N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number        811-21265            

            Invesco Exchange-Traded Fund Trust            

(Exact name of registrant as specified in charter)

3500 Lacey Road

                           Downers Grove, IL 60515                            

(Address of principal executive offices) (Zip code)

Anna Paglia

President

3500 Lacey Road

                             Downers Grove, IL 60515                            

(Name and address of agent for service)

Registrant’s telephone number, including area code:  800-983-0903

Date of fiscal year end:  April 30

Date of reporting period:  April 30, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Invesco Annual Report to Shareholders

April 30, 2020

PWC	Invesco Dynamic Market ETF
PRF	Invesco FTSE RAFI US 1000 ETF
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Liquidity Risk Management Program	10
Broad Market Portfolios
Schedules of Investments
Invesco Dynamic Market ETF (PWC)	11
Invesco FTSE RAFI US 1000 ETF (PRF)	13
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)	23
Statements of Assets and Liabilities	37
Statements of Operations	38
Statements of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	44
Report of Independent Registered Public Accounting Firm	53
Fund Expenses	54
Tax Information	55
Trustees and Officers	56
Approval of Investment Advisory Contracts	65

2

The Market Environment

Domestic Equity

Although the S&P 500 Index, considered representative of the US stock market, posted modest gains for the second quarter of 2019, US equities experienced increased volatility. After four consecutive months of rising stock prices, markets sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the US Federal Reserve (the “Fed”) cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. Cyclical sectors, where company performance tends to be closely linked to macroeconomic changes in the business cycle, were the hardest hit. At the close of the fiscal year in April, US unemployment numbers continued to climb, with over 30 million Americans seeking unemployment benefits since March 2020.³ In addition, the second gross domestic product estimate for the first quarter of 2020 saw the economy shrink by 5.0%, the sharpest drop since the 2008 financial crisis.²

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

³  Source: The Associated Press

3

PWC	Manager’s Analysis
	Invesco Dynamic Market ETF (PWC)

As an index fund, the Invesco Dynamic Market ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Market Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”), compiles and maintains the Index, which is composed of U.S. stocks that the Index Provider includes pursuant to a proprietary selection methodology. Stocks are selected from the top of each sector and size category in a manner designed to produce an index with sector and size dispersion similar to the overall broad market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (16.32)%. On a net asset value (“NAV”) basis, the Fund returned (15.04)%. During the same time period, the Index returned (14.49)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses, as well as trading costs around the rebalances that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the industrial sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to stock selection in the information technology, consumer discretionary, and industrial sectors.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the consumer staples and communication services sectors, respectively. The industrial sector detracted most significantly from the Fund’s return, followed by the financials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Sprint Corp., a communication services company (no longer held at fiscal year-end), and Oracle Corp., an information technology company (portfolio average weight of 1.44%). Positions that detracted most significantly from the Fund’s return during this period included Howmet Aerospace Inc., an industrials company (portfolio average weight of 0.80%), and General Electric Co., an industrials company (portfolio average weight of 0.30%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	25.75
Health Care	15.89
Financials	11.86
Communication Services	11.04
Consumer Discretionary	10.30
Consumer Staples	8.13
Industrials	7.28
Energy	3.44
Utilities	3.30
Materials	2.92
Money Market Funds Plus Other Assets Less Liabilities	0.09
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Electronic Arts, Inc.	4.52
Apple, Inc.	4.03
Oracle Corp.	3.91
QUALCOMM, Inc.	3.89
AT&T, Inc.	3.47
Lam Research Corp.	3.35
Applied Materials, Inc.	3.27
Eli Lilly and Co.	3.19
Amgen, Inc.	3.13
Procter & Gamble Co. (The)	2.98
Total	35.74

* Excluding money market fund holdings.

4

Invesco Dynamic Market ETF (PWC) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Market IntellidexSM Index		(14.49	)%		1.65	%		5.02	%		4.52	%		24.72	%		9.59	%		149.85	%		8.69	%		312.14	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			9.25			349.88
Fund
NAV Return		(15.04	)		0.97			2.93			3.81			20.57			8.84			133.33			7.99			269.55
Market Price Return		(16.32	)		0.42			1.26			3.49			18.71			8.67			129.58			7.89			263.50

Fund Inception: May 1, 2003

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.59%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

5

PRF	Manager’s Analysis
	Invesco FTSE RAFI US 1000 ETF (PRF)

As an index fund, the Invesco FTSE RAFI US 1000 ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM US 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.

The Index is composed of 1,000 common stocks that FTSE International Limited and Research Affiliates LLC, strictly in accordance with their guidelines and mandated procedures, include to track the performance of the largest U.S. companies based on the following four fundamental measures: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (9.06)%. On a net asset value (“NAV”) basis, the Fund returned (9.18)%. During the same time period, the Index returned (8.96)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by cash held by the Fund in order to pay the March Fund distribution, which also coincided with the market decline.

During this same time period, the Russell 1000^® Index (the “Benchmark Index”) returned 0.09%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S.

large-cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to its overweight allocation and security selection in the financials sector along with its underweight allocation and security selection in the consumer discretionary sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology sector. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Apple, Inc., an information technology company (portfolio average weight of 3.20%), and Microsoft Corp., an information technology company (portfolio average weight of 1.88%). Positions that detracted most significantly from the Fund’s return during this period included Wells Fargo & Co., a financials company (portfolio average weight of 1.35%), and Exxon Mobil Corp., an energy company (portfolio average weight of 2.02%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	16.47
Information Technology	14.27
Health Care	13.75
Consumer Staples	9.23
Industrials	9.20
Communication Services	9.10
Consumer Discretionary	8.90
Energy	7.80
Utilities	4.53
Materials	3.58
Real Estate	3.10
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Apple, Inc.	2.81
Exxon Mobil Corp.	2.23
AT&T, Inc.	2.00
Berkshire Hathaway, Inc., Class B	1.96
Microsoft Corp.	1.90
Verizon Communications, Inc.	1.78
JPMorgan Chase & Co.	1.58
Chevron Corp.	1.58
Johnson & Johnson	1.41
Pfizer, Inc.	1.26
Total	18.51

* Excluding money market fund holdings.

6

Invesco FTSE RAFI US 1000 ETF (PRF) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
FTSE RAFITM US 1000 Index		(8.96	)%		3.09	%		9.57	%		5.05	%		27.91	%		9.60	%		150.00	%		7.74	%		191.64	%
Russell 1000® Index		0.09			8.68			28.36			8.74			52.02			11.57			198.76			8.26			212.57
Fund
NAV Return		(9.18	)		2.77			8.53			4.69			25.76			9.20			141.20			7.30			175.26
Market Price Return		(9.06	)		2.81			8.66			4.72			25.95			9.21			141.37			7.33			176.32

Fund Inception: December 19, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

7

PRFZ	Manager’s Analysis
	Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

As an index fund, the Invesco FTSE RAFI US 1500 Small-Mid ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM US Mid Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is composed of 1,500 common stocks that FTSE International Limited and Research Affiliates LLC, strictly in accordance with their guidelines and mandated procedures, include to track the performance of small- and medium-sized U.S. companies based on the following four fundamental measures of firm size: book value, sales, cash flow and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (20.62)%. On a net asset value (“NAV”) basis, the Fund returned (20.65)%. During the same time period, the Index returned (20.51)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by revenue generated through the Fund’s securities lending program.

During this same time period, the Russell 2000^® Index (the “Benchmark Index”) returned (16.39)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,970 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S.

small-cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the health care sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation and security selection in the health care sector along with its overweight allocation and security selection in the industrials sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The financials sector detracted most significantly

from the Fund’s return, followed by the industrials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Nordic American Tankers Ltd., an energy company (portfolio average weight 0.15%), and Wayfair, Inc., Class A., a consumer discretionary company (portfolio average weight 0.07%). Positions that detracted most significantly from the Fund’s return during this period included Diamond Offshore Drilling, Inc., an energy company (no longer held at fiscal year-end), and Redwood Trust, Inc., a financials company (portfolio average weight 0.16%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	17.52
Industrials	16.72
Information Technology	15.69
Consumer Discretionary	12.42
Health Care	11.48
Real Estate	6.12
Energy	5.39
Materials	5.38
Communication Services	3.96
Consumer Staples	3.55
Utilities	1.75
Money Market Funds Plus Other Assets Less Liabilities	0.02
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Nordic American Tankers Ltd.	0.30
West Pharmaceutical Services, Inc.	0.28
Royal Gold, Inc.	0.27
Herbalife Nutrition Ltd.	0.24
Arista Networks, Inc.	0.24
IDEXX Laboratories, Inc.	0.24
LogMeIn, Inc.	0.24
IPG Photonics Corp.	0.24
Cirrus Logic, Inc.	0.23
MAXIMUS, Inc.	0.23
Total	2.51

* Excluding money market fund holdings.

8

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
FTSE RAFITM US Mid Small 1500 Index		(20.51	)%		(2.86	)%		(8.33	)%		1.48	%		7.65	%		7.16	%		99.69	%		6.84	%		146.15	%
Russell 2000® Index		(16.39	)		(0.82	)		(2.44	)		2.88			15.27			7.69			109.84			5.80			115.35
Fund
NAV Return		(20.65	)		(3.06	)		(8.91	)		1.27			6.50			6.93			95.37			6.59			138.37
Market Price Return		(20.62	)		(3.02	)		(8.79	)		1.28			6.56			6.94			95.60			6.60			138.57

Fund Inception: September 20, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

9

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

10

Invesco Dynamic Market ETF (PWC)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-11.04%
AT&T, Inc.		131,887	$	4,018,597
Central European Media Enterprises Ltd., Class A (Czech Republic)(b)		306,643		1,192,841
Discovery, Inc., Class A(b)(c)		54,641		1,225,051
Electronic Arts, Inc.(b)		45,869		5,240,992
Omnicom Group, Inc.		19,395		1,106,097
				12,783,578
Consumer Discretionary-10.30%
Asbury Automotive Group, Inc.(b)		4,638		313,065
Best Buy Co., Inc.		31,143		2,389,602
Cavco Industries, Inc.(b)		2,005		310,133
Gentex Corp.		15,354		372,181
Helen of Troy Ltd.(b)		2,356		387,044
Malibu Boats, Inc., Class A(b)		9,582		329,429
Meritage Homes Corp.(b)		6,388		335,753
NVR, Inc.(b)		651		2,018,100
PulteGroup, Inc.		58,456		1,652,551
Sonic Automotive, Inc., Class A		15,055		322,629
Target Corp.		23,136		2,538,945
Tempur Sealy International, Inc.(b)		5,392		289,820
TopBuild Corp.(b)		3,928		366,050
TRI Pointe Group, Inc.(b)		26,276		301,649
				11,926,951
Consumer Staples-8.13%
Brown-Forman Corp., Class B		7,570		470,854
Campbell Soup Co.		10,353		517,443
General Mills, Inc.		9,436		565,122
Herbalife Nutrition Ltd.(b)		14,684		548,447
Hershey Co. (The)		21,848		2,893,331
Lamb Weston Holdings, Inc.		5,289		324,533
Procter & Gamble Co. (The)		29,251		3,447,815
USANA Health Sciences, Inc.(b)		7,271		648,719
				9,416,264
Energy-3.44%
Cosan Ltd., Class A (Brazil)(b)		20,201		269,481
Global Partners L.P.		20,393		242,881
Pioneer Natural Resources Co.		13,875		1,239,176
Talos Energy, Inc.(b)		26,277		299,295
Valero Energy Corp.		25,723		1,629,552
World Fuel Services Corp.		12,302		307,550
				3,987,935
Financials-11.86%
1st Source Corp.		9,730		337,923
Bank of America Corp.		67,831		1,631,336
Bank of New York Mellon Corp. (The)		48,240		1,810,930
Camden National Corp.		9,852		322,653
Capital One Financial Corp.		22,169		1,435,664
Citizens Financial Group, Inc.		60,962		1,364,939
City Holding Co.		5,732		387,426
Community Trust Bancorp, Inc.		10,870		368,493
Essent Group Ltd.		9,569		261,425
F.N.B. Corp.		40,561		328,139
Flagstar Bancorp, Inc.		12,678		328,487
Jefferies Financial Group, Inc.		21,227		291,234

	Shares		Value
Financials-(continued)
MetLife, Inc.		45,014	$	1,624,105
Peoples Bancorp, Inc.		14,458		351,474
Popular, Inc.		8,703		335,849
QCR Holdings, Inc.		10,702		329,408
T. Rowe Price Group, Inc.		16,484		1,906,045
Western Alliance Bancorporation		8,838		317,107
				13,732,637
Health Care-15.89%
Allscripts Healthcare Solutions, Inc.(b)		60,709		394,609
AmerisourceBergen Corp.		35,675		3,198,620
Amgen, Inc.		15,177		3,630,642
AMN Healthcare Services, Inc.(b)		6,488		304,806
Cardinal Health, Inc.		59,115		2,925,010
China Biologic Products Holdings, Inc. (China)(b)		4,165		434,160
Eli Lilly and Co.		23,912		3,697,752
Henry Schein, Inc.(b)		7,681		419,075
Horizon Therapeutics PLC(b)		14,099		508,128
Innoviva, Inc.(b)		35,571		504,397
Molina Healthcare, Inc.(b)		3,867		634,072
National Research Corp.		8,204		423,244
Prestige Consumer Healthcare, Inc.(b)		12,754		518,960
Select Medical Holdings Corp.(b)		19,673		335,818
Taro Pharmaceutical Industries Ltd.(b)		6,869		474,717
				18,404,010
Industrials-7.28%
AerCap Holdings N.V. (Ireland)(b)		9,045		254,345
Barnes Group, Inc.		8,698		333,829
CSX Corp.		40,718		2,696,753
EMCOR Group, Inc.		6,016		382,196
General Electric Co.		282,602		1,921,694
Gibraltar Industries, Inc.(b)		9,681		448,230
HNI Corp.		14,149		344,387
Howmet Aerospace, Inc.		96,665		1,263,412
MasTec, Inc.(b)		9,003		323,208
Vectrus, Inc.(b)		9,008		468,506
				8,436,560
Information Technology-25.75%
Amkor Technology, Inc.(b)		84,545		835,305
Anixter International, Inc.(b)		8,776		814,939
Apple, Inc.		15,887		4,667,601
Applied Materials, Inc.		76,242		3,787,703
Entegris, Inc.		16,540		896,964
Flex Ltd.(b)		74,154		723,743
Lam Research Corp.		15,210		3,882,809
Oracle Corp.		85,572		4,532,749
Plexus Corp.(b)		12,757		799,736
QUALCOMM, Inc.		57,228		4,502,127
Sapiens International Corp. N.V. (Israel)		35,683		882,797
Seagate Technology PLC		17,541		876,173
Super Micro Computer, Inc.(b)		32,794		750,983
SYNNEX Corp.		6,675		584,463
Tech Data Corp.(b)		5,938		835,120
Xerox Holdings Corp.		24,966		456,628
				29,829,840

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  11  

Invesco Dynamic Market ETF (PWC)–(continued)

April 30, 2020

	Shares		Value
Materials-2.92%
Axalta Coating Systems Ltd.(b)		13,512	$	266,727
Ecolab, Inc.		13,168		2,548,008
Innospec, Inc.		4,096		297,042
Worthington Industries, Inc.		10,469		276,800
				3,388,577
Utilities-3.30%
MDU Resources Group, Inc.		22,439		503,980
NRG Energy, Inc.		18,979		636,366
Sempra Energy		21,661		2,682,715
				3,823,061
Total Common Stocks & Other Equity Interests (Cost $130,156,387)				115,729,413
Money Market Funds-0.12%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $135,343)		135,343		135,343
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $130,291,730)				115,864,756

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.52%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $608,433)		608,433	$	608,433
TOTAL INVESTMENTS IN SECURITIES-100.55% (Cost $130,900,163)				116,473,189
OTHER ASSETS LESS LIABILITIES-(0.55)%				(642,021	)
NET ASSETS-100.00%.			$	115,831,168

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	175,671		$	11,245,336		$	(11,285,664	)		$	-		$	-		$	135,343		$	6,254
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			4,307,129			20,912,241			(25,219,370	)			-			-			-			19,153
Invesco Liquid Assets Portfolio, Institutional Class*			1,435,710			6,351,505			(7,787,285	)			-			70			-			6,843
Invesco Private Government Fund			-			989,044			(380,611	)			-			-			608,433			-
Total		$	5,918,510		$	39,498,126		$	(44,672,930	)		$	-		$	70		$	743,776		$	32,250

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  12  

Invesco FTSE RAFI US 1000 ETF (PRF)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-9.10%
Activision Blizzard, Inc.		62,755	$	3,999,376
Alphabet, Inc., Class A(b)		19,988		26,917,840
Alphabet, Inc., Class C(b)		19,721		26,596,924
Altice USA, Inc., Class A(b)		93,555		2,429,623
AMC Entertainment Holdings, Inc., Class A(c)		86,546		425,806
AMC Networks, Inc., Class A(b)		21,820		520,407
AT&T, Inc.		2,628,990		80,105,325
CenturyLink, Inc.		944,815		10,033,935
Charter Communications, Inc., Class A(b)		20,118		9,963,037
Cinemark Holdings, Inc.		38,303		546,967
Comcast Corp., Class A		898,975		33,828,429
Discovery, Inc., Class A(b)		33,189		744,097
Discovery, Inc., Class C(b)		71,163		1,452,437
DISH Network Corp., Class A(b)		70,954		1,774,914
Electronic Arts, Inc.(b)		23,095		2,638,835
Facebook, Inc., Class A(b)		125,727		25,737,574
Fox Corp., Class A		77,483		2,004,485
Fox Corp., Class B		35,727		913,182
GCI Liberty, Inc.(b)		11,935		726,006
IAC/InterActiveCorp.(b)		4,215		941,968
Interpublic Group of Cos., Inc. (The)		101,843		1,729,294
John Wiley & Sons, Inc., Class A		15,375		577,331
Liberty Broadband Corp., Class A(b)		1,861		223,357
Liberty Broadband Corp., Class C(b)		7,872		965,737
Liberty Global PLC, Class A (United Kingdom)(b)		103,495		2,009,873
Liberty Global PLC, Class C (United Kingdom)(b)		246,229		4,508,453
Liberty Latin America Ltd., Class A (Chile)(b)		19,030		203,621
Liberty Latin America Ltd., Class C (Chile)(b)		46,950		485,463
Liberty Media Corp.-Liberty Formula One, Class A(b)		3,424		103,576
Liberty Media Corp.-Liberty Formula One, Class C(b)		26,769		861,694
Liberty Media Corp.-Liberty SiriusXM, Class A(b)		21,669		730,462
Liberty Media Corp.-Liberty SiriusXM, Series C(b)		39,815		1,356,497
Lions Gate Entertainment Corp., Class A(b)		21,884		156,252
Lions Gate Entertainment Corp., Class B(b)		49,292		329,271
Live Nation Entertainment, Inc.(b)		15,123		678,569
Meredith Corp.		21,074		312,528
Netflix, Inc.(b)		7,189		3,018,302
News Corp., Class A		120,865		1,197,772
News Corp., Class B		37,929		387,634
Nexstar Media Group, Inc., Class A		6,791		475,642
Omnicom Group, Inc.		60,546		3,452,939
Sinclair Broadcast Group, Inc., Class A		27,053		477,486
Spotify Technology S.A.(b)		4,211		638,261
Take-Two Interactive Software, Inc.(b)		6,552		793,120
TEGNA, Inc.		55,181		591,540
Telephone & Data Systems, Inc.		72,936		1,431,004
T-Mobile US, Inc.(b)		82,434		7,237,721
Twitter, Inc.(b)		43,505		1,247,724

	Shares		Value
Communication Services-(continued)
Verizon Communications, Inc.		1,242,603	$	71,387,542
ViacomCBS, Inc., Class B		137,375		2,371,093
Walt Disney Co. (The)		203,778		22,038,591
Yandex N.V., Class A (Russia)(b)		19,871		750,726
				365,030,242
Consumer Discretionary-8.90%
Aaron’s, Inc.		17,106		545,852
Abercrombie & Fitch Co., Class A		53,097		561,766
Adient PLC(b)		90,942		1,362,311
Advance Auto Parts, Inc.		13,710		1,657,676
Amazon.com, Inc.(b)		15,490		38,322,260
American Axle & Manufacturing Holdings, Inc.(b)		186,610		806,155
American Eagle Outfitters, Inc.		70,139		557,605
Aptiv PLC		42,268		2,939,739
Aramark		67,042		1,830,917
Asbury Automotive Group, Inc.(b)		11,744		792,720
Autoliv, Inc. (Sweden)		26,651		1,599,593
AutoNation, Inc.(b)		49,665		1,849,525
AutoZone, Inc.(b)		2,893		2,951,786
Bed Bath & Beyond, Inc.(c)		192,905		1,194,082
Best Buy Co., Inc.		70,174		5,384,451
Big Lots, Inc.		36,427		854,213
Bloomin’ Brands, Inc.		30,481		367,296
Booking Holdings, Inc.(b)		3,453		5,112,408
BorgWarner, Inc.		80,465		2,298,885
Brinker International, Inc.		18,702		435,383
Brunswick Corp.		17,396		830,137
Burlington Stores, Inc.(b)		5,099		931,536
Caesars Entertainment Corp.(b)		122,495		1,183,302
Capri Holdings Ltd.(b)		67,001		1,021,765
CarMax, Inc.(b)		36,958		2,721,957
Carnival Corp.		162,948		2,590,873
Carter’s, Inc.		8,885		694,807
Chipotle Mexican Grill, Inc.(b)		1,269		1,114,880
Cooper Tire & Rubber Co.		27,279		578,042
Cooper-Standard Holdings, Inc.(b)		33,563		431,285
Core-Mark Holding Co., Inc.		33,080		950,719
Cracker Barrel Old Country Store, Inc.		6,338		617,321
D.R. Horton, Inc.		52,908		2,498,316
Dana, Inc.		82,393		947,519
Darden Restaurants, Inc.		20,783		1,533,578
Deckers Outdoor Corp.(b)		3,220		479,007
Delphi Technologies PLC(b)		65,014		649,490
Designer Brands, Inc., Class A		42,963		272,815
Dick’s Sporting Goods, Inc.		28,268		830,797
Dollar General Corp.		30,372		5,324,212
Dollar Tree, Inc.(b)		48,001		3,824,240
Domino’s Pizza, Inc.		2,070		749,195
Dunkin’ Brands Group, Inc.		8,828		554,752
eBay, Inc.		106,395		4,237,713
Expedia Group, Inc.		22,094		1,568,232
Extended Stay America, Inc.		86,673		942,136
Foot Locker, Inc.		54,325		1,392,350
Ford Motor Co.		4,500,481		22,907,448
GameStop Corp., Class A(c)		461,151		2,642,395
Gap, Inc. (The)		152,075		1,234,849

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  13  

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2020

	Shares		Value
Consumer Discretionary-(continued)
Garmin Ltd.		19,330	$	1,568,823
Garrett Motion, Inc. (Switzerland)(b)		93,209		507,989
General Motors Co.		918,995		20,484,399
Gentex Corp.		35,528		861,199
Genuine Parts Co.		39,071		3,097,549
G-III Apparel Group Ltd.(b)		25,025		283,533
Goodyear Tire & Rubber Co. (The)		345,924		2,480,275
Graham Holdings Co., Class B		1,397		544,844
Group 1 Automotive, Inc.		13,393		757,910
H&R Block, Inc.		64,733		1,077,804
Hanesbrands, Inc.		121,438		1,207,094
Harley-Davidson, Inc.		66,675		1,455,515
Hasbro, Inc.		20,405		1,473,445
Hilton Worldwide Holdings, Inc.		16,756		1,268,597
Home Depot, Inc. (The)		119,337		26,233,853
International Game Technology PLC(c)		65,835		496,396
KB Home		17,385		456,182
Kohl’s Corp.		116,756		2,155,316
Kontoor Brands, Inc.		18,766		364,248
L Brands, Inc.		182,904		2,174,729
Las Vegas Sands Corp.		77,097		3,702,198
Laureate Education, Inc., Class A(b)		33,683		318,978
Lear Corp.		32,962		3,218,739
Leggett & Platt, Inc.		32,684		1,148,189
Lennar Corp., Class A		51,161		2,561,631
Lithia Motors, Inc., Class A		9,945		1,099,519
LKQ Corp.(b)		83,073		2,172,359
Lowe’s Cos., Inc.		114,861		12,031,690
lululemon athletica, inc.(b)		3,619		808,774
Macy’s, Inc.(c)		418,288		2,451,168
Marriott International, Inc., Class A		25,852		2,350,981
Marriott Vacations Worldwide Corp.		7,247		601,501
Mattel, Inc.(b)(c)		159,516		1,390,980
McDonald’s Corp.		82,094		15,397,551
Meritage Homes Corp.(b)		11,254		591,510
MGM Resorts International		111,062		1,869,173
Michaels Cos., Inc. (The)(b)(c)		146,585		445,618
Mohawk Industries, Inc.(b)		22,715		1,992,560
Murphy USA, Inc.(b)		18,156		1,939,061
Newell Brands, Inc.		120,005		1,665,669
NIKE, Inc., Class B		86,995		7,584,224
Nordstrom, Inc.(c)		67,629		1,270,073
Norwegian Cruise Line Holdings Ltd.(b)		62,328		1,022,179
NVR, Inc.(b)		385		1,193,500
Office Depot, Inc.		657,627		1,459,932
O’Reilly Automotive, Inc.(b)		6,545		2,528,595
Penn National Gaming, Inc.(b)(c)		28,562		508,975
Penske Automotive Group, Inc.		24,199		870,680
Polaris, Inc.		15,473		1,097,500
PulteGroup, Inc.		46,623		1,318,032
PVH Corp.		26,879		1,323,253
Qurate Retail, Inc., Class A(b)		383,321		3,087,651
Ralph Lauren Corp.		12,417		916,126
Ross Stores, Inc.		28,790		2,630,254
Royal Caribbean Cruises Ltd.		39,985		1,870,098
Sally Beauty Holdings, Inc.(b)		75,856		736,562
Service Corp. International		23,813		874,890
ServiceMaster Global Holdings, Inc.(b)		22,632		770,620
Signet Jewelers Ltd.(c)		45,983		462,589
Six Flags Entertainment Corp.		31,955		639,420

	Shares		Value
Consumer Discretionary-(continued)
Skechers U.S.A., Inc., Class A(b)		27,788	$	783,066
Sonic Automotive, Inc., Class A		23,178		496,705
Starbucks Corp.		103,995		7,979,536
Tapestry, Inc.		100,732		1,498,892
Target Corp.		140,525		15,421,213
Taylor Morrison Home Corp., Class A(b)		40,067		582,975
Tenneco, Inc., Class A(c)		99,520		516,509
Tesla, Inc.(b)		2,163		1,691,206
Thor Industries, Inc.		15,167		1,004,055
Tiffany & Co.		15,211		1,924,191
TJX Cos., Inc. (The)		139,346		6,834,921
Toll Brothers, Inc.		29,645		712,073
Tractor Supply Co.		17,325		1,757,275
TRI Pointe Group, Inc.(b)		50,054		574,620
Tupperware Brands Corp.(c)		148,101		476,885
Ulta Beauty, Inc.(b)		5,383		1,173,063
Under Armour, Inc., Class A(b)		34,227		356,645
Under Armour, Inc., Class C(b)		34,350		318,425
Urban Outfitters, Inc.(b)(c)		27,606		478,688
Vail Resorts, Inc.		3,990		682,290
VF Corp.		41,712		2,423,467
Visteon Corp.(b)		22,068		1,330,700
Whirlpool Corp.		28,515		3,186,266
Williams-Sonoma, Inc.		20,502		1,267,844
Wyndham Destinations, Inc.		18,959		484,782
Wynn Resorts Ltd.		18,865		1,613,523
Yum China Holdings, Inc. (China)		38,350		1,858,441
Yum! Brands, Inc.		33,569		2,901,369
				356,882,618
Consumer Staples-9.23%
Altria Group, Inc.		521,969		20,487,283
Archer-Daniels-Midland Co.		292,582		10,866,496
B&G Foods, Inc.(c)		52,516		1,019,861
BJ’s Wholesale Club Holdings, Inc.(b)		76,648		2,016,609
Brown-Forman Corp., Class B		24,931		1,550,708
Bunge Ltd.		93,022		3,690,183
Campbell Soup Co.		34,094		1,704,018
Casey’s General Stores, Inc.		7,506		1,136,483
Church & Dwight Co., Inc.		22,475		1,573,025
Clorox Co. (The)		15,382		2,867,820
Coca-Cola Co. (The)		461,615		21,183,512
Coca-Cola European Partners PLC (United Kingdom)		49,704		1,970,267
Colgate-Palmolive Co.		104,941		7,374,204
Conagra Brands, Inc.		115,319		3,856,267
Constellation Brands, Inc., Class A		18,844		3,103,418
Costco Wholesale Corp.		69,201		20,967,903
Coty,Inc., Class A		91,680		499,656
Darling Ingredients, Inc.(b)		42,175		868,383
Edgewell Personal Care Co.(b)		19,319		533,398
Estee Lauder Cos., Inc. (The), Class A		13,018		2,296,375
Flowers Foods, Inc.		47,594		1,060,394
General Mills, Inc.		140,848		8,435,387
Hain Celestial Group, Inc. (The)(b)		23,047		595,535
Hershey Co. (The)		17,228		2,281,504
Hormel Foods Corp.		38,237		1,791,403
Ingredion, Inc.		19,541		1,586,729
JM Smucker Co. (The)		30,911		3,551,983
Kellogg Co.		54,428		3,565,034

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2020

	Shares		Value
Consumer Staples-(continued)
Keurig Dr Pepper, Inc.		36,613	$	968,780
Kimberly-Clark Corp.		54,860		7,597,013
Kraft Heinz Co. (The)		334,612		10,148,782
Kroger Co. (The)		541,066		17,103,096
Lamb Weston Holdings, Inc.		8,855		543,343
McCormick & Co., Inc.		11,489		1,801,935
Molson Coors Beverage Co., Class B		67,762		2,778,920
Mondelez International, Inc., Class A		213,064		10,960,012
Monster Beverage Corp.(b)		19,302		1,193,057
Nomad Foods Ltd. (United Kingdom)(b)		42,097		867,619
Nu Skin Enterprises, Inc., Class A		26,641		778,184
PepsiCo, Inc.		194,928		25,787,025
Performance Food Group Co.(b)		41,819		1,227,388
Philip Morris International, Inc.		336,843		25,128,488
Post Holdings, Inc.(b)		13,243		1,216,370
Procter & Gamble Co. (The)		350,181		41,275,834
Rite Aid Corp.(b)(c)		237,497		3,403,332
Sanderson Farms, Inc.		5,288		719,908
Spectrum Brands Holdings, Inc.		18,028		776,286
Sprouts Farmers Market, Inc.(b)		49,321		1,024,890
Sysco Corp.		108,947		6,130,448
TreeHouse Foods, Inc.(b)		26,610		1,376,535
Tyson Foods, Inc., Class A		86,516		5,380,430
United Natural Foods, Inc.(b)		133,655		1,422,089
Universal Corp.		12,964		627,069
US Foods Holding Corp.(b)		107,624		2,313,916
Vector Group Ltd.		46,876		501,573
Walgreens Boots Alliance, Inc.		383,355		16,595,438
Walmart, Inc.		396,811		48,232,377
				370,313,975
Energy-7.80%
Antero Resources Corp.(b)(c)		1,383,110		4,121,668
Apache Corp.		102,439		1,339,902
Baker Hughes Co., Class A		410,605		5,727,940
Cabot Oil & Gas Corp.		61,883		1,337,910
Cheniere Energy, Inc.(b)		17,148		800,640
Chesapeake Energy Corp.(b)(c)		10,860		190,050
Chevron Corp.		688,587		63,350,004
Cimarex Energy Co.		22,353		568,213
CNX Resources Corp.(b)		148,215		1,571,079
Concho Resources, Inc.		61,749		3,502,403
ConocoPhillips		334,345		14,075,925
Continental Resources, Inc.(c)		27,981		458,609
Cosan Ltd., Class A (Brazil)(b)		43,369		578,542
Delek US Holdings, Inc.		48,225		1,126,054
Devon Energy Corp.		164,039		2,045,566
Diamondback Energy, Inc.		30,341		1,321,047
EOG Resources, Inc.		102,930		4,890,204
EQT Corp.		325,474		4,748,666
Exxon Mobil Corp.		1,922,391		89,333,510
Gulfport Energy Corp.(b)		666,937		1,704,024
Halliburton Co.		327,370		3,437,385
Helmerich & Payne, Inc.		51,205		1,012,323
Hess Corp.		50,063		2,435,064
HollyFrontier Corp.		89,835		2,968,148
Kinder Morgan, Inc.		574,664		8,752,133
Marathon Oil Corp.		458,843		2,808,119
Marathon Petroleum Corp.		312,756		10,033,213
Murphy Oil Corp.(c)		97,335		1,154,393

