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text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">The Invesco Global Equity Net Zero ETF (the “Fund”) seeks long-term total return.</span></div> Fund Fees and Expenses <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="-sec-ix-redline:true;margin-top:0.0pt"> <table cellpadding="0" style="empty-cells:show; width:270pt; border-spacing: 0px;"> <tr style="height:9.75pt"> <td style=" vertical-align:Bottom; width:253.34pt"> <div style="line-height:9pt; text-align:left"> <div style="margin-right:2pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; margin-left:0.0pt">Management Fees</span></div> </div> </td> <td style=" vertical-align:Bottom; white-space:nowrap; width:16.66pt"> <div style="line-height:9pt; margin-left:2pt; text-align:right; width:14.66pt"> <div style="display:flex; margin:auto; width:16.66pt"> <div style="display:flex; white-space:nowrap; width:16.66pt"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; width:16.66pt">0.19</span></div> <div style="display:flex"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; width:auto">%</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt"> <td colspan="2" style="background-color:azure; vertical-align:Bottom; width:270.00pt"> <div style="line-height:3.5pt; text-align:left"> <div style="margin-right:-2pt; text-align:Left; white-space:nowrap"> </div> </div> </td> </tr> <tr style="height:8.5pt"> <td style=" vertical-align:Bottom; width:253.34pt"> <div style="line-height:9pt; text-align:left"> <div style="margin-right:2pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; margin-left:0.0pt">Other Expenses</span><span style="color:#000000; font-family:Arial Narrow; font-size:5pt; margin-left:0.0pt; position:relative; top:-3.25pt">1</span></div> </div> </td> <td style=" vertical-align:Bottom; white-space:nowrap; width:16.66pt"> <div style="line-height:9pt; margin-left:2pt; text-align:right; width:14.66pt"> <div style="display:flex; margin:auto; width:16.66pt"> <div style="display:flex; white-space:nowrap; width:16.66pt"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; width:16.66pt">None</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt"> <td colspan="2" style="background-color:azure; vertical-align:Bottom; width:270.00pt"> <div style="line-height:3.5pt; text-align:left"> <div style="margin-right:-2pt; text-align:Left; white-space:nowrap"> </div> </div> </td> </tr> <tr style="height:8.5pt"> <td style=" vertical-align:Bottom; width:253.34pt"> <div style="line-height:9pt; text-align:left"> <div style="margin-right:2pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; margin-left:0.0pt">Total Annual Fund Operating Expenses</span></div> </div> </td> <td style=" vertical-align:Bottom; white-space:nowrap; width:16.66pt"> <div style="line-height:9pt; margin-left:2pt; text-align:right; width:14.66pt"> <div style="display:flex; margin:auto; width:16.66pt"> <div style="display:flex; white-space:nowrap; width:16.66pt"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; width:16.66pt">0.19</span></div> </div> </div> </td> </tr> <tr style="height:5.25pt"> <td colspan="2" style="background-color:azure; vertical-align:Bottom; width:270.00pt"> <div style="line-height:3.5pt; text-align:left"> <div style="margin-right:-2pt; text-align:Left; white-space:nowrap"> </div> </div> </td> </tr> </table> </div> <div style="line-height:9.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:5pt; position:relative; top:-3.25pt">1 </span><span style="color:#000000; font-family:Arial Narrow; font-size:8pt">“Other Expenses” are based on estimated amounts for the current fiscal year.</span></div> 0.0019 0 0.0019 “Other Expenses” are based on estimated amounts for the current fiscal year. <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div><div style="line-height:11.0pt; margin-top:0.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. This example does not include brokerage commissions that investors may pay to buy and sell Shares. Although your actual costs may be higher or lower, your costs, based on these assumptions, would be:</span></div> Example. <div style="-sec-ix-redline:true;margin-top:0.0pt"> <table cellpadding="0" style="empty-cells:show; width:270pt; border-spacing: 0px;"> <tr style="height:8.5pt"> <td style=" border-bottom:0.5pt solid #000000; padding-bottom:1.5pt; padding-top:1.5pt; vertical-align:Bottom; width:135pt"> <div style="line-height:10.0pt; text-align:left"> <div style="margin-right:5pt; text-align:Center; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; font-weight:bold">1 Year</span></div> </div> </td> <td style=" border-bottom:0.5pt solid #000000; padding-bottom:1.5pt; padding-top:1.5pt; vertical-align:Bottom; width:135pt"> <div style="line-height:10.0pt; text-align:left"> <div style="margin-left:5pt; text-align:Center; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; font-weight:bold">3 Years</span></div> </div> </td> </tr> <tr style="height:9.5pt"> <td style="background-color:azure; padding-bottom:4.5pt; padding-top:1.5pt; vertical-align:Bottom; width:135pt"> <div style="line-height:9pt; text-align:left"> <div style="margin-right:5pt; text-align:Center; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt">$19</span></div> </div> </td> <td style="background-color:azure; padding-bottom:4.5pt; padding-top:1.5pt; vertical-align:Bottom; width:135pt"> <div style="line-height:9pt; text-align:left"> <div style="margin-left:5pt; text-align:Center; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt">$61</span></div> </div> </td> </tr> </table> </div> 19 61 <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will cause the Fund to incur additional transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the example, may affect the Fund's performance. As of the date of this prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.