# Investment Manager’s Report
| Performance Analysis Index versus Fund Performance – 31 March 2021 |  |
| --- | --- |
| Fund Name | Currency | Net Asset | Calendar Year | 1 Year | 5 Years |
|  |  | Value | to date |  |  |
|  |  |  | 1 January 2021 | 1 April 2020 to | 1 April 2016 to |
|  |  |  | to 31 March 2021 | 31 March 2021 | 31 March 2021 |
| Invesco EQQQ NASDAQ-100 UCITS ETF | USD | 5,210,767,53 | 1.66% | 68.18% | 24.94% |
| NASDAQ-100 Notional Index (Net Total Return) |  |  | 1.71% | 68.47% | 24.81% |
| Variance |  |  | -0.05% | -0.29% | 0.13% |
| Invesco FTSE RAFI US 1000 UCITS ETF | USD | 234,756,627 | 14.20% | 66.56% | 13.74% |
| FTSE RAFI US 1000 Index (Net Total Return) |  |  | 14.24% | 66.70% | 13.44% |
| Variance |  |  | -0.04% | -0.14% | 0.30% |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | USD | 93,922,947 | 15.07% | 49.92% | 7.03% |
| S&P 500 Low Volatility High Dividend Index (Net Total Return) |  |  | 14.82% | 48.49% | 6.20% |
| Variance |  |  | 0.25% | 1.43% | 0.83% |
| Invesco S&P 500 QVM UCITS ETF | USD | 5,743,073 | 6.19% | 46.84% | N/A |
| S&P 500 Quality, Value and Momentum Multi-Factor Index (Net Total Return) |  |  | 6.11% | 46.47% | N/A |
| Variance |  |  | 0.08% | 0.37% | N/A |
| Invesco Global Buyback Achievers UCITS ETF | USD | 45,581,638 | 12.16% | 73.62% | 14.22% |
| NASDAQ Global Buyback Achievers Index (Net Total Return) |  |  | 12.08% | 73.61% | 14.20% |
| Variance |  |  | 0.08% | 0.01% | 0.12% |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | USD | 35,204,441 | 10.16% | 58.95% | 11.25% |
| FTSE RAFI All-World 3000 Index (Net Total Return) |  |  | 10.17% | 58.60% | 11.05% |
| Variance |  |  | -0.01% | 0.35% | 0.20% |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | USD | 43,204,951 | 6.28% | 51.30% | 11.32% |
| FTSE RAFI Emerging Markets Index (Net Total Return) |  |  | 6.38% | 49.71% | 11.31% |
| Variance |  |  | -0.10% | 1.59% | 0.01% |
| Invesco FTSE RAFI EUROPE UCITS ETF | EUR | 6,820,004 | 12.77% | 42.71% | 7.51% |
| FTSE RAFI Europe Index (Net Total Return) |  |  | 12.80% | 42.88% | 7.20% |
| Variance |  |  | -0.03% | -0.17% | 0.31% |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF | EUR | 14,510,174 | 10.44% | 31.62% | 3.90% |
| EURO iSTOXX High Dividend Low Volatility 50 Index (Net Total |  |  |  |  |  |
| Return) |  |  | 10.47% | 31.55% | 3.59% |
| Variance |  |  | -0.03% | 0.07% | 0.31% |
| Invesco FTSE Emerging Markets High Dividend Low Volatility | USD | 77,937,579 |  |  |  |
| UCITS ETF |  |  | 6.96% | 47.08% | N/A |
| FTSE Emerging High Dividend Low Volatility Index (Net Total Return) |  |  | 7.69% | 48.39% | N/A |
| Variance |  |  | -0.73% | -1.31% | N/A |
| Invesco FTSE RAFI UK 100 UCITS ETF | GBP | 8,320,702 | 9.77% | 25.71% | 6.53% |
| FTSE RAFI UK 100 Index (Net Total Return) |  |  | 9.98% | 26.56% | 6.69% |
| Variance |  |  | -0.21% | -0.85% | -0.16% |
| Invesco EuroMTS Cash 3 Months UCITS ETF | EUR | 27,071,713 | -0.21% | -0.60% | -0.51% |
| FTSE MTS Eurozone Government Bill 0-6 Month Capped Index |  |  | -0.15% | -0.46% | -0.47% |
| Variance |  |  | -0.06% | -0.14% | -0.04% |
| Invesco US High Yield Fallen Angels UCITS ETF | USD | 370,796,619 | 0.48% | 40.38% | N/A |
| FTSE Time-Weighted US Fallen Angel Bond Select Index |  |  | 0.53% | 42.19% | N/A |
| Variance |  |  | -0.05% | -1.81% | N/A |