	Shares		Value
Energy-(continued)
Nabors Industries Ltd.(c)		12,928	$	190,429
National Oilwell Varco, Inc.		206,436		2,609,351
Noble Energy, Inc.		187,184		1,836,275
Oasis Petroleum, Inc.(b)		697,980		491,308
Occidental Petroleum Corp.		330,795		5,491,197
Oceaneering International, Inc.(b)		74,321		382,010
ONEOK, Inc.		67,172		2,010,458
Parsley Energy, Inc., Class A		63,494		600,018
Patterson-UTI Energy, Inc.		163,694		604,031
PBF Energy, Inc., Class A		118,671		1,352,849
PDC Energy, Inc.(b)		37,414		486,008
Peabody Energy Corp.		136,751		463,586
Phillips 66		222,311		16,266,496
Pioneer Natural Resources Co.		22,928		2,047,700
QEP Resources, Inc.		277,729		273,841
Range Resources Corp.(c)		290,380		1,692,915
Schlumberger Ltd.		623,834		10,492,888
SM Energy Co.(c)		128,404		520,036
Southwestern Energy Co.(b)		536,694		1,733,522
Targa Resources Corp.		90,198		1,168,966
Transocean Ltd.(b)(c)		776,199		993,535
Valaris PLC (Saudi Arabia)(c)		520,459		237,233
Valero Energy Corp.		241,475		15,297,441
Whiting Petroleum Corp.(b)(c)		446,591		562,705
Williams Cos., Inc. (The)		400,959		7,766,576
World Fuel Services Corp.		45,485		1,137,125
WPX Energy, Inc.(b)		134,590		825,037
				312,926,270
Financials-16.47%
Affiliated Managers Group, Inc.		14,665		1,025,963
Aflac, Inc.		196,060		7,301,274
AGNC Investment Corp.		122,665		1,523,499
Alleghany Corp.		2,604		1,389,781
Allstate Corp. (The)		83,445		8,488,025
Ally Financial, Inc.		205,691		3,371,275
American Equity Investment Life Holding Co.		34,812		731,748
American Express Co.		107,184		9,780,540
American Financial Group, Inc.		19,887		1,317,315
American International Group, Inc.		457,765		11,640,964
Ameriprise Financial, Inc.		28,875		3,318,892
Annaly Capital Management, Inc.		353,066		2,206,662
Aon PLC		16,892		2,916,742
Arch Capital Group Ltd.(b)		59,658		1,433,582
Arthur J. Gallagher & Co.		22,479		1,764,601
Associated Banc-Corp		52,268		739,070
Assurant, Inc.		15,794		1,677,955
Assured Guaranty Ltd.		36,988		1,099,653
Athene Holding Ltd., Class A(b)		51,630		1,394,010
AXIS Capital Holdings Ltd.		25,315		926,529
Bank of America Corp.		1,852,050		44,541,802
Bank of Hawaii Corp.		7,315		498,737
Bank of New York Mellon Corp. (The)		253,551		9,518,305
Bank OZK		34,771		786,520
BankUnited, Inc.		31,151		617,101
Berkshire Hathaway, Inc., Class B(b)		419,439		78,586,091
BlackRock, Inc.		18,865		9,470,985
Blackstone Group, Inc. (The), Class A		69,104		3,609,993
Blackstone Mortgage Trust, Inc., Class A		24,524		577,050

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  15  

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2020

	Shares		Value
Financials-(continued)
BOK Financial Corp.		7,889	$	408,571
Brighthouse Financial, Inc.(b)		79,060		2,032,633
Brown & Brown, Inc.		19,308		693,350
Capital One Financial Corp.		193,655		12,541,098
Cathay General Bancorp		17,377		485,166
Cboe Global Markets, Inc.		8,085		803,487
Charles Schwab Corp. (The)		127,583		4,812,431
Chimera Investment Corp.(c)		71,106		552,494
Chubb Ltd.		92,932		10,037,585
Cincinnati Financial Corp.		26,071		1,715,472
CIT Group, Inc.		43,505		825,725
Citigroup, Inc.		762,196		37,012,238
Citizens Financial Group, Inc.		159,883		3,579,780
CME Group, Inc., Class A		37,461		6,675,925
CNO Financial Group, Inc.		74,805		1,051,758
Columbia Banking System, Inc.		16,702		450,787
Comerica, Inc.		42,228		1,472,068
Commerce Bancshares, Inc.		13,805		844,728
Credicorp Ltd. (Peru)		11,675		1,739,809
Cullen/Frost Bankers, Inc.		11,947		858,511
Discover Financial Services		95,541		4,105,397
E*TRADE Financial Corp.		30,772		1,249,651
East West Bancorp, Inc.		33,559		1,176,914
Eaton Vance Corp.		18,877		692,786
Equitable Holdings, Inc.		147,680		2,705,498
Essent Group Ltd.		13,307		363,547
Everest Re Group Ltd.		10,044		1,738,918
F.N.B. Corp.		109,619		886,818
FactSet Research Systems, Inc.		2,061		566,775
Federated Hermes, Inc., Class B		20,679		470,861
Fidelity National Financial, Inc.		52,212		1,412,335
Fifth Third Bancorp		202,348		3,781,884
First American Financial Corp.		26,565		1,225,178
First Citizens BancShares, Inc., Class A		1,182		451,524
First Hawaiian, Inc.		28,875		507,911
First Horizon National Corp.		74,856		679,692
First Republic Bank		18,095		1,887,128
Franklin Resources, Inc.		136,204		2,566,083
Fulton Financial Corp.		45,220		528,622
Genworth Financial, Inc., Class A(b)		352,138		1,278,261
Globe Life, Inc.		19,038		1,567,589
Goldman Sachs Group, Inc. (The)		99,715		18,289,725
Hancock Whitney Corp.		24,589		514,156
Hanover Insurance Group, Inc. (The)		9,566		960,235
Hartford Financial Services Group, Inc. (The)		113,115		4,297,239
Home BancShares, Inc.		32,191		493,488
Huntington Bancshares, Inc.		267,445		2,471,192
IBERIABANK Corp.		13,309		551,791
Intercontinental Exchange, Inc.		52,843		4,726,806
Invesco Ltd.(d)		189,739		1,635,550
Invesco Mortgage Capital, Inc.(d)		37,326		113,471
Investors Bancorp, Inc.		65,347		608,381
Janus Henderson Group PLC (United Kingdom)		54,327		972,453
Jefferies Financial Group, Inc.		108,122		1,483,434
JPMorgan Chase & Co.		663,104		63,498,839
Kemper Corp.		11,867		797,700
KeyCorp		243,874		2,841,132
Legg Mason, Inc.		24,255		1,208,627

	Shares		Value
Financials-(continued)
Lincoln National Corp.		89,898	$	3,188,682
Loews Corp.		89,114		3,088,691
LPL Financial Holdings, Inc.		13,170		793,097
M&T Bank Corp.		30,415		3,408,913
Markel Corp.(b)		2,117		1,832,983
Marsh & McLennan Cos., Inc.		53,221		5,180,000
MetLife, Inc.		357,953		12,914,944
MFA Financial, Inc.		128,553		224,968
MGIC Investment Corp.		87,599		640,349
Moody’s Corp.		7,064		1,722,910
Morgan Stanley		332,511		13,110,909
MSCI, Inc.		2,402		785,454
Nasdaq, Inc.		12,736		1,396,757
Navient Corp.		168,865		1,286,751
New Residential Investment Corp.(c)		148,225		902,690
New York Community Bancorp, Inc.		203,801		2,213,279
Northern Trust Corp.		37,492		2,967,867
Old National Bancorp		40,900		579,553
Old Republic International Corp.		96,753		1,543,210
OneMain Holdings, Inc.		23,262		563,173
PacWest Bancorp.		47,143		954,174
People’s United Financial, Inc.		118,921		1,509,107
Pinnacle Financial Partners, Inc.		12,880		518,420
PNC Financial Services Group, Inc. (The)		100,530		10,723,535
Popular, Inc.		26,936		1,039,460
Primerica, Inc.		6,038		627,409
Principal Financial Group, Inc.		104,244		3,795,524
ProAssurance Corp.		30,345		649,080
Progressive Corp. (The)		83,913		6,486,475
Prosperity Bancshares, Inc.		14,318		858,078
Prudential Financial, Inc.		223,643		13,948,614
Radian Group, Inc.		39,120		586,018
Raymond James Financial, Inc.		22,402		1,476,740
Regions Financial Corp.		306,741		3,297,466
Reinsurance Group of America, Inc.		21,671		2,268,520
RenaissanceRe Holdings Ltd. (Bermuda)		5,772		842,770
S&P Global, Inc.		10,886		3,188,292
Santander Consumer USA Holdings, Inc.(c)		41,195		642,230
SEI Investments Co.		11,114		566,369
Selective Insurance Group, Inc.		11,106		556,744
Signature Bank		7,591		813,603
SLM Corp.		92,785		773,827
Starwood Property Trust, Inc.		74,889		969,064
State Street Corp.		96,298		6,070,626
Sterling Bancorp		46,098		568,388
Stifel Financial Corp.		13,207		584,806
SVB Financial Group(b)		7,530		1,454,570
Synchrony Financial		263,615		5,216,941
Synovus Financial Corp.		28,037		589,057
T. Rowe Price Group, Inc.		32,847		3,798,099
TCF Financial Corp.		17,177		509,985
TD Ameritrade Holding Corp.		38,348		1,505,926
Texas Capital Bancshares, Inc.(b)		14,338		398,310
Travelers Cos., Inc. (The)		98,909		10,010,580
Truist Financial Corp.		182,781		6,821,387
Two Harbors Investment Corp.		74,198		339,085
U.S. Bancorp		331,156		12,087,194
UMB Financial Corp.		9,491		482,522
Umpqua Holdings Corp.		76,368		956,509
United Bankshares, Inc.		28,243		846,160

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  16  

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2020

	Shares		Value
Financials-(continued)
Unum Group.		125,645	$	2,192,505
Valley National Bancorp		88,894		743,154
Voya Financial, Inc.		46,110		2,082,789
W.R. Berkley Corp.		26,015		1,404,810
Waddell & Reed Financial, Inc., Class A		52,835		768,749
Washington Federal, Inc.		18,629		498,139
Webster Financial Corp.		21,652		611,669
Wells Fargo & Co.		1,477,729		42,928,027
Western Alliance Bancorporation		14,334		514,304
Willis Towers Watson PLC		16,058		2,862,981
Wintrust Financial Corp.		13,475		564,603
Zions Bancorporation N.A		43,149		1,363,940
				660,368,385
Health Care-13.75%
Abbott Laboratories		163,377		15,045,388
AbbVie, Inc.		210,048		17,265,946
Acadia Healthcare Co., Inc.(b)		27,361		656,938
Agilent Technologies, Inc.		24,231		1,857,548
Alexion Pharmaceuticals, Inc.(b)		25,802		2,772,941
Align Technology, Inc.(b)		2,576		553,454
Allergan PLC		59,773		11,197,874
AmerisourceBergen Corp.		121,331		10,878,537
Amgen, Inc.		85,142		20,367,669
Anthem, Inc.		62,538		17,556,293
Baxter International, Inc.		44,442		3,945,561
Becton, Dickinson and Co.		26,579		6,711,995
Biogen, Inc.(b)		24,255		7,199,612
BioMarin Pharmaceutical, Inc.(b)		6,959		640,367
Bio-Rad Laboratories, Inc., Class A(b)		2,049		901,765
Boston Scientific Corp.(b)		87,763		3,289,357
Bristol-Myers Squibb Co.		212,905		12,946,753
Brookdale Senior Living, Inc.(b)		118,372		427,323
Cardinal Health, Inc.		244,238		12,084,896
Catalent, Inc.(b)		13,378		925,089
Centene Corp.(b)		128,466		8,553,266
Cerner Corp.		33,495		2,324,218
Charles River Laboratories International, Inc.(b)		4,267		617,307
Cigna Corp.		57,086		11,176,297
Community Health Systems, Inc.(b)		197,654		598,892
Cooper Cos., Inc. (The)		2,695		772,656
Covetrus, Inc.(b)		63,449		754,409
CVS Health Corp.		516,860		31,812,733
Danaher Corp.		45,949		7,510,824
DaVita, Inc.(b)		35,674		2,818,603
DENTSPLY SIRONA, Inc.		21,313		904,524
Edwards Lifesciences Corp.(b)		7,289		1,585,357
Elanco Animal Health, Inc.(b)		46,793		1,156,255
Eli Lilly and Co.		80,004		12,371,819
Encompass Health Corp.		14,832		982,620
Gilead Sciences, Inc.		262,598		22,058,232
HCA Healthcare, Inc.		50,626		5,562,785
Henry Schein, Inc.(b)		32,846		1,792,078
Hill-Rom Holdings, Inc.		7,506		844,350
Hologic, Inc.(b)		29,618		1,483,862
Humana, Inc.		25,795		9,849,047
ICON PLC (Ireland)(b)		4,556		731,101
Illumina, Inc.(b)		5,601		1,786,887
Intuitive Surgical, Inc.(b)		3,891		1,987,834

	Shares		Value
Health Care-(continued)
IQVIA Holdings, Inc.(b)		17,485	$	2,493,186
Jazz Pharmaceuticals PLC(b)		8,635		952,009
Johnson & Johnson.		376,969		56,560,429
Laboratory Corp. of America Holdings(b)		19,232		3,162,702
Magellan Health, Inc.(b)		13,552		823,013
Mallinckrodt PLC(b)(c)		253,645		1,029,799
McKesson Corp.		138,250		19,527,812
MEDNAX, Inc.(b)		71,723		1,041,418
Medtronic PLC		182,654		17,832,510
Merck & Co., Inc.		364,154		28,891,978
Mettler-Toledo International, Inc.(b)		1,218		876,887
Molina Healthcare, Inc.(b)		19,344		3,171,836
Mylan N.V.(b)		265,187		4,447,186
Owens & Minor, Inc.		163,625		1,158,465
Patterson Cos., Inc.		43,190		789,513
PerkinElmer, Inc.		9,724		880,314
Perrigo Co. PLC		25,795		1,374,873
Pfizer, Inc.		1,318,899		50,592,966
PRA Health Sciences, Inc.(b)		6,348		612,582
Quest Diagnostics, Inc.		26,106		2,874,532
Regeneron Pharmaceuticals, Inc.(b)		6,147		3,232,584
ResMed, Inc.		7,366		1,144,087
Select Medical Holdings Corp.(b)		23,718		404,866
STERIS PLC		6,873		979,402
Stryker Corp.		24,724		4,609,295
Teleflex, Inc.		2,695		903,903
Tenet Healthcare Corp.(b)		113,138		2,283,125
Thermo Fisher Scientific, Inc.		27,888		9,333,556
United Therapeutics Corp.(b)		10,890		1,193,108
UnitedHealth Group, Inc.		141,472		41,376,316
Universal Health Services, Inc., Class B		16,916		1,787,852
Varian Medical Systems, Inc.(b)		7,122		814,614
Vertex Pharmaceuticals, Inc.(b)		4,184		1,051,021
Waters Corp.(b)		5,208		973,896
Zimmer Biomet Holdings, Inc.		22,666		2,713,120
Zoetis, Inc.		16,456		2,127,925
				551,283,942
Industrials-9.20%
3M Co.		110,495		16,786,400
A.O. Smith Corp.		20,164		854,550
ABM Industries, Inc.		24,384		841,004
Acuity Brands, Inc.		7,633		660,941
AECOM(b)		65,835		2,387,177
AerCap Holdings N.V. (Ireland)(b)		58,135		1,634,756
AGCO Corp.		21,215		1,121,001
Air Lease Corp.		27,644		722,891
Allegion PLC.		5,829		586,048
Allison Transmission Holdings, Inc.		21,189		770,008
AMERCO		2,118		593,315
American Airlines Group, Inc.(c)		82,399		989,612
AMETEK, Inc.		19,394		1,626,575
Applied Industrial Technologies, Inc.		9,218		482,931
ASGN, Inc.(b)		11,935		554,381
Avis Budget Group, Inc.(b)(c)		61,011		1,005,461
Beacon Roofing Supply, Inc.(b)		31,637		696,014
Boeing Co. (The)		72,814		10,268,230
Builders FirstSource, Inc.(b)		36,487		669,536
C.H. Robinson Worldwide, Inc.		38,767		2,748,580
Carlisle Cos., Inc.		7,914		957,277

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2020

	Shares		Value
Industrials-(continued)
Carrier Global Corp.(b)		149,142	$	2,641,305
Caterpillar, Inc.		117,736		13,702,116
Cintas Corp.		5,799		1,286,392
Clean Harbors, Inc.(b)		10,107		540,017
Colfax Corp.(b)(c)		28,142		725,782
Copart, Inc.(b)		7,553		605,071
CoStar Group, Inc.(b)		1,128		731,237
Covanta Holding Corp.		46,829		364,330
Crane Co.		9,778		532,412
CSX Corp.		95,021		6,293,241
Cummins, Inc.		38,604		6,311,754
Curtiss-Wright Corp.		5,161		534,938
Deere & Co.		59,675		8,656,455
Delta Air Lines, Inc.		54,600		1,414,686
Deluxe Corp.		18,792		529,371
Donaldson Co., Inc.		16,967		743,664
Dover Corp.		19,128		1,791,337
Dycom Industries, Inc.(b)		15,028		489,913
Eaton Corp. PLC		89,493		7,472,665
EMCOR Group, Inc.		14,261		906,001
Emerson Electric Co.		122,726		6,999,064
EnerSys		9,454		552,019
Equifax, Inc.		10,939		1,519,427
Expeditors International of Washington, Inc.		24,255		1,736,779
Fastenal Co.		61,361		2,222,495
FedEx Corp.		78,218		9,915,696
Flowserve Corp.		27,818		783,633
Fluor Corp.		227,850		2,665,845
Fortive Corp.		28,713		1,837,632
Fortune Brands Home & Security, Inc.		20,809		1,002,994
FTI Consulting, Inc.(b)		5,184		660,234
GATX Corp.		12,143		720,080
General Dynamics Corp.		48,258		6,303,460
General Electric Co.		3,208,984		21,821,091
Graco, Inc.		11,935		533,017
Greenbrier Cos., Inc. (The)		25,061		425,536
HD Supply Holdings, Inc.(b)		35,388		1,050,316
Hertz Global Holdings, Inc.(b)(c)		143,856		581,178
Hexcel Corp.		9,637		333,344
Honeywell International, Inc.		89,077		12,640,026
Howmet Aerospace, Inc.		92,208		1,205,159
Hub Group, Inc., Class A(b)		12,904		620,811
Hubbell, Inc.		9,642		1,199,754
Huntington Ingalls Industries, Inc.		7,366		1,409,926
IDEX Corp.		6,509		999,978
IHS Markit Ltd.		27,036		1,819,523
Illinois Tool Works, Inc.		35,323		5,739,987
ITT, Inc.		12,867		678,348
J.B. Hunt Transport Services, Inc.		13,900		1,405,568
Jacobs Engineering Group, Inc.		21,215		1,755,541
JetBlue Airways Corp.(b)		33,986		331,024
Johnson Controls International PLC		208,897		6,080,992
Kansas City Southern		11,667		1,523,127
Kennametal, Inc.		21,658		554,661
Kirby Corp.(b)		16,742		894,358
Knight-Swift Transportation Holdings, Inc.		27,276		1,014,122
L3Harris Technologies, Inc.		10,876		2,106,681
Landstar System, Inc.		6,545		676,164
Lennox International, Inc.		3,107		580,015

	Shares		Value
Industrials-(continued)
Lincoln Electric Holdings, Inc.		9,667	$	778,290
Lockheed Martin Corp.		31,074		12,089,650
Macquarie Infrastructure Corp.		35,500		979,445
ManpowerGroup, Inc.		35,813		2,658,757
Masco Corp.		38,616		1,584,801
MasTec, Inc.(b)		17,102		613,962
Meritor, Inc.(b)		29,078		596,099
Middleby Corp. (The)(b)		8,217		457,112
MRC Global, Inc.(b)		76,725		411,246
MSC Industrial Direct Co., Inc., Class A		12,889		768,700
Mueller Industries, Inc.		20,057		519,476
Navistar International Corp.(b)		21,703		515,880
Nielsen Holdings PLC		144,621		2,130,267
Nordson Corp.		5,005		805,355
Norfolk Southern Corp.		38,293		6,551,932
Northrop Grumman Corp.		20,004		6,614,723
nVent Electric PLC		31,029		578,691
Old Dominion Freight Line, Inc.		6,401		930,001
Oshkosh Corp.		18,384		1,241,472
Otis Worldwide Corp.(b)		74,571		3,796,410
Owens Corning.		31,185		1,352,182
PACCAR, Inc.		95,103		6,583,981
Parker-Hannifin Corp.		19,773		3,126,507
Pentair PLC		27,335		945,518
Pitney Bowes, Inc.		312,965		1,104,766
Quanta Services, Inc.		41,528		1,509,958
Raytheon Technologies Corp.		244,557		15,849,739
Regal Beloit Corp.		11,379		808,023
Republic Services, Inc.		31,612		2,476,484
Resideo Technologies, Inc.(b)		110,030		564,454
Rexnord Corp.		18,579		506,649
Robert Half International, Inc.		22,913		1,083,098
Rockwell Automation, Inc.		13,288		2,517,810
Roper Technologies, Inc.		6,805		2,320,709
Rush Enterprises, Inc., Class A		13,998		524,925
Ryder System, Inc.		57,391		2,031,641
Sensata Technologies Holding PLC(b)		30,909		1,124,469
Snap-on, Inc.		10,811		1,408,565
Southwest Airlines Co.		30,305		947,031
Spirit AeroSystems Holdings, Inc., Class A		22,067		489,005
Stanley Black & Decker, Inc.		27,590		3,040,418
Stericycle, Inc.(b)		18,123		884,402
Teledyne Technologies, Inc.(b)		2,695		877,681
Terex Corp.		32,725		497,093
Textron, Inc.		64,621		1,703,410
Timken Co. (The)		16,787		630,855
Toro Co. (The)		9,212		587,818
Trane Technologies PLC		31,520		2,755,478
TransDigm Group, Inc.		5,361		1,946,472
TransUnion		8,017		631,659
Trinity Industries, Inc.(c)		47,103		908,617
Triton International Ltd. (Bermuda)		19,487		603,707
Tutor Perini Corp.(b)		58,947		412,629
Uber Technologies, Inc.(b)		26,373		798,311
Union Pacific Corp.		93,411		14,926,144
United Airlines Holdings, Inc.(b)		36,863		1,090,408
United Parcel Service, Inc., Class B		164,505		15,572,043
United Rentals, Inc.(b)		25,727		3,305,920
Univar Solutions, Inc.(b)		77,390		1,123,703
Universal Forest Products, Inc.		11,165		459,105

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  18  

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2020

	Shares		Value
Industrials-(continued)
Valmont Industries, Inc.		5,415	$	634,855
Verisk Analytics, Inc.		7,910		1,208,885
W.W. Grainger, Inc.		8,040		2,215,663
WABCO Holdings, Inc.(b)		7,213		969,283
Wabtec Corp.		14,349		809,571
Waste Management, Inc.		52,652		5,266,253
Watsco, Inc.		5,907		950,968
WESCO International, Inc.(b)		36,061		932,898
XPO Logistics, Inc.(b)		29,424		1,963,758
Xylem, Inc.		17,418		1,252,354
				368,987,124
Information Technology-14.27%
Accenture PLC, Class A		59,522		11,022,879
Adobe, Inc.(b)		10,807		3,821,787
Advanced Micro Devices, Inc.(b)		17,551		919,497
Akamai Technologies, Inc.(b)		14,411		1,408,099
Alliance Data Systems Corp.		17,758		889,143
Amdocs Ltd.		21,581		1,390,680
Amphenol Corp., Class A		25,845		2,281,080
Analog Devices, Inc.		37,255		4,083,148
Anixter International, Inc.(b)		13,391		1,243,488
ANSYS, Inc.(b)		3,425		896,768
Apple, Inc.		383,845		112,773,661
Applied Materials, Inc.		88,507		4,397,028
Arrow Electronics, Inc.(b)		63,408		3,989,631
Automatic Data Processing, Inc.		34,277		5,028,093
Avaya Holdings Corp.(b)(c)		67,375		669,707
Avnet, Inc.		98,303		2,951,056
Benchmark Electronics, Inc.		23,133		477,928
Black Knight, Inc.(b)		10,401		733,999
Booz Allen Hamilton Holding Corp.		18,088		1,328,383
Broadcom, Inc.		36,575		9,934,501
Broadridge Financial Solutions, Inc.		10,667		1,237,372
CACI International, Inc., Class A(b)		4,211		1,053,339
Cadence Design Systems, Inc.(b)		10,703		868,334
CDK Global, Inc.		13,221		519,321
CDW Corp.		17,918		1,985,314
Check Point Software Technologies Ltd. (Israel)(b)		10,305		1,089,651
Ciena Corp.(b)		20,482		947,292
Cisco Systems, Inc.		735,881		31,186,637
Citrix Systems, Inc.		6,414		930,094
Cognizant Technology Solutions Corp., Class A		70,339		4,081,069
CommScope Holding Co., Inc.(b)		122,463		1,348,318
Conduent, Inc.(b)		200,137		504,345
CoreLogic, Inc.		13,536		520,053
Corning, Inc.		205,005		4,512,160
Cree, Inc.(b)		14,394		620,813
Dell Technologies, Inc., Class C(b)		53,772		2,295,527
DXC Technology Co.		183,268		3,322,649
EchoStar Corp., Class A(b)		16,905		533,353
Euronet Worldwide, Inc.(b)		4,864		446,321
F5 Networks, Inc.(b)		7,268		1,012,142
Fidelity National Information Services, Inc.		29,844		3,936,125
First Solar, Inc.(b)		23,872		1,050,607
Fiserv, Inc.(b)		18,230		1,878,784
FleetCor Technologies, Inc.(b)		5,082		1,226,032
Flex Ltd.(b)		363,169		3,544,529

	Shares		Value
Information Technology-(continued)
FLIR Systems, Inc.		14,303	$	620,750
Gartner, Inc.(b)		5,023		596,783
Genpact Ltd.		16,757		576,943
Global Payments, Inc.		6,429		1,067,343
Hewlett Packard Enterprise Co.		683,330		6,874,300
HP, Inc.		385,385		5,977,321
Insight Enterprises, Inc.(b)		18,550		1,007,079
Intel Corp.		722,068		43,309,639
International Business Machines Corp.		243,347		30,554,649
Intuit, Inc.		8,855		2,389,167
Jabil, Inc.		78,114		2,221,562
Jack Henry & Associates, Inc.		5,120		837,376
Juniper Networks, Inc.		85,199		1,840,298
KBR, Inc.		29,962		607,030
Keysight Technologies, Inc.(b)		12,412		1,201,109
KLA Corp.		24,229		3,975,737
Lam Research Corp.		10,568		2,697,799
Leidos Holdings, Inc.		23,122		2,284,685
Marvell Technology Group Ltd.		73,408		1,962,930
Mastercard, Inc., Class A		20,801		5,719,651
Maxim Integrated Products, Inc.		32,817		1,804,279
Microchip Technology, Inc.		25,025		2,195,443
Micron Technology, Inc.(b)		267,482		12,809,713
Microsoft Corp.		424,117		76,006,008
MKS Instruments, Inc.		6,385		639,969
Motorola Solutions, Inc.		11,481		1,651,083
National Instruments Corp.		16,694		641,383
NCR Corp.(b)		48,923		1,003,900
NetApp, Inc.		41,261		1,805,994
NortonLifeLock, Inc.		185,637		3,948,499
Nuance Communications, Inc.(b)		26,952		544,430
NVIDIA Corp.		14,326		4,187,203
NXP Semiconductors N.V. (Netherlands)		31,929		3,179,170
ON Semiconductor Corp.(b)		89,549		1,436,814
Oracle Corp.		282,935		14,987,067
Paychex, Inc.		35,356		2,422,593
PayPal Holdings, Inc.(b)		51,177		6,294,771
Perspecta, Inc.		31,906		688,212
Plexus Corp.(b)		8,665		543,209
Qorvo, Inc.(b)		16,858		1,652,590
QUALCOMM, Inc.		181,528		14,280,808
Sabre Corp.		62,696		455,800
salesforce.com, inc.(b)		23,225		3,761,289
Sanmina Corp.(b)		44,186		1,225,278
Science Applications International Corp.		10,163		829,911
Seagate Technology PLC		89,425		4,466,779
Skyworks Solutions, Inc.		18,644		1,936,739
SS&C Technologies Holdings, Inc.		16,870		930,549
SYNNEX Corp.		13,969		1,223,126
Synopsys, Inc.(b)		8,917		1,401,039
TE Connectivity Ltd.		62,817		4,614,537
Tech Data Corp.(b)		32,280		4,539,859
Teradata Corp.(b)		27,335		672,168
Teradyne, Inc.		11,709		732,281
Texas Instruments, Inc.		95,035		11,030,712
Trimble, Inc.(b)		25,124		870,044
TTM Technologies, Inc.(b)		51,959		602,205
ViaSat, Inc.(b)		12,427		526,905
Visa, Inc., Class A		60,826		10,870,823
Vishay Intertechnology, Inc.		37,194		617,048

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  19  

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2020

	Shares		Value
Information Technology-(continued)
Western Digital Corp.		101,549	$	4,679,378
Western Union Co. (The)		84,403		1,609,565
WEX, Inc.(b)		3,441		455,313
Xerox Holdings Corp.		67,375		1,232,289
Xilinx, Inc.		24,308		2,124,519
Zebra Technologies Corp., Class A(b)		4,394		1,009,126
				572,353,308
Materials-3.58%
Air Products and Chemicals, Inc.		23,195		5,232,328
Albemarle Corp.(c)		17,101		1,050,514
Alcoa Corp.(b)		186,873		1,523,015
Allegheny Technologies, Inc.(b)		38,565		289,623
AptarGroup, Inc.		8,408		900,329
Arconic Corp.(b)		22,782		198,659
Ashland Global Holdings, Inc.		12,869		793,889
Avery Dennison Corp.		12,644		1,395,771
Axalta Coating Systems Ltd.(b)		41,801		825,152
Ball Corp.		30,662		2,011,121
Berry Global Group, Inc.(b)		41,709		1,659,601
Boise Cascade Co.		15,384		481,058
Cabot Corp.		19,482		660,245
Carpenter Technology Corp.		15,001		332,572
Celanese Corp.		21,867		1,816,492
CF Industries Holdings, Inc.		65,683		1,806,282
Chemours Co. (The)		74,789		877,275
Commercial Metals Co.		49,932		795,916
Compass Minerals International, Inc.		10,395		511,018
Constellium SE(b)		64,740		502,382
Corteva, Inc.		190,578		4,991,238
Crown Holdings, Inc.(b)		28,505		1,836,007
Domtar Corp.		44,509		1,039,730
Dow, Inc.		191,936		7,042,132
DuPont de Nemours, Inc.		339,139		15,946,316
Eastman Chemical Co.		50,878		3,078,628
Ecolab, Inc.		22,514		4,356,459
Element Solutions, Inc.(b)		63,059		646,355
FMC Corp.		10,095		927,730
Freeport-McMoRan, Inc.		423,974		3,743,690
Graphic Packaging Holding Co.		87,207		1,164,213
Greif, Inc., Class A		12,383		419,660
H.B. Fuller Co.		13,168		484,451
Huntsman Corp.		107,825		1,812,538
International Flavors & Fragrances, Inc.(c)		16,127		2,113,121
International Paper Co.		170,035		5,823,699
Linde PLC (United Kingdom)		72,275		13,297,877
Louisiana-Pacific Corp.		25,780		515,600
LyondellBasell Industries N.V., Class A		128,869		7,467,959
Martin Marietta Materials, Inc.		7,228		1,374,982
Mosaic Co. (The)		184,218		2,120,349
Newmont Corp.		69,304		4,122,202
Nucor Corp.		126,500		5,210,535
O-I Glass, Inc.		106,235		875,376
Olin Corp.		81,396		1,086,637
Packaging Corp. of America		23,059		2,228,652
PolyOne Corp.		21,510		500,968
PPG Industries, Inc.		40,186		3,650,094
Reliance Steel & Aluminum Co.		21,647		1,939,138
RPM International, Inc.		19,990		1,327,536
Scotts Miracle-Gro Co. (The)		5,775		716,273

	Shares		Value
Materials-(continued)
Sealed Air Corp.		40,374	$	1,154,293
Sherwin-Williams Co. (The)		5,940		3,186,038
Silgan Holdings, Inc.		19,987		689,552
Sonoco Products Co.		27,477		1,341,977
Steel Dynamics, Inc.		78,358		1,901,749
Summit Materials, Inc., Class A(b)		30,198		456,292
Trinseo S.A		31,614		646,506
United States Steel Corp.(c)		251,325		1,930,176
Vulcan Materials Co.		14,050		1,587,228
Warrior Met Coal, Inc.		61,860		776,343
Westlake Chemical Corp.		11,240		488,378
Westrock Co.		121,756		3,919,326
				143,601,245
Real Estate-3.10%
Alexander & Baldwin, Inc.		30,929		406,407
Alexandria Real Estate Equities, Inc.		11,165		1,753,910
American Campus Communities, Inc.		27,972		987,132
American Homes 4 Rent, Class A		30,188		728,738
American Tower Corp.		23,346		5,556,348
Apartment Investment & Management Co., Class A		21,364		804,782
Apple Hospitality REIT, Inc.		94,513		914,886
AvalonBay Communities, Inc.		17,353		2,827,671
Boston Properties, Inc.		24,721		2,402,387
Brandywine Realty Trust		48,850		545,166
Brixmor Property Group, Inc.		83,023		950,613
Camden Property Trust		12,705		1,118,929
CBRE Group, Inc., Class A(b)		61,423		2,636,889
Colony Capital, Inc.		276,233		638,098
Columbia Property Trust, Inc.		40,869		584,018
CoreCivic, Inc.		74,887		982,518
Corporate Office Properties Trust		24,392		644,437
Cousins Properties, Inc.		16,960		511,683
Crown Castle International Corp.		40,010		6,378,794
CubeSmart		26,302		662,810
CyrusOne, Inc.		11,935		837,240
DiamondRock Hospitality Co.		72,845		453,824
Digital Realty Trust, Inc.		26,751		3,999,007
Diversified Healthcare Trust		167,569		521,140
Douglas Emmett, Inc.		21,836		665,780
Duke Realty Corp.		46,007		1,596,443
EPR Properties.		14,557		428,267
Equinix, Inc.		6,357		4,292,246
Equity LifeStyle Properties, Inc.		11,312		682,227
Equity Residential		52,745		3,431,590
Essex Property Trust, Inc.		7,315		1,785,592
Extra Space Storage, Inc.		13,505		1,191,681
Federal Realty Investment Trust		10,183		847,938
Gaming and Leisure Properties, Inc.		25,513		720,487
GEO Group, Inc. (The)		66,012		837,032
Healthcare Realty Trust, Inc.		19,675		578,248
Healthcare Trust of America, Inc., Class A		31,469		775,082
Healthpeak Properties, Inc.		83,335		2,178,377
Highwoods Properties, Inc.		21,000		815,010
Host Hotels & Resorts, Inc.		246,785		3,037,923
Howard Hughes Corp. (The)(b)		6,159		333,571
Hudson Pacific Properties, Inc.		25,624		629,838
Invitation Homes, Inc.		59,885		1,416,280
Iron Mountain, Inc.		92,785		2,243,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  20  

