Invesco KBW Property & Casualty Insurance ETF (KBWP) Research

The Invesco KBW Property & Casualty Insurance ETF (KBWP) is engineered to closely track the performance of the KBW Nasdaq Property & Casualty Index. This benchmark index is composed of US-based companies predominantly involved in property and casualty insurance, utilizing a modified market capitalization weighting scheme. The Fund commits to investing at least 90% of its total assets in the securities that make up this Index. Both KBWP and its underlying index are subject to quarterly rebalancing and reconstitution, a process managed by Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. As of August 31, 2025, Morningstar awarded the Fund an overall rating of 4 stars, outperforming 97 comparable funds. Its performance over specific periods garnered 3 stars for the three-year duration (out of 97 funds), 3 stars for the five-year period (out of 90 funds), and an impressive 5 stars for the ten-year period (out of 75 funds). Morningstar's methodology for these ratings involves a risk-adjusted return measure that emphasizes consistent monthly performance while placing greater weight on downward variations. For comparison purposes, open-end mutual funds and exchange-traded funds are considered within a unified peer group. Only funds with a history of at least three years are eligible for a rating. The overall rating is derived from a weighted average of the applicable 3-, 5-, and 10-year rating metrics, accounting for fees and expenses but excluding sales charges. Morningstar Disclaimers: ©2025 Morningstar Inc. All rights reserved. This information is proprietary to Morningstar and/or its content providers and cannot be copied or distributed. Its accuracy, completeness, or timeliness is not guaranteed, and neither Morningstar nor its content providers are liable for any damages resulting from its use. Past performance is not indicative of future results. Morningstar's star rating system allocates stars as follows: the top 10% receive five stars, the subsequent 22.5% receive four stars, the middle 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. Ratings are subject to monthly changes. Had fees not been waived or expenses reimbursed, whether currently or in the past, the Morningstar rating would have been lower. Ratings may vary for different share classes due to their distinct performance characteristics.

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