Investment Manager’s Report (continued)

## Tracking Error Analysis
Anticipated Ranges for the Funds

### The chart on the table below lists levels of tracking errors ranges for the current products listed in Europe utilised by the Investment Manager.
The Investment Manager will periodically revisit the “minimum” and “maximum” of each Fund to make sure it is still reasonable as well as alternative measurements to gauge tracking accuracy. The ranges are identical to those used for Invesco US-listed funds.
Acceptable Ranges for the Funds

### Please see the below table for detailed tracking error analysis by fund for time periods of 1 year, 2 years and 3 years to 31 March 2021.

### Ticker Fund Name	Strategy	1 Year	2 Year	3 Year Tracking error range

### EQQQ Invesco EQQQ NASDAQ-100 UCITS ETF	US Large Cap Equity	0.00%	0.04%	0.04% 0.01% - 1.00% EQCH Invesco EQQQ NASDAQ-100 UCITS ETF – CHF Hedged

### UCITS ETF	US Large Cap Equity	0.02%	0.50%	0.45% 0.01% - 1.00% EQEU Invesco EQQQ NASDAQ-100 UCITS ETF – EUR Hedged

### UCITS ETF	US Large Cap Equity	0.02%	0.50%	0.45% 0.01% - 1.00% EQGB Invesco EQQQ NASDAQ-100 UCITS ETF – GBP Hedged

### UCITS ETF	US Large Cap Equity	0.02%	0.60%	0.52% 0.01% - 1.00% EQAC Invesco EQQQ NASDAQ-100 UCITS ETF – USD

### Unhedged Accumulation UCITS ETF	US Large Cap Equity	0.00%	0.04%	0.04% 0.01% - 1.00%

### PSRF  Invesco FTSE RAFI US 1000 UCITS ETF	US Large Cap Equity	0.00%   0.08%  0.07% 0.01% - 1.00%
| US Large Cap Equity | 0.03% | 0.21% | 0.18% | 0.01% - 1.00% |
| --- | --- | --- | --- | --- |
| US Large Cap Equity | 0.03% | 0.59% | 0.52% | 0.01% - 1.00% |


### HDLV Invesco S&P 500 High Dividend Low Volatility UCITS ETF
| PQVM | Invesco S&P 500 QVM UCITS ETF | US Large Cap Equity | 0.00% | 0.07% | 0.06% | 0.01% - 1.00% |
| --- | --- | --- | --- | --- | --- | --- |
| BUYB | Invesco Global Buyback Achievers UCITS ETF | Non-US Developed Equity | 0.01% | 0.13% | 0.18% | 0.01% - 1.00% |
| PSRW | Invesco FTSE RAFI All-World 3000 UCITS ETF | Non-US Developed Equity | 0.04% | 0.82% | 0.90% | 0.01% - 1.00% |
| PSDE | Invesco FTSE RAFI Emerging Markets UCITS ETF | Emerging Markets Equity | 0.08% | 0.86% | 0.77% | 0.01% - 1.00% |
| PSRE EUHD | Invesco FTSE RAFI Europe UCITS ETF Invesco EURO STOXX High Dividend Low Volatility | Non-US Developed Equity | 0.00% | 0.18% | 0.17% | 0.01% - 1.00% |