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2020

	Shares		Value
Real Estate-(continued)
JBG SMITH Properties		17,479	$	593,412
Jones Lang LaSalle, Inc.		12,320		1,300,746
Kilroy Realty Corp.		14,830		923,316
Kimco Realty Corp.		101,079		1,102,772
Lamar Advertising Co., Class A		14,238		820,821
Lexington Realty Trust		56,951		595,138
Life Storage, Inc.		7,044		616,984
Macerich Co. (The)(c)		76,703		572,971
Medical Properties Trust, Inc.		53,586		918,464
Mid-America Apartment Communities, Inc.		14,948		1,672,980
National Retail Properties, Inc.		19,203		626,786
Office Properties Income Trust		17,881		489,939
Omega Healthcare Investors, Inc.		32,081		935,161
Outfront Media, Inc.		45,815		718,837
Paramount Group, Inc.		60,546		584,269
Park Hotels & Resorts, Inc.		86,601		823,576
Pebblebrook Hotel Trust		36,798		435,688
Physicians Realty Trust		29,358		452,700
Piedmont Office Realty Trust, Inc., Class A		32,756		568,317
Prologis, Inc.		61,200		5,460,876
Public Storage		14,474		2,684,203
Rayonier, Inc.		31,377		753,989
Realogy Holdings Corp.		102,711		445,766
Realty Income Corp.		30,072		1,651,554
Regency Centers Corp.		28,105		1,234,091
Retail Properties of America, Inc., Class A		74,088		459,346
RLJ Lodging Trust		80,306		746,043
Ryman Hospitality Properties, Inc.		7,807		275,899
Sabra Health Care REIT, Inc.		37,882		485,647
SBA Communications Corp., Class A		2,887		836,999
Service Properties Trust		88,165		610,984
Simon Property Group, Inc.		51,448		3,435,183
SITE Centers Corp.		66,375		402,233
SL Green Realty Corp.		23,263		1,234,102
Spirit Realty Capital, Inc.		18,506		569,245
STORE Capital Corp.		23,099		463,597
Sun Communities, Inc.		6,950		934,080
Sunstone Hotel Investors, Inc.		88,143		810,034
Taubman Centers, Inc.		12,141		523,277
UDR, Inc.		30,861		1,156,362
Uniti Group, Inc.		103,430		730,216
Ventas, Inc.		87,660		2,835,801
VEREIT, Inc.		256,238		1,404,184
VICI Properties, Inc.(c)		57,033		993,515
Vornado Realty Trust		35,517		1,556,355
Washington Prime Group, Inc.(c)		342,364		294,365
Weingarten Realty Investors		27,250		495,678
Welltower, Inc.		78,823		4,038,102
Weyerhaeuser Co.		169,373		3,704,188
WP Carey, Inc.		22,792		1,499,258
Xenia Hotels & Resorts, Inc.		40,592		393,742
				124,206,371
Utilities-4.53%
AES Corp. (The)		218,918		2,900,663
ALLETE, Inc.		11,815		680,071
Alliant Energy Corp.		39,312		1,908,598
Ameren Corp.		48,346		3,517,171
American Electric Power Co., Inc.		102,277		8,500,241
American Water Works Co., Inc.		20,380		2,480,042

	Shares		Value
Utilities-(continued)
Atmos Energy Corp.		17,325	$	1,766,630
Avangrid, Inc.		13,616		585,488
Avista Corp.		17,297		744,463
Black Hills Corp.		11,396		705,868
CenterPoint Energy, Inc.		165,554		2,819,385
CMS Energy Corp.		50,655		2,891,894
Consolidated Edison, Inc.		89,718		7,069,778
Dominion Energy, Inc.		135,109		10,420,957
DTE Energy Co.		40,856		4,238,401
Duke Energy Corp.		197,427		16,714,170
Edison International		82,917		4,868,057
Entergy Corp.		43,105		4,116,959
Essential Utilities, Inc.		18,671		780,261
Evergy, Inc.		51,881		3,031,407
Eversource Energy		56,945		4,595,461
Exelon Corp.		319,407		11,843,612
FirstEnergy Corp.		121,643		5,020,207
Hawaiian Electric Industries, Inc.		25,216		995,276
IDACORP, Inc.		8,888		815,741
MDU Resources Group, Inc.		47,899		1,075,812
National Fuel Gas Co.		23,835		977,235
New Jersey Resources Corp.		18,648		629,929
NextEra Energy, Inc.		56,444		13,045,337
NiSource, Inc.		79,582		1,998,304
NorthWestern Corp.		11,165		644,109
NRG Energy, Inc.		49,392		1,656,114
OGE Energy Corp.		42,630		1,343,698
ONE Gas, Inc.		9,156		729,825
PG&E Corp.(b)		399,637		4,252,138
Pinnacle West Capital Corp.		26,548		2,043,931
PNM Resources, Inc.		14,518		587,834
Portland General Electric Co.		19,784		925,693
PPL Corp.		214,294		5,447,353
Public Service Enterprise Group, Inc.		126,091		6,394,075
Sempra Energy		46,178		5,719,145
South Jersey Industries, Inc.		19,438		555,732
Southern Co. (The)		227,276		12,893,367
Southwest Gas Holdings, Inc.		14,692		1,113,654
Spire, Inc.		10,872		793,221
UGI Corp.		59,305		1,789,825
Vistra Energy Corp.		129,484		2,530,117
WEC Energy Group, Inc.		47,349		4,287,452
Xcel Energy, Inc.		96,217		6,115,553
				181,560,254
Total Common Stocks & Other Equity Interests (Cost $4,016,248,240)				4,007,513,734
Money Market Funds-0.06%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $2,516,296)		2,516,296		2,516,296
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $4,018,764,536)				4,010,030,030

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  21  

Invesco FTSE RAFI US 1000 ETF (PRF)–(continued)

April 30, 2020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.82%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $32,953,152)		32,953,152	$	32,953,152
TOTAL INVESTMENTS IN SECURITIES-100.81% (Cost $4,051,717,688)				4,042,983,182
OTHER ASSETS LESS LIABILITIES-(0.81)%				(32,403,552	)
NET ASSETS-100.00%			$	4,010,579,630

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Ltd.		$	4,939,142		$	250,125		$	(758,606	)		$	(2,627,568	)		$	(167,543	)		$	1,635,550		$	267,601
Invesco Mortgage Capital, Inc.			907,425			40,569			(213,618	)			(487,574	)			(133,331	)			113,471			52,997
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			1,842,197			193,037,478			(192,363,379	)			-				-				2,516,296			76,681
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			18,438,410			235,127,953			(253,566,363	)			-				-				-			315,828
Invesco Liquid Assets Portfolio, Institutional Class*			6,146,141			61,317,338			(67,459,045	)			-				(4,434	)			-			114,905
Invesco Private Government Fund			-			68,725,536			(35,772,384	)			-				-				32,953,152			19
Total		$	32,273,315		$	558,498,999		$	(550,133,395	)		$	(3,115,142	)		$	(305,308	)		$	37,218,469		$	828,031

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  22  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-3.96%
ANGI Homeservices, Inc., Class A(b)(c)		36,423	$	246,766
ATN International, Inc.		17,440		1,083,373
Bandwidth, Inc., Class A(b)		2,854		232,772
Boingo Wireless, Inc.(b)		29,870		416,388
Boston Omaha Corp., Class A(b)		7,512		121,920
Cable One, Inc.		1,412		2,700,958
Cargurus, Inc.(b)		11,283		258,155
Cars.com, Inc.(b)(c)		255,223		1,322,055
Central European Media Enterprises Ltd., Class A (Czech Republic)(b)		157,563		612,920
Cincinnati Bell, Inc.(b)		179,200		2,625,280
Clear Channel Outdoor Holdings, Inc.(b)		379,369		366,015
Cogent Communications Holdings, Inc.		24,675		2,068,505
comScore, Inc.(b)		164,882		476,509
Consolidated Communications Holdings, Inc.		356,636		2,236,108
Cumulus Media, Inc., Class A(b)		51,952		230,147
DHI Group, Inc.(b)		94,995		264,086
E.W. Scripps Co. (The), Class A		106,547		859,834
Emerald Holding, Inc.		46,456		105,920
Entercom Communications Corp., Class A		362,963		442,815
Entravision Communications Corp., Class A.		166,744		243,446
Eros International PLC (India)(b)(c)		250,093		637,737
Eventbrite, Inc., Class A(b)(c)		12,611		115,012
Fluent, Inc.(b)		63,343		127,319
Gannett Co., Inc.		457,901		517,428
Glu Mobile, Inc.(b)		39,663		309,371
Gogo, Inc.(b)(c)		103,930		169,406
Gray Television, Inc.(b)		145,061		1,684,158
IDT Corp., Class B(b)		62,997		340,184
iHeartMedia, Inc., Class A(b)(c)		193,719		1,359,907
IMAX Corp.(b)		64,365		740,197
Intelsat S.A.(b)(c)		590,358		737,948
Iridium Communications, Inc.(b)		75,472		1,698,497
Liberty Media Corp.-Liberty Braves, Class A(b)		4,606		95,068
Liberty Media Corp.-Liberty Braves, Class C(b)		18,667		375,020
Liberty TripAdvisor Holdings, Inc., Class A(b)		268,851		631,800
Madison Square Garden Co. (The), Class A(b)		10,662		1,826,614
Madison Square Garden Entertainment Corp.(b)		10,548		872,320
Marcus Corp. (The)		33,202		482,757
Match Group, Inc.(b)(c)		7,420		571,043
MDC Partners, Inc., Class A(b)		126,550		180,967
Meet Group, Inc. (The)(b)(c)		41,046		253,254
MSG Networks, Inc., Class A(b)		75,562		897,677
National CineMedia, Inc.		175,069		577,728
New York Times Co. (The), Class A		63,901		2,078,061
ORBCOMM, Inc.(b)		123,911		327,125
QuinStreet, Inc.(b)		22,124		224,780
Roku, Inc.(b)		3,819		462,977
Scholastic Corp.		66,813		1,942,254
Shenandoah Telecommunications Co.		28,869		1,544,780
Sirius XM Holdings, Inc.(c)		440,587		2,603,869

	Shares		Value
Communication Services-(continued)
Snap, Inc., Class A(b)		81,683	$	1,438,438
Spok Holdings, Inc.		37,559		385,355
TechTarget, Inc.(b)		9,070		211,512
Tribune Publishing Co.		49,415		423,487
TripAdvisor, Inc.		108,881		2,174,354
TrueCar, Inc.(b)		168,969		432,561
United States Cellular Corp.(b)		53,598		1,706,024
Vonage Holdings Corp.(b)		168,350		1,407,406
WideOpenWest, Inc.(b)		105,435		624,175
World Wrestling Entertainment, Inc., Class A		17,919		796,858
Yelp, Inc.(b)		57,359		1,281,974
Zillow Group, Inc., Class A(b)(c)		18,217		793,168
Zillow Group, Inc., Class C(b)(c)		40,707		1,789,480
Zynga, Inc., Class A(b)		285,427		2,152,120
				56,916,142
Consumer Discretionary-12.42%
1-800-Flowers.com, Inc., Class A(b)		30,193		579,404
Acushnet Holdings Corp.		42,635		1,168,199
Adtalem Global Education, Inc.(b)		91,079		2,893,580
American Outdoor Brands Corp.(b)		150,244		1,422,059
American Public Education, Inc.(b)		33,267		857,291
America’s Car-Mart, Inc.(b)		5,227		344,721
Ascena Retail Group, Inc.(b)(c)		173,303		251,289
At Home Group, Inc.(b)(c)		209,625		492,619
Barnes & Noble Education, Inc.(b)		249,562		446,716
Bassett Furniture Industries, Inc.		36,928		252,587
BBX Capital Corp.		92,687		196,496
Beazer Homes USA, Inc.(b)		141,852		998,638
Big 5 Sporting Goods Corp.(c)		133,129		182,387
Biglari Holdings, Inc., Class A(b)		331		117,505
Biglari Holdings, Inc., Class B(b)		3,186		222,988
BJ’s Restaurants, Inc.		32,063		700,897
Blue Apron Holdings, Inc., Class A(b)(c)		73,513		565,315
Boot Barn Holdings, Inc.(b)		31,853		588,006
Boyd Gaming Corp.		95,034		1,586,117
Bright Horizons Family Solutions, Inc.(b)		19,397		2,258,781
Buckle, Inc. (The)(c)		87,842		1,344,861
Build-A-Bear Workshop, Inc.(b)		98,655		250,584
Caleres, Inc.		209,308		1,697,488
Callaway Golf Co.		73,133		1,047,265
Camping World Holdings, Inc., Class A(c)		75,454		669,277
Carriage Services, Inc.		24,831		372,962
Carrols Restaurant Group, Inc.(b)		160,327		585,194
Carvana Co.(b)(c)		1,735		138,991
Cato Corp. (The), Class A		83,927		945,018
Cavco Industries, Inc.(b)		5,920		915,706
Century Casinos, Inc.(b)		39,722		180,139
Century Communities, Inc.(b)		47,367		1,014,601
Cheesecake Factory, Inc. (The)(c)		72,254		1,610,542
Chegg, Inc.(b)		16,048		686,052
Chewy, Inc., Class A(b)		7,146		308,993
Chico’s FAS, Inc.		762,800		1,144,200
Children’s Place, Inc. (The)(c)		34,164		1,009,888
Choice Hotels International, Inc.		13,258		995,013
Churchill Downs, Inc.		11,558		1,158,343
Chuy’s Holdings, Inc.(b)		24,077		403,530

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  23  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Consumer Discretionary-(continued)
Citi Trends, Inc.		30,483	$	346,287
Clarus Corp.		17,484		186,729
Collectors Universe, Inc.		11,415		250,788
Columbia Sportswear Co.		22,728		1,656,644
Conn’s, Inc.(b)(c)		167,058		1,129,312
Container Store Group, Inc. (The)(b)(c)		97,453		204,651
Crocs, Inc.(b)		31,655		767,634
Culp, Inc.		31,556		224,363
Dave & Buster’s Entertainment, Inc.(c)		37,087		542,954
Del Taco Restaurants, Inc.(b)		108,229		636,386
Denny’s Corp.(b)		38,089		429,263
Despegar.com Corp. (Argentina)(b)		35,665		246,088
Dillard’s, Inc., Class A(c)		49,328		1,454,189
Dine Brands Global, Inc.		18,712		830,626
Dorman Products, Inc.(b)		26,894		1,696,473
Drive Shack, Inc.(b)		256,753		338,914
Duluth Holdings, Inc., Class B(b)(c)		27,785		111,418
El Pollo Loco Holdings, Inc.(b)		28,452		347,968
Eldorado Resorts, Inc.(b)(c)		37,097		795,360
Ethan Allen Interiors, Inc.		84,348		953,976
Etsy, Inc.(b)		16,882		1,095,135
Everi Holdings, Inc.(b)		65,083		322,161
Express, Inc.(b)(c)		731,081		1,513,338
Farfetch Ltd., Class A (United Kingdom)(b)(c)		53,247		704,990
Fiesta Restaurant Group, Inc.(b)		82,875		602,916
Five Below, Inc.(b)		18,835		1,698,164
Flexsteel Industries, Inc.		21,991		211,114
Floor & Decor Holdings, Inc., Class A(b)		21,283		902,399
Fossil Group, Inc.(b)		632,376		2,504,209
Fox Factory Holding Corp.(b)		12,085		616,456
Francesca’s Holdings Corp.(b)(c)		86,902		229,421
frontdoor, Inc.(b)		38,901		1,505,858
Funko, Inc., Class A(b)(c)		42,472		181,780
Genesco, Inc.(b)		97,699		1,849,442
Gentherm, Inc.(b)		38,886		1,455,892
GNC Holdings, Inc.(b)(c)		618,140		355,740
Golden Entertainment, Inc.(b)		26,602		251,123
GoPro, Inc., Class A(b)(c)		255,148		898,121
Grand Canyon Education, Inc.(b)		37,837		3,254,739
Green Brick Partners, Inc.(b)		38,756		345,316
Groupon, Inc.(b)		1,573,876		1,920,129
Grubhub, Inc.(b)		43,945		2,100,132
Guess?, Inc.		138,360		1,293,666
Hamilton Beach Brands Holding Co., Class A		27,037		356,618
Haverty Furniture Cos., Inc.		75,532		1,021,948
Helen of Troy Ltd.(b)		16,576		2,723,105
Hibbett Sports, Inc.(b)		66,418		1,024,830
Hilton Grand Vacations, Inc.(b)		115,181		2,372,729
Hooker Furniture Corp.		32,054		480,489
Houghton Mifflin Harcourt Co.(b)		343,749		549,998
Hovnanian Enterprises, Inc., Class A(b)(c)		57,159		721,347
Hudson Ltd., Class A(b)		89,829		440,162
Hyatt Hotels Corp., Class A		31,828		1,790,643
Installed Building Products, Inc.(b)		12,697		626,089
iRobot Corp.(b)(c)		30,627		1,867,022
J. Jill, Inc.(b)(c)		356,348		162,281
J.C. Penney Co., Inc.(b)(c)		4,635,932		1,177,527
Jack in the Box, Inc.		26,527		1,599,578

	Shares		Value
Consumer Discretionary-(continued)
Johnson Outdoors, Inc., Class A		5,164	$	353,011
K12, Inc.(b)		102,283		2,322,847
Kirkland’s, Inc.(b)(c)		290,633		264,796
Lands’ End, Inc.(b)(c)		48,472		412,497
La-Z-Boy, Inc.		69,313		1,625,390
LCI Industries		28,692		2,488,170
LGI Homes, Inc.(b)		17,751		1,075,356
Libbey, Inc.(b)(c)		118,763		136,577
Lindblad Expeditions Holdings, Inc.(b)		15,436		103,112
Liquidity Services, Inc.(b)		47,580		237,900
Lumber Liquidators Holdings, Inc.(b)(c)		105,978		747,145
M.D.C. Holdings, Inc.		70,392		2,058,966
M/I Homes, Inc.(b)		63,101		1,606,551
MakeMyTrip Ltd. (India)(b)		29,415		434,165
Malibu Boats, Inc., Class A(b)		11,390		391,588
MarineMax, Inc.(b)		61,426		885,149
MasterCraft Boat Holdings, Inc.(b)		30,169		315,266
MercadoLibre, Inc. (Argentina)(b)		2,075		1,210,783
Modine Manufacturing Co.(b)		163,299		756,074
Monarch Casino & Resort, Inc.(b)		8,028		267,653
Monro, Inc.		33,751		1,872,843
Motorcar Parts of America, Inc.(b)		42,001		597,674
Movado Group, Inc.		52,665		542,976
National Vision Holdings, Inc.(b)		64,075		1,697,987
Nautilus, Inc.(b)		200,553		1,301,589
New Home Co., Inc. (The)(b)		46,789		106,679
Noodles & Co.(b)		31,698		198,112
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		32,637		2,216,379
Overstock.com, Inc.(b)		103,822		1,310,234
Oxford Industries, Inc.		25,252		1,058,564
Papa John’s International, Inc.		19,773		1,422,074
Party City Holdco, Inc.(b)(c)		920,472		698,178
Perdoceo Education Corp.(b)		52,557		683,241
PetMed Express, Inc.(c)		22,629		895,429
Planet Fitness, Inc., Class A(b)		10,515		634,370
Playa Hotels & Resorts N.V.(b)		112,535		277,961
PlayAGS, Inc.(b)		38,723		169,994
Pool Corp.		15,063		3,188,235
Potbelly Corp.(b)		77,977		269,021
Quotient Technology, Inc.(b)		52,831		379,327
RCI Hospitality Holdings, Inc.		10,838		135,800
Red Lion Hotels Corp.(b)		80,806		130,098
Red Robin Gourmet Burgers, Inc.(b)(c)		52,783		772,215
Red Rock Resorts, Inc., Class A		75,335		825,672
Regis Corp.(b)		67,703		840,871
Rent-A-Center, Inc.		82,621		1,644,571
RH(b)(c)		10,809		1,554,118
Rocky Brands, Inc.		14,316		307,078
Rubicon Project, Inc. (The)(b)		43,146		309,357
Ruth’s Hospitality Group, Inc.		29,940		336,975
Scientific Games Corp.(b)		127,473		1,607,434
SeaWorld Entertainment, Inc.(b)		44,614		655,380
Select Interior Concepts, Inc., Class A(b)		55,211		176,675
Shake Shack, Inc., Class A(b)(c)		6,301		343,467
Shoe Carnival, Inc.(c)		20,553		485,462
Shutterstock, Inc.		12,336		468,768
Skyline Champion Corp.(b)		23,077		454,848
Sleep Number Corp.(b)		30,175		902,232
Sonos, Inc.(b)		57,775		590,460
Sportsman’s Warehouse Holdings, Inc.(b)		152,026		1,088,506

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  24  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Consumer Discretionary-(continued)
Stamps.com, Inc.(b)		8,675	$	1,372,992
Standard Motor Products, Inc.		30,231		1,230,099
Steven Madden Ltd.		62,095		1,556,722
Stitch Fix, Inc., Class A(b)(c)		14,623		234,699
Stoneridge, Inc.(b)		37,398		749,082
Strategic Education, Inc.		10,196		1,624,223
Sturm Ruger & Co., Inc.		24,683		1,313,136
Superior Industries International, Inc.		164,856		232,447
Tailored Brands, Inc.(c)		709,959		1,178,532
Tempur Sealy International, Inc.(b)		40,687		2,186,926
Texas Roadhouse, Inc.		49,903		2,349,932
Tilly’s, Inc., Class A		82,552		486,231
TopBuild Corp.(b)		25,536		2,379,700
Town Sports International Holdings, Inc.(b)		112,592		67,139
Turtle Beach Corp.(b)		24,005		235,969
Twin River Worldwide Holdings, Inc.		21,924		345,961
Unifi, Inc.(b)		38,646		399,986
Universal Electronics, Inc.(b)		19,156		790,760
Veoneer, Inc. (Sweden)(b)(c)		257,727		2,520,570
Vera Bradley, Inc.(b)		59,600		328,396
Vista Outdoor, Inc.(b)		251,830		2,548,520
Wayfair, Inc., Class A(b)(c)		24,900		3,088,596
Wendy’s Co. (The)		141,516		2,810,508
Weyco Group, Inc.		9,553		181,794
Wingstop, Inc.		7,283		854,077
Winnebago Industries, Inc.		26,151		1,160,320
Wolverine World Wide, Inc.		111,301		2,280,557
WW International, Inc.(b)		45,659		1,164,761
Wyndham Hotels & Resorts, Inc.		59,226		2,233,412
YETI Holdings, Inc.(b)(c)		13,400		369,974
ZAGG, Inc.(b)		77,406		255,440
Zumiez, Inc.(b)		35,848		757,827
				178,614,010
Consumer Staples-3.55%
Adecoagro S.A. (Brazil)(b)		167,471		668,209
Andersons, Inc. (The)		168,921		2,866,589
Boston Beer Co., Inc. (The), Class A(b)		3,371		1,572,605
Calavo Growers, Inc.		14,016		812,928
Cal-Maine Foods, Inc.		50,311		2,088,410
Central Garden & Pet Co., Class A(b)		82,361		2,504,598
Chefs’ Warehouse, Inc. (The)(b)		33,846		476,552
Coca-Cola Consolidated, Inc.		5,623		1,324,048
Craft Brew Alliance, Inc.(b)(c)		13,552		204,635
elf Beauty, Inc.(b)		17,764		232,176
Energizer Holdings, Inc.		48,690		1,896,962
Farmer Brothers Co.(b)		36,101		333,573
Fresh Del Monte Produce, Inc.		104,131		2,968,775
Freshpet, Inc.(b)		3,260		245,837
Grocery Outlet Holding Corp.(b)		26,555		883,485
Herbalife Nutrition Ltd.(b)		93,492		3,491,926
Hostess Brands, Inc.(b)		157,783		1,896,552
Ingles Markets, Inc., Class A		58,941		2,406,561
Inter Parfums, Inc.		11,118		496,863
J&J Snack Foods Corp.		9,894		1,256,835
John B. Sanfilippo & Son, Inc.		13,523		1,110,644
Lancaster Colony Corp.		13,978		1,881,858
Landec Corp.(b)		56,481		629,763
Lifevantage Corp.(b)		16,228		251,534
Limoneira Co.		14,386		192,053

	Shares		Value
Consumer Staples-(continued)
Medifast, Inc.(c)		5,704	$	432,820
MGP Ingredients, Inc.		14,002		528,295
National Beverage Corp.(b)(c)		15,504		778,766
Natural Grocers by Vitamin Cottage, Inc.		44,923		506,282
New Age Beverages Corp.(b)(c)		68,448		96,512
Pilgrim’s Pride Corp.(b)		120,798		2,657,556
PriceSmart, Inc.		39,802		2,529,019
Pyxus International, Inc.(b)(c)		381,839		1,000,418
Revlon, Inc., Class A(b)(c)		19,515		259,940
Seneca Foods Corp., Class A(b)		11,103		399,486
Simply Good Foods Co. (The)(b)		33,229		626,367
SpartanNash Co.		172,379		2,956,300
Tootsie Roll Industries, Inc.(c)		11,915		418,574
Turning Point Brands, Inc.		8,594		200,240
USANA Health Sciences, Inc.(b)		15,819		1,411,371
Village Super Market, Inc., Class A		37,700		905,931
WD-40 Co.		5,437		947,560
Weis Markets, Inc.		34,358		1,718,931
				51,068,339
Energy-5.39%
Abraxas Petroleum Corp.(b)		1,184,497		372,761
Amplify Energy Corp.		51,480		67,954
Antero Midstream Corp.(c)		40,948		194,503
Apergy Corp.(b)		114,695		1,056,341
Arch Coal, Inc., Class A(c)		40,499		1,182,166
Archrock, Inc.		274,865		1,322,101
Ardmore Shipping Corp. (Ireland)		115,977		763,129
Berry Corp.		127,102		435,960
Bonanza Creek Energy, Inc.(b)		57,571		1,005,190
Cactus, Inc., Class A		21,492		382,128
California Resources Corp.(b)(c)		213,733		598,452
Callon Petroleum Co.(b)		1,257,740		1,181,898
Centennial Resource Development, Inc., Class A(b)		1,181,835		1,394,565
Chaparral Energy, Inc., Class A(b)		249,841		122,322
Clean Energy Fuels Corp.(b)		195,095		420,430
CONSOL Energy, Inc.(b)(c)		389,233		2,954,278
Core Laboratories N.V.(c)		94,302		1,849,262
Covia Holdings Corp.(b)		218,286		141,886
CVR Energy, Inc.(c)		92,974		2,217,430
Denbury Resources, Inc.(b)		2,490,824		885,488
DHT Holdings, Inc.		222,619		1,616,214
Diamond S Shipping, Inc.(b)		106,066		1,316,279
DMC Global, Inc.		6,559		169,288
Dorian LPG Ltd.(b)		62,864		596,579
Dril-Quip, Inc.(b)		54,461		1,804,293
Equitrans Midstream Corp.(c)		333,167		2,791,939
Era Group, Inc.(b)		57,582		294,820
Evolution Petroleum Corp.		40,876		121,402
Exterran Corp.(b)		114,008		775,254
Extraction Oil & Gas, Inc.(b)(c)		2,351,613		1,245,414
Forum Energy Technologies, Inc.(b)		641,896		276,015
Frank’s International N.V.(b)		344,901		838,109
FTS International, Inc.(b)		216,478		88,756
GasLog Ltd. (Monaco)		223,991		1,034,838
Geopark Ltd. (Colombia)(c)		40,899		387,314
Geospace Technologies Corp.(b)		17,741		110,172
Golar LNG Ltd. (Bermuda)		206,862		1,466,652
Green Plains, Inc.		262,625		1,541,609

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  25  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Energy-(continued)
Gulf Island Fabrication, Inc.(b)		42,254	$	127,607
Helix Energy Solutions Group, Inc.(b)		330,166		838,622
Hi-Crush, Inc.(b)		449,195		139,071
HighPoint Resources Corp.(b)		762,167		252,735
International Seaways, Inc.		90,325		2,185,865
ION Geophysical Corp.(b)		24,031		48,543
KLX Energy Services Holdings, Inc.(b)		176,949		230,034
Kosmos Energy Ltd. (Ghana)		555,073		915,870
Laredo Petroleum, Inc.(b)		1,029,103		1,121,722
Liberty Oilfield Services, Inc., Class A(c)		134,031		632,626
Magnolia Oil & Gas Corp., Class A(b)		172,501		1,116,081
Mammoth Energy Services, Inc.		260,016		218,413
Matador Resources Co.(b)(c)		197,488		1,390,316
Matrix Service Co.(b)		99,486		1,038,634
Montage Resources Corp.(b)(c)		162,160		1,107,553
NACCO Industries, Inc., Class A		5,733		201,515
National Energy Services Reunited Corp.(b)(c)		43,952		224,595
Natural Gas Services Group, Inc.(b)		41,387		262,807
Navigator Holdings Ltd.(b)		74,844		499,209
Navios Maritime Acquisition Corp. (Greece)		118,908		650,427
Newpark Resources, Inc.(b)		396,108		606,045
NexTier Oilfield Solutions, Inc.(b)		247,429		574,035
Nine Energy Service, Inc.(b)(c)		117,891		170,942
Noble Corp. PLC(b)		3,192,150		823,575
Nordic American Tankers Ltd.(c)		719,056		4,328,717
Northern Oil and Gas, Inc.(b)		339,739		284,429
Oil States International, Inc.(b)		332,710		1,144,522
Overseas Shipholding Group, Inc., Class A(b)		233,461		583,653
Pacific Ethanol, Inc.(b)		338,501		119,829
Par Pacific Holdings, Inc.(b)		102,814		999,352
Penn Virginia Corp.(b)		41,270		259,588
ProPetro Holding Corp.(b)		166,808		707,266
Renewable Energy Group, Inc.(b)		80,070		1,986,537
REX American Resources Corp.(b)		11,547		686,816
Ring Energy, Inc.(b)		272,861		245,930
RPC, Inc.(c)		246,138		839,331
SandRidge Energy, Inc.(b)		197,181		392,390
Scorpio Tankers, Inc. (Monaco)		135,647		2,969,313
SEACOR Holdings, Inc.(b)		36,804		1,040,081
Select Energy Services, Inc., Class A(b)		128,893		618,686
SFL Corp. Ltd. (Norway)(c)		221,869		2,504,901
SilverBow Resources, Inc.(b)(c)		52,873		286,043
Smart Sand, Inc.(b)(c)		117,894		97,852
Solaris Oilfield Infrastructure, Inc., Class A		20,262		138,592
Talos Energy, Inc.(b)		32,570		370,972
Teekay Corp. (Bermuda)(b)		482,267		1,794,033
Teekay Tankers Ltd., Class A (Bermuda)(b)		108,976		2,213,303
TETRA Technologies, Inc.(b)		512,093		249,031
Tidewater, Inc.(b)		103,930		598,637
Unit Corp.(b)		1,322,323		446,945
US Silica Holdings, Inc.		407,546		782,488
VAALCO Energy, Inc.(b)		84,481		78,348
W&T Offshore, Inc.(b)		139,659		386,855
				77,554,473
Financials-17.52%
1st Source Corp.		17,945		623,230
AG Mortgage Investment Trust, Inc.(c)		76,588		244,316

	Shares		Value
Financials-(continued)
Allegiance Bancshares, Inc.		24,400	$	611,952
Amalgamated Bank, Class A		16,862		180,423
Ambac Financial Group, Inc.(b)		142,638		2,453,374
Amerant Bancorp, Inc.(b)		25,810		348,951
American National Insurance Co.		20,710		1,667,155
Ameris Bancorp		41,632		1,058,702
AMERISAFE, Inc.		27,234		1,733,989
Anworth Mortgage Asset Corp.		305,851		526,064
Apollo Commercial Real Estate Finance, Inc.		193,413		1,576,316
Arbor Realty Trust, Inc.		80,254		552,950
Ares Commercial Real Estate Corp.		47,937		371,512
Ares Management Corp., Class A		25,470		854,519
Argo Group International Holdings Ltd.		52,201		1,845,827
Arlington Asset Investment Corp., Class A		74,356		210,427
ARMOUR Residential REIT, Inc.		58,528		517,388
Artisan Partners Asset Management, Inc., Class A		73,456		2,162,545
Atlantic Capital Bancshares, Inc.(b)		23,020		288,901
Atlantic Union Bankshares Corp.		79,899		1,907,189
Axos Financial, Inc.(b)		72,167		1,663,449
B. Riley Financial, Inc.		17,229		342,685
Banc of California, Inc.		73,939		770,444
BancFirst Corp.		17,635		679,124
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)		55,914		638,538
Bancorp, Inc. (The)(b)		45,852		319,588
BancorpSouth Bank		120,525		2,638,292
Bank of Marin Bancorp		11,996		395,388
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		71,686		1,577,809
BankFinancial Corp.		14,723		121,759
Banner Corp.		46,948		1,804,212
Benefytt Technologies, Inc.(b)(c)		8,049		210,320
Berkshire Hills Bancorp, Inc.		73,224		1,247,737
BGC Partners, Inc., Class A		452,054		1,399,107
Blucora, Inc.(b)		55,390		779,337
Boston Private Financial Holdings, Inc.		156,776		1,191,498
Bridge Bancorp, Inc.		22,574		467,056
Bridgewater Bancshares, Inc.(b)		24,219		245,338
Brightsphere Investment Group, Inc.		106,449		788,787
Brookline Bancorp, Inc.		107,899		1,101,649
Bryn Mawr Bank Corp.		26,060		758,737
Byline Bancorp, Inc.		30,586		376,820
Cadence BanCorp		153,172		1,013,999
Camden National Corp.		18,025		590,319
Cannae Holdings, Inc.(b)		45,559		1,437,386
Capitol Federal Financial, Inc.		205,765		2,467,122
Capstar Financial Holdings, Inc.		19,590		223,522
Capstead Mortgage Corp.		284,836		1,478,299
Carolina Financial Corp.		17,234		583,026
CBTX, Inc.		17,737		320,330
CenterState Bank Corp.		90,818		1,579,325
Central Pacific Financial Corp.		39,598		692,569
Century Bancorp, Inc., Class A		2,763		206,368
Cherry Hill Mortgage Investment Corp.		35,822		249,321
City Holding Co.		17,162		1,159,980
Civista Bancshares, Inc.		16,248		249,082
CNA Financial Corp.		69,007		2,179,241
Cohen & Steers, Inc.		15,631		902,534

