Title: URL Source: https://is.gd/vINOwm Markdown Content: This marketing communication is for professional Investors in the UK only. Investors should read the legal documents prior to investing. As of 31 March 2025 # Invesco AT1 Capital Bond UCITS ETF EUR Hdg Dist # XAT1 Fund objective The Invesco AT1 Capital Bond UCITS ETF EUR Hdg Dist aims to track the total return performance of the iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index, less fees. An investment in this fund is an acquisition of units in a passively managed, index tracking fund rather than in the underlying assets owned by the fund. ETF information Fund launch date 19 June 2018 Share class launch date 22 June 2018 Ongoing charge 1 0.39% p.a. Fund base currency USD Share class currency EUR Currency hedged Yes Index iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index Index currency EUR Replication method Physical UCITS compliant Yes Umbrella fund Invesco Markets II plc Investment manager Invesco Capital Management LLC Domicile Ireland UK reporting status Yes ISA eligible No SIPP eligible No Dividend treatment Distributing Dividend schedule Quarterly ISIN code IE00BFZPF439 SEDOL BG0SCQ5 Bloomberg ticker XAT1 GY Fund size EUR 973.44m NAV per share EUR 16.18 Shares in issue 20,925,420 Distribution yield 6.42% Yield to maturity 7.87% Yield to worst 6.73% Effective duration 3.09 SFDR classification Article 8 > 1 Ongoing charge includes management fee, custody and administration costs but excludes transaction costs. Costs may increase or decrease as result of currency and exchange rate fluctuations. Consult the legal documents for further information on c osts. Investment risks For complete information on risks, refer to the legal documents. The value of investments will fluctuate and you may not get back the full amount invested. The creditworthiness of the debt the Fund is exposed to may weaken and result in fluctuations in th e value of the Fund. There is no guarantee the issuers of debt will repay the interest and capital on the redemption date. The risk is higher when the Fund is exposed to high yield debt securities. Changes in interest rates will result in fluctuations in th e value of the fund. The Fund may be exposed to the risk of the borrower defaulting on its obligation to return the securities at the end of the loan period and of being unable to sell the collateral provided to it if the borrower defaults. The Fund might be concentrated in a specific region, sector or a limited number of positions, causing greater value fluctuations than for a more diversified fund. Currenc y hedging may not completely eliminate the currency risk and may affect the performance. This Fund in vests in contingent convertible bonds, a type of corporate debt security that may be converted into equity or forced to suffer a write down of pr incipal upon the occurrence of a pre -determined event. If this occurs, the Fund could suffer losses. Other nota ble risks of these bonds include liquidity and default risk. About the index The Reference Index is a customized version of the iBoxx USD Contingent Convertible Liquid Developed Market AT1 Index in which business involvement eligibility screening criteria is applied and the weight of an issuer is capped at 8%. It measures the perfo rmance of financial institutions' AT1 contingent convertible debt and aims to offer a broad coverage of the USD AT1 capital bond universe whilst upholding minimum standards of investability and liquidity. Past performance does not predict future returns. Indexed performance, % growth since inception  Invesco AT1 Capital Bond UCITS ETF EUR Hdg Dist  iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) Index Cumulative performance as at 31 March 2025 (%) 1Y 3Y 5Y 10Y Fund inception ETF 7.75 1.34 25.15 - 18.54 Index 9.91 9.50 39.42 70.04 41.05 Calendar year performance (%) 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 ETF 8.69 -0.11 -12.51 3.46 5.58 15.24 - - - - Index 10.80 2.59 -9.72 4.80 8.70 19.13 - - - - Standardised rolling 12 month performance (%) 03.24 03.23 03.22 03.21 03.20 03.19 03.18 03.17 03.16 03.15 03.25 03.24 03.23 03.22 03.21 03.20 03.19 03.18 03.17 03.16 ETF 7.75 15.06 -18.25 -2.44 26.58 -8.21 - - - - Index 9.91 17.59 -15.27 -1.02 28.64 -4.28 - - - - Source: Invesco, Bloomberg L.P., FactSet. ETF performance shown is calculated with reference to the Net Asset Value, inclusiv e of net reinvested income and net of ongoing charges and portfolio transaction costs, in EUR. The figures do not reflect the a ctua l share price, the impact of the bid/offer spread or broker commissions. Returns may increase or decrease as a result of curren cy fluctuations. ETF NAV performance differs from that of the index due to the ongoing