Invesco Industrials S&P US Select Sector UCITS 

The Invesco Industrials S&P US Select Sector UCITS ETF Acc seeks to mirror the net total returns of the S&P Select Sector Capped 20% Industrials Index (referred to as the “Reference Index”), net of its operational costs. This Reference Index comprises industrial sector companies sourced from the S&P 500 Index. Individual constituents are weighted based on their free-float market capitalization, with a 19% cap on any single holding; any excess weight is reallocated among the remaining uncapped components. To achieve its objective, the fund primarily invests in a portfolio of equities. While this portfolio generates most of the fund's returns, its composition typically differs from the exact holdings of the Reference Index. This approach is augmented by the use of unfunded swap agreements. These are financial instruments where approved counterparties agree to exchange the performance difference between the fund's underlying equity basket and the Reference Index. This synthetic element is designed to ensure more precise and consistent tracking of the Reference Index than could be achieved through a purely physical replication strategy. Notably, although the fund's primary goal is to replicate the standard net total return index, its swap agreements are linked to an enhanced version of the index that incorporates beneficial withholding tax treatment. Consequently, the ETF's performance before fees may surpass that of the conventional net return index. This ETF operates under a passive management strategy. An investment in this fund represents an acquisition of units in a passively managed, index-tracking fund, rather than direct ownership of the underlying assets held by the fund.