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  26  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Financials-(continued)
Colony Credit Real Estate, Inc.		160,298	$	771,033
Columbia Financial, Inc.(b)		36,286		513,628
Community Bank System, Inc.		47,279		2,954,465
Community Trust Bancorp, Inc.		23,088		782,683
ConnectOne Bancorp, Inc.		34,553		516,222
Cowen, Inc., Class A		82,744		906,047
Credit Acceptance Corp.(b)(c)		6,515		2,029,879
Curo Group Holdings Corp.		32,579		303,636
Customers Bancorp, Inc.(b)		63,595		811,472
CVB Financial Corp.		139,234		2,893,979
Diamond Hill Investment Group, Inc.		5,443		596,335
Dime Community Bancshares, Inc.		58,312		958,066
Donnelley Financial Solutions, Inc.(b)		143,080		1,041,622
Dynex Capital, Inc.		52,838		756,112
Eagle Bancorp, Inc.		44,299		1,554,009
eHealth, Inc.(b)		3,752		400,338
Elevate Credit, Inc.(b)		98,381		183,972
Ellington Residential Mortgage REIT(c)		21,268		189,711
Employers Holdings, Inc.		44,625		1,355,261
Encore Capital Group, Inc.(b)		71,259		1,851,309
Enova International, Inc.(b)		77,983		1,250,847
Enstar Group Ltd. (Bermuda)(b)		14,420		2,085,420
Enterprise Financial Services Corp.		20,417		627,619
Equity Bancshares, Inc., Class A(b)		22,993		430,889
Erie Indemnity Co., Class A		14,932		2,658,792
Evercore, Inc., Class A		45,898		2,368,337
Exantas Capital Corp.		93,341		276,289
EZCORP, Inc., Class A(b)		301,462		1,688,187
FB Financial Corp.		19,851		443,471
FBL Financial Group, Inc., Class A		12,509		488,852
Federal Agricultural Mortgage Corp., Class C		15,295		1,019,106
FedNat Holding Co.		26,368		319,580
FGL Holdings		142,843		1,482,710
Financial Institutions, Inc.		19,605		379,357
First Bancorp		306,013		1,784,056
First Bancorp/Southern Pines NC		28,892		768,238
First Bancshares, Inc. (The)		10,338		205,933
First Busey Corp.		62,738		1,155,634
First Business Financial Services, Inc.		8,869		152,369
First Commonwealth Financial Corp.		132,608		1,262,428
First Defiance Financial Corp.		24,552		426,714
First Financial Bancorp		132,418		2,036,589
First Financial Bankshares, Inc.		63,271		1,762,097
First Financial Corp.		19,656		698,181
First Foundation, Inc.		46,831		644,395
First Internet Bancorp		12,717		199,657
First Interstate BancSystem, Inc., Class A		43,424		1,467,731
First Merchants Corp.		51,199		1,449,444
First Midwest Bancorp, Inc.		143,770		2,124,921
First of Long Island Corp. (The)		25,519		402,945
FirstCash, Inc.		30,495		2,190,761
Flagstar Bancorp, Inc.		57,695		1,494,877
Flushing Financial Corp.		52,785		659,285
Focus Financial Partners, Inc., Class A(b)		18,823		449,117
Franklin Financial Network, Inc.		16,106		382,034
FS Bancorp, Inc.		4,715		197,794
GAIN Capital Holdings, Inc.		82,476		539,393
German American Bancorp, Inc.		21,904		651,206
Glacier Bancorp, Inc.		78,285		2,981,093

	Shares		Value
Financials-(continued)
Granite Point Mortgage Trust, Inc.		68,566	$	341,459
Great Ajax Corp.(c)		39,683		345,242
Great Southern Bancorp, Inc.		14,802		630,121
Great Western Bancorp, Inc.		94,093		1,768,948
Green Dot Corp., Class A(b)		54,321		1,656,791
Greenhill & Co., Inc.		57,948		618,305
Greenlight Capital Re Ltd., Class A(b)		65,366		426,186
Guaranty Bancshares, Inc.		8,512		229,569
Hallmark Financial Services, Inc.(b)		26,678		115,249
Hamilton Lane, Inc., Class A		3,212		208,298
Hanmi Financial Corp.		69,089		833,904
HarborOne Bancorp, Inc.(b)		21,879		175,470
HCI Group, Inc.		12,256		510,462
Heartland Financial USA, Inc.		37,460		1,272,516
Heritage Commerce Corp.		55,449		492,387
Heritage Financial Corp.		47,168		945,718
Heritage Insurance Holdings, Inc.		63,183		716,495
Hilltop Holdings, Inc.		111,676		2,155,347
Hingham Institution for Savings		1,324		202,598
Home Bancorp, Inc.		8,818		223,977
HomeStreet, Inc.		33,391		853,140
HomeTrust Bancshares, Inc.		19,453		298,993
Hope Bancorp, Inc.		218,811		2,177,169
Horace Mann Educators Corp.		61,201		2,151,827
Horizon Bancorp, Inc.		37,558		427,410
Houlihan Lokey, Inc.		27,462		1,630,694
Independent Bank Corp.		26,633		1,941,279
Independent Bank Corp.		26,305		386,420
Independent Bank Group, Inc.		28,700		869,897
Interactive Brokers Group, Inc., Class A		16,928		694,048
International Bancshares Corp.		74,903		2,171,438
INTL. FCStone, Inc.(b)		23,100		923,076
Investors Title Co.		1,771		237,137
James River Group Holdings Ltd.		54,912		1,948,278
Kearny Financial Corp.		98,148		912,776
Kingstone Cos., Inc.		22,917		112,293
Kinsale Capital Group, Inc.		3,238		351,712
KKR Real Estate Finance Trust, Inc.		31,623		499,011
Ladder Capital Corp.		164,900		1,310,955
Lakeland Bancorp, Inc.		65,188		729,454
Lakeland Financial Corp.		23,949		1,013,761
LendingClub Corp.(b)		104,268		799,736
LendingTree, Inc.(b)(c)		1,552		387,022
Live Oak Bancshares, Inc.(c)		32,427		452,357
MarketAxess Holdings, Inc.		5,722		2,603,567
MBIA, Inc.(b)		245,321		1,996,913
Mercantile Bank Corp.		23,948		565,173
Merchants Bancorp		9,571		147,393
Mercury General Corp.		58,106		2,380,022
Meridian Bancorp, Inc.		46,384		546,404
Meta Financial Group, Inc.		24,562		452,432
Metropolitan Bank Holding Corp.(b)		7,847		196,881
Midland States Bancorp, Inc.		32,264		523,322
MidWestOne Financial Group, Inc.		14,531		303,262
Moelis & Co., Class A		55,396		1,654,679
Morningstar, Inc.		7,758		1,209,938
Mr Cooper Group, Inc.(b)		145,474		1,393,641
National Bank Holdings Corp., Class A		27,682		735,788
National General Holdings Corp.		123,750		2,354,963
National Western Life Group, Inc., Class A		3,720		716,956

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  27  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Financials-(continued)
NBT Bancorp, Inc.		55,065	$	1,824,303
Nelnet, Inc., Class A		36,114		1,738,889
New York Mortgage Trust, Inc.		396,578		864,540
Nicolet Bankshares, Inc.(b)		7,787		428,441
NMI Holdings, Inc., Class A(b)		34,243		462,965
Northeast Bank		9,343		156,495
Northfield Bancorp, Inc.		55,873		629,689
Northrim BanCorp, Inc.		8,754		205,281
Northwest Bancshares, Inc.		178,284		1,891,593
OceanFirst Financial Corp.		53,181		896,100
Ocwen Financial Corp.(b)		214,775		90,571
OFG Bancorp		92,218		1,160,102
On Deck Capital, Inc.(b)		225,427		272,767
Oportun Financial Corp.(b)		13,231		98,968
Oppenheimer Holdings, Inc., Class A		28,766		592,004
Opus Bank		30,553		587,229
Orchid Island Capital, Inc.		81,740		322,056
Origin Bancorp, Inc.		18,963		422,685
Pacific Premier Bancorp, Inc.		86,507		1,846,924
Park National Corp.		19,279		1,541,934
Peapack-Gladstone Financial Corp.		21,308		402,082
PennyMac Financial Services, Inc.		34,405		1,037,999
PennyMac Mortgage Investment Trust		152,928		1,590,451
Peoples Bancorp, Inc.		25,653		623,624
People’s Utah Bancorp		15,255		327,677
Piper Sandler Cos		14,571		785,523
PJT Partners, Inc., Class A		4,543		220,972
PRA Group, Inc.(b)		76,653		2,126,354
Preferred Bank		12,149		463,484
ProSight Global, Inc.(b)		16,652		139,211
Protective Insurance Corp.		10,694		167,040
Provident Financial Services, Inc.		104,289		1,496,547
QCR Holdings, Inc.		14,239		438,276
RBB Bancorp		21,515		277,974
Ready Capital Corp.		55,046		367,157
Redwood Trust, Inc.		191,102		783,518
Regional Management Corp.(b)		26,659		424,944
Renasant Corp.		88,713		2,326,942
Republic Bancorp, Inc., Class A		11,161		371,996
Republic First Bancorp, Inc.(b)		80,011		210,429
RLI Corp.		35,481		2,584,081
S&T Bancorp, Inc.		45,158		1,206,170
Safety Insurance Group, Inc.		20,759		1,746,247
Sandy Spring Bancorp, Inc.		49,184		1,254,192
Seacoast Banking Corp. of Florida(b)		48,075		1,080,245
ServisFirst Bancshares, Inc.		28,957		1,028,553
Simmons First National Corp., Class A		111,569		2,086,340
SmartFinancial, Inc.		16,693		241,381
South State Corp.		41,460		2,398,046
Southern First Bancshares, Inc.(b)		6,800		198,288
Southern National Bancorp of Virginia, Inc.		27,100		272,897
Southside Bancshares, Inc.		38,460		1,169,569
Spirit of Texas Bancshares, Inc.(b)		11,344		130,343
State Auto Financial Corp.		24,636		618,117
Sterling Bancorp, Inc.		30,622		110,545
Stewart Information Services Corp.		55,826		1,778,616
Stock Yards Bancorp, Inc.		20,323		671,472
TFS Financial Corp.		31,972		436,418
Third Point Reinsurance Ltd. (Bermuda)(b)		124,684		927,649
Towne Bank		80,303		1,622,121

	Shares		Value
Financials-(continued)
TPG RE Finance Trust, Inc.		77,234	$	593,929
Tradeweb Markets, Inc., Class A		16,806		876,601
TriCo Bancshares		29,742		895,829
TriState Capital Holdings, Inc.(b)		29,036		412,892
Triumph Bancorp, Inc.(b)		23,320		646,197
Trupanion, Inc.(b)(c)		7,018		209,908
TrustCo Bank Corp.		149,179		939,828
Trustmark Corp.		103,130		2,744,289
United Community Banks, Inc.		83,496		1,765,523
United Fire Group, Inc.		38,828		1,110,481
United Insurance Holdings Corp.		43,541		372,276
Universal Insurance Holdings, Inc.		64,688		1,179,262
Univest Financial Corp.		42,942		760,073
Veritex Holdings, Inc.		25,201		442,530
Virtu Financial, Inc., Class A		48,172		1,125,780
Virtus Investment Partners, Inc.		9,139		742,727
Walker & Dunlop, Inc.		26,237		1,008,288
Washington Trust Bancorp, Inc.		21,056		737,171
Waterstone Financial, Inc.		35,912		521,442
Watford Holdings Ltd., Class A (Bermuda)(b)		46,190		570,447
WesBanco, Inc.		83,126		2,051,550
Westamerica Bancorporation		23,977		1,510,551
Western Asset Mortgage Capital Corp.		125,930		384,087
Westwood Holdings Group, Inc.		21,533		495,905
White Mountains Insurance Group Ltd.		2,350		2,286,550
WisdomTree Investments, Inc.		237,298		768,846
World Acceptance Corp.(b)(c)		17,601		1,194,228
WSFS Financial Corp.		33,804		986,401
				252,002,830
Health Care-11.48%
ABIOMED, Inc.(b)		10,953		2,094,761
ACADIA Pharmaceuticals, Inc.(b)		9,173		443,148
Acceleron Pharma, Inc.(b)		2,877		260,455
Accuray, Inc.(b)		111,977		250,269
Aclaris Therapeutics, Inc.(b)		112,427		149,528
Acorda Therapeutics, Inc.(b)		660,677		635,902
Addus HomeCare Corp.(b)		5,174		419,197
Adverum Biotechnologies, Inc.(b)		12,228		144,902
Aerie Pharmaceuticals, Inc.(b)(c)		10,411		158,664
Agios Pharmaceuticals, Inc.(b)		13,018		535,561
Aimmune Therapeutics, Inc.(b)(c)		8,110		138,843
Akorn, Inc.(b)		901,296		189,272
Alkermes PLC(b)		88,944		1,219,422
Allogene Therapeutics, Inc.(b)(c)		10,908		315,241
Allscripts Healthcare Solutions, Inc.(b)		409,568		2,662,192
Alnylam Pharmaceuticals, Inc.(b)		10,501		1,382,982
AMAG Pharmaceuticals, Inc.(b)(c)		152,718		1,226,326
Amedisys, Inc.(b)		9,475		1,744,916
American Renal Associates Holdings, Inc.(b)		67,865		507,630
Amicus Therapeutics, Inc.(b)		34,835		411,401
AMN Healthcare Services, Inc.(b)		36,379		1,709,085
Amneal Pharmaceuticals, Inc.(b)		220,360		799,907
Amphastar Pharmaceuticals, Inc.(b)		24,614		417,207
AnaptysBio, Inc.(b)		28,431		444,092
AngioDynamics, Inc.(b)		74,451		776,524
ANI Pharmaceuticals, Inc.(b)		6,477		259,145
Anika Therapeutics, Inc.(b)		12,462		414,112

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  28  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Health Care-(continued)
Arcus Biosciences, Inc.(b)		10,157	$	268,246
Arena Pharmaceuticals, Inc.(b)		12,951		634,210
Assembly Biosciences, Inc.(b)		7,385		129,311
Assertio Therapeutics, Inc.(b)		732,190		640,666
Atara Biotherapeutics, Inc.(b)		27,219		225,645
AtriCure, Inc.(b)		9,064		390,840
Atrion Corp.		599		378,466
Avanos Medical, Inc.(b)		66,618		2,068,489
Avantor, Inc.(b)		102,162		1,717,343
AxoGen, Inc.(b)		10,703		104,354
Bio-Techne Corp.		12,649		2,846,025
BioTelemetry, Inc.(b)		12,633		590,087
Bluebird Bio, Inc.(b)		24,933		1,343,390
Blueprint Medicines Corp.(b)		6,963		409,633
Bruker Corp.		37,567		1,477,134
Cantel Medical Corp.		17,624		652,088
Capital Senior Living Corp.(b)		85,172		66,468
Cardiovascular Systems, Inc.(b)		6,971		292,782
Castlight Health, Inc., Class B(b)		142,484		104,441
Change Healthcare, Inc.(b)		26,641		310,101
Chemed Corp.		4,937		2,056,606
Computer Programs & Systems, Inc.		20,896		502,131
Concert Pharmaceuticals, Inc.(b)		13,506		134,790
CONMED Corp.		15,955		1,179,234
Corcept Therapeutics, Inc.(b)		29,745		376,572
CorVel Corp.(b)		5,722		301,492
Cross Country Healthcare, Inc.(b)		85,026		534,814
CryoLife, Inc.(b)		14,342		320,257
Cyclerion Therapeutics, Inc.(b)		36,133		139,835
Cymabay Therapeutics, Inc.(b)		100,582		178,030
CytomX Therapeutics, Inc.(b)		21,067		217,411
Denali Therapeutics, Inc.(b)		11,411		249,444
DexCom, Inc.(b)		3,769		1,263,369
Dicerna Pharmaceuticals, Inc.(b)		7,424		146,253
Eagle Pharmaceuticals, Inc.(b)		5,348		272,641
Editas Medicine, Inc.(b)(c)		10,238		236,703
Emergent BioSolutions, Inc.(b)		29,732		2,198,681
Enanta Pharmaceuticals, Inc.(b)		12,690		588,435
Endo International PLC(b)		398,321		1,832,277
Endologix, Inc.(b)(c)		147,735		139,565
Ensign Group, Inc. (The)		34,958		1,307,779
Enzo Biochem, Inc.(b)		69,606		210,210
Epizyme, Inc.(b)		9,628		158,477
Evolent Health, Inc., Class A(b)		106,526		768,052
Exact Sciences Corp.(b)		7,501		592,429
Exelixis, Inc.(b)		85,299		2,106,459
FibroGen, Inc.(b)		13,039		481,009
Five Prime Therapeutics, Inc.(b)		60,853		199,598
Fluidigm Corp.(b)		41,446		92,839
FONAR Corp.(b)		11,029		215,065
G1 Therapeutics, Inc.(b)		18,768		246,424
Geron Corp.(b)		141,661		168,577
Glaukos Corp.(b)		3,717		136,377
Global Blood Therapeutics, Inc.(b)		8,202		627,617
Globus Medical, Inc., Class A(b)		35,657		1,692,281
GlycoMimetics, Inc.(b)		41,277		115,163
Guardant Health, Inc.(b)		2,442		187,936
Haemonetics Corp.(b)		16,383		1,864,058
Halozyme Therapeutics, Inc.(b)		16,221		367,487
Hanger, Inc.(b)		31,377		576,082

	Shares		Value
Health Care-(continued)
Harvard Bioscience, Inc.(b)		56,795	$	156,186
HealthEquity, Inc.(b)		10,211		574,573
HealthStream, Inc.(b)		19,087		435,661
Heron Therapeutics, Inc.(b)		17,126		244,217
Heska Corp.(b)		2,583		182,876
HMS Holdings Corp.(b)		64,346		1,845,122
Horizon Therapeutics PLC(b)		61,267		2,208,063
ICU Medical, Inc.(b)		9,767		2,142,001
IDEXX Laboratories, Inc.(b)		12,418		3,447,237
Immunomedics, Inc.(b)		19,016		577,706
Incyte Corp.(b)		32,734		3,196,802
Innoviva, Inc.(b)		39,931		566,222
Inogen, Inc.(b)		12,095		604,750
Inovalon Holdings, Inc., Class A(b)		34,034		595,595
Insmed, Inc.(b)		6,963		160,149
Insulet Corp.(b)		2,416		482,524
Integer Holdings Corp.(b)		26,485		1,972,073
Integra LifeSciences Holdings Corp.(b)		40,865		2,086,158
Intellia Therapeutics, Inc.(b)(c)		17,307		233,125
Intersect ENT, Inc.(b)		7,152		82,105
Intra-Cellular Therapies, Inc.(b)		9,359		165,374
IntriCon Corp.(b)		10,248		135,274
Invacare Corp.		99,651		749,375
Invitae Corp.(b)(c)		8,049		133,211
Ionis Pharmaceuticals, Inc.(b)		21,420		1,189,453
Iovance Biotherapeutics, Inc.(b)		16,362		526,038
Karyopharm Therapeutics, Inc.(b)		11,979		264,137
Lannett Co., Inc.(b)(c)		147,060		1,402,952
Lantheus Holdings, Inc.(b)		37,642		491,228
LeMaitre Vascular, Inc.		7,602		216,581
LHC Group, Inc.(b)		15,994		2,079,060
Ligand Pharmaceuticals, Inc.(b)(c)		9,161		903,000
LivaNova PLC(b)		33,768		1,793,756
Luminex Corp.		28,190		1,016,249
MacroGenics, Inc.(b)		27,321		196,711
Madrigal Pharmaceuticals, Inc.(b)(c)		2,701		226,020
Masimo Corp.(b)		12,941		2,768,209
Medpace Holdings, Inc.(b)		10,864		867,599
Meridian Bioscience, Inc.(b)		116,956		1,403,472
Merit Medical Systems, Inc.(b)		45,668		1,864,168
Mesa Laboratories, Inc.		885		210,630
Moderna, Inc.(b)		54,763		2,518,550
Momenta Pharmaceuticals, Inc.(b)		14,092		446,716
MyoKardia, Inc.(b)		5,787		363,539
Myriad Genetics, Inc.(b)		119,554		1,848,305
Natera, Inc.(b)		4,061		150,419
National HealthCare Corp.		18,841		1,288,159
National Research Corp.		5,609		289,368
Natus Medical, Inc.(b)		31,525		787,810
Nektar Therapeutics(b)		109,650		2,105,280
Neogen Corp.(b)		17,336		1,085,060
NeoGenomics, Inc.(b)		13,171		360,095
Neurocrine Biosciences, Inc.(b)		5,901		579,124
Nevro Corp.(b)		2,862		336,686
NextGen Healthcare, Inc.(b)		70,846		747,425
Novocure Ltd.(b)		2,061		135,614
NuVasive, Inc.(b)		32,362		1,970,199
Omnicell, Inc.(b)		16,794		1,224,283
OPKO Health, Inc.(b)(c)		898,080		1,993,738
OraSure Technologies, Inc.(b)		80,404		1,281,640

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  29  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Health Care-(continued)
Orthofix Medical, Inc.(b)		17,856	$	632,995
Oxford Immunotec Global PLC(b)		17,910		223,159
Pacific Biosciences of California, Inc.(b)		42,271		139,706
Pacira BioSciences, Inc.(b)		11,374		469,632
PDL BioPharma, Inc.(b)		599,938		2,033,790
Penumbra, Inc.(b)		3,169		561,927
PetIQ, Inc.(b)		11,110		317,746
Phibro Animal Health Corp., Class A		24,371		650,949
Precigen, Inc.(b)(c)		42,748		153,893
Premier, Inc., Class A(b)		69,230		2,295,667
Prestige Consumer Healthcare, Inc.(b)		67,675		2,753,696
Prothena Corp. PLC (Ireland)(b)		27,541		309,010
Providence Service Corp. (The)(b)		21,054		1,221,343
PTC Therapeutics, Inc.(b)		7,831		398,755
Quidel Corp.(b)		9,193		1,277,827
R1 RCM, Inc.(b)		26,579		274,295
RadNet, Inc.(b)		46,839		661,367
REGENXBIO, Inc.(b)		9,835		391,630
Repligen Corp.(b)		8,758		1,017,242
Retrophin, Inc.(b)		23,452		356,939
Rhythm Pharmaceuticals, Inc.(b)		9,093		171,312
RTI Surgical Holdings, Inc.(b)		85,128		230,271
Rubius Therapeutics, Inc.(b)(c)		20,089		121,538
Sage Therapeutics, Inc.(b)		12,856		501,127
Sangamo Therapeutics, Inc.(b)		56,005		456,441
Sarepta Therapeutics, Inc.(b)		8,776		1,034,515
SeaSpine Holdings Corp.(b)		10,148		104,524
Seattle Genetics, Inc.(b)		9,338		1,281,454
SIGA Technologies, Inc.(b)		35,546		210,077
Sorrento Therapeutics, Inc.(b)(c)		73,733		167,374
Spectrum Pharmaceuticals, Inc.(b)		139,037		403,207
STAAR Surgical Co.(b)		6,280		240,650
Supernus Pharmaceuticals, Inc.(b)		37,603		879,910
Surgery Partners, Inc.(b)		53,864		635,595
SurModics, Inc.(b)		6,030		229,743
Syneos Health, Inc.(b)		50,362		2,809,696
Tabula Rasa HealthCare, Inc.(b)(c)		2,915		184,636
Tactile Systems Technology, Inc.(b)		3,086		159,299
Tandem Diabetes Care, Inc.(b)		2,257		180,063
Taro Pharmaceutical Industries Ltd.(b)		16,597		1,147,019
Teladoc Health, Inc.(b)		10,076		1,658,409
Tivity Health, Inc.(b)(c)		101,699		912,240
TransEnterix, Inc.(b)		127,624		52,926
Triple-S Management Corp., Class B(b)		185,161		3,134,776
Ultragenyx Pharmaceutical, Inc.(b)		10,210		616,990
uniQure N.V. (Netherlands)(b)		2,529		160,946
US Physical Therapy, Inc.		5,466		412,683
Utah Medical Products, Inc.		2,252		186,916
Vanda Pharmaceuticals, Inc.(b)		31,201		358,811
Varex Imaging Corp.(b)		61,074		1,595,864
Veeva Systems, Inc., Class A(b)		13,271		2,532,107
Vericel Corp.(b)		7,675		111,287
Viking Therapeutics, Inc.(b)		38,978		224,513
Vocera Communications, Inc.(b)		9,980		189,221
West Pharmaceutical Services, Inc.		21,241		4,020,072
Wright Medical Group N.V.(b)		45,047		1,311,769
Xencor, Inc.(b)		13,813		403,754

	Shares		Value
Health Care-(continued)
Zogenix, Inc.(b)		17,787	$	502,127
Zymeworks, Inc. (Canada)(b)		4,000		146,120
				165,072,064
Industrials-16.72%
AAON, Inc.		13,349		635,946
AAR Corp.		47,483		929,717
ACCO Brands Corp.		278,367		2,059,916
ADT, Inc.(c)		245,558		1,407,047
Advanced Disposal Services, Inc.(b)		88,238		2,845,675
Advanced Drainage Systems, Inc.		21,817		884,461
Aegion Corp.(b)		55,769		895,092
Aerojet Rocketdyne Holdings, Inc.(b)		45,613		1,876,519
AeroVironment, Inc.(b)		10,826		652,375
Air Transport Services Group, Inc.(b)		97,051		1,964,312
Alamo Group, Inc.		8,595		846,092
Alaska Air Group, Inc.		54,109		1,759,625
Albany International Corp., Class A		23,955		1,225,059
Allegiant Travel Co.		5,468		429,129
Allied Motion Technologies, Inc.		5,076		146,290
Altra Industrial Motion Corp.		76,588		2,137,571
Ameresco, Inc., Class A(b)		22,808		411,912
American Woodmark Corp.(b)		18,015		926,151
Apogee Enterprises, Inc.		49,976		1,021,509
ArcBest Corp.		105,144		2,141,783
Arcosa, Inc.		70,403		2,623,920
Argan, Inc.		22,934		860,942
Armstrong Flooring, Inc.(b)		124,289		261,007
Armstrong World Industries, Inc.		17,632		1,359,075
Astec Industries, Inc.		32,713		1,312,118
Astronics Corp.(b)		40,902		367,300
Atkore International Group, Inc.(b)		50,759		1,235,474
Atlas Air Worldwide Holdings, Inc.(b)		46,796		1,537,249
Atlas Corp. (Canada)		257,967		1,924,434
Axon Enterprise, Inc.(b)		9,679		703,760
AZZ, Inc.		38,886		1,220,632
Babcock & Wilcox Enterprises, Inc.(b)(c)		80,960		75,115
Barnes Group, Inc.		48,235		1,851,259
Barrett Business Services, Inc.		8,813		431,132
BG Staffing, Inc.		19,960		242,514
Blue Bird Corp.(b)		22,510		276,198
BlueLinx Holdings, Inc.(b)(c)		64,415		352,350
BMC Stock Holdings, Inc.(b)		110,905		2,356,731
Brady Corp., Class A		44,577		1,940,883
Briggs & Stratton Corp.(c)		621,815		1,411,520
BrightView Holdings, Inc.(b)		69,820		895,092
Brink’s Co. (The)		41,728		2,133,135
BWX Technologies, Inc.		39,231		2,081,597
Caesarstone Ltd.(c)		61,657		604,855
CAI International, Inc.(b)		53,699		885,496
Casella Waste Systems, Inc., Class A(b)		15,759		730,902
CBIZ, Inc.(b)		53,457		1,269,604
CECO Environmental Corp.(b)		39,384		213,461
Chart Industries, Inc.(b)		29,391		1,049,846
Cimpress PLC (Ireland)(b)(c)		13,877		1,010,107
CIRCOR International, Inc.(b)		25,921		387,000
Clarivate Analytics PLC (United Kingdom)(b)		21,704		498,758
Columbus McKinnon Corp.		27,545		745,919
Comfort Systems USA, Inc.		39,917		1,329,236

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  30  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Industrials-(continued)
Commercial Vehicle Group, Inc.(b)		140,560	$	340,155
Copa Holdings S.A., Class A (Panama)		12,418		549,000
Cornerstone Building Brands, Inc.(b)		100,932		537,968
Corporacion America Airports S.A. (Argentina)(b)		138,623		353,489
Costamare, Inc. (Monaco)		185,891		933,173
Covenant Transportation Group, Inc., Class A(b)		63,870		567,166
CRA International, Inc.		11,017		464,146
CSW Industrials, Inc.		10,136		671,409
Cubic Corp.		27,878		1,065,218
Daseke, Inc.(b)		94,399		160,950
Douglas Dynamics, Inc.		22,332		825,391
Ducommun, Inc.(b)		15,697		443,283
DXP Enterprises, Inc.(b)		35,353		527,467
Eagle Bulk Shipping, Inc.(b)		182,141		305,997
Echo Global Logistics, Inc.(b)		91,856		1,610,236
Encore Wire Corp.		27,636		1,265,176
Enerpac Tool Group Corp.		50,754		865,863
Ennis, Inc.		50,008		930,649
EnPro Industries, Inc.		33,901		1,537,410
ESCO Technologies, Inc.		14,522		1,108,029
Evoqua Water Technologies Corp.(b)		48,720		781,956
Exponent, Inc.		12,897		907,046
Federal Signal Corp.		46,961		1,264,660
Forrester Research, Inc.(b)		9,266		290,026
Forward Air Corp.		27,003		1,393,355
Foundation Building Materials, Inc.(b)		56,657		662,887
Franklin Covey Co.(b)		6,345		131,659
Franklin Electric Co., Inc.		33,956		1,724,965
FuelCell Energy, Inc.(b)		67,570		136,491
Gates Industrial Corp. PLC(b)		87,720		753,515
Genco Shipping & Trading Ltd.		58,453		340,781
Generac Holdings, Inc.(b)		29,052		2,830,827
Gibraltar Industries, Inc.(b)		31,417		1,454,607
GMS, Inc.(b)		107,815		1,981,640
Golden Ocean Group Ltd. (Norway)(c)		255,084		969,319
Gorman-Rupp Co. (The)		19,640		579,380
GP Strategies Corp.(b)		21,769		173,281
GrafTech International Ltd.(c)		38,757		314,707
Granite Construction, Inc.		138,019		2,269,032
Great Lakes Dredge & Dock Corp.(b)		102,334		904,633
Griffon Corp.		84,215		1,381,968
H&E Equipment Services, Inc.		87,326		1,419,921
Harsco Corp.(b)		173,553		1,732,059
Hawaiian Holdings, Inc.		39,590		570,096
HC2 Holdings, Inc.(b)(c)		114,790		308,785
Healthcare Services Group, Inc.		82,119		2,093,213
Heartland Express, Inc.		47,933		939,007
HEICO Corp.		9,216		807,322
HEICO Corp., Class A		17,751		1,283,930
Heidrick & Struggles International, Inc.		32,435		727,841
Helios Technologies, Inc.		25,540		908,458
Herc Holdings, Inc.(b)		66,690		1,882,659
Heritage-Crystal Clean, Inc.(b)		14,968		274,663
Herman Miller, Inc.		84,670		1,908,462
Hillenbrand, Inc.		120,090		2,515,885
HNI Corp.		85,258		2,075,180
Hurco Cos., Inc.		13,676		447,068
Huron Consulting Group, Inc.(b)		22,537		1,262,973

	Shares		Value
Industrials-(continued)
Hyster-Yale Materials Handling, Inc.		31,663	$	1,236,123
IAA, Inc.(b)		62,497		2,412,384
ICF International, Inc.		17,627		1,296,290
Ingersoll Rand, Inc.(b)		84,451		2,455,835
InnerWorkings, Inc.(b)		92,044		162,918
Insperity, Inc.		38,070		1,816,320
Insteel Industries, Inc.		36,192		635,893
Interface, Inc.		93,069		859,958
JELD-WEN Holding, Inc.(b)		152,234		1,933,372
John Bean Technologies Corp.		16,633		1,276,416
Kadant, Inc.		9,381		788,848
Kaman Corp.		37,114		1,438,539
KAR Auction Services, Inc.		143,907		2,155,727
Kelly Services, Inc., Class A		88,204		1,362,752
Kforce, Inc.		36,398		1,090,120
Kimball International, Inc., Class B		44,224		542,628
Knoll, Inc.		86,632		1,010,129
Korn Ferry		66,172		1,907,739
Kornit Digital Ltd. (Israel)(b)		4,893		162,325
Kratos Defense & Security Solutions, Inc.(b)		49,380		741,688
Lawson Products, Inc.(b)		3,819		128,357
LB Foster Co., Class A(b)		18,290		263,193
Limbach Holdings, Inc.(b)(c)		38,224		118,877
Lindsay Corp.		9,130		821,700
Luxfer Holdings PLC (United Kingdom)		46,477		630,693
Lydall, Inc.(b)		54,190		606,928
Lyft, Inc., Class A(b)		13,941		457,683
Manitowoc Co., Inc. (The)(b)		89,155		822,009
Marten Transport Ltd.		42,384		950,249
Masonite International Corp.(b)		33,274		1,965,828
Matson, Inc.		18,550		560,952
Matthews International Corp., Class A		71,391		1,709,101
Maxar Technologies, Inc.		145,553		1,835,423
McGrath RentCorp.		21,872		1,193,118
Mercury Systems, Inc.(b)		14,404		1,284,261
Mesa Air Group, Inc.(b)		122,548		556,981
Miller Industries, Inc.		22,705		689,778
Mistras Group, Inc.(b)		72,520		344,470
Mobile Mini, Inc.		48,611		1,388,816
Moog, Inc., Class A		38,583		1,909,087
MSA Safety, Inc.		17,615		1,982,216
Mueller Water Products, Inc., Class A		150,406		1,427,353
MYR Group, Inc.(b)		43,005		1,290,150
National Presto Industries, Inc.		10,489		852,861
NN, Inc.		107,474		370,785
Northwest Pipe Co.(b)		11,118		270,390
NOW, Inc.(b)		372,386		2,297,622
NV5 Global, Inc.(b)(c)		7,454		348,474
Orion Group Holdings, Inc.(b)		71,349		179,799
PAM Transportation Services, Inc.(b)		5,164		197,161
Park Aerospace Corp.		50,243		668,734
Park-Ohio Holdings Corp.		32,703		599,446
Parsons Corp.(b)		16,882		631,387
Patrick Industries, Inc.		31,887		1,314,382
PGT Innovations, Inc.(b)		61,006		630,802
PICO Holdings, Inc.(b)		22,478		192,412
Powell Industries, Inc.		17,295		438,774
Preformed Line Products Co.		6,506		323,218
Primoris Services Corp.		80,135		1,250,907
Proto Labs, Inc.(b)		12,103		1,229,544