charges and portfolio transaction costs a nd due to the fact that the ETF does not necessarily always hold all the securities in the index in their respective weighting. This ETF does not charge an entry fee. > -15 > 0 > 15 > 30 > 45 > Jun-18 Jun-19 Jun-20 May-21 May-22 Apr-23 Apr-24 Mar-25 Top exposures (%) (Total holdings: 99) Name Coupon Maturity Weight Barclays PLC VAR 15/12/73 8.00 15 Dec 2173 1.95 Deutsche Bank AG VAR 30/04/73 7.50 30 Apr 2173 1.92 Banco Santander SA VAR 01/11/73 8.00 01 Nov 2173 1.87 Banco Santander SA VAR 21/02/74 9.63 21 Feb 2174 1.85 Barclays PLC VAR 15/03/74 9.63 15 Mar 2174 1.83 Lloyds Banking Group PLC VAR 27/12/73 7.50 27 Dec 2173 1.79 NatWest Group PLC VAR 30/09/73 6.00 30 Sep 2173 1.78 Standard Chartered PLC VAR 19/02/74 4.30 19 Feb 2174 1.59 Deutsche Bank AG VAR 30/04/73 6.00 30 Apr 2173 1.55 Lloyds Banking Group PLC VAR 27/06/73 8.00 27 Jun 2173 1.55 Source: Invesco, as at 31 Mar 2025 Please note that the majority or all of bonds in this ETF are perpetual and do not have a specific maturity date. Credit ratings (%) A 0.92 BBB 43.10 BB 53.09 Cash and/or Derivatives 2.88 Maturity (%) 20+ Years 97.12 Cash and/or Derivatives 2.88 Source: Invesco, as at 31 Mar 2025 Source: Invesco, as at 31 Mar 2025 Important information This marketing communication is for professional clients in the UK only. This document contains information that is for discu ssion purposes only. For information on our funds and the relevant risks, refer to the Key Information Documents/Key Investor Information Document s (local languages) and Prospectus (English, French, German), and the financial reports, available from www.invesco.eu . A summary of investor rights is available in English from www.invescomanagementcompany.ie . The management company may terminate marketing arrangements. This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular ass et class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. UCITS ETF’s units / shares purchased on the secondary market cannot usually be sold directly back to UCITS ETF. Investors mus t buy and sell units / shares on a secondary m arket with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units / shares and may receive less than the current net asset value when se lling them. The iBoxx USD Contingent Convertible Liquid Developed Market AT1 (8% Issuer Cap) referenced herein is the property of Markit Indices Limited and is used under license. The funds or securities referred to herein are not sponsored, endorsed, or promoted by Markit Indices Limited. The yield shown is expressed as a % per annum of the current NAV of the fund. It is an estimate for the next 12 months, assum ing that the fund’s portfolio remains unchanged and there are no defaults or deferrals of coup on payments or capital repayments. The yield is not guaranteed. Nor does it reflect any charges. Investors may be subject to tax on distributions. For the full objectives and investment policy please consult the current prospectus. Any investment decisio n should take into account all the characteristics of the fund as described in the legal documents. For sustainability related aspects, please refer to https://www.invescomanagementcompan y.ie/dub -manco Product that is difficult to understand. The CNMV in Spain considers that, in general, Invesco AT1 Capital Bond UCITS ETF EUR Hdg Dist is not appropriate for retail investors. This material has been communicated by Invesco Investment Manag ement Limited, Ground Floor, 2 Cumberland Place, Fenian Street, Dublin 2, Ireland. Glossary AT1 Contingent Convertible Bonds: Additional Tier 1 (AT1) capital bonds are securities issued by banks that contribute to the total amount of capital required for regulatory purposes. They have a predefined trigger which means that they will automatic ally be converted into equity or cash to return capital back above the regulatory minimum if an issuer’s capital falls below that level. Benchmark: An index against which the ETF is measured, in terms of relative performance, risk and other useful comparisons. Distribution Yield: The distrib ution yield is a measurement of cash flow being paid. It’s the sum of the distributions over 12 months divided by the net asset value (NAV) of the fund. Effective Duration: Effective Duration is a measure of the potential impact on a bond’s (or a portfoli o of bonds’) price of a 1% change in interest rates, across all maturities. This measure takes into account the possible changes in expected bond cash f lows for bonds with embedded optionality (for example, the bond issuer’s right to redeem bonds at a pre -determined price on certain dates) due to the 1% change in interest rates. ESG: Environmental, Social and Governance, three key factors in