Fund Description: Invesco S&P 500® Downside Hedged ETF, formerly PowerShares S&P 500 Downside Hedged Portfolio 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, an open-ended investment management company. INVESTMENT OBJECTIVE: The Invesco S&P 500® Downside Hedged ETF seeks to achieve its investment objective by using a quantitative, rules-based strategy designed to provide returns that correspond to the performance of the S&P 500 Dynamic VEQTOR Index and achieving positive total returns in rising or falling markets that are not directly correlated to broad equity or fixed income market returns. The Fund is an actively managed ETF and does not necessarily seek to replicate the performance of a specified index instead uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. INDEX DESCRIPTION: The S&P 500 Dynamic VEQTOR Index (the Benchmark) is comprised of up to three types of components at any given time: an equity component, represented by the S&P 500 Index; a volatility component, represented by the VIX Futures Index; and cash. The VIX Futures Index measures the return from a long position in the VIX Index futures contracts traded on the Chicago Board Options Exchange (CBOE). The Benchmark's allocation to the VIX Futures Index serves as an implied volatility hedge, as volatility historically tends to correlate negatively to the performance of the U.S. equity markets (i.e., rapid declines in the performance of the U.S. equity markets generally are associated with particularly high volatility in such markets). Implied volatility is a measure of the expected volatility of the S&P 500 Index that is reflected in the value of the VIX Index. The VIX Index is a theoretical calculation and cannot be traded. The VIX Index measures the 30-day forward volatility of the S&P 500 Index as calculated based on the prices of certain put and call options on the S&P 500 Index. During periods of low volatility, a greater portion of the Fund's assets will be invested in equity securities and during periods of increased volatility, a greater portion of the Fund's assets will be invested in VIX Index Related Instruments. Although the Fund seeks returns comparable to the returns of the Benchmark, the Fund can have a higher or lower exposure to any component within the Benchmark at any time. FUND STRATEGY: The Fund, in accordance with strategy allocation rules provided by Standard & Poor's (S&P), will invest in a combination of (i) equity securities contained in the S&P 500 Index and that are listed on a U.S. securities exchange, (ii) listed VIX Index futures contracts that reflect exposure to the VIX Futures Index, and (iii) money market instruments, cash and cash equivalents to provide liquidity, collateralize its futures contracts, or to track the Benchmark during times when the Benchmark moves its entire allocation to cash. In addition to its investments in the components of the Benchmark, the Fund also may invest in other VIX Index Related Instruments and E-mini S&P 500 Futures listed on the Chicago Mercantile Exchange (CME). FUND MANAGEMENT: Invesco Capital Management LLC serves as the investment adviser to the Fund.