Fund Description: Invesco CEF Income Composite ETF, formely PowerShares CEF Income Composite Portfolio ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Invesco Exchange-Traded Fund Trust II, formerly PowerShares Exchange-Traded Fund Trust II, an open-end investment management company. INVESTMENT OBJECTIVE: The Invesco CEF Income Composite ETF seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the index called the S-Network Composite Closed-End Fund Index. INDEX DESCRIPTION: The S-Network Composite Closed-End Fund Index tracks the overall performance of a global universe of U.S.-listed closed-end funds that are organized under the laws of the United States selected by S-Network Global Indexes LLC. The Index currently includes 71 closed-end funds, of which 27 Funds invest primarily in taxable investment grade fixed-income securities, 15 Funds invest primarily in taxable high yield fixed-income securities and 29 Funds primarily utilize an equity option writing (selling) strategy. The Index is compiled, maintained and calculated by the Index Provider and is reconstituted and rebalanced quarterly. FUND STRATEGY: The Fund is a fund of funds, as it invests its assets in the common shares of funds included in the Index rather than in individual securities. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Adviser seeks correlation over time of 0.95 or better between the Fund's performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. The Fund generally will invest in the Underlying Funds comprising the Index in proportion to their weightings in the Index. The Fund will invest 25% or more of the value of its total assets in securities of issuers in an industry or group of industries to the extent that the Index concentrates in an industry or group of industries. The securities of closed-end investment companies in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in securities of closed-end investment companies that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund's long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished. FUND MANAGEMENT: Invesco Capital Management LLC serves as the investment adviser to the Fund.