measuring sustainability and societal impact of a company. ETF: Exchange traded fund. A type of fund that is traded on the stockmarket like ordinary shares. ETFs can be bought and sold during trading hours, like ordinary shares, whereas other types of funds are priced once a day only. Factors: An investment approach that seeks to identify and invest in securities that display certain quantifiable characteristics. Common examples of factors include Value, Quality and Momentum. A factor strategy may seek to target just one factor or combine multiple factors. Hedged: The intended result of reducing the portfolio's exposu re to a specific risk, such as the risk of fluctuations between currency exchange rates ("currency hedging"). Investment Grade: Refers to the quality of a company's credit. To be considered an investment grade issue, the company must be rated at 'BBB' or higher by a recognized credit rating agency. Companies with an investment grade credit rating are generally considered to be low er risk than those with sub investment grade ratings, also known as high yield issuers. ISA: Individual Savings Account. A type of investment account in the UK in which the tax on income is lower than usual, and there is no tax on profits made from an increase in the value of shares. Physical Replication: Physical funds invest directly in consti tuents of the benchmark index. Replication Method: Strategy employed by the fund to achieve its objective. SIPP: Self -Invested Pension Plan. A type of UK pension for which a person makes their own investment decisions. UCITS: Undertakings for Collective Investment in Transferable Securities. European regulatory framework for an investment vehicle that can be marketed across the European Union. Geographic allocation (%)  United Kingdom 33.1  France 20.2  Spain 10.1  Netherlands 8.0  Switzerland 8.0  Germany 5.9  Finland 3.5  Cash and/or Derivatives 2.9  Australia 2.7  Others 5.6 Source: Invesco, as at 31 Mar 2025 Sector allocation (%)  Financial Institutions 97.1  Cash and/or Derivatives 2.9 Source: Invesco, as at 31 Mar 2025 Please see etf.invesco.com for ETP holdings information. Holdings are subject to change. UK Reporting Status: Indicates whether or not the fund has United Kingdom fund tax status, this can lead to a U K investor receiving favourable tax rates on any gain or disposal of holdings in the fund. US Treasuries: US Treasury bonds are government debt securities issued by the US Federal government. Yield To Maturity: The rate of the return anticipated on a bon d if it is held until the maturity date. Yield To Worst (YTW): is the most conservative measure of yield that can be received on a bond assuming that it doesn’t default on its payments.For a callable bond, it will be the lower of the yield to maturity (YT M) or yield to call (YTC). Yield to Call (YTC): is the yield on a callable bond that assumes a bond is called by the issuer at the earliest opportunity. Article 6 SFDR For the purposes of meeting the requirements of Article 6 SFDR, we have disclosed information on Sustainability Risks in the Prospectus Addendum found on etf.invesco.com Article 8 SFDR We consider that this fund is promoting environmental or social characteristics and meets the criteria in Article 8 of the SFDR. For further information please refer to the Prospectus Addendum and the index provider's methodology found on etf.invesco.com Invesco’s Approach to ESG Invesco has an investment-led ESG approach. We provide a comprehensive range of ESG- focused capabilities that enable clients to express their values through investing. Where appropriate, for certain funds, we also integrate financially material ESG considerations, taking into account critical factors that help us deliver strong outcomes to clients. Although not all of our ETFs follow an index with specific ESG characteristics, the information on this page provides transparency to help you identify long-term risks and opportunities in your investments. Business involvement screens can help you gain better insights into potentially controversial business activities that a fund or index may be exposed to. All ESG, carbon emissions, and business involvement data are sourced from MSCI ESG Research. In order to assess the ESG profile, the fund or index must have at least 10 securities or constituents, and 65% of the fund's weight must be covered by MSCI ESG Research. For more details, please see MSCl's methodology on www.msci.com Important Information The information presented in this section is for illustrative purposes only. Providing this information is not indicative of how or whether ESG factors will be integrated into the fund. Unless otherwise stated in the legal offering documents, the ESG information