Invesco Variable Rate Preferred Shares UCITS ETF (VPAC.L)

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The Invesco Variable Rate Preferred Shares UCITS ETF Acc aims to mirror the net total return performance of its benchmark, the ICE Diversified Variable Rates Preferred & Hybrid Securities Index (referred to as the "Reference Index"), after accounting for all applicable fees. This Reference Index is constructed from US-dollar-denominated preferred securities and certain "hybrid securities" that function similarly to preferred stock. All included securities feature variable or floating interest rates and are issued within the US domestic market. The index constituents are weighted based on their market capitalization. To maintain diversification, no single issuer can account for more than 10% of the index, and the collective weight of issuers individually exceeding 4.5% is capped at 40%. The Fund endeavors to achieve its goal by physically replicating the Reference Index; it acquires and holds, as completely and practically as possible, all the securities found in the index at their respective weightings. Both the Reference Index and, by extension, the Fund are subject to monthly rebalancing and reconstitution. This ETF employs a passive management approach. Therefore, an investment in this fund signifies the purchase of units in a passively managed, index-tracking vehicle, rather than direct ownership of the underlying assets held within the fund.