Fund Description: Invesco Dynamic Oil & Gas Services ETF, formerly The PowerShares Dynamic Oil & Gas Services Portfolio is an exchange-traded index fund or index ETF which is a separate portfolio of the Invesco Exchange-Traded Fund Trust, formerly PowerShares Exchange-Traded Fund Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Invesco Dynamic Oil & Gas Services ETF seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the Dynamic Oil Services Intellidex Index (AMEX ticker symbols: Index: DWO, Intraday NAV: HKM). The Oil Services Intellidex is comprised of stocks of 30 U.S. companies that assist in the production, processing and distribution of oil and gas. The Oil Services Intellidex may include companies that are engaged in the drilling of oil and gas wells; manufacturing oil and gas field machinery and equipment; or providing services to the oil and gas industry, such as well analysis, platform and pipeline engineering and construction, logistics and transportation services, oil and gas well emergency management and geophysical data acquisition and processing. Stocks are selected principally on the basis of their capital appreciation potential as identified by the AMEX pursuant to a proprietary Intellidex methodology. The Fund will normally invest at least 80% of its total assets in common stocks of companies that assist in the production, processing and distribution of oil and gas. In pursuit of its objective, the Fund will normally invest at least 90% of its total assets in common stocks that comprise the Oil Services Intellidex. The 80% investment policy noted above is non-fundamental and requires 60 days' prior written notice to shareholders before it can be changed. The Fund, using an "indexing" investment approach, attempts to replicate, before expenses, the performance of the Oil Services Intellidex. The Adviser seeks a correlation of 0.95 or better between the Fund's performance and the performance of the Oil Services Intellidex; a figure of 1.00 would represent perfect correlation. The Fund generally will invest in all of the stocks comprising the Oil Services Intellidex in proportion to their weightings in the Oil Services Intellidex. However, under various circumstances, it may not be possible or practicable to purchase all of those stocks in those weightings. In those circumstances, the Fund may purchase a sample of stocks in the Oil Services Intellidex. There may also be instances in which the Adviser may choose to overweight another stock in the Oil Services Intellidex, purchase securities not in the Oil Services Intellidex which the Adviser believes are appropriate to substitute for certain securities in the Oil Services Intellidex or utilize various combinations of other available investment techniques, in seeking to track accurately the Oil Services Intellidex. FUND MANAGEMENT: Invesco Capital Management LLC serves as the investment adviser to the Fund.