provided in this document does not change the fund's investment objective or policy or constrain the fund's investable universe. Ratings may vary from one rating agency to another. A rating may change over time and is not a guarantee of future performance of the fund. # ESG Supplement # As at 31 March 2025 ESG Profile 1 Fund ESG Fund Rating (AAA-CCC) AA ESG Quality Score (0-10) 8.0 Environmental Pillar Score 8.8 Social Pillar Score 4.6 Governance Pillar Score 6.1 ESG % Coverage 97.1 Carbon Footprint 1 Fund Scope 1 Emissions (tons CO 2e) 61.1 Scope 2 Emissions (tons CO 2e) 354.1 Total Carbon Intensity (tons CO 2e/USDM) 2.7 Wtd Avg Carbon Intensity (tons CO 2e/USDM) 1.6 MSCI ESG Rating Distribution 1 Distribution of ESG Ratings across the fund from AAA (best) to CCC (worst). ESG Trend Momentum 1 The percentage of companies held by the fund or index that have improved their ESG Rating, (positive), have no change (stable) or worsened (negative) since the previous rating. Trend Fund Positive 7.9% Stable 92.1% Negative - Unrated - Corporate Governance Fund Board Independence 82.2% Female Directors 38.8% Business Screening and Exclusions Fund UN Global Compact Violations - Civilian Firearms - Controversial Weapons - Conventional Weapons - Nuclear Weapons - Tobacco - Thermal Coal - Oil Sands - Recreational Cannabis - ESG Rating Distribution by Sector 1,2 AAA AA A BBB BB B CCC Not Rated Communication Services - - - - - - - - Consumer Discretionary - - - - - - - - Consumer Staples - - - - - - - - Energy - - - - - - - - Financials 2.7% 91.2% 1.5% 1.8% - - - - Health Care - - - - - - - - Industrials - - - - - - - - Information Technology - - - - - - - - Materials - - - - - - - - Real Estate - - - - - - - - Utilities - - - - - - - - Other - - - - - - - - > AAA AA ABBB BB BCCC > 0% > 20% > 40% > 60% > 80% > 100% > Fund Glossary MSCI ESG Fund Rating: The Fund’s ESG rating is designed to assess the resilience of the fund’s aggregate holdings to long-term, financially relevant ESG risks and should facilitate the ability to rank or screen mutual funds and ETFs on a AAA to CCC ratings scale. This rating aims to provide fund level transparency and measures the ESG characteristics of the total portfolio. It is calculated as a direct mapping of MSCI ESG Quality Scores to letter rating categories. ESG Leaders are holdings with an ESG rating of AAA or AA (best in class), and ESG Laggards are holdings with an ESG rating of B or CCC. MSCI ESG Quality Score: Calculated as the weighted average of the underlying holding's ESG scores, excluding any underlying holding where this information is not available. It is provided on a 0-10 scale, with 0 and 10 being the respective lowest and highest possible scores. MSCI scores underlying holdings according to their exposure to and management of key ESG issues, which are divided into three pillars: environmental, social and governance. ESG % Coverage: The percentage of the fund and benchmark where MSCI ESG Research is available. CO 2 Scope 1 Emission: A company's Scope 1 direct emissions (tCO 2e) from operations. The direct emissions data represents the final, MSCI reviewed and approved value based on the MSCI methodology, which selects the accurate value from available sources. CO 2 Scope 2 Emission: A company's Scope 2 energy indirect emissions (tCO 2e) from operations. The energy indirect emissions data represents the final, MSCI reviewed and approved value based on the MSCI methodology, which selects the accurate value from available sources. Total Carbon Intensity: Measures the fund or index's overall carbon intensity and carbon efficiency associated with its holdings, based on carbon expertise and research provided by MSCI. It uses the carbon intensity metrics at the company level (Scope 1 + Scope 2) per USUSD1 million of revenue. For government bonds, it uses total country carbon emissions per USUSD1 million GDP . Wtd Avg (Weighted Average) Carbon Intensity: The underlying funds' exposure to carbon intensive holdings, calculated as the weighted average of the constituent’s intensity metrics: Scope 1 + 2 Emissions per USD 1M revenue for corporates and total country carbon emissions per USD 1M GDP for government bonds. Board Independence: Weighted average percentage of board members that meet the MSCI criteria for independence. Female Directors: Weighted average percentage of female board members. SFDR: Part of the EU's Sustainable Finance Action Plan, the Sustainable Finance Disclosure Regulation (SFDR, also known as Disclosure Regulation) aims to promote transparency on sustainability by ensuring that participants in the financial services sector provide consistent information to clients in relation to the sustainability of the products and services they