Invesco S&P 500 Concentrated QVM 

The Invesco S&P 500 Enhanced Value ETF (SPVU) seeks to replicate the performance of the S&P 500 Enhanced Value Index. The fund typically allocates a minimum of 90% of its total capital to the common equities comprising this underlying index. The S&P 500 Enhanced Value Index itself is constructed to track the trajectory of stocks within the broader S&P 500 Index that exhibit the highest "value scores." Both the fund and its benchmark index undergo reconstitution and rebalancing biannually, specifically on the third Fridays of June and December. The weighting of individual securities within the index is determined by a combination of their market capitalization and their assigned value score. According to Morningstar Inc., as of August 31, 2025, the fund received an overall rating of 4 stars among 1077 comparable funds. Its performance over specific periods also reflected: 3 stars out of 1077 funds for the three-year duration, 4 stars out of 1018 funds for the five-year duration, and no rating available for the ten-year period. Morningstar's ratings are determined using a risk-adjusted return methodology, which accounts for fluctuations in a fund's monthly performance, placing greater emphasis on negative deviations and rewarding consistent results. For comparative analysis, open-end mutual funds and exchange-traded funds are grouped into a single population. A fund must possess a track record of at least three years to qualify for a rating. The overall star rating is computed as a weighted average of its three-, five-, and, if applicable, ten-year performance metrics, factoring in fees and expenses but excluding sales charges. All Morningstar data, copyrighted ©2025, is proprietary and should not be reproduced or disseminated; its accuracy, completeness, or timeliness is not guaranteed. Neither Morningstar nor its content providers bear responsibility for any damages arising from the use of this information. Investors should be aware that past performance is not indicative of future returns. Within any given category, the top 10% of funds earn five stars, the subsequent 22.5% receive four stars, the middle 35% are awarded three stars, the next 22.5% get two stars, and the lowest 10% obtain one star. These ratings are dynamic and updated monthly. It is also important to note that if fee waivers or expense reimbursements had not been in effect, the Morningstar rating might have been lower. Furthermore, different share classes of a fund may exhibit varied ratings due to distinct performance characteristics.