Invesco California AMT-Free Municipal Bond ETF

†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.

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.

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

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 protect against losses in the Fund.

California's economic problems increase the risk of investing in California municipal obligations, including the risk of potential issuer default, heightens the risk that the prices of California municipal obligations, and the Fund's net asset value, will experience greater volatility. See the prospectus for more information.

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.

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.

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

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

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.

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 Barclays Municipal Insured Long 20 Year Index is an unmanaged indexes of insured municipal securities. The ICE BofAML California Insured Long-Term Core Municipal Securities and The ICE BofAML California Insured Long-Term Core Plus Municipal Securities Index is designed to track the performance of US dollar-denominated, investment-grade, insured, tax-exempt debt publicly issued by California or Puerto Rico or their political subdivisions. The Barclays Municipal Bond 20 Year Index is an unmanaged index of municipal bonds with a remaining maturity of 17 to 22 years.

"ICE BofAML," "The ICE BofAML California Insured Long-Term Core Plus Municipal Securities Index℠" and "The ICE BofAML California Insured Long-Term Core Plus Municipal Securities Index" are reprinted with permission. © Copyright 2017 ICE Data Indices, LLC ("ICE BofAML"). All rights reserved. "ICE BofAML," "The ICE BofAML California Insured Long-Term Core Plus Municipal Securities Index℠" and "The ICE BofAML California Insured Long-Term Core Plus Municipal Securities Index" are service marks of ICE BofAML and/or its affiliates and have been licensed for use for certain purposes by Invesco on behalf of the IInvesco California AMT-Free Municipal Bond ETF that is based on The ICE BofAML California Insured Long-Term Core Plus Municipal Securities Index℠, and is not issued, sponsored, endorsed or promoted by ICE BofAML and/or ICE BofAML's affiliates nor is ICE BofAML and/or ICE BofAML's affiliates an adviser to the Invesco California AMT-Free Municipal Bond ETF. ICE BofAML and ICE BofAML's affiliates make no representation, express or implied, regarding the advisability of investing in the Invesco California AMT-Free Municipal Bond ETF or The ICE BofAML California Insured Long-Term Core Plus Municipal Securities Index℠ and do not guarantee the quality, accuracy or completeness of The ICE BofAML California Insured Long-Term Core Plus Municipal Securities Index℠, index values or any index related data included herein, provided herewith or derived therefrom and assume no liability in connection with their use. As the index provider, ICE BofAML is licensing certain trademarks, The ICE BofAML California Insured Long-Term Core Plus Municipal Securities Index℠ and trade names that are composed by ICE BofAML without regard to Invesco, the Invesco California AMT-Free Municipal Bond ETF or any investor. ICE BofAML and ICE BofAML's affiliates do not provide investment advice to Invesco or the Invesco California AMT-Free Municipal Bond ETF and are not responsible for the performance of the Invesco California AMT-Free Municipal Bond ETF.