Fund Description: Invesco MSCI Global Timber ETF, formerly PowerShares MSCI Global Timber Portfolio, formerly Guggenheim MSCI Global Timber ETF, formerly Guggenheim Timber ETF, formerly the Claymore/Beacon Global Timber Index ETF, formerly the Claymore/Clear Global Timber Index ETF, is an exchange-traded index fund or Index ETF that is a separate investment portfolio of the Invesco Exchange-Traded Fund Trust II, formerly PowerShares Exchange-Traded Fund Trust II, formerly Claymore Exchange-Traded Fund Trust 2, an open-end investment management company. INVESTMENT OBJECTIVE: The Invesco MSCI Global Timber ETF seeks investment results that correspond generally to the performance, before the Fund's fees and expenses, of an equity index called the MSCI ACWI IMI Timber Select Capped Index, formerly Beacon Global Timber Index. INDEX DESCRIPTION: The MSCI ACWI IMI Timber Select Capped Index is designed to measure the performance of global equity securities of companies that are primarily engaged in the ownership and management of forests and timberlands and produce finished products that use timber as a raw material. These companies include companies that produce forest products, paper products and paper packaging products, and real estate investment trusts (REITs) that own and/or manage timberland. Index constituents must be constituents of the MSCI ACWI Investable Market Index, a rules-based index that measures equity market performance of developed and emerging markets. FUND STRATEGY: The Fund, using a passive or indexing investment approach, seeks to replicate the performance of the Index. The Fund will invest at least 90% of its total assets in common stock, American depositary receipts (ADRs) and global depositary receipts (GDRs) that comprise the Index and depositary receipts representing common stocks included in the Index. The Fund may invest directly in one or more underlying securities represented by the ADRs included in the Index under the following limited circumstances: (a) when market conditions result in the underlying security providing more liquidity than the ADR; (b) when an ADR is trading at a significantly different price than its underlying security; or (c) the timing of trade execution is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding ADR is traded. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in those weightings. In those circumstances, the Fund may purchase a sample of the securities in the Index. There may also be instances in which the Adviser may choose to overweight another security in the Index, purchase (or sell) securities not in the Index which is believed are appropriate to substitute for one or more Index components, or utilize various combinations of other available investment techniques, in seeking to accurately track the Index. In addition, from time to time securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index or purchase securities that are not yet represented in the Index in anticipation of their removal from or addition to the Index. FUND MANAGEMENT: Invesco Capital Management LLC serves as the investment adviser to the Fund.