Fund Description: Invesco Ultra Short Duration ETF, formerly PowerShares Ultra Short Duration Portfolio, formerly Guggenheim Enhanced Short Duration Bond ETF, formerly the Guggenheim Enhanced Ultra-Short Bond ETF, formerly the Claymore U.S. Capital Markets Micro-Term Fixed Income ETF, is an actively managed exchange-traded index fund or Index ETF which is a separate investment portfolio of the Invesco Actively Managed Exchange-Traded Fund Trust, formerly Powershares Actively Managed Exchange-Traded Fund Trust, formerly Claymore Exchange-Traded Fund Trust an open-end investment management company. INVESTMENT OBJECTIVE: The Invesco Ultra Short Duration ETF seeks maximum current income, consistent with preservation of capital and daily liquidity. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s investment manager, has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund will invest at least 80% of its net assets in fixed-income securities. The Fund uses a low duration strategy to seek to outperform the Barclays Capital 1-3 Month U.S. Treasury Bill Index in addition to providing returns in excess of those available in U.S. Treasury bills, government repurchase agreements, and money market funds, while seeking to provide preservation of capital and daily liquidity. The Fund is not a money market fund and thus does not seek to maintain a stable net asset value of $1.00 per share. The Fund expects, under normal circumstances, to hold a diversified portfolio of fixed-income instruments of varying maturities, but that have an average duration of less than 1 year. The Fund primarily invests in U.S. dollar-denominated investment grade debt securities, including U.S. Treasury securities and corporate bonds, rated Baa3 or higher by Moody’s Investors Service, Inc., or equivalently rated by Standard & Poor’s Rating Group, or Fitch Investor Services, or, if unrated, determined by the Investment Adviser to be of comparable quality. The Fund may invest no more than 10% of its assets in high yield securities, also referred to as junk bonds, which are debt securities that are rated below investment grade by nationally recognized statistical rating organizations, or are unrated securities that the Investment Adviser believes are of comparable quality. The Fund may also invest up to 10% of its assets in sovereign and corporate debt securities denominated in foreign currencies. The Fund may also invest up to 25% of its assets in municipal securities. The Fund will not invest in options contracts, futures contracts or swap agreements. The Fund may invest up to 10% of its assets in mortgage-backed securities or in other asset-backed securities. FUND MANAGEMENT: Invesco Capital Management LLC serves as the investment adviser to the Fund.