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 Tracking Basket, which is designed to closely track the daily performance of the Fund but is not the Funds actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (Strategy Components); (2) ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the Fund invests (Representative ETFs); and (3) cash and cash … 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 Tracking Basket, which is designed to closely track the daily performance of the Fund but is not the Funds actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings (Strategy Components); (2) ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the Fund invests (Representative ETFs); and (3) cash and cash equivalents. In addition, the Fund also publishes each Business Day on its website the Tracking Basket Weight Overlap, which is the percentage weight overlap between the holdings of the prior Business Days Tracking Basket compared to the holdings of the Fund that formed the basis for the Funds calculation of net asset value (NAV) per share at the end of the prior Business Day. The Tracking Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to the Funds actual portfolio in percentage terms. The Fund invests, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in exchange-traded equity securities of U.S. large capitalization issuers. Additionally, the Fund seeks to achieve its investment objective by investing mainly in common stock of U.S. companies that meet high environmental, social and governance (ESG) standards, as determined by the Funds sub-adviser, Invesco Advisers Inc. (the Sub-Adviser), through the process described below. The Fund may invest up to 20% 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. The Sub-Adviser utilizes fundamental research to select securities for the Funds portfolio, which is comprised of both growth and value stocks. In selecting the Funds portfolio investments, the portfolio managers also actively employ ESG criteria in the investment selection process described below. In general, the portfolio managers utilize a fundamental approach in analyzing issuers based on factors such as a companys financial performance, company strength and prospects, industry position, and business model and management strength. Industry outlook, market trends and general economic conditions may also be considered. Additionally, as part of the portfolio construction process, the Fund employs a proprietary framework for evaluating each issuer based on ESG criteria that the portfolio managers have determined to be important in the investment selection process. The Funds ESG methodology actively utilizes both proprietary and third party ESG indicators, as well as ESG exclusionary screens to construct the Funds portfolio. The portfolio managers integrate both quantitative and qualitative ESG research in an effort to create a holistic perspective on a companys ESG practices. Under normal market conditions, the Sub-Adviser will employ the following process to assess all investment opportunities (as identified by the strategy described above) as an integral part of the process for selecting portfolio holdings: The portfolio managers first employ ESG product and service screens to exclude issuers from the investment universe of securities in which the Fund may invest. Such screens include substantial involvement (generally defined as generating more than 0-10% of its revenue, depending on the screen) in the following areas: tobacco, alcohol, controversial and conventional weapons, recreational cannabis, extraction of thermal coal, extraction of fossil fuels from unconventional sources, and operators of private prisons. Issuers will also be excluded based on their non-compliance with United Nations (UN) Global Compact principles (whether or not the issuer has signed on to the UN Global Compact itself). The principles of the UN Global Compact represent a set of values that the UN believes responsible businesses should incorporate into their operations in order to meet fundamental responsibilities in the areas of human rights, labor, the environment and anti-corruption. In implementing this screen, the Sub-Adviser utilizes third-party ESG data providers (the ESG Vendors), which assess issuers for their involvement in the screened business areas. The Sub-Adviser has selected the ESG Vendors through a comprehensive due diligence process and continuously monitors their performance and screening. To the extent an issuers status changes to meet the qualification for exclusion, the Fund shall take steps to divest its holdings of the issuer within a reasonable period of time. This screening criteria may be updated periodically. Next, based on research and due diligence, each investment opportunity is evaluated by the investment team related to multiple ESG factors under each individual pillar of the ESG framework. The individual pillars can include but are not limited to the following: environmental pillar (E) factors: natural resources, pollution and waste, supply chain impact, and environmental opportunities; social pillar (S) factors: workforce, community, product responsibility, and human rights; and governance pillar (G) factors: management, shareholders, board of directors, auditors, regulatory issuers, corporate social responsibility strategy, anti-corruption, and business ethics. The investment team considers each ESG pillar and investment opportunity separately and neither weighs each pillar equally, nor consistently emphasizes one pillar over another. Each investment opportunity is assigned a weighted average score for individual ESG topics. In making such scoring determinations, the Sub-Adviser may employ a proprietary ESG scoring tool, as well as, and in combination with, certain data provided by the ESG Vendors. An overall aggregated, or composite, ESG score is also calculated, with pillars weighted differently depending on the industry. These scores are determined at the time of purchase and reviewed at least annually. The Fund will not invest in securities from issuers that have a composite ESG rating exceeding certain negative levels and will seek to divest within a reasonable period of time from investments for which the aggregate ESG rating deteriorates beyond such limits. The ESG Vendors and the proprietary ESG scoring tool are continuously assessed and reviewed by the Sub-Adviser for screening and scoring outcomes. The portfolio managers use the following sell criteria: the stock price is approaching its target, the stocks ESG attributes have degraded, deterioration in the companys competitive position, poor execution by the companys management, or identification of more attractive alternative investment ideas. The Fund aims to maintain a portfolio of securities broadly spread 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