0001418144 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:C000281054Member 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member oef:RiskLoseMoneyMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:MarketRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:ManagementRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:EquityRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:MidCapitalizationCompaniesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:PreferredSecuritiesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:WarrantsRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:TrackingStockRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:ADRAndGDRRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:ForeignInvestmentRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:EmergingMarketsInvestmentRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member us-gaap:GeographicConcentrationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:TaiwanInvestmentRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:AsiaPacificInvestmentRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:IndustryFocusRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:SemiconductorsIndustryRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member oef:RiskNondiversifiedStatusMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:CurrencyRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:QualityInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:ValueInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:MomentumInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:IssuerSpecificChangesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:ValuationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:ValuationTimeRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:AuthorizedParticipantConcentrationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:MarketTradingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:OperationalRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109920Member ck0001418144:SharesMayTradeAtPricesDifferentThanNAVMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:C000281055Member 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member oef:RiskLoseMoneyMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:MarketRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:ManagementRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:EquityRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:MidCapitalizationCompaniesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:PreferredSecuritiesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:WarrantsRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:TrackingStockRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:ADRAndGDRRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:ForeignInvestmentRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member us-gaap:GeographicConcentrationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:EuropeanInvestmentRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:AsiaPacificInvestmentRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:IndustryFocusRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member oef:RiskNondiversifiedStatusMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:CurrencyRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:QualityInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:ValueInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:MomentumInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:IssuerSpecificChangesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:ValuationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:ValuationTimeRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:AuthorizedParticipantConcentrationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:MarketTradingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:OperationalRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109921Member ck0001418144:SharesMayTradeAtPricesDifferentThanNAVMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:C000281056Member 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member oef:RiskLoseMoneyMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:MarketRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:ManagementRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:EquityRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:PreferredSecuritiesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:WarrantsRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:TrackingStockRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:ADRAndGDRRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:IndustryFocusRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member oef:RiskNondiversifiedStatusMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:QualityInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:ValueInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:MomentumInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:IssuerSpecificChangesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:ValuationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:AuthorizedParticipantConcentrationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:MarketTradingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:OperationalRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109922Member ck0001418144:SharesMayTradeAtPricesDifferentThanNAVMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:C000281057Member 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member oef:RiskLoseMoneyMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:MarketRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:ManagementRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:EquityRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:SmallCapitalizationCompaniesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:PreferredSecuritiesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:WarrantsRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:TrackingStockRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:ADRAndGDRRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:IndustryFocusRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member oef:RiskNondiversifiedStatusMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:QualityInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:ValueInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:MomentumInvestingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:IssuerSpecificChangesRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:ValuationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:AuthorizedParticipantConcentrationRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:MarketTradingRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:OperationalRiskMember 2026-10-29 2026-10-29 0001418144 ck0001418144:S000109923Member ck0001418144:SharesMayTradeAtPricesDifferentThanNAVMember 2026-10-29 2026-10-29 pure iso4217:USD 2026-10-29 N-1A Invesco Actively Managed Exchange-Traded Fund Trust 2026-11-04 Summary Information Investment Objective <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Invesco Emerging Markets Enhanced ETF (the “Fund”) seeks to provide capital appreciation.</span></div> Fund Fees and Expenses <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="margin-top:0.0pt;"> <table cellpadding="0" style="empty-cells:show;width:270pt; border-spacing: 0px;"> <tr style="height:9.75pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">0.33</span></div> <div style="display:flex;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">%</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Other Expenses</span><span style="color:#000000;font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">None</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">0.33</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> </table> </div> <div style="line-height:9.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">1 </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” are based on estimated amounts for the current fiscal year.</span></div> 0.0033 0 0.0033 “Other Expenses” are based on estimated amounts for the current fiscal year. <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div><div style="line-height:11.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. This example does not include brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:</span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="empty-cells:show;width:270pt; border-spacing: 0px;"> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:10.0pt;text-align:left;"> <div style="margin-right:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:10.0pt;text-align:left;"> <div style="margin-left:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">3 Years</span></div> </div> </td> </tr> <tr style="height:9.5pt;"> <td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">$34</span></div> </div> </td> <td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">$106</span></div> </div> </td> </tr> </table> </div> 34 106 <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, may affect the Fund's performance. As of the date of this prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.</span></div> Portfolio Turnover. Principal Investment Strategies <div style="line-height:11.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of emerging market companies, and in derivatives and other instruments that have economic characteristics similar to such securities (the “80% investment policy”). For purposes of the 80% investment policy, the Fund considers emerging markets to be the countries represented in the MSCI Emerging Markets Index (the “Benchmark”), which as of the date of this Prospectus are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The equity securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in which the Fund will invest include common stocks, preferred stocks, warrants (received only as a result of corporate actions), tracking stocks (i.e., a special stock offering issued by a company which tracks the financial performance of a particular segment or division of that company), and depositary receipts. The Fund may invest in securities of companies of all capitalization sizes, but will generally invest in large- and mid-capitalization companies. The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or geographic region. At its launch, the Fund is expected to invest more than 25% of its net assets in securities of issuers in Taiwan and, collectively, </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">more than 25% of its net assets in securities of issuers in other countries in the Asia-Pacific region. However, the Fund's holdings and the extent to which the Fund invests in a particular country or region are expected to change over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">In identifying and selecting investment opportunities for the Fund, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio managers primarily rely on evaluations of a company’s fundamentals, scoring