Fund Description: Invesco Total Return Bond ETF, formerly PowerShares Total Return Bond Portfolio, formerly Guggenheim Total Return Bond ETF is an actively managed exchange-traded fund or Actively Managed 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 2, an open-end investment management company. INVESTMENT OBJECTIVE: The Invesco Total Return Bond ETF seeks maximum total return, comprised of income and capital appreciation. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser 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 normally invest in a portfolio of fixed income instruments of varying maturities and of any credit quality. The Fund will normally invest at least 80% of its assets in fixed income instruments, which may be represented by certain derivative instruments as discussed below, and also include exchange-traded funds (ETFs) and closed-end funds (CEFs) that invest substantially all of their assets in fixed income instruments (which may include ETFs and CEFs affiliated with the Fund). The fixed income instruments in which the Fund will invest include corporate debt securities of U.S. and non-U.S. issuers, including corporate bonds, and other similar instruments, such as Treasury securities, collateralized loan obligations (CLOs), mortgage-backed securities (MBS) and asset-backed securities (ABS), issued by various U.S. and non-U.S. public- or private-sector entities, and municipal securities, which are debt securities issued by states or local governments and their agencies, authorities and other government sponsored enterprises (Municipal Bonds). The adviser expects that normally the Fund generally will seek to invest at least 75% of its corporate debt securities assets in issuances that have at least $100 million par amount outstanding in developed countries or at least $200 million par amount outstanding in emerging market countries. The Fund may invest up to 33 1/3% of its total assets in high yield debt securities (junk bonds), which are debt securities that are rated below investment grade. The fixed income instruments in which the Fund will invest also include participations in, or assignments of, bank loans or corporate loans. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may invest in short-term instruments such as commercial paper, repurchase agreements, reverse repurchase agreements and short-term investment funds which invest in cash or cash-equivalents (including U.S. Treasury bills) and other high quality short-term investments. In managing the Fund, the Adviser uses a process for selecting securities for purchase and sale that is based on intensive credit research and involves extensive due diligence on each issuer, region and sector. The Adviser also considers macroeconomic outlook and geopolitical issues. The Adviser maintains targets with respect to portfolio maturity and duration. These targets are reviewed continually by various teams including the portfolio management team. These targets are set based on the interest rate outlook, the macro environment, and can be either absolute or relative to a portfolio’s positioning to a benchmark. FUND MANAGEMENT: Invesco Capital Management LLC serves as the investment adviser to the Fund.