</span></div> Portfolio Turnover. Principal Investment Strategies <div style="-sec-ix-redline:true;line-height:11.0pt; margin-top:0.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the value of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that have or seek to have a positive impact on the carbon economy through their current and/or planned efforts to reduce global greenhouse gas (“GHG”) emissions, which, in turn, are anticipated to contribute to the overall transition to a “net zero” economy (“Net Zero Committed Companies”), all as determined by the Fund’s sub-adviser, Invesco Advisers, Inc. (the “Sub-Adviser”), through the process described below. The “carbon economy” refers to an economy based on low carbon energy sources with minimal GHG emissions, and “net zero” refers to the goal of either eliminating the production of GHG emissions or offsetting the production of GHG emissions with an equal reduction in GHG emissions. Under normal market conditions, the Fund selects its investments primarily from a universe of large and mid-capitalization companies in developed and emerging market countries. Under normal market conditions, the Fund will invest in securities of companies in at least three different countries (one of which may be the United States) and may invest up to 30% of its net assets in securities of companies located in emerging market countries, i.e.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">those that are generally in the early stages of their industrial cycles. Currently, emerging market countries include Brazil, Chile, China, Colombia, Czech </span></div><div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The Fund may invest in securities of companies in all economic sectors, and at times, may have substantial exposure to a particular sector.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">In constructing the portfolio, the Sub-Adviser analyzes the metrics </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">described below to identify companies for inclusion in the Fund’s portfolio. It first conducts a forward-looking proprietary assessment to select companies from the investment universe that meet the characteristics of Net Zero Committed Companies. As part of this proprietary assessment, the Sub-Adviser considers whether a company has one or more of the following characteristics, which in the Sub-Adviser’s view signify a commitment to achieving a “net zero” economy: (i) a long-term goal consistent with achieving net zero emissions by the year 2050, (ii) short- or medium-term emissions reduction targets, (iii) indications that current emissions intensity performance meets its previously-set targets, (iv) public disclosure of its most material carbon emissions, (v) a quantified plan setting out measures</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">used to meet GHG reduction targets, and (vi) capital expenditures that are clearly consistent with the goal of achieving net zero emissions. A company that, in the view of the Sub-Adviser, meets one or more of these characteristics, including in all instances meeting characteristic (i), is considered a “Net Zero Committed Company” and is selected for potential inclusion in the portfolio, subject to the investment process described below.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">Second, the Sub-Adviser assesses the selected Net Zero </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Committed Companies based on certain environmental and social screens. Such screens are designed to exclude from the Fund’s portfolio companies that have a specified level of involvement in the tobacco production industry, any involvement in the controversial weapons industry (including, but not limited to, cluster bombs, landmines, chemical and biological weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, and/or non-detectable fragments), or if, based on the Sub-Adviser’s assessment, they do not comply with United Nations (“UN”) Global Compact principles (whether or not the company 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 applying these screens to the selected Net Zero Committed Companies, the Sub-Adviser uses a proprietary screening tool, as well as,</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">and in combination with,</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">certain data provided by a third-party data provider. As of the date of this prospectus, the Sub-Adviser receives such data provided by MSCI ESG Research (“MSCI”). The proprietary screening tool excludes issuers from the investment universe in which the Fund may invest that do not meet the Sub-Adviser's investment criteria. Such screens are based on issuers’ involvement in the tobacco production industry and the controversial weapons industry and their compliance with UN Global Compact principles. MSCI collects data about companies’ revenues from the production and distribution of tobacco, their support of the tobacco industry and their revenues from, or involvement with, the controversial weapons industry. The proprietary screening tool relies on this MSCI data in order to assess companies for inclusion in the portfolio. Both the proprietary screening tool and the third-party data provider are continuously assessed and reviewed by the Sub-Adviser for screening outcomes. The third-party vendor used by the Sub-Adviser, as well as the number of vendors used, is subject to change over time.