companies using a systematic and proprietary process. The portfolio managers review companies in the investment universe on a company-by-company basis, which includes a fundamental analysis of a company’s financial statements, management record, capital structure, operations, product development and competitive position in its industry, among other considerations. This proprietary evaluation process is designed to select companies that represent a mix of emerging market countries and industries approximating the country and industry exposure of the Benchmark; this may, at times, result in the Fund having substantial exposure to a particular country or industry. The Fund will not invest more than 25% of the value of its net assets in securities of issuers in any one industry or group of industries, except that if any industry or group of industries accounts for more than 20% of the Benchmark, then the Fund may invest up to 35% of its assets in that industry or group of industries. As of September 30, 2026, the Semiconductors &amp; Semiconductor Equipment industry accounted for approximately 26.6% of the Benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The portfolio managers next evaluate the companies selected for </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">inclusion in the portfolio in accordance with a proprietary multi-factor quantitative investment process, which reviews each such company for value, momentum and quality investment factors, as described below, to seek to “enhance” the Fund’s risk-adjusted returns as compared to the Benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Value: This investment factor aims to capture the potential outperformance of companies that are perceived to be “inexpensive” relative to sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Momentum: This investment factor aims to capture the potential continued outperformance of those companies whose historical share price performance, earnings growth or other indicators have exceeded sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Quality: This investment factor aims to capture the potential outperformance of companies that demonstrate a strong balance sheet and other indicators of sound financial management relative to sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The portfolio managers use this proprietary multi-factor investment </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">process to rank the companies selected for the portfolio according to their attractiveness with respect to each of the above-mentioned factors, and then look to give greater weightings to companies with the highest value, momentum and quality rankings and conversely, lower weightings for companies with lower rankings. The process uses an equal-risk contribution (“ERC”) weighting scheme, which assigns weights to each factor, so that each factor contributes a generally equal weight to the portfolio’s overall risk profile. Applying an ERC weighting scheme is different from an equal weighting scheme because ERC weighting seeks to ensure broad factor diversification at any point in time; it aims to diversify risk by reducing exposure to a single factor. Therefore, the resulting portfolio of selected companies does not reflect an equal weighting of the value, momentum, and quality factors, but rather reflects an adjusted weighting that, in the portfolio managers’ view, reflects equal contribution to the portfolio’s overall risk profile from each such factor.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Fund is actively managed and seeks to exceed the performance of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Benchmark. While the Fund will hold a number of the same constituents as the Benchmark, the Fund may also hold securities that are not constituents of the Benchmark. The number of securities held by the Fund will generally be significantly less than the number of constituents of the </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Benchmark. Therefore, it is expected that the composition of the Fund will vary significantly from that of the Benchmark.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Fund is “non-diversified” and therefore is not required to meet </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of emerging market companies, and in derivatives and other instruments that have economic characteristics similar to such securities (the “80% investment policy”). For purposes of the 80% investment policy, the Fund considers emerging markets to be the countries represented in the MSCI Emerging Markets Index (the “Benchmark”), which as of the date of this Prospectus are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The equity securities<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span>in which the Fund will invest include common stocks, preferred stocks, warrants (received only as a result of corporate actions), tracking stocks (i.e., a special stock offering issued by a company which tracks the financial performance of a particular segment or division of that company), and depositary receipts. <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">In identifying and selecting investment opportunities for the Fund, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio managers primarily rely on evaluations of a company’s fundamentals, scoring companies using a systematic and proprietary process. The portfolio managers review companies in the investment universe on a company-by-company basis, which includes a fundamental analysis of a company’s financial statements, management record, capital structure, operations, product development and competitive position in its industry, among other considerations. This proprietary evaluation process is designed to select companies that represent a mix of emerging market countries and industries approximating the country and industry exposure of the Benchmark; this may, at times, result in the Fund having substantial exposure to a particular country or industry. The Fund will not invest more than 25% of the value of its net assets in securities of issuers in any one industry or group of industries, except that if any industry or group of industries accounts for more than 20% of the Benchmark, then the Fund may invest up to 35% of its assets in that industry or group of industries. As of September 30, 2026, the Semiconductors &amp; Semiconductor Equipment industry accounted for approximately 26.6% of the Benchmark.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Shares will change in value, and you could lose money by investing </span>in the Fund. <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s net asset value (“NAV”). Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">During a general downturn in the financial markets, multiple asset </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Management Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio holdings, the portfolio managers apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Equity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investing in securities of mid-capitalization companies typically involves greater risk than is associated with investing in securities of larger, more established companies. Mid-capitalization companies’ securities may be more volatile and less liquid than those of larger, more established companies and may have returns that vary, sometimes significantly, from the overall securities market. Mid-capitalization companies may have less experienced management, more limited product and market diversification, and fewer </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">financial resources compared to larger capitalization companies. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Preferred Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">There are special risks associated with investing in preferred securities compared to those applicable generally to equity securities. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Warrants Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Warrants may be purchased directly or acquired as part of other securities. The price of a warrant does not necessarily move parallel to the price of the underlying security. Warrants may be significantly less valuable or worthless on their expiration date and may also be postponed or terminated early, resulting in a partial or total loss. Warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. Warrants are highly volatile and, therefore, more susceptible to sharp declines in value than the underlying security might be. The market for warrants may be very limited, and it may be difficult to sell them promptly at an acceptable price.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Tracking Stock Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Many of the risks of investing in common stock are applicable to tracking stock. Tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to “track” the performance of such business unit or division. Therefore, tracking stock may decline in value even if the common stock of the larger company increases in value. In addition, holders of tracking stock may not have the same rights as holders of the company’s common stock.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">ADR and GDR Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> American Depositary Receipts (“ADRs”) are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. Global Depositary Receipts (“GDRs”) are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investment in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns, unless the Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">From time to time, certain companies in which the Fund invests may </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Emerging Markets Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries or regions may therefore have a significant negative impact on the Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.</span></div> <div style="line-height:11.0pt;margin-left:15pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Taiwan Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in Taiwanese issuers may subject the Fund to legal, regulatory, political, currency and economic risks that are specific to Taiwan. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries. These tensions may materially affect the Taiwanese economy and its securities market. Taiwan’s economy is export-oriented, so it depends on an open world trade regime and remains vulnerable to fluctuations in the world </span></div><div style="line-height:11.0pt;margin-left:15pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">economy. The Taiwanese economy is dependent on the economies of Asia, mainly those of Japan and China, and the United States. Reduction in spending by any of these countries on Taiwanese products and services or negative changes in any of these economies may cause an adverse impact on the Taiwanese economy.