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  31  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Industrials-(continued)
Quad/Graphics, Inc.		204,640	$	761,261
Quanex Building Products Corp.		56,826		708,620
Radiant Logistics, Inc.(b)		111,602		477,657
Raven Industries, Inc.		31,023		690,882
RBC Bearings, Inc.(b)		9,349		1,184,331
Resources Connection, Inc.		69,292		753,897
REV Group, Inc.		85,927		457,132
Rollins, Inc.		48,070		1,922,800
RR Donnelley & Sons Co.		464,684		794,610
Safe Bulkers, Inc. (Greece)(b)		169,666		176,453
Saia, Inc.(b)		25,484		2,357,780
Schneider National, Inc., Class B		94,097		2,061,665
Scorpio Bulkers, Inc.		16,630		426,227
Simpson Manufacturing Co., Inc.		27,649		1,993,493
SiteOne Landscape Supply, Inc.(b)		18,461		1,636,198
SkyWest, Inc.		24,217		749,516
SP Plus Corp.(b)		49,804		1,050,366
Spartan Motors, Inc.		33,675		474,481
Spirit Airlines, Inc.(b)(c)		41,058		616,691
SPX Corp.(b)		27,373		1,043,732
SPX FLOW, Inc.(b)		80,931		2,635,923
Standex International Corp.		16,603		827,493
Star Bulk Carriers Corp. (Greece)		108,510		615,252
Steelcase, Inc., Class A		172,396		1,887,736
Sterling Construction Co., Inc.(b)		55,942		552,707
Sunrun, Inc.(b)		55,663		780,952
Systemax, Inc.		31,724		630,039
Team, Inc.(b)		91,253		563,031
Tennant Co.		15,625		924,531
Tetra Tech, Inc.		28,602		2,153,159
Textainer Group Holdings Ltd. (China)(b)		175,650		1,542,207
Thermon Group Holdings, Inc.(b)		42,234		645,335
Titan International, Inc.		289,503		408,199
Titan Machinery, Inc.(b)		99,920		939,248
TPI Composites, Inc.(b)		32,671		572,723
Transcat, Inc.(b)		7,013		196,995
Trex Co., Inc.(b)		12,792		1,218,054
TriMas Corp.(b)		56,249		1,340,976
TriNet Group, Inc.(b)		37,909		1,856,404
Triumph Group, Inc.		93,211		656,205
TrueBlue, Inc.(b)		159,945		2,483,946
Twin Disc, Inc.(b)		24,673		148,285
UniFirst Corp.		11,437		1,923,132
Universal Logistics Holdings, Inc.		22,175		308,898
Upwork, Inc.(b)		23,691		197,346
US Ecology, Inc.		19,735		646,913
US Xpress Enterprises, Inc., Class A(b)(c)		133,685		582,867
USA Truck, Inc.(b)		32,673		162,712
Vectrus, Inc.(b)		23,255		1,209,493
Veritiv Corp.(b)		77,704		728,086
Viad Corp.		26,869		644,050
Vicor Corp.(b)		3,731		198,377
Vivint Solar, Inc.(b)		12,418		78,730
VSE Corp.		11,219		215,629
Wabash National Corp.		184,959		1,516,664
Watts Water Technologies, Inc., Class A		19,366		1,595,758
Welbilt, Inc.(b)		167,460		825,578
Werner Enterprises, Inc.		66,072		2,650,809
Willdan Group, Inc.(b)		8,526		216,219
Willis Lease Finance Corp.(b)		4,733		94,707

	Shares		Value
Industrials-(continued)
WillScot Corp.(b)		35,175	$	409,789
Woodward, Inc.		29,937		1,812,985
YRC Worldwide, Inc.(b)(c)		936,945		1,611,545
				240,408,638
Information Technology-15.69%
2U, Inc.(b)		30,649		727,914
3D Systems Corp.(b)(c)		91,256		774,763
8x8, Inc.(b)		20,299		344,271
A10 Networks, Inc.(b)		26,005		177,614
Acacia Communications, Inc.(b)		12,950		876,586
ACI Worldwide, Inc.(b)		87,289		2,391,719
ADTRAN, Inc.		120,856		1,242,400
Advanced Energy Industries, Inc.(b)		26,426		1,469,286
Agilysys, Inc.(b)		5,109		100,085
Alarm.com Holdings, Inc.(b)		8,227		367,994
Alpha & Omega Semiconductor Ltd.(b)		52,755		634,643
Altair Engineering, Inc., Class A(b)		9,516		313,933
Alteryx, Inc., Class A(b)		2,020		228,624
Ambarella, Inc.(b)		11,957		628,699
American Software, Inc., Class A		20,009		329,748
Amkor Technology, Inc.(b)		307,276		3,035,887
Amtech Systems, Inc.(b)		28,475		141,236
Anaplan, Inc.(b)		4,697		191,919
Applied Optoelectronics, Inc.(b)(c)		62,102		665,733
Arista Networks, Inc.(b)		15,746		3,453,098
Arlo Technologies, Inc.(b)		156,357		428,418
Aspen Technology, Inc.(b)		13,987		1,430,171
Atlassian Corp. PLC, Class A(b)		3,466		538,928
Autodesk, Inc.(b)		9,058		1,695,024
Avalara, Inc.(b)		1,960		175,165
Avid Technology, Inc.(b)		42,993		301,811
Axcelis Technologies, Inc.(b)		31,345		732,219
AXT, Inc.(b)		78,370		433,386
Badger Meter, Inc.		13,255		782,443
Bel Fuse, Inc., Class B		40,332		300,877
Belden, Inc.		69,097		2,362,426
Blackbaud, Inc.		19,868		1,097,906
Blackline, Inc.(b)		4,885		296,715
Bottomline Technologies (DE), Inc.(b)		15,487		644,724
Box, Inc., Class A(b)		20,646		333,226
Brightcove, Inc.(b)		19,444		151,663
Brooks Automation, Inc.		38,740		1,491,103
Cabot Microelectronics Corp.		9,316		1,141,583
CalAmp Corp.(b)		55,188		370,863
Calix, Inc.(b)		40,400		464,600
Cardtronics PLC, Class A(b)		49,798		1,140,374
Casa Systems, Inc.(b)		74,394		381,641
Cass Information Systems, Inc.		10,855		435,394
Ceragon Networks Ltd. (Israel)(b)(c)		213,878		496,197
Cerence, Inc.(b)		56,298		1,191,266
Ceridian HCM Holding, Inc.(b)		21,149		1,247,157
CEVA, Inc.(b)		9,666		303,029
ChannelAdvisor Corp.(b)		16,882		174,391
Cirrus Logic, Inc.(b)		44,041		3,329,500
Cloudera, Inc.(b)		148,450		1,229,166
Cognex Corp.		44,153		2,439,012
Coherent, Inc.(b)		25,243		3,227,822
Cohu, Inc.		35,451		586,005
CommVault Systems, Inc.(b)		17,998		768,335

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  32  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Information Technology-(continued)
Comtech Telecommunications Corp.		33,499	$	620,066
Cornerstone OnDemand, Inc.(b)		6,168		206,998
Coupa Software, Inc.(b)		2,621		461,532
CSG Systems International, Inc.		32,748		1,590,898
CTS Corp.		28,638		663,256
CyberArk Software Ltd.(b)		6,807		672,259
Daktronics, Inc.		92,472		417,973
Diebold Nixdorf, Inc.(b)		406,108		2,002,112
Digi International, Inc.(b)		37,012		420,086
Diodes, Inc.(b)		43,223		2,199,618
DocuSign, Inc.(b)		4,221		442,150
Dolby Laboratories, Inc., Class A		36,837		2,211,325
Dropbox, Inc., Class A(b)		33,191		697,675
DSP Group, Inc.(b)		15,814		272,792
Eastman Kodak Co.(b)		178,209		400,970
Ebix, Inc.(c)		25,604		535,892
Elastic N.V.(b)		3,202		205,376
Endurance International Group Holdings, Inc.(b)		202,325		518,964
Enphase Energy, Inc.(b)		3,423		160,299
Entegris, Inc.		46,058		2,497,725
Envestnet, Inc.(b)		15,729		983,377
EPAM Systems, Inc.(b)		12,567		2,775,925
ePlus, Inc.(b)		20,899		1,478,604
EVERTEC, Inc.		35,887		909,377
Evo Payments, Inc., Class A(b)		11,747		233,883
Exela Technologies, Inc.(b)		498,207		176,863
ExlService Holdings, Inc.(b)		20,095		1,240,464
Extreme Networks, Inc.(b)		100,272		340,925
Fabrinet (Thailand)(b)		33,889		2,126,535
Fair Isaac Corp.(b)		3,457		1,220,114
FARO Technologies, Inc.(b)		12,704		697,323
FireEye, Inc.(b)		69,910		804,664
Fitbit, Inc., Class A(b)		267,124		1,787,060
Five9, Inc.(b)		3,675		340,562
ForeScout Technologies, Inc.(b)		7,078		224,797
FormFactor, Inc.(b)		45,929		1,070,146
Fortinet, Inc.(b)		20,033		2,158,355
Globant S.A. (Argentina)(b)		6,163		712,874
GoDaddy, Inc., Class A(b)		43,794		3,040,617
GreenSky, Inc., Class A(b)(c)		31,390		136,233
GTT Communications, Inc.(b)(c)		59,011		670,365
Guidewire Software, Inc.(b)		16,489		1,497,861
Hackett Group, Inc. (The)		23,558		349,365
Harmonic, Inc.(b)		78,960		457,968
HubSpot, Inc.(b)		2,429		409,602
I3 Verticals, Inc., Class A(b)		4,800		111,552
Ichor Holdings Ltd.(b)		23,712		590,429
II-VI, Inc.(b)		70,468		2,425,509
Immersion Corp.(b)		19,563		136,158
Infinera Corp.(b)		160,221		987,762
Inphi Corp.(b)		7,906		763,245
InterDigital, Inc.		40,057		2,314,093
IPG Photonics Corp.(b)		26,274		3,398,016
Itron, Inc.(b)		31,708		2,213,853
Ituran Location and Control Ltd. (Israel)		20,358		360,337
j2 Global, Inc.		37,077		2,989,889
KEMET Corp.		55,541		1,500,162
Kimball Electronics, Inc.(b)		35,893		485,273
Knowles Corp.(b)		128,530		1,998,641

	Shares		Value
Information Technology-(continued)
Kulicke & Soffa Industries, Inc. (Singapore)		60,558	$	1,451,575
Lattice Semiconductor Corp.(b)		32,988		742,560
Limelight Networks, Inc.(b)		54,601		276,827
Littelfuse, Inc.		16,781		2,437,272
LivePerson, Inc.(b)		8,833		211,462
LiveRamp Holdings, Inc.(b)		46,933		1,776,883
LogMeIn, Inc.		40,159		3,431,988
Lumentum Holdings, Inc.(b)		25,158		2,035,534
MACOM Technology Solutions Holdings, Inc.(b)		31,575		968,090
MagnaChip Semiconductor Corp. (South Korea)(b)		38,923		450,339
Manhattan Associates, Inc.(b)		17,905		1,270,181
ManTech International Corp., Class A		23,248		1,733,371
MAXIMUS, Inc.		49,109		3,306,018
MaxLinear, Inc.(b)		44,512		734,003
Methode Electronics, Inc.		51,714		1,552,454
MicroStrategy, Inc., Class A(b)		7,236		914,124
Mimecast Ltd.(b)		3,890		159,101
MobileIron, Inc.(b)		35,134		178,832
MoneyGram International, Inc.(b)(c)		356,277		591,420
MongoDB, Inc.(b)		1,816		294,428
Monolithic Power Systems, Inc.		9,070		1,813,184
MTS Systems Corp.		27,922		593,901
NeoPhotonics Corp.(b)		52,371		503,809
Net 1 UEPS Technologies, Inc. (South Africa)(b)		130,446		456,561
NETGEAR, Inc.(b)		56,022		1,343,408
NetScout Systems, Inc.(b)		111,543		2,953,659
New Relic, Inc.(b)		8,092		434,459
NIC, Inc.		49,571		1,201,105
nLight, Inc.(b)		20,045		315,909
Novanta, Inc.(b)		10,676		927,638
Nutanix, Inc., Class A(b)		18,527		379,618
NVE Corp.		3,942		223,787
Okta, Inc.(b)		2,389		361,456
OneSpan, Inc.(b)		22,650		380,520
Onto Innovation, Inc.(b)		17,736		575,711
OSI Systems, Inc.(b)		17,998		1,302,695
Pagseguro Digital Ltd., Class A (Brazil)(b)		43,142		1,092,787
Palo Alto Networks, Inc.(b)		9,161		1,800,228
PAR Technology Corp.(b)(c)		5,513		104,251
Paycom Software, Inc.(b)		3,065		800,026
Paylocity Holding Corp.(b)		2,072		237,306
PC Connection, Inc.		23,552		1,082,214
PDF Solutions, Inc.(b)		19,473		310,984
Pegasystems, Inc.		6,570		549,383
Perficient, Inc.(b)		18,918		658,914
Photronics, Inc.(b)		127,918		1,528,620
Plantronics, Inc.(c)		115,224		1,626,963
Power Integrations, Inc.		11,766		1,204,250
Progress Software Corp.		21,904		896,093
Proofpoint, Inc.(b)		6,700		815,591
PTC, Inc.(b)		26,070		1,805,347
Pure Storage, Inc., Class A(b)		67,681		974,606
Q2 Holdings, Inc.(b)		2,974		237,087
QAD, Inc., Class A		4,759		201,401
Qualys, Inc.(b)		7,117		750,416
Radware Ltd. (Israel)(b)		23,235		550,437
Rambus, Inc.(b)		104,707		1,311,979

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  33  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Information Technology-(continued)
Rapid7, Inc.(b)		3,999	$	182,154
RealPage, Inc.(b)		25,975		1,675,128
Ribbon Communications, Inc.(b)		130,525		475,764
RingCentral, Inc., Class A(b)		2,331		532,703
Rogers Corp.(b)		17,527		1,946,198
SailPoint Technologies Holding, Inc.(b)		23,572		438,203
ScanSource, Inc.(b)		87,275		2,262,168
Semtech Corp.(b)		37,209		1,683,335
ServiceNow, Inc.(b)		6,545		2,300,829
Silicom Ltd. (Israel)(b)(c)		8,363		262,013
Silicon Laboratories, Inc.(b)		21,072		2,048,620
SMART Global Holdings, Inc.(b)		22,710		574,336
SolarEdge Technologies, Inc.(b)		7,731		862,702
SolarWinds Corp.(b)		33,264		564,823
Splunk, Inc.(b)		14,526		2,038,869
SPS Commerce, Inc.(b)		10,120		561,761
Square, Inc., Class A(b)		25,188		1,640,746
StarTek, Inc.(b)		23,763		99,092
StoneCo Ltd., Class A (Brazil)(b)		12,233		322,707
Stratasys Ltd.(b)(c)		82,058		1,452,427
SunPower Corp.(b)(c)		60,233		442,713
SVMK, Inc.(b)		12,630		198,291
Switch, Inc., Class A		10,652		182,895
Sykes Enterprises, Inc.(b)		67,903		1,944,063
Synaptics, Inc.(b)		36,840		2,408,968
Synchronoss Technologies, Inc.(b)(c)		87,209		300,871
Telenav, Inc.(b)		26,496		123,736
TESSCO Technologies, Inc.		44,074		271,496
TiVo Corp.		287,544		2,021,434
Trade Desk, Inc. (The), Class A(b)		2,573		752,808
TTEC Holdings, Inc.		14,841		578,502
Tucows,Inc.,Class A(b)(c)		6,559		347,037
Twilio, Inc., Class A(b)		5,128		575,874
Tyler Technologies, Inc.(b)		8,008		2,568,086
Ubiquiti, Inc.		1,550		251,147
Ultra Clean Holdings, Inc.(b)		54,594		1,003,984
Unisys Corp.(b)		172,213		2,168,162
Universal Display Corp.		5,773		866,643
Upland Software, Inc.(b)		3,490		110,389
Varonis Systems, Inc.(b)		2,913		195,317
Veeco Instruments, Inc.(b)		54,676		597,609
Verint Systems, Inc.(b)		48,340		2,066,052
VeriSign, Inc.(b)		15,065		3,155,967
Verra Mobility Corp.(b)		40,039		358,749
Viavi Solutions, Inc.(b)		108,029		1,304,990
Virtusa Corp.(b)		26,759		883,047
Vishay Precision Group, Inc.(b)		13,606		314,571
VMware, Inc., Class A(b)		18,493		2,432,199
Wix.com Ltd. (Israel)(b)		1,965		257,042
Workday, Inc., Class A(b)		12,537		1,929,444
Xperi Corp.		96,899		1,480,617
Yext, Inc.(b)		9,675		123,840
Zendesk, Inc.(b)		7,822		601,355
Zix Corp.(b)		16,686		91,439
Zscaler, Inc.(b)		3,098		207,814
Zuora, Inc.(b)(c)		13,838		146,268
				225,546,198
Materials-5.38%
Advanced Emissions Solutions, Inc.(c)		15,827		117,595

	Shares		Value
Materials-(continued)
AdvanSix, Inc.(b)		132,363	$	1,612,181
American Vanguard Corp.		36,050		453,149
Balchem Corp.		15,013		1,339,760
Century Aluminum Co.(b)		202,402		880,449
Clearwater Paper Corp.(b)		81,043		1,940,169
Cleveland-Cliffs, Inc.(c)		531,097		2,326,205
Coeur Mining, Inc.(b)		252,359		1,062,431
Contura Energy, Inc.(b)		143,713		548,984
Eagle Materials, Inc.		32,945		2,009,974
Ferro Corp.(b)		135,331		1,349,250
Ferroglobe PLC(b)		269,220		138,675
Flotek Industries, Inc.(b)		230,311		206,681
Forterra, Inc.(b)		27,617		225,355
FutureFuel Corp.		62,171		645,335
GCP Applied Technologies, Inc.(b)		101,833		1,743,381
Gold Resource Corp.		50,746		209,581
Hawkins, Inc.		15,592		583,609
Haynes International, Inc.		28,179		622,756
Hecla Mining Co.		677,234		1,781,125
Ingevity Corp.(b)		38,540		2,000,997
Innospec, Inc.		23,020		1,669,410
Intrepid Potash, Inc.(b)		213,662		205,778
Kaiser Aluminum Corp.		20,960		1,513,941
Koppers Holdings, Inc.(b)		46,269		729,199
Kraton Corp.(b)		151,841		2,370,238
Kronos Worldwide, Inc.		60,499		574,136
Livent Corp.(b)		138,674		859,779
LSB Industries, Inc.(b)		134,988		268,626
Materion Corp.		30,045		1,554,528
McEwen Mining, Inc.(b)		282,863		272,369
Mercer International, Inc. (Germany)		111,701		1,125,946
Minerals Technologies, Inc.		61,257		2,697,758
Myers Industries, Inc.		60,607		749,103
Neenah, Inc.		25,578		1,249,741
NewMarket Corp.		6,195		2,548,871
Nexa Resourses S.A. (Peru)		49,814		208,721
Olympic Steel, Inc.		47,875		451,940
Orion Engineered Carbons S.A. (Luxembourg)		138,069		1,257,809
PH Glatfelter Co.		108,823		1,588,816
PQ Group Holdings, Inc.(b)		59,292		694,902
Quaker Chemical Corp.		5,798		881,992
Rayonier Advanced Materials, Inc.		425,611		757,588
Resolute Forest Products, Inc.(b)		348,254		839,292
Royal Gold, Inc.		31,117		3,812,766
Ryerson Holding Corp.(b)		111,504		515,148
Schnitzer Steel Industries, Inc., Class A		128,011		1,991,851
Schweitzer-Mauduit International, Inc., Class A		65,735		2,117,982
Sensient Technologies Corp.		53,855		2,573,730
Southern Copper Corp. (Peru)		76,684		2,487,629
Stepan Co.		24,351		2,323,085
SunCoke Energy, Inc.		278,795		878,204
Tecnoglass, Inc.		23,633		95,477
TimkenSteel Corp.(b)		202,118		525,507
Tredegar Corp.		49,349		813,272
Tronox Holdings PLC, Class A		254,060		1,732,689
UFP Technologies, Inc.(b)		6,209		266,987
Universal Stainless & Alloy Products, Inc.(b)		16,260		121,462
US Concrete, Inc.(b)		45,943		881,187

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  34  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Materials-(continued)
Valhi, Inc		108,244	$	95,330
Valvoline, Inc		130,663		2,246,097
Venator Materials PLC(b)		173,508		220,355
Verso Corp., Class A(b)		175,687		2,440,292
W.R. Grace & Co		45,739		2,160,253
Worthington Industries, Inc		81,722		2,160,730
				77,328,158
Real Estate-6.12%
Acadia Realty Trust		106,162		1,315,347
Agree Realty Corp		20,528		1,336,578
Alexander’s, Inc		2,504		789,411
Altisource Portfolio Solutions S.A.(b)		33,648		280,961
American Assets Trust, Inc		36,628		1,037,305
American Finance Trust, Inc		187,176		1,443,127
Americold Realty Trust		75,818		2,319,273
Armada Hoffler Properties, Inc		45,619		438,399
Ashford Hospitality Trust, Inc		371,827		305,753
Bluerock Residential Growth REIT, Inc		49,599		288,666
Braemar Hotels & Resorts, Inc		124,991		391,222
Brookfield Property REIT, Inc., Class A(c)		151,919		1,488,047
BRT Apartments Corp		19,114		189,229
CareTrust REIT, Inc		58,398		962,399
CatchMark Timber Trust, Inc., Class A		66,676		524,073
CBL & Associates Properties, Inc		2,102,348		607,579
Cedar Realty Trust, Inc		156,949		164,796
Chatham Lodging Trust		112,389		844,041
City Office REIT, Inc		51,206		517,181
Community Healthcare Trust, Inc		7,427		276,284
Consolidated-Tomoka Land Co		5,048		212,167
CorEnergy Infrastructure Trust, Inc		17,508		212,547
CorePoint Lodging, Inc		164,194		714,244
CoreSite Realty Corp		16,945		2,053,565
Cushman & Wakefield PLC(b)		179,599		2,185,720
Easterly Government Properties, Inc		53,697		1,444,986
EastGroup Properties, Inc		17,815		1,888,390
Empire State Realty Trust, Inc., Class A		210,418		1,759,094
Equity Commonwealth		96,094		3,262,391
Essential Properties Realty Trust, Inc		29,892		439,113
Farmland Partners, Inc		58,526		383,931
First Industrial Realty Trust, Inc		78,176		2,952,708
Forestar Group, Inc.(b)		13,560		178,856
Four Corners Property Trust, Inc		37,161		832,035
Franklin Street Properties Corp		233,980		1,272,851
Front Yard Residential Corp		102,549		1,170,084
Getty Realty Corp		32,939		894,623
Gladstone Commercial Corp		37,696		595,597
Gladstone Land Corp		16,842		226,020
Global Medical REIT, Inc		13,731		143,077
Global Net Lease, Inc		112,536		1,619,393
Hannon Armstrong Sustainable Infrastructure Capital, Inc		29,135		815,489
Hersha Hospitality Trust		135,363		707,949
Independence Realty Trust, Inc		93,261		939,138
Industrial Logistics Properties Trust		63,877		1,193,861
Innovative Industrial Properties, Inc.(c)		1,640		128,674
Investors Real Estate Trust		22,203		1,390,574
iStar, Inc		53,829		539,367
Jernigan Capital, Inc		17,597		232,280
Kennedy-Wilson Holdings, Inc		138,371		1,957,950

	Shares		Value
Real Estate-(continued)
Kite Realty Group Trust		189,632	$	1,939,935
LTC Properties, Inc		34,461		1,226,812
Mack-Cali Realty Corp		147,818		2,393,173
Marcus & Millichap, Inc.(b)		23,449		681,193
Monmouth Real Estate Investment Corp		71,096		966,195
National Health Investors, Inc		30,727		1,691,829
National Storage Affiliates Trust		26,936		767,137
New Senior Investment Group, Inc		233,230		771,991
Newmark Group, Inc., Class A		146,059		566,709
NexPoint Residential Trust, Inc		11,023		331,462
One Liberty Properties, Inc		20,348		319,871
Pennsylvania REIT(c)		402,962		406,992
PotlatchDeltic Corp		73,473		2,579,637
Preferred Apartment Communities, Inc., Class A		175,060		1,297,195
PS Business Parks, Inc		13,620		1,758,206
QTS Realty Trust, Inc., Class A		31,717		1,983,264
RE/MAX Holdings, Inc., Class A		18,174		477,794
Redfin Corp.(b)		18,556		392,088
Retail Opportunity Investments Corp		151,653		1,471,792
Retail Value, Inc		20,841		301,569
Rexford Industrial Realty, Inc		41,896		1,706,005
RMR Group, Inc. (The), Class A		11,205		332,340
RPT Realty		151,185		1,031,082
Saul Centers, Inc		15,389		501,989
Seritage Growth Properties, Class A(c)		41,110		434,944
St. Joe Co. (The)(b)		31,948		584,648
STAG Industrial, Inc		80,069		2,101,811
Summit Hotel Properties, Inc		217,397		1,317,426
Tanger Factory Outlet Centers, Inc.(c)		257,883		1,939,280
Tejon Ranch Co.(b)		22,859		313,168
Terreno Realty Corp		28,752		1,576,185
UMH Properties, Inc		36,344		472,109
Universal Health Realty Income Trust		4,943		528,703
Urban Edge Properties		140,651		1,617,487
Urstadt Biddle Properties, Inc., Class A		41,138		601,026
Washington REIT		95,619		2,229,835
Whitestone REIT		72,895		494,228
				87,973,455
Utilities-1.75%
American States Water Co		20,109		1,596,051
Atlantic Power Corp.(b)(c)		241,712		481,007
Atlantica Yield PLC (Spain)		93,704		2,243,274
California Water Service Group		38,014		1,707,589
Chesapeake Utilities Corp		14,650		1,287,442
Clearway Energy, Inc., Class A		41,494		775,938
Clearway Energy, Inc., Class C		84,982		1,702,190
Consolidated Water Co. Ltd. (Cayman Islands)		14,498		217,760
El Paso Electric Co		47,888		3,256,384
Genie Energy Ltd., Class B		19,149		150,894
MGE Energy, Inc		27,740		1,793,668
Middlesex Water Co		9,704		585,151
Northwest Natural Holding Co		33,155		2,158,391
Ormat Technologies, Inc		24,356		1,520,058
Otter Tail Corp		46,795		2,076,762
SJW Group		21,221		1,263,286
Spark Energy, Inc., Class A		23,405		168,984

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  35  

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)–(continued)

April 30, 2020

	Shares		Value
Utilities-(continued)
TerraForm Power, Inc., Class A		71,249	$	1,234,033
Unitil Corp.		19,040		957,902
				25,176,764
Total Common Stocks & Other Equity Interests (Cost $1,671,128,700)				1,437,661,071
Money Market Funds-0.03%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $533,547)		533,547		533,547
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $1,671,662,247)				1,438,194,618

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.72%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $82,213,293)		82,213,293	$	82,213,293
TOTAL INVESTMENTS IN SECURITIES-105.73% (Cost $1,753,875,540)				1,520,407,911
OTHER ASSETS LESS LIABILITIES-(5.73)%				(82,433,784	)
NET ASSETS-100.00%			$	1,437,974,127

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2020.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	97,883,198		$	(97,349,651	)		$	-		$	-		$	533,547		$	28,967
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			53,947,133			301,066,942			(355,014,075	)			-			-			-			856,891
Invesco Liquid Assets Portfolio, Institutional Class*			18,012,231			78,009,292			(96,022,306	)			-			783			-			311,036
Invesco Private Government Fund			-			162,933,749			(80,720,456	)			-			-			82,213,293			44
Total		$	71,959,364		$	639,893,181		$	(629,106,488	)		$	-		$	783		$	82,746,840		$	1,196,938

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  36  

Statements of Assets and Liabilities

April 30, 2020

	Invesco Dynamic Market ETF (PWC)				Invesco FTSE RAFI US 1000 ETF (PRF)				Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Assets:
Unaffiliated investments in securities, at value(a)		$	115,729,413			$	4,005,764,713			$	1,437,661,071
Affiliated investments in securities, at value			743,776				37,218,469				82,746,840
Cash			-				601				94,382
Cash collateral for securities loaned			-				-				103,073
Receivable for:
Dividends			142,322				5,051,863				542,158
Securities lending			296				125,388				181,377
Investments sold			-				5,300,116				11,193,263
Other assets			13,542				-				-
Total assets			116,629,349				4,053,461,150				1,532,522,164
Liabilities:
Due to custodian			2,684				-				-
Payable for:
Investments purchased			-				-				237,012
Collateral upon return of securities loaned			608,433				32,953,152				82,316,366
Fund shares repurchased			-				5,315,539				10,307,774
Accrued advisory fees			48,323				962,673				318,348
Accrued trustees’ and officer’s fees			55,732				277,392				107,446
Accrued expenses			83,009				3,372,764				1,261,091
Total liabilities			798,181				42,881,520				94,548,037
Net Assets		$	115,831,168			$	4,010,579,630			$	1,437,974,127
Net assets consist of:
Shares of beneficial interest		$	275,458,494			$	4,276,152,835			$	1,986,582,641
Distributable earnings (loss)			(159,627,326	)			(265,573,205	)			(548,608,514	)
Net Assets		$	115,831,168			$	4,010,579,630			$	1,437,974,127
Shares outstanding (unlimited amount authorized, $0.01 par value)			1,400,000				38,500,000				13,950,000
Net asset value		$	82.74			$	104.17			$	103.08
Market price		$	81.40			$	104.31			$	103.16
Unaffiliated investments in securities, at cost		$	130,156,387			$	4,010,445,267			$	1,671,128,700
Affiliated investments in securities, at cost		$	743,776			$	41,272,421			$	82,746,840
(a) Includes securities on loan with an aggregate value of:		$	532,542			$	30,800,432			$	72,741,496

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37

Statements of Operations

For the year ended April 30, 2020

	Invesco Dynamic Market ETF (PWC)				Invesco FTSE RAFI US 1000 ETF (PRF)				Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Investment income:
Unaffiliated dividend income		$	2,548,377			$	135,674,027			$	27,618,481
Affiliated dividend income			6,254				397,279				28,967
Securities lending income			9,798				844,116				1,992,488
Foreign withholding tax			(4,398	)			(15,343	)			(108,210	)
Total investment income			2,560,031				136,900,079				29,531,726
Expenses:
Advisory fees			710,578				15,110,920				5,399,055
Sub-licensing fees			42,641				4,690,084				1,675,758
Accounting & administration fees			25,652				429,488				198,418
Custodian & transfer agent fees			953				(19,751	)			(23,933	)
Trustees’ and officer’s fees			(1,328	)			22,217				11,930
Proxy fees			6,064				45,941				19,818
Other expenses			46,360				255,638				136,944
Total expenses			830,920				20,534,537				7,417,990
Less: Waivers			(1,016	)			(175,965	)			(140,554	)
Net expenses			829,904				20,358,572				7,277,436
Net investment income			1,730,127				116,541,507				22,254,290
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(17,731,257	)			(127,046,507	)			(157,526,442	)
Affiliated investment securities			70				(104,269	)			783
Unaffiliated in-kind redemptions			12,426,562				354,278,969				97,618,607
Affiliated in-kind redemptions			-				(201,039	)			-
Foreign currencies			-				-				191
Net realized gain (loss)			(5,304,625	)			226,927,154				(59,906,861	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(18,292,376	)			(833,790,074	)			(365,917,073	)
Affiliated investment securities			-				(3,115,142	)			-
Change in net unrealized appreciation (depreciation)			(18,292,376	)			(836,905,216	)			(365,917,073	)
Net realized and unrealized gain (loss)			(23,597,001	)			(609,978,062	)			(425,823,934	)
Net increase (decrease) in net assets resulting from operations		$	(21,866,874	)		$	(493,436,555	)		$	(403,569,644	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

(This Page Intentionally Left Blank)

