Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in high yield fixed-income securities (commonly referred to as high yield securities or junk bonds with more speculative characteristics than investment grade securities) and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund considers high yield securities as those rated between B- and BB+ (or the equivalent) by a nationally recognized statistical rating organization (NRSRO) or, if unrated, deemed to be of comparable quality by Invesco Advisers, Inc. (the Sub-Adviser). By comparison, investment grade securities are: (i) securities rated … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in high yield fixed-income securities (commonly referred to as high yield securities or junk bonds with more speculative characteristics than investment grade securities) and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund considers high yield securities as those rated between B- and BB+ (or the equivalent) by a nationally recognized statistical rating organization (NRSRO) or, if unrated, deemed to be of comparable quality by Invesco Advisers, Inc. (the Sub-Adviser). By comparison, investment grade securities are: (i) securities rated at least BBB- (or the equivalent) by a NRSRO, or (ii) unrated securities determined by the Sub-Adviser to be of comparable quality. If two or more NRSROs have assigned different ratings to a security, the Sub-Adviser uses the highest rating assigned. Up to 10% of the Funds net assets may be securities rated below B- (or the equivalent) in the event that a security selected by the Fund experiences a rating downgrade. The fixed-income securities in which the Fund invests include corporate bonds and convertible securities, which are securities that generally pay interest and may be converted into common stock. The Fund may invest up to 20% of its net assets in senior secured floating rate loans made by banks, including non-U.S. borrowers or issuers. Secured floating rate loans (also known as bank loans) are made to or issued by companies (borrowers), which may include U.S. and non-U.S. companies, and bear interest at a floating rate that resets periodically based on a benchmark that reflects current interest rates. Secured floating rate loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts and refinancings. Floating rate loans are typically structured and administered by a financial institution that acts as agent for the lenders in the lending group. Floating rate loans will generally be purchased from banks or other financial institutions through assignments or participations. A direct interest in a floating rate loan may be acquired directly from the agent or another lender by assignment or an indirect interest may be acquired as a participation in another lenders portion of a floating rate loan. The Fund may invest in defaulted or distressed loans and loans to bankrupt companies. The Fund also may invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended (the Securities Act). The Fund also may purchase mortgage-backed securities (MBS) and asset-backed securities (ABS) such as collateralized mortgage obligations (CMOs), collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs). ABS are fractional interests in pools of loans, receivables or other assets and are collateralized by the receivables or other assets that make up the pool. A CLO is an ABS whose underlying collateral is a pool of loans. CDOs are structured similarly to CLOs, but are backed by pools of assets that are securities rather than only loans, typically including bonds, other structured finance securities and/or synthetic instruments. A CMO is a type of MBS that creates separate classes with varying maturities and interest rates, called tranches, and may be collateralized by whole mortgage loans or portfolios of mortgage pass-through securities. The Fund will attempt to maintain a dollar-weighted average portfolio duration equal to or less than three years. Because of events affecting the bond markets and interest rate changes, the duration of the portfolio might not meet that target at all times. The foregoing duration target is not guaranteed and the Sub-Adviser may deviate from such target in its discretion. Duration is a measure of volatility expressed in years and represents the anticipated percent change in a bonds price at a single point in time for a 1% change in yield. For example, the value of a bond with a duration of three years would be expected to decrease by 3% for every 1% increase in interest rates. As duration increases, volatility increases as applicable interest rates change. The Fund may invest in derivative instruments, including swap agreements, options, futures contracts and forward foreign currency contracts. The Fund will use such investments to manage or adjust its exposure to interest rates or credit risk and to manage the portfolios duration. The Fund also may invest up to 15% of its net assets in illiquid securities. In addition, the Fund may invest without limitation in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers, including foreign issuers located in emerging markets (defined as countries included in the J.P. Morgan EMBI Global Diversified Index), as well as sovereign debt of foreign countries. There is no limit on the amount that the Fund may invest in any country or geographic region. The Sub-Adviser selects securities for the Funds portfolio using a bottom-up evaluation process based on a fundamental analysis, a quantitative analysis, and a relative value assessment. The fundamental analysis considers the competitive landscape, risks to an issuers business model, as well as the overall competence of the management team. The quantitative analysis focuses on the quality of an issuers assets, its balance sheet, and the ability to generate free cash flow going forward. The relative value assessment compares pricing to comparable issuers and securities and assesses a securitys relative liquidity. The Sub-Adviser supplements its bottom-up fundamental analysis with an ongoing top-down analysis of sector and macro-economic trends, such as changes in interest rates. The portfolio managers attempt to control the Funds risk by limiting its investment in any one security to 5% of the Funds net assets, and by diversifying the portfolios holdings over a number of different industries. Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Funds macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Funds exposure to a particular security, issuer or industry, a change in an issuers credit quality, or general liquidity needs of the Fund. The credit research process utilized by the Fund to implement its investment strategy in pursuit of its investment objective considers factors that may include, but are not limited to, an issuer's operations, capital structure and environmental, social and governance (ESG) considerations (for example, an ESG consideration may be the risk that a governance structure poses to a bond holder). Credit quality analysis for certain issuers therefore may consider whether any ESG factors pose a material financial risk or opportunity to an issuer. The portfolio managers may determine that ESG considerations are not material to certain issuers or types of investments held by the Fund. In addition, not all issuers or investments in the Fund may undergo a credit quality analysis that considers ESG factors, and not all investments held by the Fund will rate strongly on ESG criteria. Show less