Ms. Stephanie Diiorio of Invesco Canada reports

INVESCO TO PERMANENTLY REDUCE MANAGEMENT FEE ON THE INVESCO 1-3 YEAR LADDERED FLOATING RATE NOTE INDEX ETF (PFL)

Invesco Canada Ltd. has noted that the existing management fee on the Invesco 1-3 Year Laddered Floating Rate Note Index ETF (PFL) will be reduced from 0.2 per cent to 0.12 per cent. This change will go into effect on Sept. 1, 2023.

PFL currently holds high-quality AAA-rated and AA-rated short-term investment-grade government, agencies or provincial floating rate notes. The coupons paid by these holdings reset regularly, resulting in higher coupon payments as interest rates rise. The laddering structure of PFL and short duration of underlying securities may help to reduce the interest-rate sensitivity of a portfolio in the current environment. As a fixed income ETF (exchange traded fund), PFL offers investors a potential low-risk investment during periods of rising interest rates.

PFL seeks to replicate, to the extent reasonably possible, and before fees and expenses, the performance of the FTSE Canada 1-3 Year Laddered Floating Rate Note Index. The index is designed to measure the return of a one-to-three-year floating rate note laddered basket of Canadian government, agencies and provinces investment-grade floating-rate notes.

The full waiver of the management fee on PFL, announced by Invesco on July 14, 2022, will end on Aug. 31, 2023.