</span></div> <div style="line-height:11.0pt;margin-left:15pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Asia</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">-Pacific Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The level of development of the economies of countries in the Asia-Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. Due to heavy reliance on international trade, a decrease in demand (due to recession or otherwise in the United States, Europe or Asia) would adversely affect economic performance in the region.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Industry Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> In pursuing its investment strategy, the Fund may invest to a significant degree in securities of issuers operating in a single industry or industry group. In so doing, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.</span></div> <div style="line-height:11.0pt;margin-left:15pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Semiconductors Industry Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund will be sensitive to, and its performance may depend to a greater extent on, the overall condition of the semiconductors industry. Competitive pressures, intense competition, aggressive pricing, technological developments, changing demand, research and development costs, fluctuations in the availability and price of components and product obsolescence can significantly affect companies operating in the semiconductors industry. Semiconductor companies depend significantly on third-party suppliers and the availability of raw materials and may be adversely affected by supply chain disruptions, which may further impact industries that rely on semiconductor equipment. Additionally, the potential imposition and lack of resolution of trade tariffs may hinder the ability of semiconductor companies to successfully deploy their inventories. Companies in this industry may also face increased risk from trade agreements between countries that develop semiconductor technologies and the countries in which customers of these technologies are based. Semiconductor companies are vulnerable to wide fluctuations in securities prices due to such global circumstances and may be negatively impacted as a result.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Non-Diversified Fund Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Currency Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Quality Investing Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The quality style of investing is subject to the risk that securities that have previously been identified with quality characteristics may not continue to be quality companies and that the returns of such securities may be less than returns on other styles of investing or the overall stock market.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value investing entails the risk that if the market does not recognize that a selected security is undervalued, the price of that security might not appreciate as anticipated. Value securities are subject to the risk that their valuations never improve or that the returns on value securities are lower than returns on other styles of investing or the overall stock market. Thus, the value of the Fund’s investments will vary and, at times, may be lower than that of other types of investments. Value investing has gone in and out of favor during past market cycles and when value investing is out of favor or when markets are unstable, value securities may underperform growth securities or the overall stock market.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Momentum Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than the returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Issuer-Specific Changes Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform worse than the market as a whole, causing the value of the Fund’s securities to decline.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Valuation Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The price the Fund could receive upon the sale of a portfolio investment may differ from the Fund’s valuation of the investment, particularly for investments that trade in thin or volatile markets or that are valued using a fair valuation methodology. Fixed income securities are often valued assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. When market quotations are not readily available or deemed non-representative of fair value for Fund investments, those investments are fair valued by the Adviser. There are multiple methods that can be used to fair value a portfolio investment and such methods may involve more subjectivity than the use of market quotations. The value established for an investment through fair valuation may be different from what would be produced if the investment had been valued using market quotations. In addition, there is no assurance that the Fund could sell a portfolio investment at any time for the value ascribed to it for purposes of calculating the Fund’s net asset value, and it is possible that the Fund could incur a loss because an investment is sold at a discount to its ascribed value. The ability to value investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Valuation Time Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Because foreign exchanges may be open on days when the Fund does not price its Shares, the value of the non-U.S. securities in the Fund’s portfolio may change on days when investors will not be able to purchase or sell the Fund’s Shares. As a result, trading spreads and the resulting premium or discount on the Fund’s Shares may widen, and, therefore, increase the difference between the market price of the Fund’s Shares and the NAV of such Shares.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs and such APs have no obligation to submit creation or </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Market Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, periods of high volatility, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Operational Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund, its investment adviser, Invesco Capital Management LLC (the “Adviser”), and its sub-advisers, Invesco Advisers, Inc. (“IAI”) and Invesco Management S.A. (“IMSA”) (each of IAI and IMSA is a “Sub-Adviser” and collectively, the “Sub-Advisers”) seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Shares May Trade at Prices Different than NAV.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares trade on a stock exchange at prices at, above or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span></div> Performance <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invesco.com/ETFs and will provide some indication of the risks of investing in the Fund.</span></div> As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. www.invesco.com/ETFs Summary Information Investment Objective <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Invesco International Developed Enhanced ETF (the “Fund”) seeks to provide capital appreciation.</span></div> Fund Fees and Expenses <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="margin-top:0.0pt;"> <table cellpadding="0" style="empty-cells:show;width:270pt; border-spacing: 0px;"> <tr style="height:9.75pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">0.23</span></div> <div style="display:flex;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">%</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Other Expenses</span><span style="color:#000000;font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">None</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">0.23</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> </table> </div> <div style="line-height:9.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">1 </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” are based on estimated amounts for the current fiscal year.</span></div> 0.0023 0 0.0023 “Other Expenses” are based on estimated amounts for the current fiscal year. <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div><div style="line-height:11.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. This example does not include brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:</span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="empty-cells:show;width:270pt; border-spacing: 0px;"> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:10.0pt;text-align:left;"> <div style="margin-right:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:10.0pt;text-align:left;"> <div style="margin-left:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">3 Years</span></div> </div> </td> </tr> <tr style="height:9.5pt;"> <td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">$24</span></div> </div> </td> <td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">$74</span></div> </div> </td> </tr> </table> </div> 24 74 <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, may affect the Fund's performance. As of the date of this prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.</span></div> Portfolio Turnover. Principal Investment Strategies <div style="line-height:11.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of developed market companies, and in derivatives and other instruments that have economic characteristics similar to such securities (the “80% investment policy”). For purposes of the 80% investment policy, the Fund considers developed markets to be the countries represented in the MSCI World Ex-USA Index (the “Benchmark”), which as of the date of this Prospectus are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The equity securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in which the Fund will invest include common stocks, preferred stocks, warrants (received only as a result of corporate actions), tracking stocks (i.e., a special stock offering issued by a company which tracks the financial performance of a particular segment or division of that company), and depositary receipts. Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries outside of the U.S. The Fund may invest in securities of companies of all capitalization sizes, but will generally invest in large- and mid-capitalization companies. The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or geographic region. At its </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">launch, the Fund is expected to invest more than 25% of its net assets in securities of issuers in Europe and more than 25% of its net assets in securities of issuers in the Asia-Pacific region. However, the Fund's holdings and the extent to which the Fund invests in a particular country or region are expected to change over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">In identifying and selecting investment opportunities for the Fund, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio managers primarily rely on evaluations of a company’s fundamentals, scoring companies using a systematic and proprietary process. The portfolio managers review companies in the investment universe on a company-by-company basis, which includes a fundamental analysis of a company’s financial statements, management record, capital structure, operations, product development and competitive position in its industry, among other considerations. This proprietary evaluation process is designed to select companies that represent a mix of developed market countries and industries approximating the country and industry exposure of the Benchmark; this may, at times, result in the Fund having substantial exposure to a particular country or industry. The Fund will not invest more than 25% of the value of its net assets in securities of issuers in any one industry or group of industries, except that if any industry or group of industries accounts for more than 20% of the Benchmark, then the Fund may invest up to 35% of its assets in that industry or group of industries.