Invesco Fundamental High Yield Corporate Bond ETF (PHB) Research

The Invesco Fundamental High Yield Corporate Bond ETF (the Fund) aims to mirror the performance of the RAFI Bonds US High Yield 1-10 Index (the Index). As a core strategy, the Fund typically commits at least 80% of its overall assets to the securities constituting this Index. The underlying Index itself consists of high-yield corporate bonds, exclusively denominated in U.S. dollars. To be eligible, these bonds must be either SEC-registered, Section 3(a)(2), or Rule 144A securities under the Securities Act, and must be issued by public companies headquartered in the United States. Furthermore, only investable, non-convertible, non-exchangeable, fixed-rate high-yield corporate bonds with a positive coupon are admitted into the Index. ALM Research Solutions, LLC manages the compilation and calculation of the Index, which is founded on the Fundamental Index methodology created by Research Affiliates, LLC. Rather than acquiring every single security within the Index, the Fund adopts a 'sampling' methodology to achieve its investment objective. Both the Fund and the Index are subjected to monthly rebalancing, with an annual reconstitution occurring each March.

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