Nick Kalivas is Head of Factor and Core Equity Product Strategy for the Invesco ETFs and Indexed Strategies team. In this role, he and his team are charged with working on researching and developing product-specific strategies, as well as creating thought leadership to help position and promote the smart beta and factor-based ETF and index lineup.

Mr. Kalivas joined Invesco in 2014. Prior to his current role, he was a senior equity ETF strategist. Before joining the firm, he spent the majority of his career in the futures industry, delivering research, strategy, and market intelligence to institutional and high-net-worth clients in the equity and interest rate markets. He was a featured contributor for the Chicago Mercantile Exchange and provided research services to a New York-based global macro commodity trading advisor where he supplied insight on equities, fixed income, foreign exchange, and commodities. Mr. Kalivas has been quoted in The Wall Street Journal, Financial Times, The New York Times, by Reuters and the Associated Press, and has made numerous appearances on CNBC and Bloomberg.

Mr. Kalivas earned a BBA degree in accounting and finance from the University of Wisconsin —Madison and an MBA from the University of Chicago, Booth School of Business with concentrations in economics, finance, and statistics. He holds the Series 7 and 63 registrations.

Kevin Petrovcik is a Managing Director and Senior Client Portfolio Manager for Invesco’s Global Private Credit group. In this role, he works with the portfolio management team, acting as its representative to clients and other intermediaries globally. Mr. Petrovcik is responsible for the ongoing product development, structuring, and marketing of investment portfolios for senior loans and alternative credit products.

Mr. Petrovcik joined Invesco in 1999 to establish its product management initiative and launch the firm’s first collateralized loan obligation. During his tenure at Invesco, he has overseen the creation and launch of Invesco’s US and European CLO platform, commingled institutional bank loan products, bank loan and CLO note ETF products, and the integration of proprietary ESG ratings for private credit. Prior to joining the firm, Mr. Petrovcik was director of Loan Pricing Corporation’s (Thomson Reuters LPC) public data group. While at LPC, he launched Reuters’ first internet product and started the LSTA/LPC mark-to-market pricing service. He began his career as a corporate credit analyst with The First National Bank of Chicago.

Mr. Petrovcik earned a BS degree in accounting and economics from New York University Stern School of Business and an MBA in finance and business policy from the University of Chicago Booth School of Business. He holds the Series 7, 24, and 63 registrations.

1 Source: Bloomberg LP as of March 31, 2025. Year-to-date 2025, SPLV and SPHQ returned 7.18% and -0.80% respectively. This compares with the S&P 500 index’s -4.27% return. Past performance does not guarantee future results. An investor cannot invest in an index. There is no flow into indexes.

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

For Standardized Performance, please click here: SPLV Standardized Performance and SPHQ Standardized Performance.

2 0.21 Correlation of US AAA CLO Notes to the Bloomberg US Agg Bond index over the 10 year period. Source: Bloomberg, JP Morgan as of 12/31/24. US AAA CLO Notes represented by J.P. Morgan CLOIE AAA Index. Diversification does not guarantee a profit or eliminate the risk of loss. An investment cannot be made directly in an index. Past performance is not a guarantee of future results.

3 Moody’s as of 12/31/2023 (most recent data available).

4 Invesco Ltd. AUM of $1,846.0 billion as of Dec. 31, 2024

Not a Deposit | Not FDIC Insured | Not Guaranteed by the Bank

May Lose Value | Not Insured by any Federal Government Agency

There are risks involved with investing in ETFs, including possible loss of money. Index-based ETFs are not actively managed. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Both index-based and actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Fund's return may not match the return of the Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Fund and tender those Shares for redemption to the Fund in Creation Unit aggregations only, typically consisting of 10,000, 20,000, 25,000, 50,000, 80,000, 100,000 or 150,000 Shares.

SPHQ

The Fund may become “non-diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. Should the Fund become “non-diversified,” it will no longer be required to meet certain diversification requirements under the 1940 Act and may invest a greater portion of its assets in securities of a small group of issuers or in any one individual issuer than can a diversified fund. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status solely due to a change in relative market capitalization or index weighting of one or more constituents of the Index.

Stocks of medium-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.

SPLV

There is no assurance that the Fund will provide low volatility.

The Fund may become “non-diversified,” as defined under the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status under such circumstances.

ICLO

The investment techniques and risk analysis used by the portfolio managers may not produce the desired results.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

Risks of collateralized loan obligations include the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the collateralized loan obligations may be subordinate to other classes, values may be volatile, and disputes with the issuer may produce unexpected investment results.

Variable- and floating-rate securities may be subject to liquidity risk, there may be limitations on the Fund's ability to sell securities. Due to the features of these securities, there can be no guarantee they will pay a certain level of a dividend and such securities will pay lower levels of income in falling interest rate environment.

The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

The Fund’s income may decline when interest rates fall if it holds a significant portion of short duration securities and/or securities with floating or variable interest rates. If the Fund invests in lower yielding bonds, as the bond’s portfolio mature; the Fund will need to purchase additional bonds, thereby reducing its income.

The Fund may hold illiquid securities that it may be unable to sell at the preferred time or price and could lose its entire investment in such securities.

The Fund may engage in active and frequent trading of its portfolio securities to reflect the rebalancing of the Index.

The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.

This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions. Note: Not all products available through all firms.

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their financial professional for a prospectus / summary prospectus or visit invesco.com/fund prospectus.

Invesco Distributors, Inc.

Bloomberg US Aggregate Bond Index: The US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed rate agency MBS, ABS and CMBS (agency and non-agency). J.P. Morgan CLOIE AAA Index: J.P. Morgan CLOIE AAA Index is designed to track the performance of broadly-syndicated, arbitrage US CLO debt from AAA tranches.

Hal Reynolds is the Co-Chief Investment Officer of Los Angeles Capital and LACM Global, Ltd. As Chief Investment Officer and Chairman of Los Angeles Capital’s Investment Committee, Mr. Reynolds oversees the firm’s investment process. Since co-founding Los Angeles Capital in 2002, Mr. Reynolds has worked closely with the Research team to develop Investor Preference Theory®, the Dynamic Alpha Stock Selection Model®, and the Forward Attribution® process for developing forwarding looking expected factor returns. Working with the Research Directors, he develops the firm’s research goals and provides guidance on key projects to enhance the stock selection, portfolio construction, and trading processes. As a member of the Portfolio Review Committee, he works with senior members of the portfolio management team to establish key portfolio parameters for portfolio construction and rebalancing and developing procedures for monitoring and controlling portfolio risk.
Prior to Los Angeles Capital, Mr. Reynolds was a managing director and principal at Wilshire Associates. Mr. Reynolds joined the consulting division of Wilshire Associates in 1989 where he served as a senior consultant to large ERISA plans. He also designed Wilshire Compass, Wilshire’s asset allocation and manager optimization technology for plan sponsors. In 1996, Mr. Reynolds began consulting for Wilshire Asset Management where he helped develop the Dynamic Alpha Model, which developed into Los Angeles Capital’s Dynamic Alpha Stock Selection Model®, and other quantitative long/short applications for Wilshire Asset Management. In 1998, he joined Wilshire Asset Management as Chief Investment Officer.
Prior to joining Wilshire, Mr. Reynolds was a vice president at Mellon Bank where he was responsible for the design and management of Mellon’s portfolio analysis product for plan sponsors.