Strategy. The Fund is an actively managed exchange-traded fund (ETF) that operates pursuant to an exemptive order from the SEC (the Order) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a Business Day). Instead, the Fund publishes each Business Day on its website a Substitute Basket, which is designed to closely track the daily performance of the Fund but is not the Funds actual portfolio. The Substitute Basket often will include a significant percentage of the securities held in the Funds portfolio, but it will exclude (or modify the weightings of) certain securities held in the Funds portfolio, such as those securities that the Funds portfolio managers are actively looking to … Show more… The Fund is an actively managed exchange-traded fund (ETF) that operates pursuant to an exemptive order from the SEC (the Order) and is not required to publicly disclose its complete portfolio holdings each day that the Fund is open (a Business Day). Instead, the Fund publishes each Business Day on its website a Substitute Basket, which is designed to closely track the daily performance of the Fund but is not the Funds actual portfolio. The Substitute Basket often will include a significant percentage of the securities held in the Funds portfolio, but it will exclude (or modify the weightings of) certain securities held in the Funds portfolio, such as those securities that the Funds portfolio managers are actively looking to purchase or sell, or securities which, if disclosed, could increase the risk of front-running or free-riding. The Substitute Basket may also include cash. In addition, the Fund also publishes each Business Day on its website the Basket Overlap, which is the percentage weight overlap between the holdings of the prior Business Days Substitute Basket compared to the holdings of the Fund that formed the basis for the Funds calculation of net asset value per share (NAV) at the end of the prior Business Day. The Basket Overlap is designed to provide investors with an understanding of how similar the Substitute Basket is to the Funds actual portfolio in percentage terms. At the close of trading on each Business Day, the Fund will also calculate the standard deviation over the past three months of the daily proxy spread (i.e., the difference, in percentage terms, between the Substitute Basket per share NAV and that of the Fund at the end of the trading day) (the Tracking Error) and will publish such information before the opening of trading on each Business Day. The Fund seeks to achieve its investment objective by investing primarily in exchange-traded common stocks of U.S. companies that Invesco Advisers, Inc. (the Sub-Adviser) expects to have above average growth rates. The Fund seeks to invest in newer companies or in more established companies that are in the early growth phase of their business cycle, which is typically marked by above average growth rates. The Fund may invest in securities of issuers of all capitalization sizes; however, it will primarily hold securities of mid-capitalization issuers. The Fund defines mid-capitalization issuers as those issuers that are within the range of market capitalizations of the Russell Midcap Growth Index. This range is subject to change at any time due to market activity or changes in the composition of that index. The Fund measures a companys capitalization at the time the Fund buys a security and is not required to sell a security if the issuers capitalization moves outside of the Funds definition of mid-capitalization issuers. The Fund may invest up to 25% of its net assets in common stock of foreign issuers, including up to 10% of its net assets in emerging market countries, i.e., those that are in the early stages of their industrial cycles. The Fund may make such investment in common stock of foreign issuers by either: (i) investing directly in common stock listed on a foreign exchange that trades on such exchange contemporaneously with the Shares (currently limited to Canada and Mexico); or (ii) investing in exchange-traded American depositary receipts (ADRs) representing common stock trading on any foreign exchange that trades contemporaneously with the Shares. In selecting investments for the Fund, the Sub-Adviser looks for companies with high growth potential using a bottom-up stock selection process. The bottom-up approach focuses on fundamental analysis of individual issuers before considering the impact of overall economic, market or industry trends. This approach includes analysis of a companys financial statements and management structure and consideration of the companys operations, product development, and its industry position. The portfolio managers currently focus on growth companies that are characterized by industry leadership, market share growth, high caliber management teams, sustainable competitive advantages, and strong growth themes or new innovative products or services. The portfolio managers monitor individual issuers for changes in the factors above, which may trigger a decision to sell a security, but does not require a decision to do so. The factors considered by the portfolio managers may vary in particular cases and may change over time. The portfolio managers aim to maintain a focused portfolio of securities (usually holding 50 or fewer securities) but will invest the Fund across major economic sectors by applying investment parameters for both sector and position size. The Fund is non-diversified and therefore is not required to meet certain diversification requirements under the Investment Company Act of 1940, as amended (the 1940 Act). Show less