39

Statements of Changes in Net Assets

For the years ended April 30, 2020 and 2019

	Invesco Dynamic Market ETF (PWC)						Invesco FTSE RAFI US 1000 ETF (PRF)
	2020			2019			2020			2019
Operations:
Net investment income	$	1,730,127		$	1,476,068		$	116,541,507		$	111,131,148
Net realized gain (loss)		(5,304,625	)		8,158,190			226,927,154			253,928,922
Change in net unrealized appreciation (depreciation)		(18,292,376	)		(6,019,994	)		(836,905,216	)		100,599,082
Net increase (decrease) in net assets resulting from operations		(21,866,874	)		3,614,264			(493,436,555	)		465,659,152
Distributions to Shareholders from:
Distributable earnings		(1,693,871	)		(1,826,550	)		(126,601,415	)		(107,823,504	)
Shareholder Transactions:
Proceeds from shares sold		149,408,430			247,458,643			275,325,551			892,856,882
Value of shares repurchased		(167,991,269	)		(246,405,339	)		(1,234,732,502	)		(785,088,112	)
Net increase (decrease) in net assets resulting from share transactions		(18,582,839	)		1,053,304			(959,406,951	)		107,768,770
Net increase (decrease) in net assets		(42,143,584	)		2,841,018			(1,579,444,921	)		465,604,418
Net assets:
Beginning of year		157,974,752			155,133,734			5,590,024,551			5,124,420,133
End of year	$	115,831,168		$	157,974,752		$	4,010,579,630		$	5,590,024,551
Changes in Shares Outstanding:
Shares sold		1,550,000			2,450,000			2,500,000			8,250,000
Shares repurchased		(1,750,000	)		(2,450,000	)		(11,450,000	)		(6,950,000	)
Shares outstanding, beginning of year		1,600,000			1,600,000			47,450,000			46,150,000
Shares outstanding, end of year		1,400,000			1,600,000			38,500,000			47,450,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
2020			2019
$	22,254,290		$	27,217,012
	(59,906,861	)		117,664,399
	(365,917,073	)		(67,887,495	)
	(403,569,644	)		76,993,916
	(30,044,591	)		(25,325,031	)
	225,949,782			678,476,197
	(449,192,539	)		(524,646,991	)
	(223,242,757	)		153,829,206
	(656,856,992	)		205,498,091
	2,094,831,119			1,889,333,028
$	1,437,974,127		$	2,094,831,119
	2,200,000			5,400,000
	(4,100,000	)		(4,050,000	)
	15,850,000			14,500,000
	13,950,000			15,850,000

41

Financial Highlights

Invesco Dynamic Market ETF (PWC)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	98.73		$	96.96		$	84.15		$	71.56		$	73.46
Net investment income(a)		1.15			0.90			2.11	(b)		0.43			0.82
Net realized and unrealized gain (loss) on investments		(15.99	)		1.99			12.64			12.98			(1.91	)
Total from investment operations		(14.84	)		2.89			14.75			13.41			(1.09	)
Distributions to shareholders from:
Net investment income		(1.15	)		(1.12	)		(1.94	)		(0.82	)		(0.81	)
Net asset value at end of year	$	82.74		$	98.73		$	96.96		$	84.15		$	71.56
Market price at end of year(c)	$	81.40		$	98.63		$	96.98		$	84.16		$	71.55
Net Asset Value Total Return(d)		(15.04	)%		3.00	%		17.67	%		18.88	%		(1.50	)%
Market Price Total Return(d)		(16.32	)%		2.89	%		17.68	%		18.91	%		(1.43	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	115,831		$	157,975		$	155,134		$	143,052		$	143,122
Ratio to average net assets of:
Expenses, after Waivers		0.58	%		0.59	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.58	%		0.59	%		0.61	%		0.61	%		0.60	%
Net investment income		1.22	%		0.91	%		2.30	%(b)		0.56	%		1.13	%
Portfolio turnover rate(e)		313	%		240	%		215	%		231	%		231	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.10 and 1.19%, respectively.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco FTSE RAFI US 1000 ETF (PRF)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	117.81		$	111.04		$	102.66		$	90.15		$	92.45
Net investment income(a)		2.60			2.40			2.18			1.86			1.93
Net realized and unrealized gain (loss) on investments		(13.40	)		6.72			8.29			12.56			(2.23	)
Total from investment operations.		(10.80	)		9.12			10.47			14.42			(0.30	)
Distributions to shareholders from:
Net investment income		(2.84	)		(2.35	)		(2.09	)		(1.91	)		(2.00	)
Net asset value at end of year	$	104.17		$	117.81		$	111.04		$	102.66		$	90.15
Market price at end of year(b)	$	104.31		$	117.82		$	111.12		$	102.67		$	90.13
Net Asset Value Total Return(c)		(9.18	)%		8.40	%		10.26	%		16.16	%		(0.23	)%
Market Price Total Return(c)		(9.06	)%		8.32	%		10.33	%		16.19	%		(0.24	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	4,010,580		$	5,590,025		$	5,124,420		$	4,897,087		$	4,142,401
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.39	%		0.40	%		0.41	%		0.41	%		0.41	%
Net investment income		2.24	%		2.13	%		2.00	%		1.93	%		2.19	%
Portfolio turnover rate(d)		8	%		10	%		9	%		11	%		12	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	132.17		$	130.30		$	117.87		$	97.56		$	103.44
Net investment income(a)		1.48			1.76			1.44			1.30			1.25
Net realized and unrealized gain (loss) on investments		(28.58	)		1.75			12.31			20.46			(5.93	)
Total from investment operations		(27.10	)		3.51			13.75			21.76			(4.68	)
Distributions to shareholders from:
Net investment income		(1.99	)		(1.64	)		(1.32	)		(1.45	)		(1.20	)
Net asset value at end of year	$	103.08		$	132.17		$	130.30		$	117.87		$	97.56
Market price at end of year(b)	$	103.16		$	132.22		$	130.51		$	117.82		$	97.55
Net Asset Value Total Return(c)		(20.65	)%		2.75	%		11.73	%		22.44	%		(4.49	)%
Market Price Total Return(c)		(20.62	)%		2.60	%		11.96	%		22.40	%		(4.52	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,437,974		$	2,094,831		$	1,889,333		$	1,632,527		$	1,107,295
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.40	%		0.40	%		0.41	%		0.41	%		0.41	%
Net investment income		1.20	%		1.33	%		1.15	%		1.20	%		1.30	%
Portfolio turnover rate(d)		21	%		24	%		26	%		29	%		28	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2020

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco Dynamic Market ETF (PWC)	“Dynamic Market ETF”
Invesco FTSE RAFI US 1000 ETF (PRF)	“FTSE RAFI US 1000 ETF”
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)	“FTSE RAFI US 1500 Small-Mid ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Shares of Dynamic Market ETF and FTSE RAFI US 1000 ETF are listed and traded on NYSE Arca, Inc., and Shares of FTSE RAFI US 1500 Small-Mid ETF are listed and traded on The Nasdaq Stock Market.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
Dynamic Market ETF	Dynamic Market IntellidexSM
FTSE RAFI US 1000 ETF	FTSE RAFITM US 1000 Index
FTSE RAFI US 1500 Small-Mid ETF	FTSE RAFITM US 1500 Mid Small Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same

44

securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each 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 each 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 each Fund and no other AP is able to step forward to create or redeem Creation Units, 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 each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. 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 each 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. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact

45

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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

Market Risk. Securities in the Underlying Index 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 Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which 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. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income

46

per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash

47

collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, Dynamic Market ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets, and each of FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund. For the FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500 Small-Mid ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2022. For Dynamic Market ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of the Fund from exceeding 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2022. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Market ETF.

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Dynamic Market ETF	$	1,016
FTSE RAFI US 1000 ETF		175,965
FTSE RAFI US 1500 Small-Mid ETF		140,554

For FTSE RAFI US 1000 ETF and FTSE RAFI US 1500 Small-Mid ETF, the fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For Dynamic Market ETF, the expenses borne by the Adviser are not subject to recapture.

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For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2020 are as follows:

	Total Potential Recapture Amounts		Potential Recapture Amounts Expiring
			4/30/21		4/30/22		4/30/23
FTSE RAFI US 1000 ETF		$1,423,737		$984,797		$272,188		$166,752
FTSE RAFI US 1500 Small-Mid ETF		723,846		403,807		182,750		137,289

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
Dynamic Market ETF	ICE Data Indices, LLC
FTSE RAFI US 1000 ETF	FTSE International Limited and Research Affiliates LLC
FTSE RAFI US 1500 Small-Mid ETF	FTSE International Limited and Research Affiliates LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended April 30, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains (Losses)
Dynamic Market ETF	$28,410,809	$5,081,082	$(240,836)
FTSE RAFI US 1500 Small-Mid ETF	173,191	-	-

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent

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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Dynamic Market ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	115,729,413		$	-		$-		$	115,729,413
Money Market Funds			135,343			608,433		-			743,776
Total Investments		$	115,864,756		$	608,433		$-		$	116,473,189
FTSE RAFI US 1000 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	4,007,513,734		$	-		$-		$	4,007,513,734
Money Market Funds			2,516,296			32,953,152		-			35,469,448
Total Investments		$	4,010,030,030		$	32,953,152		$-		$	4,042,983,182
FTSE RAFI US 1500 Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,437,661,071		$	-		$-		$	1,437,661,071
Money Market Funds			533,547			82,213,293		-			82,746,840
Total Investments		$	1,438,194,618		$	82,213,293		$-		$	1,520,407,911

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2020 and 2019:

	2020		2019
	Ordinary Income		Ordinary Income
Dynamic Market ETF	$	1,693,871	$	1,826,550
FTSE RAFI US 1000 ETF		126,601,415		107,823,504
FTSE RAFI US 1500 Small-Mid ETF		30,044,591		25,325,031

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences		Net Unrealized Appreciation (Depreciation)- Investments		Capital Loss Carryforwards		Shares of Beneficial Interest		Total Net Assets
Dynamic Market ETF		$   301,793		$  (47,553)		$  (14,579,326)		$(145,302,240)		$   275,458,494		$   115,831,168
FTSE RAFI US 1000 ETF		6,378,880		(211,864)		(81,609,771)		(190,130,450)		4,276,152,835		4,010,579,630
FTSE RAFI US 1500 Small-Mid ETF		-		(80,531)		(282,872,193)		(265,655,790)		1,986,582,641		1,437,974,127

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of April 30, 2020:

	No expiration
	Short-Term		Long-Term		Total*
Dynamic Market ETF	$	142,859,805	$	2,442,435	$	145,302,240
FTSE RAFI US 1000 ETF		19,847,839		170,282,611		190,130,450
FTSE RAFI US 1500 Small-Mid ETF		60,137,702		205,518,088		265,655,790

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

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NOTE 7–Investment Transactions

For the fiscal year ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Dynamic Market ETF	$	446,418,068	$	439,809,328
FTSE RAFI US 1000 ETF		426,858,351		437,027,030
FTSE RAFI US 1500 Small-Mid ETF		380,770,123		383,835,393

For the fiscal year ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
Dynamic Market ETF	$	146,422,216	$	171,569,972
FTSE RAFI US 1000 ETF		274,791,905		1,232,762,339
FTSE RAFI US 1500 Small-Mid ETF		224,898,921		446,859,179

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Dynamic Market ETF	$	2,161,980	$	(16,741,306	)	$	(14,579,326	)	$	131,052,515
FTSE RAFI US 1000 ETF		684,325,647		(765,935,418	)		(81,609,771	)		4,124,592,953
FTSE RAFI US 1500 Small-Mid ETF		169,074,076		(451,946,269	)		(282,872,193	)		1,803,280,104

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income	Undistributed Net Realized Gain (Loss)	Shares of Beneficial Interest
Dynamic Market ETF	$     67,830	$  (12,324,085)	$  12,256,255
FTSE RAFI US 1000 ETF	-	(321,236,818)	321,236,818
FTSE RAFI US 1500 Small-Mid ETF	1,898,066	(66,654,138)	64,756,072

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10—Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Market ETF, Invesco FTSE RAFI US 1000 ETF and Invesco FTSE RAFI US 1500 Small-Mid ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Market ETF, Invesco FTSE RAFI US 1000 ETF and Invesco FTSE RAFI US 1500 Small-Mid ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations for the year ended April 30, 2020, the statements of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2020, and each of the financial highlights for each of the five years in the period ended April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 29, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco Dynamic Market ETF (PWC)
Actual		$1,000.00		$   870.40		0.55%		$2.56
Hypothetical (5% return before expenses)		1,000.00		1,022.13		0.55		2.77
Invesco FTSE RAFI US 1000 ETF (PRF)
Actual		1,000.00		882.90		0.39		1.83
Hypothetical (5% return before expenses)		1,000.00		1,022.92		0.39		1.96
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Actual		1,000.00		801.20		0.39		1.75
Hypothetical (5% return before expenses)		1,000.00		1,022.92		0.39		1.96

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2020:

	Qualified Business Income*	Qualified Dividend Income*	Dividends-Received Deduction*
Invesco Dynamic Market ETF	0%	100%	100%
Invesco FTSE RAFI US 1000 ETF	0%	100%	100%
Invesco FTSE RAFI US 1500 Small-Mid ETF	11%	86%	82%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

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Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	215	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	215	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	215	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

57

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	215	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

58

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	215	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	215	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	215	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	215	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	215	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

61

Trustees and Officers (continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	215	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

62

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary President and Principal Executive Officer	Since 2011 Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (May 2020-present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (June 2020-present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (June 2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

63

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

64

Approval of Investment Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 49 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco International Dividend Achievers^TM ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500^® Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds

65

Approval of Investment Advisory Contracts (continued)

business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF; Invesco S&P 100 Equal Weight ETF, Invesco S&P MidCap Quality ETF and Invesco S&P 500^® Quality ETF;

● 0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^™ ETF;

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2022, as set forth below:

● 0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack Achievers^TM ETF, Invesco Cleantech^TM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF;

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF;

● 0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

66

Approval of Investment Advisory Contracts (continued)

● 0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500^® Quality ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active  Fund Peer Median
Invesco Aerospace & Defense ETF				X
Invesco Buyback AchieversTM ETF				X
Invesco CleantechTM ETF				X
Invesco Dividend AchieversTM ETF				X
Invesco DWA Basic Materials Momentum ETF				X
Invesco DWA Consumer Cyclicals Momentum ETF				X
Invesco DWA Consumer Staples Momentum ETF				X
Invesco DWA Energy Momentum ETF				X
Invesco DWA Financial Momentum ETF				X
Invesco DWA Healthcare Momentum ETF				X
Invesco DWA Industrials Momentum ETF				X
Invesco DWA Momentum ETF				X
Invesco DWA Technology Momentum ETF				X
Invesco DWA Utilities Momentum ETF				X
Invesco Dynamic Biotechnology & Genome ETF				X
Invesco Dynamic Building & Construction ETF				X
Invesco Dynamic Energy Exploration & Production ETF				X
Invesco Dynamic Food & Beverage ETF				X
Invesco Dynamic Large Cap Growth ETF				X
Invesco Dynamic Large Cap Value ETF				X
Invesco Dynamic Leisure and Entertainment ETF				X
Invesco Dynamic Market ETF				X
Invesco Dynamic Media ETF				X
Invesco Dynamic Networking ETF				X

67

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active  Fund Peer Median
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF		X				X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF		X		N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF						X
Invesco International Dividend AchieversTM ETF		X				X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X				X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF		X		X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted those Funds for which sub-license fees are included in the Funds’ Expense Caps.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active  Fund Peer Median
Invesco Aerospace & Defense ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF			X		X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X

68

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active  Fund Peer Median
Invesco DWA Energy Momentum ETF						X
Invesco DWA Financial Momentum ETF						X
Invesco DWA Healthcare Momentum ETF						X
Invesco DWA Industrials Momentum ETF						X
Invesco DWA Momentum ETF				X		X
Invesco DWA Technology Momentum ETF						X
Invesco DWA Utilities Momentum ETF						X
Invesco Dynamic Biotechnology & Genome ETF						X
Invesco Dynamic Building & Construction ETF						X
Invesco Dynamic Energy Exploration & Production ETF						X
Invesco Dynamic Food & Beverage ETF						X
Invesco Dynamic Large Cap Growth ETF						X
Invesco Dynamic Large Cap Value ETF						X
Invesco Dynamic Leisure and Entertainment ETF						X
Invesco Dynamic Market ETF						X
Invesco Dynamic Media ETF						X
Invesco Dynamic Networking ETF						X
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF						X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF				N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF				X		X
Invesco International Dividend AchieversTM ETF						X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X		X		X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF				X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

69

Approval of Investment Advisory Contracts (continued)

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Global Listed Private Equity ETF, Invesco S&P Spin-Off ETF, Invesco WilderHill Clean Energy ETF and Invesco Zacks Mid-Cap ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

70

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-2 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2020

PKW	Invesco BuyBack AchieversTM ETF
PFM	Invesco Dividend AchieversTM ETF
DJD	Invesco Dow Jones Industrial Average Dividend ETF
PGF	Invesco Financial Preferred ETF
PEY	Invesco High Yield Equity Dividend AchieversTM ETF
PID	Invesco International Dividend AchieversTM ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Liquidity Risk Management Program	18
Dividend Income Portfolios
Schedules of Investments
Invesco BuyBack AchieversTM ETF (PKW)	19
Invesco Dividend AchieversTM ETF (PFM)	23
Invesco Dow Jones Industrial Average Dividend ETF (DJD)	27
Invesco Financial Preferred ETF (PGF)	28
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)	31
Invesco International Dividend AchieversTM ETF (PID)	33
Statements of Assets and Liabilities	35
Statements of Operations	36
Statements of Changes in Net Assets	38
Financial Highlights	40
Notes to Financial Statements	44
Report of Independent Registered Public Accounting Firm	55
Fund Expenses	56
Tax Information	58
Trustees and Officers	59
Approval of Investment Advisory Contracts	68

2

The Market Environment

Domestic Equity

Although the S&P 500 Index, considered representative of the US stock market, posted modest gains for the second quarter of 2019, US equities experienced increased volatility. After four consecutive months of rising stock prices, markets sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the US Federal Reserve (the “Fed”) cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. Cyclical sectors, where company performance tends to be closely linked to macroeconomic changes in the business cycle, were the hardest hit. At the close of the fiscal year in April, US unemployment numbers continued to climb, with over 30 million Americans seeking unemployment benefits since March 2020.³ In addition, the second gross domestic product estimate for the first quarter of 2020 saw the economy shrink by 5.0%, the sharpest drop since the 2008 financial crisis.²

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

³  Source: The Associated Press

Global Equity

Global equity markets faced volatility in the second and third quarters of 2019, hampered by ongoing US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK regarding its withdrawal from the European Union increased uncertainty for the UK and eurozone economies.

Much of 2019 showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019, as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold.

Third quarter macroeconomic and geopolitical issues mostly abated during the fourth quarter, providing a favorable backdrop for global equity returns. In response to third quarter economic weakness, central banks maintained accommodative policies, with the US Federal Reserve cutting interest rates in October 2019 and the European Central Bank restarting net purchases in its asset purchase program in November. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union.

Global equity markets started 2020 well, buoyed by positive economic data and the phase one signing of the US and China trade deal. However, initial optimism was dampened by the outbreak of COVID-19 that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while emerging equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy. At the close of the fiscal year, despite the continuing global spread of COVID-19, April saw both equity and credit markets stage a rebound from the severe market shock witnessed in March. In this environment, global equity markets declined for the fiscal year, with developed markets outperforming emerging markets.

3

PKW	Manager’s Analysis
	Invesco BuyBack AchieversTM ETF (PKW)

As an index fund, the Invesco BuyBack Achievers™ ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US BuyBack Achievers™ Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes common stocks in the Index pursuant to a proprietary selection methodology that identifies a universe of “BuyBack Achievers^TM”. To qualify for the universe of “BuyBack Achievers^TM,” an issuer must have effected a net reduction in shares outstanding of 5% or more in the past 12 months.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (12.79)%. On a net asset value (“NAV”) basis, the Fund returned (12.81)%. During the same time period, the Index returned (12.39)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified market capitalization weighting methodology and stock selection methodology based on stock buybacks, whereas the Benchmark Index selects and weights stocks based on market capitalization and does not have a buyback methodology.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the communication services sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection in the financials sector, as well as the security selection in the information technology sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the communication services and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Apple Inc., an information technology company (portfolio average weight of 5.56%) and Amgen Inc., a health care company (portfolio average weight of 4.54%). Positions that detracted most significantly from the Fund’s return during this period included Wells Fargo & Co., a financials company (portfolio average weight of 0.98%) and JPMorgan Chase & Co., a financials company (portfolio average weight of 1.15%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	31.85
Information Technology	25.36
Health Care	13.52
Industrials	11.30
Consumer Discretionary	7.82
Communication Services	4.24
Sector Types Each Less Than 3%	5.87
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Apple, Inc.	5.16
Bank of America Corp.	5.06
Oracle Corp.	4.90
Cisco Systems, Inc.	4.82
Eli Lilly and Co.	4.81
JPMorgan Chase & Co.	4.75
Amgen, Inc.	4.57
Wells Fargo & Co.	3.86
Charter Communications, Inc., Class A	3.77
Union Pacific Corp.	3.52
Total	45.22

* Excluding money market fund holdings.

4

Invesco BuyBack Achievers^TM ETF (PKW) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ US BuyBack Achievers™ Index		(12.39	)%		3.34	%		10.36	%		4.20	%		22.86	%		11.22	%		189.74	%		7.85	%		174.52	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			7.75			171.11
Fund
NAV Return		(12.81	)		2.76			8.50			3.58			19.25			10.51			171.71			7.12			150.70
Market Price Return		(12.79	)		2.78			8.58			3.60			19.34			10.51			171.74			7.11			150.46

Fund Inception: December 20, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.62%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

5

PFM	Manager’s Analysis
	Invesco Dividend AchieversTM ETF (PFM)

As an index fund, the Invesco Dividend Achievers™ ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US Broad Dividend Achievers™ Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes common stocks in the Index pursuant to a proprietary selection methodology that identifies a universe of “Dividend Achievers^TM.” To qualify for the universe of “Dividend Achievers^TM,” an issuer must have increased its annual regular cash dividend payments for at least each of its last ten or more calendar or fiscal years.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (1.89)%. On a net asset value (“NAV”) basis, the Fund returned (2.04)%. During the same time period, the Index returned (1.64)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 3000^® Value Index (the “Benchmark Index”) returned (11.89)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,155 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the value segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified market capitalization weighting methodology and stock selection methodology based on dividend-paying stocks, whereas the Benchmark Index selects and weights stocks based on market capitalization and focuses on stocks of companies with lower price-to-book and lower forecasted growth values.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the financials sector during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection in the information technology sector, as well as the overweight allocation to and security selection in the consumer staples sector.

For the fiscal year ended April 30, 2020, the information technology sector contributed most significantly to the Fund’s

return, followed by the health care and consumer staples sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the industrials and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Microsoft Corp., an information technology company (portfolio average weight of 4.33%) and Walmart Inc., a consumer staples company (portfolio average weight of 3.74%). Positions that detracted most significantly from the Fund’s return during this period included Exxon Mobil Corp., an energy company (portfolio average weight of 3.12%) and Raytheon Technologies Corp., an industrials company (portfolio average weight of 1.27%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Consumer Staples	18.15
Information Technology	15.88
Health Care	13.52
Industrials	13.03
Communication Services	8.53
Consumer Discretionary	8.24
Utilities	6.93
Financials	6.52
Energy	4.56
Materials	3.06
Real Estate	1.59
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Microsoft Corp.	4.53
Johnson & Johnson	4.01
Walmart, Inc.	3.50
Visa, Inc., Class A	3.10
Procter & Gamble Co. (The)	2.96
UnitedHealth Group, Inc.	2.82
Home Depot, Inc. (The)	2.44
Verizon Communications, Inc.	2.41
AT&T, Inc.	2.22
Coca-Cola Co. (The)	2.00
Total	29.99

* Excluding money market fund holdings.

6

Invesco Dividend Achievers^TM ETF (PFM) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ US Broad Dividend Achievers™ Index		(1.64	)%		7.28	%		23.46	%		7.92	%		46.39	%		10.54	%		172.27	%		7.17	%		175.43	%
Russell 3000® Value Index		(11.89	)		0.92			2.77			3.67			19.77			8.31			122.17			5.85			129.73
Fund
NAV Return		(2.04	)		6.76			21.68			7.37			42.72			9.94			157.86			6.56			153.12
Market Price Return		(1.89	)		6.77			21.71			7.43			43.07			9.95			158.22			6.57			153.48

Fund Inception: September 15, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.54%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

7

DJD	Manager’s Analysis
	Invesco Dow Jones Industrial Average Dividend ETF (DJD)

As an index fund, the Invesco Dow Jones Industrial Average Dividend ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dow Jones Industrial Average Yield Weighted (the “Index”). The Fund will invest at least 90% of its total assets in the securities that comprise the Index.

The Index is designed to provide exposure to dividend-paying equity securities of companies included in the Dow Jones Industrial Average™ (the “Benchmark Index”), which is a price-weighted index of 30 U.S. companies that meet certain size, listing and liquidity requirements. The Index includes all constituents of the Benchmark Index that pay dividends. The Index is calculated using a yield-weighted methodology that weights all dividend-paying constituents of the Benchmark Index by their twelve-month dividend yield over the prior twelve months.

The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (7.32)%. On a net asset value (“NAV”) basis, the Fund returned (7.33)%. During the same time period, the Index returned (7.48)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due fees and operating expenses that the Fund incurred during the period, offset by cash held by the Fund in order to pay the March Fund distribution, which also coincided with the market decline.

During this same time period, the Benchmark Index returned (6.16)%. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer staples sector and most underweight in the industrials sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and security selection in the information technology sector, as well as the Fund’s overweight allocation to and security selection in the energy sector.

For the fiscal year ended April 30, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and consumer discretionary

sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the energy and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Intel Corp., an information technology company (portfolio average weight of 3.32%) and Apple Inc., an information technology company (portfolio average weight of 2.41%). Positions that detracted most significantly from the Fund’s return during this period included Exxon Mobil Corp., an energy company (portfolio average weight of 5.14%) and Boeing Co., an industrials company (portfolio average weight of 2.11%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	19.30
Health Care	17.00
Consumer Staples	13.12
Industrials	11.10
Financials	9.89
Energy	8.68
Consumer Discretionary	7.13
Materials	6.88
Communication Services	6.84
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Dow, Inc.	6.88
Pfizer, Inc.	5.79
International Business Machines Corp.	5.75
Verizon Communications, Inc.	5.46
Johnson & Johnson	4.67
Exxon Mobil Corp.	4.47
3M Co.	4.34
Chevron Corp.	4.21
Intel Corp.	4.17
Caterpillar, Inc.	4.14
Total	49.88

* Excluding money market fund holdings.

8

Invesco Dow Jones Industrial Average Dividend ETF (DJD) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
Dow Jones Industrial Average Yield Weighted Index		(7.48	)%		6.55	%		20.96	%		9.60	%		49.30	%
Dow Jones Industrial Average Index		(6.16	)		7.67			24.81			10.10			52.34
Fund
NAV Return		(7.33	)		6.45			20.61			9.39			48.08
Market Price Return		(7.32	)		6.43			20.56			9.42			48.25

Guggenheim Dow Jones Industrial Average Dividend ETF (Predecessor Fund) Inception: December 16, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay

on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

9

PGF	Manager’s Analysis
	Invesco Financial Preferred ETF (PGF)

As an index fund, the Invesco Financial Preferred ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Wells Fargo^® Hybrid and Preferred Securities Financial Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Wells Fargo Securities, LLC (together with Wells Fargo & Company, the “Index Provider”) uses a proprietary methodology to select securities for the Index, which is a market capitalization weighted index designed to track the performance of preferred securities and securities that the Index Provider believes are functionally equivalent to preferred securities, including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain capital securities. The Index is composed of preferred and equivalent securities with either fixed or fixed to floating rate dividends or coupons, issued by the financial institutions that have received an industry sector classification of “financial” from the Bloomberg Professional Service^® and that are traded in the U.S. market.

In general, preferred stock is a class of equity security that pays distributions to preferred stockholders. Preferred stockholders have priority over common stockholders in the payment of specified dividends, such that preferred stockholders receive dividends before any dividends are paid to common stockholders. In addition, preferred stock takes precedence over common stock in receiving proceeds from an issuer in the event of the issuer’s liquidation, but is generally junior to debt, including senior and subordinated debt.

The Index may include fixed or variable rate securities, meaning that dividends and coupons (as applicable) may be paid either on a fixed rate or a floating rate percentage of the fixed par value at which the preferred stock or other securities are issued. Floating rate preferred securities are securities that pay interest at rates that adjust whenever a specified benchmark interest rate (e.g., the LIBOR or a T-Bill rate) changes, float at a fixed margin above a generally recognized base lending rate, or are reset or re-determined on specified dates (such as the last day of a month or calendar quarter). Preferred stocks often have a liquidation value that equals the original purchase price of the stock at the time of issuance.

The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 3.77%. On a net asset value (“NAV”) basis, the Fund returned 3.78%. During the same time period, the Index returned 3.74%. The Fund’s performance, on a NAV basis, differed from the return of the Index due to a positive effect from

the Fund’s sampling methodology, as well as income received from the securities lending program in which the Fund

participates, which was partially offset by the fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned 1.43%. The Benchmark Index is an unmanaged index weighted by modified market capitalization based on the average performance of approximately 280 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. preferred stock market.

The performance of the Fund differed from the Benchmark Index primarily because the Fund seeks to track an Index that employs a methodology that focuses on financials sector preferred securities, whereas the Benchmark Index includes preferred stocks from across the U.S. preferred stock market, including convertible preferred stocks. As such, the Fund was overweight to the financials sector compared to the Benchmark Index.

Relative to the Benchmark Index, the majority of the Fund’s outperformance during the period can be primarily attributed to its overweight allocation to preferred securities in the banks and capital markets preferred industries.

For the fiscal year ended April 30, 2020, the banks industry contributed most significantly to the Fund’s return, followed by the capital markets and insurance industries, respectively. The consumer finance and trading companies & distributors industries were the only two industries that detracted from the Fund’s performance.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included JPMorgan Chase & Co., 6.00%, Series EE, a banks company (portfolio average weight of 2.33%), JPMorgan Chase & Co., 5.75%, Series DD, a banks company (portfolio average weight of 2.78%), and Bank of America Corp., 6.00%, Series GG, a banks company (portfolio average weight of 2.01%). Positions that detracted most significantly from the Fund’s return during this period included Synchrony Financial, 5.625%, Series A, a consumer finance company (portfolio average weight of 0.46%), Wells Fargo & Co., 4.75%, Series Z, a banks company (portfolio average weight of 0.64%), and Capital One Financial Corp., 5.00%, Series I, a consumer finance company (portfolio average weight of 1.14%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Banks	59.21
Capital Markets	15.90
Insurance	15.10
Consumer Finance	5.83
Industry Types Each Less Than 3%	3.19
Money Market Funds Plus Other Assets Less Liabilities	0.77

10

Invesco Financial Preferred ETF (PGF) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
JPMorgan Chase & Co., Series EE, Pfd., 6.00%,	2.71
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13%,	2.70
Wells Fargo & Co., Series Z, Pfd., 4.75%,	2.67
JPMorgan Chase & Co., Series DD, Pfd., 5.75%,	2.63
Wells Fargo & Co., Series Q, Pfd., 5.85%,	2.63
Bank of America Corp., Series GG, Pfd., 6.00%,	2.05
JPMorgan Chase & Co., Series AA, Pfd., 6.10%,	2.04
Citigroup, Inc., Series K, Pfd., 6.88%,	2.04
Bank of America Corp., Series KK, Pfd., 5.38%,	2.04
JPMorgan Chase & Co., Series BB, Pfd., 6.15%,	1.85
Total	23.36

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Wells Fargo® Hybrid and Preferred Securities Financial Index		3.74	%		4.40	%		13.77	%		5.52	%		30.81	%		7.37	%		103.70	%		5.05	%		93.75	%
S&P U.S. Preferred Stock Index		1.43			2.78			8.56			3.85			20.77			5.96			78.42			4.55			81.71
Fund
NAV Return		3.78			3.99			12.46			5.20			28.84			6.86			94.20			4.29			75.69
Market Price Return		3.77			4.03			12.58			5.21			28.88			6.90			94.86			4.24			74.54

11

Invesco Financial Preferred ETF (PGF) (continued)

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.62%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

12

PEY	Manager’s Analysis
	Invesco High Yield Equity Dividend AchieversTM ETF (PEY)

As an index fund, the Invesco High Yield Equity Dividend Achievers^TM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US Dividend Achievers^TM 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes common stocks in the Index that have a consistent record of dividend increases, principally on the basis of dividend yield and consistent growth in dividends. The Underlying Index is composed of the 50 issuers with the highest modified dividend yield chosen from the NASDAQ US Broad Dividend Achievers^TM Index. To qualify for inclusion in the Index, an issuer must have increased its annual regular cash dividend payments for each of its last ten or more calendar or fiscal years, and must have a minimum market capitalization of $1 billion.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (18.44)%. On a net asset value (“NAV”) basis, the Fund returned (18.57)%. During the same time period, the Index returned (18.20)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the security lending program in which the Fund participates.

During this same time period, the Dow Jones U.S. Select Dividend Index (the “Benchmark Index”) returned (16.69)%. The Benchmark Index is an unmanaged index weighted by indicated dividend yield based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. dividend-paying equity securities market.

The performance of the Fund differed from the Benchmark Index primarily because the selection methodology of the Index that the Fund tracks, which selects the top 50 highest yielding stocks that have increased their dividend every year for the past ten years, differs from the selection methodology of the Benchmark Index which uses several fundamental factors.

Relative to the Benchmark Index, the Fund was most overweight in the tobacco industry and most underweight in the paper packaging industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperfomance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the publishing industry, as well as

the Fund’s overweight allocation to and security selection in the integrated oil & gas industry.

