.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

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

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

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

Reinvestment risk is the risk that a bond’s cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond.

ICE® is a trademark of ICE Data Indices, LLC or its affiliates (“ICE Data”) and has been licensed, along with the ICE US Municipal AMT-Free VRDO Constrained Index (“Index”) for use by Invesco Capital Management LLC (“Adviser”) in connection with the Invesco VRDO Tax-Free ETF. Neither Invesco Capital Management LLC (“Adviser”) nor the Invesco VRDO Tax-Free 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 VRDO Tax-Free 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.