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The portfolio managers next evaluate the companies selected for </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">inclusion in the portfolio in accordance with a proprietary multi-factor quantitative investment process, which reviews each such company for value, momentum and quality investment factors, as described below, to seek to “enhance” the Fund’s risk-adjusted returns as compared to the Benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Value: This investment factor aims to capture the potential outperformance of companies that are perceived to be “inexpensive” relative to sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Momentum: This investment factor aims to capture the potential continued outperformance of those companies whose historical share price performance, earnings growth or other indicators have exceeded sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Quality: This investment factor aims to capture the potential outperformance of companies that demonstrate a strong balance sheet and other indicators of sound financial management relative to sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The portfolio managers use this proprietary multi-factor investment </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">process to rank the companies selected for the portfolio according to their attractiveness with respect to each of the above mentioned factors, and then look to give greater weightings to companies with the highest value, momentum and quality rankings and conversely, lower weightings for companies with lower rankings. The process uses an equal-risk contribution (“ERC”) weighting scheme, which assigns weights to each factor, so that each factor contributes a generally equal weight to the portfolio’s overall risk profile. Applying an ERC weighting scheme is different from an equal weighting scheme because ERC weighting seeks to ensure broad factor diversification at any point in time; it aims to diversify risk by reducing exposure to a single factor. Therefore, the resulting portfolio of selected companies does not reflect an equal weighting of the value, momentum, and quality factors, but rather reflects an adjusted weighting that, in the portfolio managers’ view, reflects equal contribution to the portfolio’s overall risk profile from each such factor.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Fund is actively managed and seeks to exceed the performance of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Benchmark. While the Fund will hold a number of the same constituents as the Benchmark, the Fund may also hold securities that are not constituents of the Benchmark. The number of securities held by the Fund will generally be significantly less than the number of constituents of the Benchmark. Therefore, it is expected that the composition of the Fund will vary significantly from that of the Benchmark.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Fund is “non-diversified” and therefore is not required to meet </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of developed market companies, and in derivatives and other instruments that have economic characteristics similar to such securities (the “80% investment policy”). For purposes of the 80% investment policy, the Fund considers developed markets to be the countries represented in the MSCI World Ex-USA Index (the “Benchmark”), which as of the date of this Prospectus are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The equity securities<span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span>in which the Fund will invest include common stocks, preferred stocks, warrants (received only as a result of corporate actions), tracking stocks (i.e., a special stock offering issued by a company which tracks the financial performance of a particular segment or division of that company), and depositary receipts. <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">In identifying and selecting investment opportunities for the Fund, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio managers primarily rely on evaluations of a company’s fundamentals, scoring companies using a systematic and proprietary process. The portfolio managers review companies in the investment universe on a company-by-company basis, which includes a fundamental analysis of a company’s financial statements, management record, capital structure, operations, product development and competitive position in its industry, among other considerations. This proprietary evaluation process is designed to select companies that represent a mix of developed market countries and industries approximating the country and industry exposure of the Benchmark; this may, at times, result in the Fund having substantial exposure to a particular country or industry. The Fund will not invest more than 25% of the value of its net assets in securities of issuers in any one industry or group of industries, except that if any industry or group of industries accounts for more than 20% of the Benchmark, then the Fund may invest up to 35% of its assets in that industry or group of industries.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The portfolio managers next evaluate the companies selected for </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">inclusion in the portfolio in accordance with a proprietary multi-factor quantitative investment process, which reviews each such company for value, momentum and quality investment factors, as described below, to seek to “enhance” the Fund’s risk-adjusted returns as compared to the Benchmark.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Shares will change in value, and you could lose money by investing </span>in the Fund. <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s net asset value (“NAV”). Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">During a general downturn in the financial markets, multiple asset </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Management Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio holdings, the portfolio managers apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Equity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investing in securities of mid-capitalization companies typically involves greater risk than is associated with investing in securities of larger, more established companies. Mid-capitalization companies’ securities may be more volatile and less liquid than those of larger, more established companies and may have returns that vary, sometimes significantly, from the overall securities market. Mid-capitalization companies may have less experienced management, more limited product and market diversification, and fewer financial resources compared to larger capitalization companies. Often </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Preferred Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">There are special risks associated with investing in preferred securities compared to those applicable generally to equity securities. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Warrants Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Warrants may be purchased directly or acquired as part of other securities. The price of a warrant does not necessarily move parallel to the price of the underlying security. Warrants may be significantly less valuable or worthless on their expiration date and may also be postponed or terminated early, resulting in a partial or total loss. Warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. Warrants are highly volatile and, therefore, more susceptible to sharp declines in value than the underlying security might be. The market for warrants may be very limited, and it may be difficult to sell them promptly at an acceptable price.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Tracking Stock Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Many of the risks of investing in common stock are applicable to tracking stock. Tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to “track” the performance of such business unit or division. Therefore, tracking stock may decline in value even if the common stock of the larger company increases in value. In addition, holders of tracking stock may not have the same rights as holders of the company’s common stock.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">ADR and GDR Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> American Depositary Receipts (“ADRs”) are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. Global Depositary Receipts (“GDRs”) are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Foreign Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investment in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns, unless the Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">From time to time, certain companies in which the Fund invests may </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries or regions may therefore have a significant negative impact on the Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.</span></div> <div style="line-height:11.0pt;margin-left:15pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">European Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Economic and Monetary Union (the “EMU”) of the European Union (the “EU”) requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member state on its sovereign debt, and recessions in an EU member state may have significant adverse effects on the economies of EU member states and the EU and Europe as a whole. Responses to financial problems by EU member states, European governments, central banks and others, may not produce the desired results, may limit future growth and economic recovery, may result in social unrest, or have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets, and asset valuations around the world. A number of countries in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the departure of the United Kingdom, referred to as “Brexit”, could place the departing member's currency and banking system under severe stress or even in jeopardy. An exit by other member states will likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s investments.