provide.The supplement of the fund and the management company website contain further information on compliance with SFDR. Article 6: The requirement under SFDR to describe the manner in which sustainability risks are integrated into investment decisions, or to provide an explanation of reasons why sustainability risks are deemed not to be relevant. Article 8 Fund: A fund that, in accordance with the criteria outlined in Article 8 of SFDR, promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics and provided that the companies that the fund invests in follow good governance practices. Article 9 Fund: A fund that, in accordance with the criteria outlined in Article 9 of SFDR has sustainable investment as its objective. Certain information ©2025 MSCI ESG Research LLC. Reproduced by permission; no further distribution. This report contains certain information (the "Information") sourced from MSCI ESG Research LLC, or its affiliates or information providers (the "ESG Parties"). The information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for, or a component of, any financial instruments or products or indices. Although they obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness, of any data herein and expressly disclaim all express or implied warranties, including those of merchantability and fitness for a particular purpose. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. > 1 ESG and carbon data is sourced from MSCI at the security level. All ESG metrics are calculated by FE FundInfo, replicating the MSCI methodology, using the underlying holdings of the portfolio. For more details, please see MSCI's methodology www.msci.com > 2 The ESG rating distribution table does not include cash positions and therefore may not total 100%. MSCI ESG Business Involvement Screening Research: Provides research on company involvement in products and services, which allow investors to screen companies according to specific criteria motivated by ethical, impact, compliance or ESG risk considerations. Summary definitions of each business screening are as follows: UN Global Compact (UNGC) Violations: Percentage of companies in the fund or index that have been identified to have violated United Nations Global Compact principles. Data is based on MSCI ESG Controversies Research and MSCI ESG Global Norms Screening. Controversial Weapons: Percentage of companies in the fund or index that have been identified to have ties to controversial weapons, including cluster munitions, land mines, biological and chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments. Conventional Weapons: Percentage of companies in the fund or index that have been identified to have ties to conventional weapons, weapons systems, component. and support systems and services. Nuclear Weapons: Percentage of companies in the fund or index that have been identified to have ties to production of nuclear warheads and/or whole nuclear missiles, manufacture components that were developed or are significantly modified for exclusive use in nuclear weapons (warheads and missiles), manufacture or assemble delivery platforms that were developed or significantly modified for the exclusive delivery of nuclear weapons, provide auxiliary services related to nuclear weapons. Civilian Firearms: Percentage of companies in the fund or index that have been identified to have ties to firearms, small-arms ammunitions including automatic and semi-automatic for the civilian market. The research excludes products exclusively sold for the military, government. and law enforcement markets. Tobacco: Percentage of companies in the fund or index that have been identified to have ties to tobacco products, such as cigars, kreteks, smokeless tobacco, snuff, snus, dissolvable and chewing tobacco. This also includes companies that grow or process raw tobacco leaves. Thermal Coal: Percentage of companies in the fund or index that have been identified to have ties to power from coal or derive revenue from thermal coal mining. Oil Sands: Percentage of companies in the fund or index that have been identified to have ties to oil sands, in particular, reserve ownership and production activities. Recreational Cannabis: Percentage of companies in the fund or index that have been identified to have ties to or derive revenue from recreational cannabis. Contact Information Client services Telephone: 0800 085 8677 E-mail: investorqueries@invesco.com etf.invesco.com Telephone calls may be recorded. Issued by Invesco Investment Management Limited, Ground Floor, 2 Cumberland Place, Fenian Street, Dublin 2, Ireland. Authorised in Ireland and regulated by the Central Bank of Ireland. This ESG supplement is powered by yourSRI, an FE fundinfo (Liechtenstein) brand.