Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of investment-grade, variable rate or floating rate debt securities that are denominated in U.S. dollars and are issued by U.S. private sector entities or U.S. government agencies and instrumentalities. Invesco Advisers, Inc., the sub-adviser to the Fund (the Sub-Adviser), selects the following types of securities for the Fund: (i) floating rate non-agency commercial mortgage-backed securities (MBS); variable rate non-agency residential MBS; variable rate agency MBS and floating rate non-agency asset-backed securities (ABS) (including floating rate non-agency commercial real estate collateralized loan obligations … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of investment-grade, variable rate or floating rate debt securities that are denominated in U.S. dollars and are issued by U.S. private sector entities or U.S. government agencies and instrumentalities. Invesco Advisers, Inc., the sub-adviser to the Fund (the Sub-Adviser), selects the following types of securities for the Fund: (i) floating rate non-agency commercial mortgage-backed securities (MBS); variable rate non-agency residential MBS; variable rate agency MBS and floating rate non-agency asset-backed securities (ABS) (including floating rate non-agency commercial real estate collateralized loan obligations (CLOs)); (ii) floating rate corporate debt securities (comprised of corporate notes, bonds, debentures or privately issued securities offered pursuant to Rule 144A (Rule 144A) of the Securities Act of 1933, as amended (Securities Act)); (iii) floating rate government sponsored enterprise (GSE) credit risk transfers; (iv) floating rate U.S. Government securities (including floating rate agency debt securities); (v) variable rate preferred stock; and (vi) affiliated ETFs that invest primarily in any or all of the foregoing securities (collectively, Variable Rate Instruments), to the extent permitted by the Investment Company Act of 1940 (the 1940 Act). At least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in Variable Rate Instruments that are, at the time of purchase, investment grade (or in affiliated ETFs that invest primarily in any or all of the foregoing securities). Under normal market conditions, Variable Rate Instruments or variable rate preferred stock will be investment grade if, at the time of purchase, they have a rating in one of the highest four rating categories of at least one nationally recognized statistical ratings organization (NRSRO) (e.g., BBB- or higher by S&P Global Ratings, a division of S&P Global Inc. (S&P), and/or Fitch Ratings (Fitch), or Baa3 or higher by Moodys Ratings (Moodys)). Unrated securities may be considered investment grade if at the time of purchase, and under normal market conditions, the Sub-Adviser determines that such securities are of comparable quality based on a fundamental credit analysis of the unrated security and comparable NRSRO-rated securities. In selecting Variable Rate Instruments for the Fund, the Sub-Adviser will strategically allocate the Funds assets by analyzing return and risk outlook data for each type of Variable Rate Instrument. Specifically, in seeking its secondary objective of capital appreciation, the Fund will seek capital appreciation while mitigating excess risk from any one type of security by using a strategic allocation of assets to distribute risk across multiple asset classes. In addition, the Fund will allocate its investments within each asset class in an attempt to improve expected returns based on inflation and growth outlook, as well as relative value across those classes and individual securities. Under normal market conditions, the Fund will have investment exposure to a wide variety of Variable Rate Instruments using this tactical, strategic allocation. During periods of market volatility, however, the Fund may allocate a significant portion of its net assets to floating rate U.S. Treasury debt securities and agency MBS. However, the Fund will not invest more than 20% of its net assets in the aggregate in ABS or non-agency MBS. The Sub-Adviser expects that the Funds portfolio will have an average duration of one year or less. Duration refers to the average life of a debt instrument and serves as a measure of that instruments interest rate risk. In general, when interest rates increase, the prices of fixed income securities decrease. Generally speaking, the longer an assets duration, the more sensitive the asset will be to changes in interest rates. For example, a bond with a duration of 10 years usually will decrease in value by 10% if interest rates rise by 1%; conversely, the bond usually will increase in value by 10% if interest rates fall by 1%. Therefore, prices of instruments with shorter durations and variable interest rates, such as the debt instruments in which the Fund invests, are expected to be less sensitive to interest rate changes than instruments with longer durations, fixed coupons or both. In addition, the Fund may invest up to 20% of its net assets in Variable Rate Instruments that are rated below investment grade, and in fixed-rate instruments that are rated either investment grade or below investment grade. Below investment grade securities are commonly referred to as junk or high yield securities and are considered speculative with respect to the issuers capacity to pay interest and repay principal. The types of other fixed-rate instruments in which the Fund may invest include: (i) fixed-rate MBS and ABS (which includes fixed-rate commercial real estate CLOs); (ii) fixed-rate U.S. government and agency securities; (iii) fixed-rate corporate debt securities; (iv) fixed-rate exchange-traded preferred stock; and (v) affiliated ETFs that invest primarily in any or all of the foregoing fixed-rate securities. Show less