For the fiscal year ended April 30, 2020, the personal products industry contributed most significantly to the Fund’s return, followed by the multiline retail and food products industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return, followed by the media and capital markets industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Nu Skin Enterprises, Inc. Class A, a personal products company (portfolio average weight of 0.14%) and Target Corp., a general merchandise stores company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Meredith Corp., a publishing company (portfolio average weight of 1.99%) and Occidental Petroleum Corp., an integrated gas & oil company (portfolio average weight of 2.74%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Insurance	9.23
Tobacco	8.42
Electric Utilities	8.30
Oil, Gas & Consumable Fuels	8.18
Capital Markets	5.90
Banks	5.70
Multi-Utilities	5.37
Food Products	5.01
Health Care Providers & Services	4.41
Gas Utilities	4.34
Diversified Telecommunication Services	4.33
Media	3.55
Personal Products	3.19
Industry Types Each Less Than 3%	24.06
Money Market Funds Plus Other Assets Less Liabilities	0.01

13

Invesco High Yield Equity Dividend Achievers^TM ETF (PEY) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Cardinal Health, Inc.	4.41
Altria Group, Inc.	3.49
Nu Skin Enterprises, Inc., Class A	3.19
Exxon Mobil Corp.	2.70
Universal Corp.	2.66
Mercury General Corp.	2.42
Ryder System, Inc.	2.40
National Fuel Gas Co.	2.34
Invesco Ltd.	2.28
Philip Morris International, Inc.	2.27
Total	28.16

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ US Dividend Achievers™ 50 Index		(18.20	)%		(1.48	)%		(4.37	)%		5.55	%		30.98	%		10.04	%		160.37	%		4.31	%		91.53	%
Dow Jones U.S. Select Dividend Index		(16.69	)		(0.30	)		(0.90	)		4.51			24.70			9.56			149.16			6.24			153.97
Fund
NAV Return		(18.57	)		(1.95	)		(5.73	)		5.02			27.78			9.47			147.04			3.84			78.63
Market Price Return		(18.44	)		(1.90	)		(5.59	)		5.07			28.05			9.49			147.54			3.86			79.13

14

Invesco High Yield Equity Dividend Achievers^TM ETF (PEY) (continued)

Fund Inception: December 9, 2004

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.53%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or

sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

15

PID	Manager’s Analysis
	Invesco International Dividend AchieversTM ETF (PID)

As an index fund, the Invesco International Dividend Achievers^TM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ International Dividend Achievers™ Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) includes dividend-paying common stocks and other securities in the Index pursuant to a proprietary selection methodology that identifies companies that have increased their aggregate annual regular cash dividend payments consistently for at least each of the last five consecutive years. The Index is composed of Global Depositary Receipts (“GDRs”) and American Depository Receipts (“ADRs”) that are listed on the London Stock Exchange or the London International Exchange, in addition to ADRs and non-U.S. common or ordinary stocks traded on the New York Stock Exchange, The Nasdaq Stock Market LLC or NYSE American.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (23.07)%. On a net asset value (“NAV”) basis, the Fund returned (22.76)%. During the same time period, the Index returned (22.68)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (11.34)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 915 securities. The Benchmark Index also was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall international developed equity market.

The performance of the Fund differed from the Benchmark Index primarily because the Fund seeks to track an Index that employs a dividend yield weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the consumer staples sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and security selection in the health care sector as well as the security selection in the information technology sector.

For the fiscal year ended April 30, 2020, the utilities sector contributed most significantly to the Fund’s return, followed by the health care sector. The financials sector most significantly detracted from the Fund’s return, followed by the energy and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2020, included Franco-Nevada Corp., a materials company (portfolio average weight of 0.59%) and Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR, an information technology company (portfolio average weight of 1.69%). Positions that detracted most significantly from the Fund’s return during this period included Micro Focus International plc Sponsored ADR, an information company (no longer held at fiscal year-end) and Brookfield Property Partners LP, a real estate company (portfolio average weight of 3.07%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Energy	27.74
Financials	20.21
Utilities	9.90
Industrials	8.44
Information Technology	7.77
Materials	7.69
Communication Services	5.89
Health Care	4.60
Consumer Staples	3.06
Sector Types Each Less Than 3%	4.67
Money Market Funds Plus Other Assets Less Liabilities	0.03
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
GasLog Partners L.P.	8.14
Hoegh LNG Partners L.P.	4.70
Novolipetsk Steel PJSC, GDR	4.68
Tatneft PJSC, ADR	3.84
Enbridge, Inc.	2.69
BCE, Inc.	2.66
Brookfield Property Partners L.P.	2.51
National Grid PLC, ADR	2.45
Canadian Imperial Bank of Commerce	2.38
TELUS Corp.	2.28
Total	36.33

* Excluding money market fund holdings.

16

Invesco International Dividend Achievers^TM ETF (PID) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended - NASDAQ International Dividend Achievers™ Index (Net)		(22.68	)%		(3.07	)%		(8.92	)%		(4.20	)%		(19.31	)%		2.30	%		25.47	%		2.46	%		42.62	%
MSCI EAFE® Index (Net)		(11.34	)		(0.58	)		(1.74	)		(0.17	)		(0.83	)		3.55			41.73			3.07			55.54
Fund
NAV Return		(22.76	)		(3.23	)		(9.39	)		(4.35	)		(19.96	)		1.89			20.61			1.95			32.61
Market Price Return		(23.07	)		(3.36	)		(9.75	)		(4.44	)		(20.32	)		1.85			20.11			1.92			32.05

Fund Inception: September 15, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.54%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-NASDAQ International Dividend AchieversTM Index (Net) is comprised of gross total returns of the Index from Fund inception through the conversion date, March 9, 2015, and net returns of the Index starting at the conversion date through April 30, 2020.

- Net returns reflect invested dividends net of withholding taxes.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

17

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

18

Invesco BuyBack Achievers^TM ETF (PKW)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-4.24%
Altice USA, Inc., Class A(b)		104,324	$	2,709,294
Charter Communications, Inc., Class A(b)		54,689		27,083,634
Sinclair Broadcast Group, Inc., Class A		14,736		260,090
Yelp, Inc.(b)		16,776		374,944
				30,427,962
Consumer Discretionary-7.82%
Adtalem Global Education, Inc.(b)		12,310		391,089
American Eagle Outfitters, Inc.		39,045		310,408
American Public Education, Inc.(b)		3,534		91,071
AutoZone, Inc.(b)		5,453		5,563,805
Bed Bath & Beyond, Inc.(c)		28,907		178,934
BJ’s Restaurants, Inc.		4,355		95,200
Bloomin’ Brands, Inc.		20,323		244,892
Booking Holdings, Inc.(b)		9,589		14,197,186
Brunswick Corp.		18,611		888,117
Caleres, Inc.		9,258		75,082
CarMax, Inc.(b)		38,153		2,809,968
Carriage Services, Inc.		4,091		61,447
Chico’s FAS, Inc.		27,061		40,591
Children’s Place, Inc. (The)(c)		3,441		101,716
Citi Trends, Inc.		2,664		30,263
Conn’s, Inc.(b)(c)		6,555		44,312
Cooper-Standard Holdings, Inc.(b)		3,827		49,177
Dave & Buster’s Entertainment, Inc.(c)		6,995		102,407
Denny’s Corp.(b)		13,488		152,010
Designer Brands, Inc., Class A		14,637		92,945
Dick’s Sporting Goods, Inc.		14,520		426,743
Dillard’s, Inc., Class A(c)		4,718		139,087
Dine Brands Global, Inc.		3,827		169,881
eBay, Inc.		185,899		7,404,357
El Pollo Loco Holdings, Inc.(b)(c)		7,974		97,522
Express, Inc.(b)		14,653		30,332
Foot Locker, Inc.		24,331		623,604
GameStop Corp., Class A(c)		15,052		86,248
Genesco, Inc.(b)		3,340		63,226
Gentherm, Inc.(b)		7,660		286,790
Guess?, Inc.		14,973		139,998
H&R Block, Inc.		44,946		748,351
Harley-Davidson, Inc.		35,760		780,641
Haverty Furniture Cos., Inc.		4,078		55,175
Hibbett Sports, Inc.(b)		3,957		61,056
Hilton Grand Vacations, Inc.(b)		20,036		412,742
Hyatt Hotels Corp., Class A(c)		8,331		468,702
Jack in the Box, Inc.		5,411		326,283
Kirkland’s, Inc.(b)(c)		3,184		2,901
Kohl’s Corp.		36,253		669,230
Lear Corp.		13,921		1,359,386
MarineMax, Inc.(b)		4,886		70,407
Marriott Vacations Worldwide Corp.		9,619		798,377
Michaels Cos., Inc. (The)(b)(c)		33,510		101,870
Newell Brands, Inc.		104,610		1,451,987
Nordstrom, Inc.(c)		36,510		685,658
O’Reilly Automotive, Inc.(b)		17,339		6,698,749
Planet Fitness, Inc., Class A(b)		18,659		1,125,697
Quotient Technology, Inc.(b)		20,315		145,862
Qurate Retail, Inc., Class A(b)		90,302		727,383

	Shares		Value
Consumer Discretionary-(continued)
Ralph Lauren Corp.		11,356	$	837,846
Regis Corp.(b)		8,101		100,614
RH(b)(c)		4,493		646,004
SeaWorld Entertainment, Inc.(b)		18,384		270,061
Shoe Carnival, Inc.(c)		3,256		76,907
Sleep Number Corp.(b)		6,469		193,423
Stamps.com, Inc.(b)		3,983		630,389
Taylor Morrison Home Corp., Class A(b)		31,396		456,812
Urban Outfitters, Inc.(b)		22,833		395,924
Wolverine World Wide, Inc.		18,931		387,896
Wyndham Destinations, Inc.		20,725		529,938
				56,204,679
Consumer Staples-1.80%
Herbalife Nutrition Ltd.(b)		34,491		1,288,239
Ingredion, Inc.		15,655		1,271,186
Spectrum Brands Holdings, Inc.		10,717		461,474
Sprouts Farmers Market, Inc.(b)		27,449		570,390
USANA Health Sciences, Inc.(b)		5,032		448,955
Walgreens Boots Alliance, Inc.		204,847		8,867,827
				12,908,071
Energy-1.61%
Arch Coal, Inc., Class A		3,435		100,268
Cabot Oil & Gas Corp.		93,114		2,013,125
CNX Resources Corp.(b)		43,676		462,966
CONSOL Energy, Inc.(b)(c)		5,937		45,062
Delek US Holdings, Inc.		17,634		411,754
Devon Energy Corp.		89,734		1,118,983
Exterran Corp.(b)		7,646		51,993
Extraction Oil & Gas, Inc.(b)(c)		31,741		16,810
Green Plains, Inc.(c)		8,236		48,345
Gulfport Energy Corp.(b)		36,563		93,418
HollyFrontier Corp.		37,803		1,249,011
Marathon Petroleum Corp.		151,787		4,869,327
Murphy Oil Corp.(c)		35,896		425,726
Patterson-UTI Energy, Inc.		44,422		163,917
Peabody Energy Corp.		22,084		74,865
Southwestern Energy Co.(b)		126,491		408,566
US Silica Holdings, Inc.(c)		16,812		32,279
				11,586,415
Financials-31.85%
Affiliated Managers Group, Inc.		11,227		785,441
Allstate Corp. (The)		73,949		7,522,092
Ally Financial, Inc.		87,428		1,432,945
Ameriprise Financial, Inc.		28,715		3,300,502
Apollo Investment Corp.(c)		15,179		133,727
Assured Guaranty Ltd.		21,779		647,490
Athene Holding Ltd., Class A(b)		47,595		1,285,065
Atlantic Capital Bancshares, Inc.(b)		4,993		62,662
Bank of America Corp.		1,511,989		36,363,335
Bank of New York Mellon Corp. (The)		206,676		7,758,617
BankUnited, Inc.		21,684		429,560
Benefytt Technologies, Inc.(b)(c)		2,783		72,720
Brighthouse Financial, Inc.(b)		24,657		633,931
Brightsphere Investment Group, Inc.		19,667		145,732
Charles Schwab Corp. (The)		300,602		11,338,707
CIT Group, Inc.		22,959		435,762

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19

Invesco BuyBack Achievers^TM ETF (PKW)–(continued)

April 30, 2020

	Shares		Value
Financials-(continued)
Citigroup, Inc.		489,970	$	23,792,943
Citizens Financial Group, Inc.		99,814		2,234,835
CNO Financial Group, Inc.		34,490		484,929
Comerica, Inc.		32,893		1,146,650
Curo Group Holdings Corp.		9,465		88,214
Discover Financial Services		71,566		3,075,191
E*TRADE Financial Corp.		51,593		2,095,192
Equitable Holdings, Inc.		108,387		1,985,650
First Citizens BancShares, Inc., Class A		2,243		856,826
First of Long Island Corp. (The)		5,519		87,145
Fulton Financial Corp.		38,366		448,498
Greenhill & Co., Inc.		4,355		46,468
Hanover Insurance Group, Inc. (The)		8,997		903,119
HCI Group, Inc.(c)		1,827		76,095
HomeStreet, Inc.		5,580		142,569
Independent Bank Corp.		5,147		75,609
Investors Bancorp, Inc.		57,779		537,923
Jefferies Financial Group, Inc.		66,497		912,339
JPMorgan Chase & Co.		356,542		34,142,462
Kearny Financial Corp.		19,493		181,285
Lazard Ltd., Class A		24,456		672,540
Lincoln National Corp.		45,623		1,618,248
Loews Corp.		67,200		2,329,152
LPL Financial Holdings, Inc.		18,449		1,110,999
M&T Bank Corp.		30,346		3,401,180
MBIA, Inc.(b)		18,290		148,881
MetLife, Inc.		213,863		7,716,177
Morgan Stanley		367,919		14,507,046
Navient Corp.		45,147		344,020
PNC Financial Services Group, Inc. (The)		100,116		10,679,374
Radian Group, Inc.		46,386		694,862
Regional Management Corp.(b)		2,507		39,962
Regions Financial Corp.		223,569		2,403,367
Santander Consumer USA Holdings, Inc.(c)		79,212		1,234,915
South State Corp.		7,847		453,870
Sterling Bancorp		46,114		568,586
Sterling Bancorp, Inc.		11,483		41,454
Stifel Financial Corp.		16,237		718,974
Synchrony Financial		143,258		2,835,076
Unum Group		47,397		827,078
Voya Financial, Inc.		30,903		1,395,888
Waddell & Reed Financial, Inc., Class A(c)		16,045		233,455
Waterstone Financial, Inc.		6,203		90,068
Wells Fargo & Co.		954,949		27,741,268
World Acceptance Corp.(b)(c)		1,798		121,994
Zions Bancorporation N.A.		38,300		1,210,663
				228,801,327
Health Care-13.52%
Allscripts Healthcare Solutions, Inc.(b)		37,994		246,961
Amgen, Inc.		137,253		32,833,663
Biogen, Inc.(b)		40,647		12,065,249
DaVita, Inc.(b)		29,330		2,317,363
Eagle Pharmaceuticals, Inc.(b)		3,111		158,599
Eli Lilly and Co.		223,486		34,559,875
Hologic, Inc.(b)		61,486		3,080,448
Ligand Pharmaceuticals, Inc.(b)(c)		3,854		379,889
McKesson Corp.		41,352		5,840,970
MEDNAX, Inc.(b)		19,680		285,754
PDL BioPharma, Inc.(b)		28,861		97,839

	Shares		Value
Health Care-(continued)
Premier, Inc., Class A(b)		16,595	$	550,290
Universal Health Services, Inc., Class B		18,558		1,961,395
Waters Corp.(b)		14,515		2,714,305
				97,092,600
Industrials-11.30%
ACCO Brands Corp.		22,136		163,806
Allison Transmission Holdings, Inc.		27,229		989,502
Apogee Enterprises, Inc.		6,060		123,866
Armstrong Flooring, Inc.(b)		4,887		10,263
CAI International, Inc.(b)		3,983		65,680
Caterpillar, Inc.		128,454		14,949,477
CSX Corp.		179,975		11,919,744
Delta Air Lines, Inc.		149,474		3,872,871
Deluxe Corp.		9,852		277,531
GATX Corp.(c)		8,158		483,769
Hawaiian Holdings, Inc.		10,655		153,432
HD Supply Holdings, Inc.(b)		37,827		1,122,705
Howmet Aerospace, Inc.		101,795		1,330,461
Jacobs Engineering Group, Inc.		31,070		2,571,042
JetBlue Airways Corp.(b)		65,893		641,798
Kforce, Inc.		5,174		154,961
Lincoln Electric Holdings, Inc.		14,048		1,131,004
Masco Corp.		61,592		2,527,736
Meritor, Inc.(b)		17,259		353,810
MRC Global, Inc.(b)		18,769		100,602
Pitney Bowes, Inc.		38,993		137,645
Regal Beloit Corp.		9,494		674,169
Rush Enterprises, Inc., Class A		6,548		245,550
Southwest Airlines Co.		120,798		3,774,937
Textron, Inc.		53,159		1,401,271
Trinity Industries, Inc.		28,016		540,429
Triton International Ltd. (Bermuda)		16,849		521,982
Union Pacific Corp.		158,455		25,319,524
United Airlines Holdings, Inc.(b)		57,764		1,708,659
United Rentals, Inc.(b)		17,299		2,222,922
WESCO International, Inc.(b)		9,718		251,405
XPO Logistics, Inc.(b)		21,567		1,439,382
				81,181,935
Information Technology-25.36%
Alliance Data Systems Corp.		11,122		556,879
Apple, Inc.		126,232		37,086,962
Arrow Electronics, Inc.(b)		18,831		1,184,847
Avnet, Inc.		23,313		699,856
Benchmark Electronics, Inc.		8,424		174,040
CDK Global, Inc.		28,371		1,114,413
Cisco Systems, Inc.		816,574		34,606,406
Cognizant Technology Solutions Corp., Class A		128,117		7,433,348
Dell Technologies, Inc., Class C(b)		59,138		2,524,601
DXC Technology Co.		59,248		1,074,166
FleetCor Technologies, Inc.(b)		19,949		4,812,696
Hewlett Packard Enterprise Co.		300,851		3,026,561
HP, Inc.		333,876		5,178,417
InterDigital, Inc.		7,104		410,398
Kulicke & Soffa Industries, Inc. (Singapore)		14,904		357,249
Lam Research Corp.		33,988		8,676,457
Leidos Holdings, Inc.		33,124		3,272,982
LiveRamp Holdings, Inc.(b)		15,730		595,538
MicroStrategy, Inc., Class A(b)		1,886		238,258

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20

Invesco BuyBack Achievers^TM ETF (PKW)–(continued)

April 30, 2020

	Shares		Value
Information Technology-(continued)
NetApp, Inc.		51,649	$	2,260,677
Oracle Corp.		664,174		35,181,297
Plexus Corp.(b)		6,855		429,740
Qorvo, Inc.(b)		27,014		2,648,182
QUALCOMM, Inc.		266,921		20,998,675
Teradyne, Inc.		38,908		2,433,306
Ubiquiti, Inc.(c)		15,154		2,455,403
Western Union Co. (The)		95,699		1,824,980
Xerox Holdings Corp.		49,690		908,830
				182,165,164
Materials-1.59%
AdvanSix, Inc.(b)		6,381		77,721
Cabot Corp.		13,236		448,568
Celanese Corp.		27,921		2,319,397
CF Industries Holdings, Inc.		49,925		1,372,937
Cleveland-Cliffs, Inc.(c)		93,084		407,708
Domtar Corp.		13,067		305,245
Eagle Materials, Inc.		9,725		593,322
Element Solutions, Inc.(b)		58,950		604,237
Graphic Packaging Holding Co.		67,796		905,077
Huntsman Corp.		52,064		875,196
Louisiana-Pacific Corp.		26,194		523,880
Reliance Steel & Aluminum Co.		15,613		1,398,613
Steel Dynamics, Inc.		49,664		1,205,345
Worthington Industries, Inc.		13,093		346,179
				11,383,425
Real Estate-0.17%
Bluerock Residential Growth REIT, Inc.		5,137		29,897
Consolidated-Tomoka Land Co.		1,141		47,956
iStar, Inc.		18,096		181,322
SL Green Realty Corp.		18,307		971,187
				1,230,362

	Shares		Value
Utilities-0.70%
Evergy, Inc.		52,929	$	3,092,642
NRG Energy, Inc.		58,506		1,961,706
				5,054,348
Total Common Stocks & Other Equity Interests (Cost $850,943,228)				718,036,288
Money Market Funds-0.17%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $1,204,318)		1,204,318		1,204,318
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $852,147,546)				719,240,606
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.02%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $7,343,615)		7,343,615		7,343,615
TOTAL INVESTMENTS IN SECURITIES-101.15% (Cost $859,491,161)				726,584,221
OTHER ASSETS LESS LIABILITIES-(1.15)%				(8,253,442	)
NET ASSETS-100.00%			$	718,330,779

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	1,523,148		$	38,852,818		$	(39,171,648	)		$	-		$	-		$	1,204,318		$	19,821

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21

Invesco BuyBack Achievers^TM ETF (PKW)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		$	2,413,794		$	83,294,993		$	(85,708,787	)		$	-		$	-			$	-		$	74,001
Invesco Liquid Assets Portfolio, Institutional Class*			804,602			25,301,798			(26,104,841	)			-			(1,559	)			-			27,006
Invesco Private Government Fund			-			14,657,805			(7,314,190	)			-			-				7,343,615			4
Total		$	4,741,544		$	162,107,414		$	(158,299,466	)		$	-		$	(1,559	)		$	8,547,933		$	120,832

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22

Invesco Dividend Achievers^TM ETF (PFM)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-8.53%
AT&T, Inc.		223,635	$	6,814,159
Comcast Corp., Class A		141,722		5,332,999
John Wiley & Sons, Inc., Class A		1,462		54,898
Meredith Corp.(b)		1,251		18,552
Omnicom Group, Inc.		6,739		384,325
Telephone & Data Systems, Inc.		3,342		65,570
Verizon Communications, Inc.		128,929		7,406,971
Walt Disney Co. (The)		56,311		6,090,035
				26,167,509
Consumer Discretionary-8.24%
Aaron’s, Inc.		2,074		66,181
Best Buy Co., Inc.		8,050		617,677
Columbia Sportswear Co.		2,094		152,632
Cracker Barrel Old Country Store, Inc.		744		72,466
Genuine Parts Co.		4,518		358,187
Hasbro, Inc.		4,253		307,109
Home Depot, Inc. (The)		34,012		7,476,858
Leggett & Platt, Inc.		4,106		144,244
Lowe’s Cos., Inc.		23,832		2,496,402
McDonald’s Corp.		23,263		4,363,208
Monro, Inc.		1,035		57,432
NIKE, Inc., Class B		38,606		3,365,671
PetMed Express, Inc.		627		24,810
Polaris, Inc.		1,914		135,760
Ross Stores, Inc.		11,152		1,018,847
Target Corp.		15,756		1,729,063
TJX Cos., Inc. (The)		37,388		1,833,881
VF Corp.		12,266		712,655
Wendy’s Co. (The)		6,931		137,650
Williams-Sonoma, Inc.(b)		2,408		148,911
Wyndham Destinations, Inc.		2,713		69,371
				25,289,015
Consumer Staples-18.15%
Altria Group, Inc.		57,747		2,266,570
Andersons, Inc. (The)		1,020		17,309
Archer-Daniels-Midland Co.		17,336		643,859
Brown-Forman Corp., Class B		9,604		597,369
Bunge Ltd.		4,408		174,865
Casey’s General Stores, Inc.		1,143		173,062
Church & Dwight Co., Inc.		7,634		534,304
Clorox Co. (The)		3,895		726,184
Coca-Cola Co. (The)		133,792		6,139,715
Colgate-Palmolive Co.		26,582		1,867,917
Costco Wholesale Corp.		13,789		4,178,067
Estee Lauder Cos., Inc. (The), Class A		6,909		1,218,748
Flowers Foods, Inc.		6,574		146,469
Hershey Co. (The)		4,603		609,575
Hormel Foods Corp.		16,632		779,209
J&J Snack Foods Corp.		588		74,694
JM Smucker Co. (The)		3,544		407,241
Kellogg Co.		10,629		696,199
Kimberly-Clark Corp.		10,643		1,473,843
Kroger Co. (The)		24,883		786,552
Lancaster Colony Corp.		855		115,109
McCormick & Co., Inc.		3,841		602,422
Nu Skin Enterprises, Inc., Class A		1,726		50,416

	Shares		Value
Consumer Staples-(continued)
PepsiCo, Inc.		43,340	$	5,733,449
Philip Morris International, Inc.		48,583		3,624,292
Procter & Gamble Co. (The)		76,957		9,070,922
Sysco Corp.		15,801		889,122
Tootsie Roll Industries, Inc.(b)		1,241		43,596
Universal Corp.		766		37,051
Walgreens Boots Alliance, Inc.		27,528		1,191,687
Walmart, Inc.		88,401		10,745,141
WD-40 Co.		426		74,243
				55,689,201
Energy-4.56%
Chevron Corp.		58,612		5,392,304
Enterprise Products Partners L.P.		68,029		1,194,589
Exxon Mobil Corp.		131,978		6,133,018
Helmerich & Payne, Inc.		3,383		66,882
Holly Energy Partners L.P.		3,277		48,270
Magellan Midstream Partners L.P.		7,077		291,077
Occidental Petroleum Corp.(b)		27,819		461,795
ONEOK, Inc.		12,843		384,391
				13,972,326
Financials-6.52%
1st Source Corp.		794		27,576
Aflac, Inc.		22,452		836,112
American Equity Investment Life Holding Co.		2,837		59,634
American Financial Group, Inc.		2,808		186,002
Ameriprise Financial, Inc.		3,830		440,220
Assurant, Inc.		1,859		197,500
AXIS Capital Holdings Ltd.		2,611		95,563
BancFirst Corp.		1,016		39,126
Bank of Marin Bancorp		422		13,909
Bank OZK		4,007		90,638
BlackRock, Inc.		4,811		2,415,314
BOK Financial Corp.		2,197		113,783
Brown & Brown, Inc.		8,749		314,177
Chubb Ltd.		14,043		1,516,784
Cincinnati Financial Corp.		5,056		332,685
Cohen & Steers, Inc.		1,484		85,686
Comerica, Inc.		4,393		153,140
Commerce Bancshares, Inc.(b)		3,484		213,186
Community Bank System, Inc.		1,611		100,671
Community Trust Bancorp, Inc.		553		18,747
Cullen/Frost Bankers, Inc.		1,948		139,983
Eaton Vance Corp.		3,516		129,037
Erie Indemnity Co., Class A		1,435		255,516
Evercore, Inc., Class A		1,263		65,171
FactSet Research Systems, Inc.		1,178		323,950
First Financial Corp.		426		15,131
First of Long Island Corp. (The)		751		11,858
Franklin Resources, Inc.		15,441		290,908
Globe Life, Inc.		3,342		275,180
Hanover Insurance Group, Inc. (The)		1,194		119,854
Horace Mann Educators Corp.		1,281		45,040
International Bancshares Corp.		2,026		58,734
Invesco Ltd.(c)		14,105		121,585
Lazard Ltd., Class A		3,223		88,632
MarketAxess Holdings, Inc.		1,178		536,002
Marsh & McLennan Cos., Inc.		15,659		1,524,090

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23

Invesco Dividend Achievers^TM ETF (PFM)–(continued)

April 30, 2020

	Shares		Value
Financials-(continued)
Mercury General Corp.		1,721	$	70,492
Moody’s Corp.		5,823		1,420,230
Northwest Bancshares, Inc.		3,321		35,236
Old Republic International Corp.		9,440		150,568
People’s United Financial, Inc.		13,800		175,122
Principal Financial Group, Inc.		8,536		310,796
Prosperity Bancshares, Inc.		2,944		176,434
Prudential Financial, Inc.		12,337		769,459
Raymond James Financial, Inc.		4,328		285,302
Reinsurance Group of America, Inc.		1,945		203,603
RenaissanceRe Holdings Ltd. (Bermuda)		1,372		200,326
RLI Corp.		1,396		101,671
S&P Global, Inc.		7,577		2,219,152
SEI Investments Co.		4,661		237,525
Southside Bancshares, Inc.		1,052		31,991
Stock Yards Bancorp, Inc.		703		23,227
T. Rowe Price Group, Inc.		7,340		848,724
Tompkins Financial Corp.		464		31,325
Travelers Cos., Inc. (The)		7,925		802,089
UMB Financial Corp.		1,526		77,582
United Bankshares, Inc.(b)		3,156		94,554
Unum Group		6,307		110,057
W.R. Berkley Corp.		5,699		307,746
Westamerica Bancorporation		842		53,046
Westwood Holdings Group, Inc.		277		6,379
				19,993,760
Health Care-13.52%
Abbott Laboratories		55,014		5,066,239
AmerisourceBergen Corp.		6,397		573,555
Atrion Corp.		57		36,014
Becton, Dickinson and Co.		8,441		2,131,606
Bristol-Myers Squibb Co.		70,440		4,283,456
Cardinal Health, Inc.		9,067		448,635
Chemed Corp.		499		207,869
Ensign Group, Inc. (The).		1,663		62,213
Johnson & Johnson.		82,094		12,317,384
McKesson Corp.		5,503		777,299
Medtronic PLC		41,666		4,067,852
National HealthCare Corp.		476		32,544
Perrigo Co. PLC		4,230		225,459
Stryker Corp.		11,659		2,173,587
UnitedHealth Group, Inc.		29,565		8,646,876
West Pharmaceutical Services, Inc.		2,309		437,001
				41,487,589
Industrials-13.03%
3M Co.		17,887		2,717,393
A.O. Smith Corp.		4,224		179,013
ABM Industries, Inc.		2,074		71,532
Applied Industrial Technologies, Inc.		1,202		62,973
Brady Corp., Class A		1,548		67,400
C.H. Robinson Worldwide, Inc.		4,192		297,213
Carlisle Cos., Inc.		1,738		210,228
Caterpillar, Inc.		17,093		1,989,283
Cintas Corp.		3,224		715,180
CSX Corp.		24,046		1,592,567
Cummins, Inc.		4,692		767,142
Donaldson Co., Inc.		3,933		172,383
Dover Corp.		4,485		420,020
Eaton Corp. PLC		12,846		1,072,641

	Shares		Value
Industrials-(continued)
Emerson Electric Co.		19,013	$	1,084,311
Expeditors International of Washington, Inc.		5,275		377,716
Fastenal Co.		17,867		647,143
FedEx Corp.		8,114		1,028,612
Franklin Electric Co., Inc.		1,441		73,203
General Dynamics Corp.		9,000		1,175,580
Gorman-Rupp Co. (The)		812		23,954
Graco, Inc.		5,218		233,036
Healthcare Services Group, Inc.		2,312		58,933
HEICO Corp.		1,682		147,343
Hillenbrand, Inc.		2,321		48,625
Hubbell, Inc.		1,692		210,536
IDEX Corp.		2,368		363,796
Illinois Tool Works, Inc.		9,909		1,610,213
ITT, Inc.		2,728		143,820
J.B. Hunt Transport Services, Inc.		3,312		334,909
L3Harris Technologies, Inc.		6,870		1,330,719
Lennox International, Inc.		1,199		223,829
Lincoln Electric Holdings, Inc.		1,875		150,956
Lindsay Corp.		336		30,240
Lockheed Martin Corp.		8,775		3,414,002
Matthews International Corp., Class A.		972		23,270
McGrath RentCorp		755		41,185
MSA Safety, Inc.		1,207		135,824
MSC Industrial Direct Co., Inc., Class A		1,404		83,735
Nordson Corp.		1,794		288,673
Northrop Grumman Corp.		5,214		1,724,113
Raytheon Technologies Corp.		47,091		3,051,968
Regal Beloit Corp.		1,264		89,757
Republic Services, Inc.		9,915		776,741
Robert Half International, Inc.		3,577		169,085
Rockwell Automation, Inc.		3,611		684,212
Rollins, Inc.		10,185		407,400
Roper Technologies, Inc.		3,304		1,126,763
Ryder System, Inc.		1,655		58,587
Snap-on, Inc.		1,699		221,363
Stanley Black & Decker, Inc.		4,786		527,417
Tennant Co.		571		33,786
Toro Co. (The)		3,341		213,189
Union Pacific Corp.		21,466		3,430,052
United Parcel Service, Inc., Class B		21,817		2,065,197
W.W. Grainger, Inc.		1,667		459,392
Waste Management, Inc.		13,216		1,321,864
				39,980,017
Information Technology-15.88%
Accenture PLC, Class A		19,830		3,672,318
Analog Devices, Inc.		11,449		1,254,810
Automatic Data Processing, Inc.		13,417		1,968,140
Badger Meter, Inc.		905		53,422
Broadridge Financial Solutions, Inc.		3,568		413,888
Cass Information Systems, Inc.		452		18,130
International Business Machines Corp.		27,744		3,483,537
Jack Henry & Associates, Inc.		2,384		389,903
KLA Corp.		4,872		799,446
Maxim Integrated Products, Inc.		8,371		460,237
Microchip Technology, Inc.(b)		7,443		652,974
Microsoft Corp.		77,570		13,901,320
Oracle Corp.		100,061		5,300,231
QUALCOMM, Inc.		35,519		2,794,280

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24

Invesco Dividend Achievers^TM ETF (PFM)–(continued)

April 30, 2020

	Shares		Value
Information Technology-(continued)
Texas Instruments, Inc.		29,030	$	3,369,512
Visa, Inc., Class A		53,168		9,502,185
Xilinx, Inc.		7,732		675,777
				48,710,110
Materials-3.06%
Air Products and Chemicals, Inc.		6,879		1,551,765
Albemarle Corp.(b)		3,301		202,780
AptarGroup, Inc.		1,991		213,196
Ashland Global Holdings, Inc.		1,872		115,484
Balchem Corp.		1,002		89,418
Celanese Corp.		3,716		308,688
Eastman Chemical Co.		4,225		255,655
Ecolab, Inc.		8,976		1,736,856
H.B. Fuller Co.		1,597		58,754
Hawkins, Inc.		330		12,352
International Flavors & Fragrances, Inc.(b)		3,318		434,758
International Paper Co.		12,185		417,336
Nucor Corp.		9,354		385,291
PPG Industries, Inc.		7,326		665,421
Quaker Chemical Corp.		551		83,818
Royal Gold, Inc.		2,055		251,799
RPM International, Inc.		4,032		267,765
Scotts Miracle-Gro Co. (The)		1,728		214,324
Sensient Technologies Corp.		1,315		62,844
Sherwin-Williams Co. (The)		2,874		1,541,527
Silgan Holdings, Inc.		3,442		118,749
Sonoco Products Co.		3,111		151,941
Stepan Co.		700		66,780
Westlake Chemical Corp.		3,990		173,366
				9,380,667
Real Estate-1.59%
Digital Realty Trust, Inc.		6,485		969,443
Equity LifeStyle Properties, Inc.		5,659		341,294
Essex Property Trust, Inc.		2,056		501,870
Federal Realty Investment Trust		2,350		195,685
Macerich Co. (The)		4,391		32,801
National Health Investors, Inc.		1,385		76,258
National Retail Properties, Inc.		5,336		174,167
Omega Healthcare Investors, Inc.		7,048		205,449
Realty Income Corp.		10,649		584,843
Simon Property Group, Inc.		9,535		636,652
Tanger Factory Outlet Centers, Inc.(b)		2,887		21,710
UDR, Inc.		9,156		343,075
Universal Health Realty Income Trust		428		45,779
Urstadt Biddle Properties, Inc., Class A		932		13,617
Ventas, Inc.		11,587		374,839
WP Carey, Inc.		5,354		352,186
				4,869,668
Utilities-6.93%
Alliant Energy Corp.		7,614		369,660
American Electric Power Co., Inc.		15,356		1,276,237
American States Water Co.		1,145		90,879
American Water Works Co., Inc.		5,641		686,453
Atmos Energy Corp.		3,799		387,384
Avista Corp.		2,088		89,867

	Shares		Value
Utilities-(continued)
Black Hills Corp.		1,950	$	120,783
Brookfield Infrastructure Corp., Class A (Canada)(d)		144		6,028
Brookfield Infrastructure Partners L.P. (Canada)		9,122		357,491
California Water Service Group		1,509		67,784
CenterPoint Energy, Inc.		15,607		265,787
Chesapeake Utilities Corp.		510		44,819
CMS Energy Corp.		8,830		504,105
Consolidated Edison, Inc.		10,372		817,314
Dominion Energy, Inc.		26,040		2,008,465
DTE Energy Co.		5,974		619,743
Duke Energy Corp.		22,787		1,929,147
Edison International		11,266		661,427
Essential Utilities, Inc.		6,923		289,312
Energy, Inc.		7,082		413,801
Eversource Energy		10,253		827,417
MDU Resources Group, Inc.		6,227		139,858
MGE Energy, Inc.		1,078		69,703
Middlesex Water Co.		541		32,622
National Fuel Gas Co.		2,690		110,290
New Jersey Resources Corp.		2,970		100,327
NextEra Energy, Inc.		15,213		3,516,029
Northwest Natural Holding Co.		946		61,585
NorthWestern Corp.		1,569		90,516
OGE Energy Corp.		6,221		196,086
Portland General Electric Co.		2,777		129,936
PPL Corp.		23,859		606,496
SJW Group		884		52,625
South Jersey Industries, Inc.		2,873		82,139
Southern Co. (The)		32,767		1,858,872
Southwest Gas Holdings, Inc.		1,698		128,708
Spire, Inc.		1,587		115,787
UGI Corp.		6,481		195,597
WEC Energy Group, Inc.		9,814		888,658
Xcel Energy, Inc.		16,317		1,037,108
York Water Co. (The)		404		16,289
				21,263,134
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $254,084,833)				306,802,996
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.64%
Invesco Private Government Fund, 0.01%(c)(e)(f) (Cost $1,967,874)		1,967,874		1,967,874
TOTAL INVESTMENTS IN SECURITIES-100.65% (Cost $256,052,707)				308,770,870
OTHER ASSETS LESS LIABILITIES-(0.65)%				(1,991,163	)
NET ASSETS-100.00%			$	306,779,707

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25

Invesco Dividend Achievers^TM ETF (PFM)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Ltd.		$	297,562		$	92,770		$	(65,019	)		$	(37,399	)		$	(166,329	)		$	121,585		$	18,891
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*			6,176			11,421,134			(11,427,310	)			-				-				-			6,212
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			506,680			24,477,373			(24,984,053	)			-				-				-			20,234
Invesco Liquid Assets Portfolio, Institutional Class*			168,893			7,448,300			(7,616,814	)			-				(379	)			-			7,499
Invesco Private Government Fund			-			3,974,771			(2,006,897	)			-				-				1,967,874			1
Total		$	979,311		$	47,414,348		$	(46,100,093	)		$	(37,399	)		$	(166,708	)		$	2,089,459		$	52,837

* At April 30, 2020, this security was no longer held.

