The Invesco Real Assets ESG ETF (IVRA) is a dynamically managed exchange-traded fund that primarily seeks growth in value, with a secondary aim of generating ongoing income. The fund pursues these goals by investing predominantly in publicly traded stocks of "real assets" companies located in North America. A key criterion for inclusion is that these companies must satisfy rigorous environmental, social, and governance (ESG) standards. To ensure compliance with its ESG mandate, the Fund employs a distinct, proprietary screening methodology. Initially, it filters out companies involved in certain activities. These exclusions apply to entities with substantial revenue (between 0-10%) derived from tobacco, alcohol, conventional or controversial weaponry, recreational cannabis, the extraction of thermal coal, the extraction of fossil fuels from unconventional sources, or the operation of private prisons. Furthermore, companies failing to adhere to the principles of the United Nations Global Compact are also disqualified. Following this initial exclusion phase, potential investments undergo a thorough assessment across various ESG factors within each of the environmental, social, and governance pillars, tailored to the real assets sector. The Environmental (E) pillar considers aspects such as natural resource management, pollution and waste control, supply chain impact, and environmental opportunities. The Social (S) pillar evaluates factors like workforce practices, community engagement, product responsibility, and human rights. The Governance (G) pillar examines management structure, shareholder rights, board oversight, auditors, regulatory compliance, corporate social responsibility strategies, anti-corruption measures, and overall business ethics. It's important to note that the weighting of these individual ESG pillars is flexible; no single pillar is consistently emphasized or given equal importance over others. "Real assets" are defined by their physical attributes, encompassing sectors such as real estate, infrastructure, natural resources, and timber. Consequently, "real assets companies" are those either primarily active in or providing essential support to these specific industries. Significant Update Regarding Fund Structure and Management Fee: Effective May 13, 2025, a notable change will occur in the Fund's operational structure. IVRA will transition from a "non-transparent" ETF — which historically did not publicly reveal its portfolio holdings daily under an exemptive order from the U.S. Securities and Exchange Commission — to a fully "transparent" ETF. This new structure will entail daily disclosure of its portfolio holdings and will operate in accordance with Rule 6c-11 of the Investment Company Act of 1940. Despite these structural modifications and an associated fee reduction, the Fund's core investment objective and principal strategies will remain unaltered. For a comprehensive understanding of the ETF's specific characteristics and associated risks, please refer to the "Risk & Other Information" section.