Invesco Variable Rate Preferred ETF Stock

The Invesco Variable Rate Preferred ETF (Fund) is based on the Wells Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index (Index). The Fund will generally invest at least 90% of its total assets in preferred securities that comprise the Index. The Index is a market capitalization-weighted index designed to track the performance of preferred stock, as well as certain types of 'hybrid securities' that are functionally equivalent to preferred stock based on equity features. The Fund and the Index are rebalanced monthly.