Fund Description: Invesco Active U.S. Real Estate ETF, formerly PowerShares Active U.S. Real Estate Fund 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: Invesco Active U.S. Real Estate ETF seeks high total return through growth of capital and current income. BENCHMARK/INDEX DESCRIPTION: PowerShares Active U.S. Real Estate Fund is an actively managed ETF that invests in securities of companies that are principally engaged in the U.S. real estate industry and included within the FTSE NAREIT EQUITY REITs Index. An actively managed ETF uses an active investment strategy to potentially meet its investment objective. The investment strategy is not based on an index; however, an actively managed ETF may have an index-based benchmark. The investment strategy is designed based on the expertise of the ETF's sub-advisors, Invesco Advisers, Inc. FUND STRATEGY: The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in securities of companies that are in the U.S. real estate industry and included within the FTSE NAREIT Equity REITs Index. A company is considered to be principally engaged in the U.S. real estate industry if (i) it derives 50% of its revenues or profits from the ownership, leasing, construction, financing or sale of U.S. real estate; or (ii) it has at least 50% of the value of its assets invested in U.S. real estate. The Fund plans to invest principally in equity real estate investment trusts (REITs). Equity REITs pool investors funds for investments primarily in real estate properties or real estate-related loans (such as mortgages). The Fund may also invest in real estate operating companies (REOCs), as well as securities of other companies principally engaged in the U.S. real estate industry. REOCs are similar to REITs, except that REOCs reinvest their earnings into the business, rather than distributing them to unitholders like REITs. The Fund structures and selects its investments primarily from a universe of securities that are included within the FTSE NAREIT Equity REITs Index, at the time of purchase. In constructing the portfolio Invesco analyzes quantitative and statistical metrics to identify attractively priced securities. The security and portfolio evaluation process is generally conducted monthly. Invesco will consider selling or reducing a security position if (i) the relative attractiveness of a security falls below desired levels; (ii) its quantitative risk/return profile changes significantly; or (iii) a more attractive investment opportunity is identified. Under normal market conditions, the Fund anticipates being fully invested. However, the Fund may take a temporary defensive position and hold a portion of its assets in cash or cash equivalents which may include unaffiliated money market funds if there are inadequate investment opportunities available due to adverse market, economic, political or other conditions, or atypical circumstances such as unusually large cash inflows or redemptions. Maintaining a larger proportion of the Fund's assets in cash rather than securities could negatively impact the Fund's investment results in a period of rising market prices; conversely, it could reduce the magnitude of the Fund's losses in the event of falling market prices and provide liquidity to make additional investments. FUND MANAGEMENT: Invesco Capital Management LLC serves as the investment adviser to the Fund.