Invesco VRDO Tax-Free ETF (PVI) Exchange: NYSE ARCA

The Fund generally will invest at least 80% of its total assets in variable rate demand obligation (“VRDO”) bonds that are exempt from federal income tax with interest rates that reset weekly, which comprise the Underlying Index. Bloomberg Index Services Limited (collectively with its affiliates, “Bloomberg” or the “Index Provider”) compiles and calculates the Underlying Index, which is comprised of municipal securities issued in the primary market as VRDOs. Bonds that are to be included in the Underlying Index must be rated by at least one of the following statistical ratings agencies: Moody’s Investors Services, Inc. (“Moody’s”) as at least A-3 for long-term bonds or P-2 for short-term bonds; by S&P Global Ratings (“S&P”) as at least A- for long-term bonds or A-2 for short-term bonds; and by Fitch Ratings, Inc. (“Fitch”) as at least A- for long-term bonds or F-2 for short-term bonds. To be eligible for inclusion in the Underlying Index, bonds must also have a minimum amount outstanding of $10 million and a minimum maturity of one month at the time of the Underlying Index’s last rebalance. As of August 31, 2019, the Underlying Index was comprised of 1,083 constituents. The Fund does not purchase all of the securities in the Underlying Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective. Concentration Policy. The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of August 31, 2019, the Fund had significant exposure to the healthcare sector. The Fund’s portfolio holdings, and the extent to which it concentrates, are likely to change over time.