</span></div> <div style="line-height:11.0pt;margin-left:15pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Asia-Pacific Investment Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The level of development of the economies of countries in the Asia-Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. Certain economies in the </span></div> <div style="line-height:11.0pt;margin-left:15pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. Due to heavy reliance on international trade, a decrease in demand (due to recession or otherwise in the United States, Europe or Asia) would adversely affect economic performance in the region.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Industry Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> In pursuing its investment strategy, the Fund may invest to a significant degree in securities of issuers operating in a single industry or industry group. In so doing, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Non-Diversified Fund Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Currency Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Quality Investing Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The quality style of investing is subject to the risk that securities that have previously been identified with quality characteristics may not continue to be quality companies and that the returns of such securities may be less than returns on other styles of investing or the overall stock market.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value investing entails the risk that if the market does not recognize that a selected security is undervalued, the price of that security might not appreciate as anticipated. Value securities are subject to the risk that their valuations never improve or that the returns on value securities are lower than returns on other styles of investing or the overall stock market. Thus, the value of the Fund’s investments will vary and, at times, may be lower than that of other types of investments. Value investing has gone in and out of favor during past market cycles and when value investing is out of favor or when markets are unstable, value securities may underperform growth securities or the overall stock market.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Momentum Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than the returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Issuer-Specific Changes Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform worse than the market as a whole, causing the value of the Fund’s securities to decline.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Valuation Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The price the Fund could receive upon the sale of a portfolio investment may differ from the Fund’s valuation of the investment, particularly for investments that trade in thin or volatile markets or that are valued using a fair valuation methodology. Fixed income securities are often valued assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. When market quotations are not readily available or deemed non-representative of fair value for Fund investments, those investments are fair valued by the Adviser. There are multiple methods that can be used to fair value a portfolio investment and such methods may involve more subjectivity than the use of market quotations. The value established for an investment through fair valuation may be different from what would be produced if the investment had been valued using market quotations. In addition, there is no assurance that the Fund could sell a portfolio investment at any time for the value ascribed to it for purposes of calculating the Fund’s net asset value, and it is possible that the Fund could incur a loss because an investment is sold at a discount to its ascribed value. The ability to value investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Valuation Time Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Because foreign exchanges may be open on days when the Fund does not price its Shares, the value of the non-U.S. securities in the Fund’s portfolio may change on days when investors will not be able to purchase or sell the Fund’s Shares. As a result, trading spreads and the resulting premium or discount on the Fund’s Shares may widen, and, therefore, increase the difference between the market price of the Fund’s Shares and the NAV of such Shares.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Market Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, periods of high volatility, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Operational Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund, its investment adviser, Invesco Capital Management LLC (the “Adviser”), and its sub-advisers, Invesco Advisers, Inc. (“IAI”) and Invesco Management S.A. (“IMSA”) (each of IAI and IMSA is a “Sub-Adviser” and collectively, the “Sub-Advisers”) seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Shares May Trade at Prices Different than NAV.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares trade on a stock exchange at prices at, above or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span></div> Performance <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invesco.com/ETFs and will provide some indication of the risks of investing in the Fund.</span></div> As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. www.invesco.com/ETFs Summary Information Investment Objective <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Invesco U.S. Large Cap Enhanced ETF (the “Fund”) seeks to provide capital appreciation.</span></div> Fund Fees and Expenses <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="margin-top:0.0pt;"> <table cellpadding="0" style="empty-cells:show;width:270pt; border-spacing: 0px;"> <tr style="height:9.75pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">0.15</span></div> <div style="display:flex;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">%</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Other Expenses</span><span style="color:#000000;font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">None</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">0.15</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> </table> </div> <div style="line-height:9.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">1 </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” are based on estimated amounts for the current fiscal year.</span></div> 0.0015 0 0.0015 “Other Expenses” are based on estimated amounts for the current fiscal year. <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div><div style="line-height:11.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. This example does not include brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:</span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="empty-cells:show;width:270pt; border-spacing: 0px;"> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:10.0pt;text-align:left;"> <div style="margin-right:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:10.0pt;text-align:left;"> <div style="margin-left:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">3 Years</span></div> </div> </td> </tr> <tr style="height:9.5pt;"> <td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">$15</span></div> </div> </td> <td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">$48</span></div> </div> </td> </tr> </table> </div> 15 48 <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, may affect the Fund's performance. As of the date of this prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.</span></div> Portfolio Turnover. Principal Investment Strategies <div style="line-height:11.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. large-capitalization companies, and in derivatives and other instruments that have economic characteristics similar to such securities (the “80% investment policy”). For purposes of the 80% investment policy, the Fund considers a company to be a U.S. company if (i) its principal securities trading market (i.e., a stock exchange</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or over-the-counter markets) is in the U.S.; (ii) it (alone or through its consolidated subsidiaries) derives 50% or more of its annual revenue from either goods produced, sales made or services performed in the U.S.; (iii) it is organized under the laws of, or has a principal office in, the U.S.; or (iv) its “country of risk” is the U.S. as determined by a third party financial data provider. In addition, for purposes of the 80% investment policy, the Fund considers a large-capitalization company to be one that has a market capitalization within the range of market capitalizations included in the Russell 1000 Index, an index representing the large-capitalization segment of the U.S. equity market (the “Benchmark”), during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. The Fund may invest up to 20% of its net assets in companies in other market capitalization ranges. A company’s “market capitalization” is the value of its outstanding stock. The equity securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in which the Fund </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">will invest include common stocks, preferred stocks, warrants (received only as a result of corporate actions), tracking stocks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(i.e.,</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">a special stock offering issued by a company which tracks the financial performance of a particular segment or division of that company), and depositary receipts.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">In identifying and selecting investment opportunities for the Fund, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio managers primarily rely on evaluations of a company’s fundamentals, scoring companies using a systematic and proprietary process. The portfolio managers review companies in the investment universe on a company-by-company basis, which includes a fundamental analysis of a company’s financial statements, management record, capital structure, operations, product development and competitive position in its industry, among other considerations. This proprietary evaluation process is designed to select companies that represent a mix of industries approximating the industry exposure of the Benchmark; this may, at times, result in the Fund having substantial exposure to a particular industry. The Fund will not invest more than 25% of the value of its net assets in securities of issuers in any one industry or group of industries, except that if any industry or group of industries accounts for more than 20% of the Benchmark, then the Fund may invest up to 35% of its assets in that industry or group of industries.