Invesco US High Yield Fallen Angels UCITS 

The Invesco US High Yield Fallen Angels UCITS ETF Dist seeks to replicate the total return performance of the FTSE Time-Weighted US Fallen Angel Bond Select Index (referred to as the "Reference Index"), after accounting for its fees. Distributions from the fund are made to investors every three months. The Reference Index comprises "fallen angel" bonds—these are securities that were initially rated investment-grade but subsequently had their credit ratings reduced to high-yield. For a bond to be included, it must be denominated in US dollars, issued by a corporation domiciled in the US or Canada, and its downgrade from investment-grade to high-yield must have occurred in the preceding month. Once admitted, bonds remain in the index for a 60-month period, provided they continue to meet the eligibility requirements. If a bond exits and later re-enters the index, its 60-month inclusion timer is reset. A distinctive aspect of this index is its weighting approach, which differs from market value-based methodologies. The Reference Index assigns weights based on how recently a bond became a "fallen angel," giving greater prominence to those more recently downgraded. This strategy aims to capitalize on the potential price recovery often observed shortly after a bond's reclassification to high-yield. To prevent overconcentration, no single issuer can constitute more than 5% of the Reference Index. Additionally, for liquidity management, time-based weights are capped at three times their market value-based equivalents. The index undergoes monthly rebalancing. To achieve its investment objective, the fund's portfolio managers utilize advanced modeling tools and techniques. They employ a sampling method, purchasing a representative subset of the index's securities that mirrors the overall characteristics of the entire index. This approach is designed to track the index's performance as closely as possible while simultaneously reducing the operational costs typically associated with full index replication. This ETF is characterized as a passively managed, index-tracking investment vehicle. Therefore, an investment in this fund signifies the acquisition of units within this tracking fund, rather than direct ownership of the underlying assets it holds.