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">After applying these environmental and social screens, the Sub-Adviser </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">further assesses the remaining Net Zero Committed Companies selected for the Fund’s portfolio based on their current GHG emissions intensity, a measurement of a company’s Scope 1 and Scope 2 emissions relative to its revenues (“GHG Intensity”). The Sub-Adviser’s assessments of a company’s GHG emissions and revenues are based on data received from a third-party </span></div><div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">data provider. As of the date of this prospectus, the Sub-Adviser receives such data from ISS Climate Solution (“ISS”). Scope 1 emissions are direct GHG emissions that occur from sources that are controlled or owned by a company. Scope 2 emissions are indirect GHG emissions generated in the production of electricity consumed by the company. ISS collects, reviews and analyzes the Scope 1 and Scope 2 carbon emissions data and revenue data of each company, and the Sub-Adviser uses ISS' data to calculate the weighted average of each company's respective scope emissions (CO</span><span style="color:#000000; font-family:Arial Narrow; font-size:6.5pt; position:relative; top:2.25pt">2</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">equivalents) per USD million of revenue. Based on this calculation, the Sub-Adviser assigns a GHG Intensity level to each company. The Sub-Adviser weights the Net Zero Committed Companies in the Fund’s portfolio based on their GHG Intensity levels; companies with the lowest GHG Intensity will have greater weights in the portfolio and companies with the highest GHG Intensity will have lower weights.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">The Net Zero </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Committed Companies selected for the portfolio based on the above assessments are also individually evaluated based on the Sub-Adviser’s proprietary multi-factor quantitative investment process, which reviews each such company for value, momentum and quality investment factors, as described below:</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div><div style="clear:both; position:relative; width:100%"> <div style="float:left; line-height:11.0pt; margin-left:15pt; text-align:left; width:7.95pt"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">■ </span></div> <div style="float:left; line-height:11.0pt; margin-left:0.05pt; text-align:left; width:242.00pt"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Value: This investment factor aims to capture the potential outperformance of companies that are perceived to be “inexpensive” relative to sector or market averages.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div></div> <div style="clear:both; position:relative"> </div><div style="clear:both; position:relative; width:100%"> <div style="float:left; line-height:11.0pt; margin-left:15pt; text-align:left; width:7.95pt"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">■ </span></div> <div style="float:left; line-height:11.0pt; margin-left:0.05pt; text-align:left; width:242.00pt"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Momentum: This investment factor aims to capture the potential continued outperformance of those stocks whose historical share price performance or earnings growth have exceeded sector or market averages.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div></div> <div style="clear:both; position:relative"> </div><div style="clear:both; position:relative; width:100%"> <div style="float:left; line-height:11.0pt; margin-left:15pt; text-align:left; width:7.95pt"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">■ </span></div> <div style="float:left; line-height:11.0pt; margin-left:0.05pt; text-align:left; width:242.00pt"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Quality: This investment factor aims to capture the potential outperformance of stocks that demonstrate a stronger balance sheet relative to sector or market averages.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div></div> <div style="clear:both; position:relative"> </div><div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">The Sub-Adviser uses its proprietary multi-factor investment process to </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">further rank the Net Zero Committed Companies in the Fund’s portfolio according to their attractiveness with respect to each of the abovementioned factors, and then looks to give greater weightings to companies with the highest value, momentum and quality rankings. The process uses an equal-risk contribution (“ERC”) weighting scheme, which assigns weights to each factor, so that each factor contributes equally to the portfolio’s overall risk profile. Applying an ERC weighting scheme is different from an equal weighting scheme because ERC weighting seeks to ensure broad factor diversification at any point in time; it aims to diversify risk by reducing exposure to a single factor. Therefore, the resulting portfolio of selected companies does not reflect an equal weighting of the value, momentum, and quality factors, but rather reflects an adjusted weighting that, in the Sub-Adviser’s view, reflects equal contribution to the portfolio’s overall risk profile from each such factor.