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The portfolio managers next evaluate the companies selected for </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">inclusion in the portfolio in accordance with a proprietary multi-factor quantitative investment process, which reviews each such company for value, momentum and quality investment factors, as described below, to seek to “enhance” the Fund’s risk-adjusted returns as compared to the Benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Value: This investment factor aims to capture the potential outperformance of companies that are perceived to be “inexpensive” relative to sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Momentum: This investment factor aims to capture the potential continued outperformance of those companies whose historical share price performance, earnings growth or other indicators have exceeded sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Quality: This investment factor aims to capture the potential outperformance of companies that demonstrate a strong balance sheet and other indicators of sound financial management relative to sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The portfolio managers use this proprietary multi-factor investment </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">process to rank the companies selected for the portfolio according to their attractiveness with respect to each of the above-mentioned factors and then look to give greater weightings to companies with the highest value, momentum and quality rankings and conversely, lower weightings for companies with lower rankings. The process uses an equal-risk contribution (“ERC”) weighting scheme, which assigns weights to each factor, so that each factor contributes a generally equal weight to the portfolio’s overall risk profile. Applying an ERC weighting scheme is different from an equal weighting scheme because ERC weighting seeks to ensure broad factor diversification at any point in time; it aims to diversify risk by reducing exposure to a single factor. Therefore, the resulting portfolio of selected companies does not reflect an equal weighting of the value, momentum, and quality factors, but rather reflects an adjusted weighting that, in the portfolio managers’ view, reflects equal contribution to the portfolio’s overall risk profile from each such factor.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Fund is actively managed and seeks to exceed the performance of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Benchmark. While the Fund will hold a number of the same constituents as the Benchmark, the Fund may also hold securities that are not constituents of the Benchmark. The number of securities held by the Fund will generally be significantly less than the number of constituents of the Benchmark. Therefore, it is expected that the composition of the Fund will vary significantly from that of the Benchmark.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Fund is “non-diversified” and therefore is not required to meet </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. large-capitalization companies, and in derivatives and other instruments that have economic characteristics similar to such securities (the “80% investment policy”). <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">In identifying and selecting investment opportunities for the Fund, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio managers primarily rely on evaluations of a company’s fundamentals, scoring companies using a systematic and proprietary process. The portfolio managers review companies in the investment universe on a company-by-company basis, which includes a fundamental analysis of a company’s financial statements, management record, capital structure, operations, product development and competitive position in its industry, among other considerations. This proprietary evaluation process is designed to select companies that represent a mix of industries approximating the industry exposure of the Benchmark; this may, at times, result in the Fund having substantial exposure to a particular industry. The Fund will not invest more than 25% of the value of its net assets in securities of issuers in any one industry or group of industries, except that if any industry or group of industries accounts for more than 20% of the Benchmark, then the Fund may invest up to 35% of its assets in that industry or group of industries.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Shares will change in value, and you could lose money by investing </span>in the Fund. <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s net asset value (“NAV”). Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">During a general downturn in the financial markets, multiple asset </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Management Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio holdings, the portfolio managers apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Equity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Preferred Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">There are special risks associated with investing in preferred securities compared to those applicable generally to equity securities. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Warrants Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Warrants may be purchased directly or acquired as part of other securities. The price of a warrant does not necessarily move parallel to the price of the underlying security. Warrants may be significantly less valuable or worthless on their expiration date and may also be postponed or terminated early, resulting in a partial or total loss. Warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. Warrants are highly volatile and, therefore, more susceptible to sharp declines in value than the underlying security might be. The market for warrants may be very limited, and it may be difficult to sell them promptly at an acceptable price.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Tracking Stock Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Many of the risks of investing in common stock are applicable to tracking stock. Tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to “track” the performance of such business unit or division. Therefore, tracking stock may decline in value even if the common stock of the larger company increases in value. In addition, holders of tracking stock may not have the same rights as holders of the company’s common stock.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">ADR and GDR Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> American Depositary Receipts (“ADRs”) are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. Global Depositary Receipts (“GDRs”) are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Industry Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> In pursuing its investment strategy, the Fund may invest to a significant degree in securities of issuers operating in a single industry or industry group. In so doing, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Non-Diversified Fund Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Quality Investing Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The quality style of investing is subject to the risk that securities that have previously been identified with quality characteristics may not continue to be quality companies and that the returns of such securities may be less than returns on other styles of investing or the overall stock market.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value investing entails the risk that if the market does not recognize that a selected security is undervalued, the price of that security might not appreciate as anticipated. Value securities are subject to the risk that their valuations never improve or that the returns on value securities are lower than returns on other styles of investing or the overall stock market. Thus, the value of the Fund’s investments will vary </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and, at times, may be lower than that of other types of investments. Value investing has gone in and out of favor during past market cycles and when value investing is out of favor or when markets are unstable, value securities may underperform growth securities or the overall stock market.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Momentum Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than the returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Issuer-Specific Changes Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform worse than the market as a whole, causing the value of the Fund’s securities to decline.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Valuation Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The price the Fund could receive upon the sale of a portfolio investment may differ from the Fund’s valuation of the investment, particularly for investments that trade in thin or volatile markets or that are valued using a fair valuation methodology. Fixed income securities are often valued assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. When market quotations are not readily available or deemed non-representative of fair value for Fund investments, those investments are fair valued by the Adviser. There are multiple methods that can be used to fair value a portfolio investment and such methods may involve more subjectivity than the use of market quotations. The value established for an investment through fair valuation may be different from what would be produced if the investment had been valued using market quotations. In addition, there is no assurance that the Fund could sell a portfolio investment at any time for the value ascribed to it for purposes of calculating the Fund’s net asset value, and it is possible that the Fund could incur a loss because an investment is sold at a discount to its ascribed value. The ability to value investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Market Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, periods of high volatility, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Operational Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund, its investment adviser, Invesco Capital Management LLC (the “Adviser”), and its sub-advisers, Invesco Advisers, Inc. (“IAI”) and Invesco Management S.A. (“IMSA”) (each of IAI and IMSA is a “Sub-Adviser” and collectively, the “Sub-Advisers”) seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Shares May Trade at Prices Different than NAV.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares trade on a stock exchange at prices at, above or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span></div> Performance <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invesco.com/ETFs and will provide some indication of the risks of investing in the Fund.</span></div> As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. www.invesco.com/ETFs Summary Information Investment Objective <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Invesco U.S. Small Cap Enhanced ETF (the “Fund”) seeks to provide capital appreciation.