### HDCH Invesco S&P 500 High Dividend Low Volatility UCITS ETF – CHF Hedged UCITS ETF
| UCITS ETF	Non-US Developed Equity EMHD Invesco FTSE Emerging Markets High Dividend Low | 0.01% | 0.20% | 0.18% | 0.01% - 1.00% |
| --- | --- | --- | --- | --- |
|  | Volatility UCITS ETF | Emerging Markets Equity | 0.11% | 1.18% | 1.31% | 0.01% - 1.00% |
| PSRU | Invesco FTSE RAFI UK 100 UCITS ETF | Non-US Developed Equity | 0.01% | 0.24% | 0.20% | 0.01% - 1.00% |
| PEU | Invesco EuroMTS Cash 3 Months UCITS ETF | Non-US Bond | 0.00% | 0.01% | 0.02% | 0.01% - 1.00% |
| HYFA | Invesco US High Yield Fallen Angels UCITS ETF | US High Yield | 0.03% | 0.53% | 0.58% | 0.01% - 1.00% |
| FACH^ Invesco US High Yield Fallen Angels – CHF Hedged |


### UCITS ETF	US High Yield	0.03%	0.58%	0.64% 0.01% - 1.00%

### FAEU^ Invesco US High Yield Fallen Angels – EUR Hedged

### UCITS ETF	US High Yield	0.03%	0.82%	0.79% 0.01% - 1.00%

### FAGB^ Invesco US High Yield Fallen Angels – GBP Hedged

### UCITS ETF	US High Yield	0.03%	1.14%	1.01% 0.01% - 1.00%
^ SPVX, FACH, FAEU and FAGB tracking error is considered normal. Due to the size of the Fund it is very difficult to match the index exactly. One of the main components is VIX futures which are very volatile and create this tracking error.
T
racking Difference 

### is defined as the difference between the portfolio returns and the index returns. These differences are highlighted on page 8-9.
Tracking error 
is defined as the standard deviation of the monthly differences between the portfolio and benchmark returns over a given time period (YTD, 1 year, 2 years, 3 years, since inception, etc.). These are highlighted above.
Causes of Tracking Error
ETFs, like index Funds, are designed to track a specific market segment, investment theme or widely followed benchmark. Since they are passive in nature, tracking error for an ETF should be low or non-existent in theory. The causes of tracking error for ETFs can include, but are not limited to the following: holdings/size of the fund, regulatory issues/constraints and cash flows and fees.
The greatest challenge for our Funds tends to be cash management due to fund size and, given the concentrated nature of some of the Funds and limited liquidity on certain securities, a modest amount of tracking error is unavoidable. The report uses at least 12 months of performance difference between Fund and index to obtain an accurate tracking error value for the Funds.

Translation (ENDE, 2021-03-31):
# Bericht des Anlageverwalters
## Analyse der Wertentwicklung
Wertentwicklung Index/Fonds – 31. März 2021
Name des Fonds	Währung	Netto-
inventarwert
Laufendes Kalenderjahr
1 Jahre	5 Jahre
- Januar 20211. April 2020 bis1. April 2016 bis

