Fund Description: Invesco VRDO Tax-Free Weekly ETF, formerly PowerShares VRDO Tax-Free Weekly Portfolio 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: Invesco VRDO Tax-Free Weekly ETF seeks investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of the Bloomberg US Municipal AMT-Free Weekly VRDO Index. INDEX DESCRIPTION: Bloomberg US Municipal AMT-Free Weekly VRDO Index is designed to track the performance of a pool of short-term, tax-exempt Variable Rate Demand Obligations (VRDOs) issued by municipalities in the U.S. and includes approximately 565 securities. The Index is adjusted quarterly. FUND STRATEGY: The Fund will normally invest at least 80% of its total assets in variable rate demand obligation bonds that are exempt from federal income tax with interest rates that are reset weekly. The Fund will normally invest at least 80% of its assets in the securities that comprise the Index and generally expects to so invest at least 90% of its assets. The Fund, however, reserves the right to invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds, as well as in VRDO securities not included in the Index. The Fund, using an indexing investment approach, attempts to replicate the performance of the Index. A sampling methodology is used in seeking to achieve the Fund's investment objective. Sampling involves the use of quantitative analysis to select securities from the Index to obtain a representative sample of municipal securities that have in the aggregate investment characteristics similar to the Index based on such factors as duration, maturity, credit quality, yield and coupon. Generally it is expected that the Fund will hold less than the total number of securities in the Index but reserves the right to hold as many securities as it believes necessary to achieve the Fund's investment objective. FUND MANAGEMENT: Invesco Capital Management LLC serves as the investment adviser to the Fund.