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">While the Sub-Adviser will invest in what it considers to be Net Zero </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Committed Companies, it is not required to invest in every company that meets the associated criteria. Investing on the basis of carbon emissions criteria is qualitative and subjective by nature. There can be no assurance that every Fund investment will meet carbon emissions criteria, or that will do so at all times, or that the carbon emissions criteria or any judgment exercised by the Sub-Adviser will reflect the beliefs or values of any particular investor. The Sub-Adviser monitors the above characteristics and the decarbonization of the Net Zero Committed Companies in the Fund’s portfolio and determines, on an ongoing basis, based on its proprietary assessment</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">whether the company continues to qualify as a Net Zero Committed Company. The Sub-Adviser will consider selling a security when it no longer meets its investment criteria or if a more attractive alternative is identified. The Fund may forego opportunities to buy or sell certain investments based on its selection criteria, which may affect the Fund’s exposure to those investments. As a result, the Fund’s results may be lower than other funds that do not seek to invest based on environmental and social criteria.</span></div><div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">The Fund is “non-diversified” and therefore is not required to meet </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">certain diversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).</span></div> <span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">The Shares will change in value, and you could lose money by investing </span>in the Fund. <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Market Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> Securities held by the Fund are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Fund’s portfolio. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to the Fund’s net asset value (“NAV”). Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">During a general downturn in the financial markets, multiple asset </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Management Risk</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic">.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio holdings, the Sub-Adviser applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these actions will produce the desired results.</span></div> <div style="-sec-ix-redline:true;line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Equity Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that the Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Mid-Capitalization Company Risk</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic">.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies and may have returns that vary, sometimes significantly, from the overall securities market. Mid-capitalization companies tend to have less experienced management as well as limited product and market diversification and financial resources compared to larger capitalization companies. Often, mid-capitalization companies and the </span></div><div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Environmental and Social Investing Strategy Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">The stocks of companies with favorable environmental and social attributes may underperform the stock market as a whole. As a result, the Fund may underperform other funds that do not screen companies based on environmental and social attributes. The criteria used to select companies for investment may result in the Fund investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for environmental and social standards. Further, there is currently a lack of common industry standards relating to the development and application of environmental and social criteria, which may make it difficult to compare the Fund to other funds that apply certain environmental and social criteria or that use a different third-party vendor for environmental and social data. When evaluating a company, the Sub-Adviser is dependent on information or data obtained through voluntary or third-party reporting that may be incomplete, inaccurate, or unavailable, which could negatively impact the Sub-Adviser's ability to accurately assess a company's business practices.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Net Zero </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold">Committed Companies Risk</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">. Because the Fund will exclude securities of certain issuers for non‑financial reasons (i.e., companies that the Sub-Adviser does not classify as Net Zero Committed Companies), the Fund may forgo some market opportunities available to funds that do not pursue a net zero carbon economy investment strategy or may be required to sell a security when it might otherwise be disadvantageous to do so. This may cause the Fund to underperform the stock market as a whole or other funds that do not employ such an investment strategy. In addition, there is a risk that the companies identified by the Fund’s investment strategy will not operate as expected with respect to the transition to a net zero economy and the reduction of global GHG</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">emissions. Further, in selecting companies for inclusion in the Fund’s portfolio, the Sub-Adviser may rely on information and data related to carbon intensity and carbon emissions provided by a third-party research firm, which could be incomplete or erroneous, which in turn could cause the Sub-Adviser to assess a company’s net zero carbon economy characteristics incorrectly.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Foreign Investment Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; margin-left:15pt">From time to time, certain companies in which the Fund invests may </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Emerging Markets Investment Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Geographic Concentration Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> The Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.