</span></div> Fund Fees and Expenses <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="margin-top:0.0pt;"> <table cellpadding="0" style="empty-cells:show;width:270pt; border-spacing: 0px;"> <tr style="height:9.75pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Management Fees</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">0.26</span></div> <div style="display:flex;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:auto;">%</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Other Expenses</span><span style="color:#000000;font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">1</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">None</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;vertical-align:Bottom;width:253.34pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:2pt;text-align:Left;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;margin-left:0.0pt;">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style="background-color:#FFFFFF;vertical-align:Bottom;white-space:nowrap;width:16.66pt;"> <div style="line-height:9pt;margin-left:2pt;text-align:right;width:14.66pt;"> <div style="display:flex;margin:auto;width:16.66pt;"> <div style="display:flex;white-space:nowrap;width:16.66pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;width:16.66pt;">0.26</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt;"> <td colspan="2" style="background-color:azure;vertical-align:Bottom;width:270.00pt;"> <div style="line-height:3.5pt;text-align:left;"> </div> </td> </tr> </table> </div> <div style="line-height:9.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">1 </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” are based on estimated amounts for the current fiscal year.</span></div> 0.0026 0 0.0026 “Other Expenses” are based on estimated amounts for the current fiscal year. <div style="margin-top:6pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div><div style="line-height:11.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. This example does not include brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:</span></div> Example. <div style="margin-top:0.0pt;"> <table cellpadding="0" style="empty-cells:show;width:270pt; border-spacing: 0px;"> <tr style="height:8.5pt;"> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:10.0pt;text-align:left;"> <div style="margin-right:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">1 Year</span></div> </div> </td> <td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:10.0pt;text-align:left;"> <div style="margin-left:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">3 Years</span></div> </div> </td> </tr> <tr style="height:9.5pt;"> <td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-right:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">$27</span></div> </div> </td> <td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.5pt;vertical-align:Bottom;width:135pt;"> <div style="line-height:9pt;text-align:left;"> <div style="margin-left:5pt;text-align:Center;white-space:nowrap;"><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">$84</span></div> </div> </td> </tr> </table> </div> 27 84 <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the example, may affect the Fund's performance. As of the date of this prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.</span></div> Portfolio Turnover. Principal Investment Strategies <div style="line-height:11.0pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. small-capitalization companies, and in derivatives and other instruments that have economic characteristics similar to such securities (the “80% investment policy”). For purposes of the 80% investment policy, the Fund considers a company to be a U.S. company if (i) its principal securities trading market (i.e., a stock exchange</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or over-the-counter markets) is in the U.S.; (ii) it (alone or through its consolidated subsidiaries) derives 50% or more of its annual revenue from either goods produced, sales made or services performed in the U.S.; (iii) it is organized under the laws of, or has a principal office in, the U.S.; or (iv) its “country of risk” is the U.S. as determined by a third party financial data provider. In addition, for purposes of the 80% investment policy, the Fund considers a small-capitalization company to be one that has a market capitalization within the range of market capitalizations included in the Russell 2000 Index, an index representing the small-capitalization segment of the U.S. equity market (the “Benchmark”), during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. The Fund may invest up to 20% of its net assets in companies in other market capitalization ranges. A company’s “market capitalization” is the value of its outstanding stock. The equity securities</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in which the Fund </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">will invest include common stocks, preferred stocks, warrants (received only as a result of corporate actions), tracking stocks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(i.e.,</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">a special stock offering issued by a company which tracks the financial performance of a particular segment or division of that company), and depositary receipts.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">In identifying and selecting investment opportunities for the Fund, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio managers primarily rely on evaluations of a company’s fundamentals, scoring companies using a systematic and proprietary process. The portfolio managers review companies in the investment universe on a company-by-company basis, which includes a fundamental analysis of a company’s financial statements, management record, capital structure, operations, product development and competitive position in its industry, among other considerations. This proprietary evaluation process is designed to select companies that represent a mix of industries approximating the industry exposure of the Benchmark; this may, at times, result in the Fund having substantial exposure to a particular industry. The Fund will not invest more than 25% of the value of its net assets in securities of issuers in any one industry or group of industries, except that if any industry or group of industries accounts for more than 20% of the Benchmark, then the Fund may invest up to 35% of its assets in that industry or group of industries.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The portfolio managers next evaluate the companies selected for </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">inclusion in the portfolio in accordance with a proprietary multi-factor quantitative investment process, which reviews each such company for value, momentum and quality investment factors, as described below, to seek to “enhance” the Fund’s risk-adjusted returns as compared to the Benchmark.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Value: This investment factor aims to capture the potential outperformance of companies that are perceived to be “inexpensive” relative to sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Momentum: This investment factor aims to capture the potential continued outperformance of those companies whose historical share price performance, earnings growth or other indicators have exceeded sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div><div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:11.0pt;margin-left:15pt;text-align:left;width:7.95pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">■ </span></div> <div style="float:left;line-height:11.0pt;margin-left:0.05pt;text-align:left;width:242.00pt;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Quality: This investment factor aims to capture the potential outperformance of companies that demonstrate a strong balance sheet and other indicators of sound financial management relative to sector or market averages.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div></div> <div style="clear:both;position:relative;"> </div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The portfolio managers use this proprietary multi-factor investment </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">process to rank the companies selected for the portfolio according to their attractiveness with respect to each of the above-mentioned factors, and then look to give greater weightings to companies with the highest value, momentum and quality rankings and conversely, lower weightings for companies with lower rankings. The process uses an equal-risk contribution (“ERC”) weighting scheme, which assigns weights to each factor, so that each factor contributes a generally equal weight to the portfolio’s overall risk profile. Applying an ERC weighting scheme is different from an equal weighting scheme because ERC weighting seeks to ensure broad factor diversification at any point in time; it aims to diversify risk by reducing exposure to a single factor. Therefore, the resulting portfolio of selected companies does not reflect an equal weighting of the value, momentum, and quality factors, but rather reflects an adjusted weighting that, in the portfolio managers’ view, reflects equal contribution to the portfolio’s overall risk profile from each such factor.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Fund is actively managed and seeks to exceed the performance of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Benchmark. While the Fund will hold a number of the same constituents as the Benchmark, the Fund may also hold securities that are not constituents of the Benchmark. The number of securities held by the Fund will generally be significantly less than the number of constituents of the Benchmark. Therefore, it is expected that the composition of the Fund will vary significantly from that of the Benchmark.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Fund is “non-diversified” and therefore is not required to meet </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. small-capitalization companies, and in derivatives and other instruments that have economic characteristics similar to such securities (the “80% investment policy”). <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">In identifying and selecting investment opportunities for the Fund, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio managers primarily rely on evaluations of a company’s fundamentals, scoring companies using a systematic and proprietary process. The portfolio managers review companies in the investment universe on a company-by-company basis, which includes a fundamental analysis of a company’s financial statements, management record, capital structure, operations, product development and competitive position in its industry, among other considerations. This proprietary evaluation process is designed to select companies that represent a mix of industries approximating the industry exposure of the Benchmark; this may, at times, result in the Fund having substantial exposure to a particular industry. The Fund will not invest more than 25% of the value of its net assets in securities of issuers in any one industry or group of industries, except that if any industry or group of industries accounts for more than 20% of the Benchmark, then the Fund may invest up to 35% of its assets in that industry or group of industries.