Fund components

Sector exposure

as of 3 Mar 2021 (%)

Country exposure

as of 3 Mar 2021 (%)

Top 10 Exposures as of 3 Mar 2021 (%)

Name ISIN Weight
JPMORGAN CHASE & CO USD 25.0000 PFD US48128B6487 1.38%
WELLS FARGO & COMPANY USD 25.0000 PFD US94988U1512 1.38%
WELLS FARGO & COMPANY 25 PFD US9497465560 1.26%
JPMORGAN CHASE & CO USD 25.0000 PFD US48128B6552 1.24%
AT&T INC USD 25.0000 PFD US00206R7061 1.19%
CITIGROUP INC USD 25.0000 PFD US1729673418 1.13%
PNC FINANCIAL SERVICES USD 25.0000 PFD US6934758573 1.08%
BANK OF AMERICA CORP USD 25.0000 PFD US06053U6010 1.02%
JPMORGAN CHASE & CO USD 25.0000 PFD US48127X5427 1.00%

Securities lending


What is Securities Lending?

Securities Lending is a well-established and tightly regulated practice involving the short-term transfer (loan) of securities. The objective is to enhance the ETF’s overall performance.

When a security is loaned, the borrower (who has been approved by Invesco and the Lending Agent) provides collateral and pays an agreed fee for the duration of the loan. Collateral is an asset that a lender accepts as security for a loan. If the borrower defaults on the loan payments, the lender can seize the collateral and resell it to recoup its losses.


How much revenue goes to the ETF?

The ETF will receive 90% of the revenue arising from securities lending, with the remaining 10% deducted by the Lending Agent, Bank of New York Mellon (BNY Mellon), for its fees and to cover direct and indirect operational costs. Invesco will not receive any revenue from the programme.

Risks to consider
Securities lending involves certain risks that an investor should consider, including:

  • The risk of the borrower defaulting on its obligation to return the securities at the end of the loan period, and
  • The risk of the ETF being unable to sell the collateral provided to it if the borrower defaults.

To mitigate these risks, the ETF benefits from a “borrower default indemnity” provided by the Lending Agent, BNY Mellon. The indemnity allows for full replacement of the securities loaned if the collateral does not cover the value of the securities in the event of a borrower default.

To find out more view the Invesco ETFs Securities Lending document in our Documents section.

Securities lending information

Revenue retained by the fund 90%
Maximum amount of fund assets that can be loaned 30%
Maximum amount of any single security that can be loaned 90%
Revenue earned YTD (28 Jan 2021) $1123.43

Collateral Held by Asset Type

as of 3 Mar 2021 (%)

Collateral Held by Country

as of 3 Mar 2021 (%)

Collateral Held by Currency

as of 3 Mar 2021 (%)

Value of Collateral Held

as of 3 Mar 2021 (%)

Top 10 Collateral Exposures as of 3 Mar 2021

Name Cusip ISIN Weight
NESTLE SA CHF 0.1 N/A CH0038863350 8.00%
DISNEY WALT CO USD 0.01 254687106 US2546871060 6.50%
HOME DEPOT INC USD 0.05 437076102 US4370761029 6.50%
CADENCE DESIGN SYS INC USD 0.01 127387108 US1273871087 6.50%
MERCK + CO USD 0.5 58933Y105 US58933Y1055 5.80%
BERKSHIRE HATHAWAY INC SH B 0.0033 084670702 US0846707026 4.80%
FREEPORT-MCMORAN INC USD 0.1 35671D857 US35671D8570 4.20%
FIDELITY N COM USD0.01 31620M106 US31620M1062 3.20%
THERMO FISHER SCIENTIFIC IN USD 1.0 883556102 US8835561023 3.00%
Other N/A N/A 52.00%

Key information

Bloomberg ticker PRFD LN
Benchmark BBG ticker PCDP
Management fee 0.50%
NAV (3 Mar 2021) $19.81
AUM $178,051,670
Base currency USD
Securities lending Yes
Umbrella AUM (3 Mar 2021) $5,328,594,014

ESG Profile

(Index 3 Mar 2021)

ESG Rating (AAA-CCC) A
Quality Score (0-10) 6.21
Carbon Intensity 336.12

Source: MSCI ESG Research. For more information on ESG characteristics, see the ESG section on this product page. Carbon intensity is the weighted average carbon intensity (Tons CO2e/$million sales).

Key risks

Capital is not guaranteed: The value of investments, and income from them, can go down as well as up and you may not get back the full amount you invested.

Index tracking: The Fund will not replicate the performance of its Reference Index perfectly, this is because the Fund will incur drags on performance such as expenses and transactions costs, which the Reference Index is not subject to. If the Fund is unable to hold the securities in the exact proportion required this will affect its ability to track the Reference Index.

Liquidity on secondary market risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. On-exchange liquidity may be limited due to Reference Index suspension, a decision by one of the relevant stock exchanges, a breach by the market maker or respective stock exchange requirements and guidelines.

Value of securities: The value of securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events.


The performance information on this web page refers to past performance. Past performance is not a reliable indicator of future returns.

The data shown on this page is not real-time, i.e. it may be delayed due to mandatory requirements of the data provider. As a consequence, the price of the product linked to a specific underlying you are quoted by your broker or intermediary may substantially differ from the price of the product that you would expect on the basis of the data displayed on this site. Invesco accepts no responsibility for loss, however caused, resulting from errors in this data.

ETF performance is in the fund’s base currency, includes dividends, reinvested. ETF performance is Net Asset Value after management fees and other ETF costs but does not consider any commissions or custody fees payable when buying, holding or selling the ETF. The ETF does not charge entry or exit fees. Data: Invesco.