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) believes have potential for earnings or revenue growth. The Fund deems an issuer to be a U.S. issuer if (i) its principal securities trading market (i.e., a U.S. stock exchange, NASDAQ 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 service provider such as Bloomberg. The Fund may invest in securities of issuers of all capitalization sizes; however, it will primarily hold securities of large and mid-capitalization issuers. The Fund considers large- and mid-capitalization issuers to be those issuers that are within the ranges of market capitalizations of the Russell 1000 Growth Index and Russell Midcap Growth Index, respectively. These ranges are subject to change at any time due to market activity or changes in the composition of those indices. 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 large- or mid-capitalization issuers. The Fund usually will hold a relatively small number of stocks (approximately 25-30) and may invest more than 25% of its assets in a given sector. The Fund may invest up to 25% of its net assets in common stock of foreign issuers, which include issuers 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. Under normal circumstances, the Sub-Adviser uses a bottom-up stock selection process designed to seek a return on investments in excess of the return of the Funds benchmark, as well as a disciplined portfolio construction process designed to focus the portfolio holdings on the Sub-Advisers highest conviction investment ideas. In evaluating securities for the Fund, the Sub-Adviser uses a holistic approach that closely examines company fundamentals, including detailed modeling of a companys financial statements and discussions with company management teams, suppliers, distributors, competitors, and customers. The Sub-Adviser uses a variety of valuation techniques based on the company in question, the industry in which the company operates, the stage of the companys business cycle, and other factors that best reflect a companys value. The Sub-Adviser seeks to invest in companies with attractive growth outlooks at compelling valuation levels. The Sub-Adviser considers whether to sell a particular security when a company hits the price target, a companys fundamentals deteriorate, the drivers of growth are no longer present or reflected in the stock price or a more attractive investment opportunity is found. 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