|  | bis 31. März 2021 | 31. März 2021 | 31. März 2021 |
| --- | --- | --- | --- |
| Invesco EQQQ NASDAQ-100 UCITS ETF | USD | 5.210.767.53 | 1,66 % | 68,18 % | 24,94 % |
| NASDAQ-100 Notional Index (Net Total Return) |  |  | 1,71 % | 68,47 % | 24,81 % |
| Varianz |  |  | -0,05 % | -0,29 % | 0,13 % |
| Invesco FTSE RAFI US 1000 UCITS ETF | USD | 234.756.627 | 14,20 % | 66,56 % | 13,74 % |
| FTSE RAFI US 1000 Index (Net Total Return) |  |  | 14,24 % | 66,70 % | 13,44 % |
| Varianz |  |  | -0,04 % | -0,14 % | 0,30 % |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | USD | 93.922.947 | 15,07 % | 49,92 % | 7,03 % |
| S&P 500 Low Volatility High Dividend Index (Net Total Return) |  |  | 14,82 % | 48,49 % | 6,20 % |
| Varianz |  |  | 0,25 % | 1,43 % | 0,83 % |
| Invesco S&P 500 QVM UCITS ETF S&P 500 Quality, Value and Momentum Multi-Factor Index (Net Total | USD | 5.743.073 | 6,19 % | 46,84 % | Nicht zutr. |
| Return) |  |  | 6,11 % | 46,47 % | Nicht zutr. |
| Varianz |  |  | 0,08 % | 0,37 % | Nicht zutr. |
| Invesco Global Buyback Achievers UCITS ETF | USD | 45.581.638 | 12,16 % | 73,62 % | 14,22 % |
| NASDAQ Global Buyback Achievers Index (Net Total Return) |  |  | 12,08 % | 73,61 % | 14,20 % |
| Varianz |  |  | 0,08 % | 0,01 % | 0,12 % |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | USD | 35.204.441 | 10,16 % | 58,95 % | 11,25 % |
| FTSE RAFI All-World 3000 Index (Net Total Return) |  |  | 10,17 % | 58,60 % | 11,05 % |
| Varianz |  |  | -0,01 % | 0,35 % | 0,20 % |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | USD | 43.204.951 | 6,28 % | 51,30 % | 11,32 % |
| FTSE RAFI Emerging Markets Index (Net Total Return) |  |  | 6,38 % | 49,71 % | 11,31 % |
| Varianz |  |  | -0,10 % | 1,59 % | 0,01 % |
| Invesco FTSE RAFI EUROPE UCITS ETF | EUR | 6.820.004 | 12,77 % | 42,71 % | 7,51 % |
| FTSE RAFI Europe Index (Net Total Return) |  |  | 12,80 % | 42,88 % | 7,20 % |
| Varianz |  |  | -0,03 % | -0,17 % | 0,31 % |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF EURO iSTOXX High Dividend Low Volatility 50 Index (Net Total Return) | EUR | 14.510.174 | 10,44 % 10,47 % | 31,62 % 31,55 % | 3,90 % 3,59 % |
| Varianz |  |  | -0,03 % | 0,07 % | 0,31 % |
| Invesco FTSE Emerging Markets High Dividend Low Volatility | USD | 77.937.579 |  |  |  |
| UCITS ETF |  |  | 6,96 % | 47,08 % | Nicht zutr. |
| FTSE Emerging High Dividend Low Volatility Index (Net Total Return) |  |  | 7,69 % | 48,39 % | Nicht zutr. |
| Varianz |  |  | -0,73 % | -1,31 % | Nicht zutr. |
| Invesco FTSE RAFI UK 100 UCITS ETF | GBP | 8.320.702 | 9,77 % | 25,71 % | 6,53 % |
| FTSE RAFI UK 100 Index (Net Total Return) |  |  | 9,98 % | 26,56 % | 6,69 % |
| Varianz |  |  | -0,21 % | -0,85 % | -0,16 % |
| Invesco EuroMTS Cash 3 Months UCITS ETF | EUR | 27.071.713 | -0,21 % | -0,60 % | -0,51 % |
| FTSE MTS Eurozone Government Bill 0-6 Month Capped Index |  |  | -0,15 % | -0,46 % | -0,47 % |
| Varianz |  |  | -0,06 % | -0,14 % | -0,04 % |
| Invesco US High Yield Fallen Angels UCITS ETF | USD | 370.796.619 | 0,48 % | 40,38 % | Nicht zutr. |
| FTSE Time-Weighted US Fallen Angel Bond Select Index |  |  | 0,53 % | 42,19 % | Nicht zutr. |
| Varianz |  |  | -0,05 % | -1,81 % | Nicht zutr. |