The Invesco Bloomberg Analyst Rating Improvers ETF (Fund) is based on the Bloomberg ANR Improvers Index (Index). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index. The Index aims to select the 50 companies with the highest analyst recommendation improvers score from the Bloomberg US Large Mid Universe over the prior 6- and 12- month periods based on Bloomberg Analyst Recommendations. The Index and Fund are rebalanced quarterly in March, June, September, and December. Effective March 25, 2024, the Fund's name, ticker symbol, underlying index, index provider, investment objective, principal investment strategy, non-fundamental investment policy and unitary management fee have changed. The Fund's name and ticker will change from Invesco Raymond James SB-1 Equity ETF (ticker: RYJ) to Invesco Bloomberg Analyst Rating Improvers ETF (ticker: UPGD). The Fund's Index Provider will change from Raymond James Research Services, LLC to Bloomberg Index Services Limited and its Underlying Index will change from the Raymond James SB-1 Equity Index to the Bloomberg ANR Improvers Index. As a result, the Fund's objective and strategy will change to seek to track the investment results of the new Underlying index by investing at least 90% of its total assets in securities that comprise the new Underlying Index, and the non-fundamental policy of investing at least 80% of its total assets in the types of securities suggested by its name will be deleted. The Fund's management fee also will be reduced from 0.75% to 0.40%. See the prospectus for more information.