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">The Shares will change in value, and you could lose money by investing </span>in the Fund. <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s net asset value (“NAV”). Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:15pt;">During a general downturn in the financial markets, multiple asset </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Management Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio holdings, the portfolio managers apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Equity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company's common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Small-Capitalization Companies Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile than those of more established companies. Stocks of small-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, may have more limited product lines and markets, may have less experienced management, may depend on a small number of essential personnel and may have fewer financial resources than larger companies. Securities of small-capitalization companies may be more thinly traded (that is, less liquid) than those of more established companies, making it difficult to buy and sell them at an acceptable price and a desirable time. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-capitalization </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies and the industries in which they focus are still evolving, and, as a result, they may be more sensitive to changing market conditions.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Preferred Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">There are special risks associated with investing in preferred securities compared to those applicable generally to equity securities. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If the Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Warrants Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Warrants may be purchased directly or acquired as part of other securities. The price of a warrant does not necessarily move parallel to the price of the underlying security. Warrants may be significantly less valuable or worthless on their expiration date and may also be postponed or terminated early, resulting in a partial or total loss. Warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer. Warrants are highly volatile and, therefore, more susceptible to sharp declines in value than the underlying security might be. The market for warrants may be very limited, and it may be difficult to sell them promptly at an acceptable price.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Tracking Stock Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Many of the risks of investing in common stock are applicable to tracking stock. Tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company and which is designed to “track” the performance of such business unit or division. Therefore, tracking stock may decline in value even if the common stock of the larger company increases in value. In addition, holders of tracking stock may not have the same rights as holders of the company’s common stock.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">ADR and GDR Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> American Depositary Receipts (“ADRs”) are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. Global Depositary Receipts (“GDRs”) are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Industry Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> In pursuing its investment strategy, the Fund may invest to a significant degree in securities of issuers operating in a single industry or industry group. In so doing, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Non-Diversified Fund Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">relatively small number of issuers to have a greater impact on the Fund's performance.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Quality Investing Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The quality style of investing is subject to the risk that securities that have previously been identified with quality characteristics may not continue to be quality companies and that the returns of such securities may be less than returns on other styles of investing or the overall stock market.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Value Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value investing entails the risk that if the market does not recognize that a selected security is undervalued, the price of that security might not appreciate as anticipated. Value securities are subject to the risk that their valuations never improve or that the returns on value securities are lower than returns on other styles of investing or the overall stock market. Thus, the value of the Fund’s investments will vary and, at times, may be lower than that of other types of investments. Value investing has gone in and out of favor during past market cycles and when value investing is out of favor or when markets are unstable, value securities may underperform growth securities or the overall stock market.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Momentum Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than the returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Issuer-Specific Changes Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform worse than the market as a whole, causing the value of the Fund’s securities to decline.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Valuation Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The price the Fund could receive upon the sale of a portfolio investment may differ from the Fund’s valuation of the investment, particularly for investments that trade in thin or volatile markets or that are valued using a fair valuation methodology. Fixed income securities are often valued assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. When market quotations are not readily available or deemed non-representative of fair value for Fund investments, those investments are fair valued by the Adviser. There are multiple methods that can be used to fair value a portfolio investment and such methods may involve more subjectivity than the use of market quotations. The value established for an investment through fair valuation may be different from what would be produced if the investment had been valued using market quotations. In addition, there is no assurance that the Fund could sell a portfolio investment at any time for the value ascribed to it for purposes of calculating the Fund’s net asset value, and it is possible that the Fund could incur a loss because an investment is sold at a discount to its ascribed value. The ability to value investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Market Trading Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, periods of high volatility, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Operational Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund, its investment adviser, Invesco Capital Management LLC (the “Adviser”), and its sub-advisers, Invesco Advisers, Inc. (“IAI”) and Invesco Management S.A. (“IMSA”) (each of IAI and IMSA is a “Sub-Adviser” and collectively, the “Sub-Advisers”) seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;margin-left:15pt;">Shares May Trade at Prices Different than NAV.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:11pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares trade on a stock exchange at prices at, above or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span></div> Performance <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invesco.com/ETFs and will provide some indication of the risks of investing in the Fund.</span></div> As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. www.invesco.com/ETFs 485BPOS 0001418144 false For purposes of the 80% investment policy, the Fund considers a company to be a U.S. company if (i) its principal securities trading market (i.e., a stock exchange or over-the-counter markets) is in the U.S.; (ii) it (alone or through its consolidated subsidiaries) derives 50% or more of its annual revenue from either goods produced, sales made or services performed in the U.S.; (iii) it is organized under the laws of, or has a principal office in, the U.S.; or (iv) its &amp;amp;#8220;country of risk&amp;amp;#8221; is the U.S. as determined by a third party financial data provider. In addition, for purposes of the 80% investment policy, the Fund considers a large-capitalization company to be one that has a market capitalization within the range of market capitalizations included in the Russell 1000 Index, an index representing the large-capitalization segment of the U.S. equity market (the &amp;amp;#8220;Benchmark&amp;amp;#8221;), during the most recent 11-month period (based on month-end data) plus the most recent data during the current month.The equity securities in which the Fund will invest include common stocks, preferred stocks, warrants (received only as a result of corporate actions), tracking stocks (i.e., a special stock offering issued by a company which tracks the financial performance of a particular segment or division of that company), and depositary receipts. For purposes of the 80% investment policy, the Fund considers a company to be a U.S. company if (i) its principal securities trading market (i.e., a stock exchange or over-the-counter markets) is in the U.S.; (ii) it (alone or through its consolidated subsidiaries) derives 50% or more of its annual revenue from either goods produced, sales made or services performed in the U.S.; (iii) it is organized under the laws of, or has a principal office in, the U.S.; or (iv) its &amp;amp;#8220;country of risk&amp;amp;#8221; is the U.S. as determined by a third party financial data provider. In addition, for purposes of the 80% investment policy, the Fund considers a small-capitalization company to be one that has a market capitalization within the range of market capitalizations included in the Russell 2000 Index, an index representing the small-capitalization segment of the U.S. equity market (the &amp;amp;#8220;Benchmark&amp;amp;#8221;), during the most recent 11-month period (based on month-end data) plus the most recent data during the current month.The equity securities in which the Fund will invest include common stocks, preferred stocks, warrants (received only as a result of corporate actions), tracking stocks (i.e., a special stock offering issued by a company which tracks the financial performance of a particular segment or division of that company), and depositary receipts. “Other Expenses” are based on estimated amounts for the current fiscal year. “Other Expenses” are based on estimated amounts for the current fiscal year. “Other Expenses” are based on estimated amounts for the current fiscal year. “Other Expenses” are based on estimated amounts for the current fiscal year.