Fund Description: Invesco Variable Rate Investment Grade ETF, formerly PowerShares Variable Rate Investment Grade 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 Variable Rate Investment Grade ETF seeks to generate current income while maintaining low portfolio duration as a primary objective and capital appreciation as a secondary objective. The Fund is an actively managed ETF and does not seek to replicate the performance of a specified Index. Instead, it uses an active investment strategy to seek to meet its investment objective. The Sub-Advisor, subject to the oversight of the Advisor and the Board, has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of investment-grade, variable rate or floating rate debt securities that are denominated in U.S. dollars and are issued by U.S. private sector entities or U.S. government agencies and instrumentalities. The Sub-Adviser selects the following types of securities for the Fund: (i) floating rate non-agency commercial mortgage-backed securities (MBS); variable rate non-agency residential MBS; variable rate agency MBS and floating rate non-agency asset-backed securities (ABS) (including floating rate non-agency commercial real estate collateralized loan obligations (CLOs)); (ii) floating rate corporate debt securities; (iii) floating rate government sponsored enterprise (GSE) credit risk transfers; (iv) floating rate U.S. Government securities (including floating rate agency debt securities); (v) variable rate preferred stock; and (vi) ETFs that invest primarily in any or all of the foregoing securities (collectively, Variable Rate Instruments). At least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in Variable Rate Instruments that are, at the time of purchase, investment grade (or in ETFs that invest primarily in any or all of the foregoing securities). The Sub-Adviser expects that the Fund’s portfolio will have an average duration of one year or less. In addition, the Fund may invest up to 20% of its net assets in Variable Rate Instruments that are rated below investment grade, and in fixed-rate instruments that are rated either investment grade or below. FUND MANAGEMENT: Invesco Capital Management LLC serves as the investment adviser to the Fund.