</span></div> <div style="-sec-ix-redline:true;line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold">Sector Exposure Risk</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">. In pursuing its investment strategy, the Fund may invest to a significant degree in securities of issuers operating in a single sector. In so doing, the Fund may face more risks than if it were diversified broadly over numerous sectors. Such sector-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, legislative or regulatory changes,</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">adverse market conditions</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">and/or increased competition within the sector. In addition, at times, such sector may be out of favor and underperform other sectors or the market as a whole.</span></div> <div style="line-height:11.0pt; margin-left:15pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Information Technology Sector Risk</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-weight:bold">.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> Factors such as the failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditure, rapid obsolescence, competition from alternative technologies, and research and development of new products may significantly affect the market value of securities of issuers in the information technology sector.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Non-Diversified Fund Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-weight:bold; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Because the Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Currency Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the </span></div><div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Quality Investing Risk</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-weight:bold">.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> The quality style of investing is subject to the risk that securities that have previously been identified with quality characteristics may not continue to be quality companies and that the returns of such securities may be less than returns on other styles of investing or the overall stock market.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Value Investing Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> Value securities are subject to the risk that their valuations never improve or that the returns on value securities are less than returns on other styles of investing or the overall stock market. Thus, the value of the Fund’s investments will vary and, at times, may be lower than that of other types of investments.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Momentum Investing Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> The momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than the returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of the Fund may suffer.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Issuer-Specific Changes Risk</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-weight:bold">. </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Valuation Risk</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-weight:bold">. </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by the Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that the Fund could sell a portfolio security for the value established for it at any time, and it is possible that the Fund would incur a loss because a security is sold at a discount to its established value.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Valuation Time Risk. </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Because foreign exchanges may be open on days when the Fund does not price its Shares, the value of the non-U.S. securities in the Fund’s portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Authorized Participant Concentration Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-weight:bold; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem Creation Units (as defined below), this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may </span></div><div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Market Trading Risk.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-weight:bold; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's NAV.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Operational Risk</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-weight:bold">.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt"> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund, its investment adviser, Invesco Capital Management LLC (the “Adviser”), and the Sub-Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</span></div> <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; font-weight:bold; margin-left:15pt">Shares May Trade at Prices Different than NAV.</span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt; font-style:italic; line-height:11pt"> </span><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">Shares trade on a stock exchange at prices at, above or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span></div> Performance <div style="line-height:11.0pt; text-align:left"><span style="color:#000000; font-family:Arial Narrow; font-size:10pt">As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at www.invesco.com/ETFs and will provide some indication of the risks of investing in the Fund.</span></div> As of the date of this prospectus, the Fund has not commenced operations and therefore does not have a performance history. www.invesco.com/ETFs 485BPOS 0001418144 false “Other Expenses” are based on estimated amounts for the current fiscal year.