^(d)  Non-income producing security.

^(e)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-6.84%
Verizon Communications, Inc.		110,369	$	6,340,699
Walt Disney Co. (The)		14,837		1,604,622
				7,945,321
Consumer Discretionary-7.13%
Home Depot, Inc. (The)		16,292		3,581,470
McDonald’s Corp.		16,204		3,039,222
NIKE, Inc., Class B		19,047		1,660,518
				8,281,210
Consumer Staples-13.12%
Coca-Cola Co. (The)		85,561		3,926,394
Procter & Gamble Co. (The)		32,453		3,825,235
Walgreens Boots Alliance, Inc.		101,970		4,414,281
Walmart, Inc.		25,234		3,067,193
				15,233,103
Energy-8.68%
Chevron Corp.		53,149		4,889,708
Exxon Mobil Corp.		111,726		5,191,907
				10,081,615
Financials-9.89%
American Express Co.		17,364		1,584,465
Goldman Sachs Group, Inc. (The)		17,808		3,266,344
JPMorgan Chase & Co.		43,528		4,168,241
Travelers Cos., Inc. (The)		24,362		2,465,678
				11,484,728
Health Care-17.00%
Johnson & Johnson		36,152		5,424,246
Merck & Co., Inc.		49,186		3,902,417
Pfizer, Inc.		175,265		6,723,165
UnitedHealth Group, Inc.		12,621		3,691,264
				19,741,092

	Shares		Value
Industrials-11.10%
3M Co.		33,179	$	5,040,554
Boeing Co. (The)		9,494		1,338,844
Caterpillar, Inc.		41,331		4,810,102
Raytheon Technologies Corp		26,113		1,692,383
				12,881,883
Information Technology-19.30%
Apple, Inc.		10,772		3,164,814
Cisco Systems, Inc.		95,472		4,046,103
Intel Corp		80,784		4,845,424
International Business Machines Corp.		53,148		6,673,263
Microsoft Corp.		15,522		2,781,698
Visa, Inc., Class A		4,982		890,383
				22,401,685
Materials-6.88%
Dow, Inc.		217,626		7,984,698
Total Common Stocks & Other Equity Interests (Cost $123,167,247)				116,035,335
Money Market Funds-0.09%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(b)(c) (Cost $106,166)		106,166		106,166
TOTAL INVESTMENTS IN SECURITIES-100.03% (Cost $123,273,413)				116,141,501
OTHER ASSETS LESS LIABILITIES-(0.03)%				(33,322	)
NET ASSETS-100.00%			$	116,108,179

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	40,519		$	2,771,616		$	(2,705,969	)		$	-		$	-		$	106,166		$	1,458

^(c)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27

Invesco Financial Preferred ETF (PGF)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Preferred Stocks-99.23%
Banks-59.21%
Bank of America Corp.
Series LL, Pfd., 5.00%		976,025	$	24,439,666
Series KK, Pfd., 5.38%		1,153,871		29,804,488
Series HH, Pfd., 5.88%		827,185		22,003,121
Series EE, Pfd., 6.00%		751,546		19,540,196
Series GG, Pfd., 6.00%		1,105,403		29,978,529
Series CC, Pfd., 6.20%		936,548		24,443,903
Citigroup, Inc.
Series S, Pfd., 6.30%(b)		727,877		18,589,979
Series K, Pfd., 6.88%		1,090,139		29,826,203
Series J, Pfd., 7.13%		690,228		18,870,833
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%(b)		376,152		9,129,209
Series D, Pfd., 6.35%		253,094		6,438,711
Fifth Third Bancorp
Series K, Pfd., 4.95%		214,459		5,168,462
Series I, Pfd., 6.63%		403,710		10,779,057
First Citizens BancShares, Inc., Series A, Pfd., 5.38%		255,636		6,439,471
First Republic Bank
Series J, Pfd., 4.70%		336,999		8,162,116
Series I, Pfd., 5.50%		259,487		6,868,621
HSBC Holdings PLC, Series A, Pfd., 6.20% (United Kingdom)(b)		103,130		2,651,472
Huntington Bancshares, Inc., Series D, Pfd., 6.25%		510,414		13,112,536
JPMorgan Chase & Co.
Series GG, Pfd., 4.75%(b)		742,777		18,717,980
Series DD, Pfd., 5.75%		1,442,652		38,446,676
Series EE, Pfd., 6.00%		1,451,164		39,674,824
Series AA, Pfd., 6.10%(b)		1,157,570		29,876,882
Series BB, Pfd., 6.15%		1,046,372		27,006,861
KeyCorp
Series G, Pfd., 5.63%		358,397		9,232,307
Series F, Pfd., 5.65%		362,467		9,286,404
Series E, Pfd., 6.13%		458,299		13,024,858
People’s United Financial, Inc., Series A, Pfd., 5.63%		212,275		5,413,012
PNC Financial Services Group, Inc. (The)
Series Q, Pfd., 5.38%(b)		206,258		5,269,892
Series P, Pfd., 6.13%		1,500,651		39,557,160
Regions Financial Corp.
Series C, Pfd., 5.70%		425,205		11,272,185
Series A, Pfd., 6.38%		425,466		10,751,526
Series B, Pfd., 6.38%		468,732		12,693,263
SVB Financial Group, Series A, Pfd., 5.25%(b)		300,625		7,461,512
Synovus Financial Corp., Series E, Pfd., 5.88%		326,085		7,020,610
Truist Financial Corp.
Series F, Pfd., 5.20%(b)		379,109		9,553,547
Series G, Pfd., 5.20%		378,292		9,616,183
Series H, Pfd., 5.63%(b)		420,807		10,814,740
U.S. Bancorp
Pfd., 5.15%		411,229		10,572,698
Series K, Pfd., 5.50%		525,953		13,937,754
Series F, Pfd., 6.50%		933,740		25,220,317

	Shares		Value
Banks-(continued)
Wells Fargo & Co.
Series Z, Pfd., 4.75%		1,634,477	$	39,031,311
Series O, Pfd., 5.13%		98,351		2,433,204
Pfd., 5.20%		888,685		22,181,578
Series P, Pfd., 5.25%		501,299		12,557,540
Series X, Pfd., 5.50%		972,199		24,936,904
Series Y, Pfd., 5.63%(b)		570,614		14,932,968
Series W, Pfd., 5.70%		812,218		20,849,636
Series Q, Pfd., 5.85%		1,519,518		38,428,610
Series V, Pfd., 6.00%		814,491		21,127,896
Series R, Pfd., 6.6%		704,017		18,804,294
				865,951,705
Capital Markets-15.90%
Bank of New York Mellon Corp. (The), Pfd.,
5.20%(b)		490,947		12,582,971
Charles Schwab Corp. (The)
Series D, Pfd., 5.95%		653,598		17,078,516
Series C, Pfd., 6.00%		517,546		13,440,670
Goldman Sachs Group, Inc. (The)
Series J, Pfd., 5.50%(b)		860,015		21,715,379
Series N, Pfd., 6.30%(b)		555,831		14,651,705
Series K, Pfd., 6.38%(b)		594,672		15,348,484
KKR & Co., Inc., Series A, Pfd., 6.75%		289,537		7,496,113
Morgan Stanley
Series L, Pfd., 4.88%(b)		420,985		10,288,873
Series K, Pfd., 5.85%		815,478		21,512,310
Series I, Pfd., 6.38%		818,545		21,977,933
Series F, Pfd., 6.88%		695,730		18,791,667
Series E, Pfd., 7.13%(b)		700,109		19,042,965
Northern Trust Corp., Series E, Pfd., 4.70%		344,448		8,631,867
State Street Corp.
Series G, Pfd., 5.35%		422,158		11,432,039
Series D, Pfd., 5.90%		709,483		18,545,886
				232,537,378
Consumer Finance-5.83%
Capital One Financial Corp.
Series J, Pfd., 4.80%(b)		893,138		19,747,281
Series I, Pfd., 5.00%		1,020,978		23,686,690
Series G, Pfd., 5.20%		406,428		10,107,864
Series H, Pfd., 6.00%		334,397		8,751,170
Series F, Pfd., 6.20%		338,999		8,695,324
Synchrony Financial, Series A, Pfd., 5.63%(b)		684,106		14,256,769
				85,245,098
Diversified Financial Services-2.14%
Equitable Holdings, Inc., Series A, Pfd., 5.25%(b)		704,184		16,984,918
PartnerRe Ltd., Series H, Pfd., 7.25% (Bermuda)(b)		295,846		7,638,744
Voya Financial, Inc., Series B, Pfd., 5.35%		258,707		6,684,989
				31,308,651

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28

Invesco Financial Preferred ETF (PGF)–(continued)

April 30, 2020

	Shares		Value
Insurance-15.10%
Allstate Corp. (The)
Series I, Pfd., 4.75%(b)		254,939	$	6,472,901
Series H, Pfd., 5.10%		971,646		24,874,138
Series G, Pfd., 5.63%		488,628		13,192,956
American Equity Investment Life Holding Co., Series A, Pfd., 5.95%		339,747		7,892,323
American International Group, Inc.,
Series A, Pfd., 5.85%		433,097		11,217,212
Arch Capital Group Ltd.
Series E, Pfd., 5.25%		385,550		9,295,611
Series F, Pfd., 5.45%(b)		274,221		6,833,587
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)(b)		211,736		5,056,256
Pfd., 5.63% (Bermuda)(b)		212,593		5,055,462
Pfd., 5.95% (Bermuda)(b)		235,526		5,699,729
Athene Holding Ltd.
Series B, Pfd., 5.63%(b)		284,798		6,610,162
Series A, Pfd., 6.35%		663,248		16,097,029
AXIS Capital Holdings Ltd., Series E, Pfd.,
5.50%(b)		463,175		11,403,368
Brighthouse Financial, Inc., Series A, Pfd., 6.60%		364,687		9,106,234
Enstar Group Ltd., Series D, Pfd., 7.00% (Bermuda)		358,698		8,920,819
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(b)		298,420		7,964,830
MetLife, Inc.
Series F, Pfd., 4.75%		827,867		20,489,708
Series E, Pfd., 5.63%		724,365		18,978,363
Prudential PLC.
Pfd., 6.50% (United Kingdom)		319,914		8,253,781
Pfd., 6.75% (United Kingdom)		195,344		4,994,946
RenaissanceRe Holdings Ltd.
Series E, Pfd., 5.38% (Bermuda)(b)		279,733		7,057,664
Series F, Pfd., 5.75% (Bermuda)(b)		211,657		5,467,100
				220,934,179

	Shares		Value
Thrifts & Mortgage Finance-0.79%
New York Community Bancorp, Inc., Series A, Pfd., 6.38%		463,308	$	11,559,535
Trading Companies & Distributors-0.26%
Air Lease Corp., Series A, Pfd., 6.15%		211,137		3,804,689
Total Preferred Stocks (Cost $1,462,913,914)				1,451,341,235
Money Market Funds-0.78%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $11,370,877)		11,370,877		11,370,877
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $1,474,284,791)				1,462,712,112
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.03%
Invesco Private Government Fund, 0.01%(c)(e)(f) (Cost $15,115,317)		15,115,317		15,115,317
TOTAL INVESTMENTS IN SECURITIES-101.04% (Cost $1,489,400,108)				1,477,827,429
OTHER ASSETS LESS LIABILITIES-(1.04)%				(15,237,816	)
NET ASSETS-100.00%			$	1,462,589,613

Investment Abbreviations:

Pfd.-Preferred

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2020			Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	329,708,360		$	(318,337,483	)		$	-		$	-		$	11,370,877		$	171,740
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			6,870,852			155,592,379			(162,463,231	)			-			-			-			89,124

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29

Invesco Financial Preferred ETF (PGF)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Liquid Assets Portfolio, Institutional Class*		$	2,290,288		$	46,443,202		$	(48,731,335	)		$	-		$	(2,155	)		$	-		$	33,393
Invesco Private Government Fund			-			29,996,919			(14,881,602	)			-			-				15,115,317			8
Total		$	9,161,140		$	561,740,860		$	(544,413,651	)		$	-		$	(2,155	)		$	26,486,194		$	294,265

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(e)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30

Invesco High Yield Equity Dividend Achievers^TM ETF (PEY)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Air Freight & Logistics-1.99%
United Parcel Service, Inc., Class B		132,399	$	12,532,889
Banks-5.70%
Comerica, Inc.		269,549		9,396,478
People’s United Financial, Inc.		1,011,013		12,829,755
United Bankshares, Inc.(b)		457,783		13,715,179
				35,941,412
Capital Markets-5.90%
Franklin Resources, Inc.		618,023		11,643,553
Invesco Ltd.(c)		1,666,598		14,366,075
Lazard Ltd., Class A		408,357		11,229,818
				37,239,446
Chemicals-1.78%
Eastman Chemical Co.		185,627		11,232,290
Containers & Packaging-2.24%
International Paper Co.		413,138		14,149,976
Diversified Telecommunication Services-4.33%
AT&T, Inc.		460,584		14,033,995
Verizon Communications, Inc.		231,352		13,291,172
				27,325,167
Electric Utilities-8.30%
Duke Energy Corp.		124,700		10,557,102
Edison International		152,793		8,970,477
OGE Energy Corp.		288,949		9,107,673
PPL Corp.		510,605		12,979,579
Southern Co. (The)		189,710		10,762,248
				52,377,079
Energy Equipment & Services-1.82%
Helmerich & Payne, Inc.		581,615		11,498,528
Food & Staples Retailing-1.66%
Walgreens Boots Alliance, Inc.		241,234		10,443,020
Food Products-5.01%
Archer-Daniels-Midland Co.		277,218		10,295,876
Bunge Ltd.		252,868		10,031,274
Kellogg Co.		172,250		11,282,375
				31,609,525
Gas Utilities-4.34%
National Fuel Gas Co.		359,735		14,749,135
South Jersey Industries, Inc.		440,879		12,604,731
				27,353,866
Health Care Providers & Services-4.41%
Cardinal Health, Inc.		562,687		27,841,753
Hotels, Restaurants & Leisure-1.28%
Wyndham Destinations, Inc.		315,108		8,057,311
Household Durables-1.56%
Leggett & Platt, Inc.		279,953		9,834,749
Industrial Conglomerates-1.74%
3M Co.		72,451		11,006,756
Insurance-9.23%
Mercury General Corp.		373,304		15,290,532
Old Republic International Corp.		573,337		9,144,725

	Shares		Value
Insurance-(continued)
Principal Financial Group, Inc.		311,163	$	11,329,445
Prudential Financial, Inc.		200,724		12,519,156
Unum Group		571,907		9,979,777
				58,263,635
IT Services-2.12%
International Business Machines Corp.		106,616		13,386,705
Media-3.55%
Meredith Corp.(b)		931,239		13,810,274
Omnicom Group, Inc.		150,972		8,609,933
				22,420,207
Metals & Mining-1.71%
Nucor Corp.		261,203		10,758,952
Multi-Utilities-5.37%
CenterPoint Energy, Inc.		606,128		10,322,360
Consolidated Edison, Inc.		133,908		10,551,950
Dominion Energy, Inc.		168,370		12,986,378
				33,860,688
Oil, Gas & Consumable Fuels-8.18%
Chevron Corp.		155,464		14,302,688
Exxon Mobil Corp.		366,532		17,032,742
Occidental Petroleum Corp.(b)		816,406		13,552,340
ONEOK, Inc.		225,698		6,755,141
				51,642,911
Personal Products-3.19%
Nu Skin Enterprises, Inc., Class A		688,365		20,107,142
Road & Rail-2.40%
Ryder System, Inc.		427,570		15,135,978
Thrifts & Mortgage Finance-1.77%
Northwest Bancshares, Inc.		1,054,515		11,188,404
Tobacco-8.42%
Altria Group, Inc.		560,906		22,015,560
Philip Morris International, Inc.		192,100		14,330,660
Universal Corp.		346,738		16,771,717
				53,117,937
Trading Companies & Distributors-1.99%
MSC Industrial Direct Co., Inc., Class A		210,025		12,525,891
Total Common Stocks & Other Equity Interests (Cost $788,159,529)				630,852,217
Money Market Funds-0.00%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $40,130)		40,130		40,130
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $788,199,659)				630,892,347

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31

Invesco High Yield Equity Dividend Achievers^TM ETF (PEY)–(continued)

April 30, 2020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.33%
Invesco Private Government Fund, 0.01%(c)(e)(f) (Cost $14,705,063)		14,705,063	$	14,705,063
TOTAL INVESTMENTS IN SECURITIES-102.32% (Cost $802,904,722)				645,597,410
OTHER ASSETS LESS LIABILITIES-(2.32)%				(14,659,832	)
NET ASSETS-100.00%			$	630,937,578

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Ltd.		$	27,692,812		$	20,269,575		$	(13,708,420	)		$	(12,212,303	)		$	(7,675,589	)		$	14,366,075		$	1,905,598
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			34,719,031			(34,678,901	)			-				-				40,130			14,663
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			6,067,476			244,410,774			(250,478,250	)			-				-				-			229,534
Invesco Liquid Assets Portfolio, Institutional Class*			2,022,494			68,100,340			(70,123,537	)			-				703				-			83,507
Invesco Private Government Fund			-			27,458,010			(12,752,947	)			-				-				14,705,063			7
Total		$	35,782,782		$	394,957,730		$	(381,742,055	)		$	(12,212,303	)		$	(7,674,886	)		$	29,111,268		$	2,233,309

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(e)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32

Invesco International Dividend Achievers^TM ETF (PID)

April 30, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Argentina-0.74%
Grupo Financiero Galicia S.A., ADR		529,218	$	3,768,032
Bermuda-4.70%
Hoegh LNG Partners L.P.(a)		2,095,850		23,976,524
Brazil-1.10%
Banco Bradesco S.A., ADR		1,597,305		5,622,514
Canada-45.24%
Algonquin Power & Utilities Corp.(b)		682,559		9,453,442
Bank of Montreal(b)		186,230		9,479,107
Bank of Nova Scotia (The)(b)		270,540		10,859,476
BCE, Inc.		335,092		13,551,120
Brookfield Asset Management, Inc., Class A		75,907		2,567,175
Brookfield Infrastructure Corp., Class A(c)		100		4,186
Brookfield Infrastructure Partners L.P.		220,694		8,648,998
Brookfield Renewable Partners L.P.		231,468		10,853,534
Canadian Imperial Bank of Commerce(b)		204,498		12,149,226
Canadian National Railway Co.		61,739		5,116,311
Canadian Natural Resources Ltd.		467,741		7,839,339
Enbridge, Inc.		446,745		13,706,137
Fortis, Inc.(b)		234,969		9,105,049
Franco-Nevada Corp.		23,615		3,122,139
Gildan Activewear, Inc.		251,875		3,511,137
Imperial Oil Ltd.(b)		364,841		5,906,776
Magna International, Inc.		191,695		7,481,856
Manulife Financial Corp.(b)		752,680		9,483,768
Methanex Corp.(b)		466,977		7,415,595
Open Text Corp.		109,554		4,157,574
Pembina Pipeline Corp.		382,555		8,775,812
Ritchie Bros. Auctioneers, Inc.(b)		136,421		5,878,381
Royal Bank of Canada(b)		155,784		9,594,737
Stantec, Inc.		135,427		3,999,159
Sun Life Financial, Inc.		237,233		8,148,954
Suncor Energy, Inc.		455,741		8,134,977
TC Energy Corp.		228,486		10,592,611
TELUS Corp.(b)		711,047		11,625,618
Toronto-Dominion Bank (The)		231,751		9,680,239
				230,842,433
Colombia-0.76%
Bancolombia S.A., ADR		149,345		3,897,904
France-2.04%
Sanofi, ADR(b)		221,952		10,394,012
Germany-1.64%
Fresenius Medical Care AG& Co. KGaA, ADR(b)		122,308		4,777,350
SAP SE, ADR(b)		30,225		3,582,872
				8,360,222
India-1.83%
HDFC Bank Ltd., ADR		29,877		1,295,168
Infosys Ltd., ADR		716,164		6,610,194
Reliance Industries Ltd., GDR(d)		37,704		1,442,178
				9,347,540
Mexico-3.63%
America Movil S.A.B. de C.V., Class L, ADR		401,710		4,836,588

	Shares		Value
Mexico-(continued)
Grupo Aeroportuario del Pacifico S.A.B. de C.V., ADR		137,744	$	8,540,128
Grupo Aeroportuario del Sureste S.A.B. de C.V., ADR		51,493		5,134,367
				18,511,083
Monaco-8.14%
GasLog Partners L.P.(a)		6,898,435		41,528,579
Netherlands-0.71%
ASML Holding N.V., New York Shares(b)		12,648		3,648,063
Peru-1.48%
Credicorp Ltd.		50,613		7,542,349
Russia-8.52%
Novolipetsk Steel PJSC, GDR(d)		1,383,217		23,860,493
Tatneft PJSC, ADR		439,713		19,619,994
				43,480,487
Switzerland-4.58%
ABB Ltd., ADR(b)		462,858		8,683,216
Logitech International S.A.(b)		133,184		6,430,124
Novartis AG, ADR		97,495		8,260,751
				23,374,091
Taiwan-2.01%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		193,028		10,255,578
United Kingdom-9.36%
Diageo PLC, ADR		48,239		6,688,337
Linde PLC		26,444		4,865,432
National Grid PLC, ADR		213,047		12,476,032
Prudential PLC, ADR(b)		318,561		9,002,534
RELX PLC, ADR(b)		255,279		5,784,622
Unilever N.V., New York Shares		180,816		8,935,927
				47,752,884
United States-3.49%
Amdocs Ltd.		77,324		4,982,758
Brookfield Property Partners L.P.		1,368,749		12,811,491
				17,794,249
Total Common Stocks & Other Equity Interests (Cost $597,988,919)				510,096,544
Money Market Funds-0.06%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(a)(e) (Cost $311,171)		311,171		311,171
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $598,300,090)				510,407,715

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33

Invesco International Dividend Achievers^TM ETF (PID)—(continued)

April 30, 2020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.74%
Invesco Private Government Fund, 0.01%(a)(f)(g) (Cost $49,685,697)		49,685,697	$	49,685,697
TOTAL INVESTMENTS IN SECURITIES-109.77% (Cost $647,985,787)				560,093,412
OTHER ASSETS LESS LIABILITIES-(9.77)%				(49,841,073	)
NET ASSETS-100.00%			$	510,252,339

Investment Abbreviations:

ADR-American Depositary Receipt

GDR-Global Depositary Receipt

Notes to Schedule of Investments:

^(a)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	349,120		$	34,882,714		$	(34,920,663	)		$	-			$	-			$	311,171		$	9,141
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			42,104,110			715,731,991			(757,836,101	)			-				-				-			782,589
Invesco Liquid Assets Portfolio, Institutional Class*			14,034,712			225,021,292			(239,044,377	)			-				(11,627	)			-			288,796
Invesco Private Government Fund			-			93,342,157			(43,656,460	)			-				-				49,685,697			25
Investments in Other Affiliates:
GasLog Partners L.P.			-			49,754,363			(974,392	)			(7,066,067	)			(185,325	)			41,528,579			-
Hoegh LNG Partners L.P.			-			28,127,392			(541,324	)			(3,550,999	)			(58,545	)			23,976,524			-
Total		$	56,487,942		$	1,146,859,909		$	(1,076,973,317	)		$	(10,617,066	)		$	(255,497	)		$	115,501,971		$	1,080,551

* At April 30, 2020, this security was no longer held.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Non-income producing security.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $25,302,671, which represented 4.96% of the Fund’s Net Assets.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

Statements of Assets and Liabilities

April 30, 2020

	Invesco BuyBack AchieversTM ETF (PKW)			Invesco Dividend AchieversTM ETF (PFM)		Invesco Dow Jones Industrial Average Dividend ETF ETF (DJD)			Invesco Financial Preferred ETF (PGF)			Invesco High Yield Equity Dividend AchieversTM ETF (PEY)			Invesco International Dividend AchieversTM ETF (PID)
Assets:
Unaffiliated investments in securities, at value(a)	$	718,036,288		$	306,681,411	$	116,035,335		$	1,451,341,235		$	616,486,142		$	444,591,441
Affiliated investments in securities, at value		8,547,933			2,089,459		106,166			26,486,194			29,111,268			115,501,971
Cash		7,591			-		-			-			4,370			140,471
Foreign currencies, at value		-			-		-			-			-			198
Deposits with brokers:
Cash segregated as collateral		-			4,918,361		-			-			-			-
Receivable for:
Dividends		611,109			507,853		122,237			2,145,116			1,552,584			1,256,813
Securities lending		5,330			628		-			102,667			4,304			49,700
Investments sold		27,663,812			84,710,485		-			-			223,429,159			138,189,401
Fund shares sold		-			1,386,929		-			2,703,557			-			-
Foreign tax reclaims		-			-		-			-			-			557,276
Total assets		754,872,063			400,295,126		116,263,738			1,482,778,769			870,587,827			700,287,271
Liabilities:
Due to custodian		-			635,229		-			170			-			-
Payable for:
Investments purchased		19,498,323			54,451,576		150,417			3,175,947			220,370,874			139,357,692
Collateral upon return of securities loaned		7,343,615			1,967,874		-			15,115,317			14,705,063			49,685,697
Collateral upon receipt of securities in-kind		-			4,918,361		-			-			-			-
Fund shares repurchased		8,340,301			31,093,187		-			-			3,592,965			9,940
Accrued unitary management fees		-			-		5,142			-			-			-
Accrued advisory fees		290,804			95,528		-			572,882			203,933			165,334
Accrued trustees’ and officer’s fees		119,122			52,711		-			165,550			70,802			103,263
Accrued expenses		949,119			300,953		-			1,159,290			706,612			713,006
Total liabilities		36,541,284			93,515,419		155,559			20,189,156			239,650,249			190,034,932
Net Assets	$	718,330,779		$	306,779,707	$	116,108,179		$	1,462,589,613		$	630,937,578		$	510,252,339
Net assets consist of:
Shares of beneficial interest	$	1,235,666,540		$	267,285,297	$	124,096,963		$	1,504,226,765		$	886,347,121		$	1,013,938,513
Distributable earnings (loss)		(517,335,761	)		39,494,410		(7,988,784	)		(41,637,152	)		(255,409,543	)		(503,686,174	)
Net Assets	$	718,330,779		$	306,779,707	$	116,108,179		$	1,462,589,613		$	630,937,578		$	510,252,339
Shares outstanding (unlimited amount authorized, $0.01 par value)		13,200,000			11,250,000		3,500,000			81,050,000			44,400,000			42,100,000
Net asset value	$	54.42		$	27.27	$	33.17		$	18.05		$	14.21		$	12.12
Market price	$	54.45		$	27.31	$	33.21		$	18.07		$	14.24		$	12.07
Unaffiliated investments in securities, at cost	$	850,943,228		$	253,670,826	$	123,167,247		$	1,462,913,914		$	758,995,694		$	521,866,750
Affiliated investments in securities, at cost	$	8,547,933		$	2,381,881	$	106,166		$	26,486,194		$	43,909,028		$	126,119,037
Foreign currencies, at cost	$	-		$	-	$	-		$	-		$	-		$	195
(a)Includes securities on loan with an aggregate value of:	$	6,785,285		$	1,862,517	$	-		$	14,799,017		$	14,121,087		$	46,131,151

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35

Statements of Operations

For the year ended April 30, 2020

	Invesco BuyBack AchieversTM ETF (PKW)			Invesco Dividend AchieversTM ETF (PFM)			Invesco Dow Jones Industrial Average Dividend ETF ETF (DJD)			Invesco Financial Preferred ETF (PGF)			Invesco High Yield Equity Dividend AchieversTM ETF (PEY)			Invesco International Dividend AchieversTM ETF (PID)
Investment income:
Unaffiliated dividend income	$	25,392,232		$	8,010,021		$	2,446,306		$	85,512,080		$	38,787,542		$	34,345,905
Affiliated dividend income		19,821			25,103			1,458			171,740			1,920,261			9,141
Securities lending income		137,147			11,911			-			671,190			37,709			682,811
Foreign withholding tax		-			(82	)		-			-			-			(3,566,625	)
Total investment income		25,549,200			8,046,953			2,447,764			86,355,010			40,745,512			31,471,232
Expenses:
Unitary management fees		-			-			55,010			-			-			-
Advisory fees		5,741,679			1,210,459			-			7,557,346			3,382,159			2,828,931
Sub-licensing fees		1,148,347			302,620			-			1,428,379			845,546			707,243
Accounting & administration fees		105,111			35,813			-			113,404			69,204			62,609
Custodian & transfer agent fees		(6,655	)		88			-			20,452			13,957			5,578
Trustees’ and officer’s fees		(3,243	)		509			-			(8,656	)		4,585			(5,427	)
Proxy fees		13,494			7,182			5,409			16,262			11,240			10,615
Other expenses		139,839			58,043			-			153,171			97,763			134,753
Total expenses		7,138,572			1,614,714			60,419			9,280,358			4,424,454			3,744,302
Less: Waivers		(2,337	)		(740	)		(183	)		(21,857	)		(1,672	)		(1,063	)
Net expenses		7,136,235			1,613,974			60,236			9,258,501			4,422,782			3,743,239
Net investment income		18,412,965			6,432,979			2,387,528			77,096,509			36,322,730			27,727,993
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(45,194,104	)		(6,929,299	)		(501,234	)		(9,805,339	)		(28,963,352	)		(84,328,181	)
Affiliated investment securities		(1,559	)		(166,451	)		-			(2,155	)		(6,463,076	)		(255,497	)
Unaffiliated in-kind redemptions		80,876,774			23,868,916			1,525,938			(1,569,907	)		20,103,020			26,509,385
Affiliated in-kind redemptions		-			(257	)		-			-			(1,211,810	)		-
Foreign currencies		-			-			-			-			-			(3,349	)
Net realized gain (loss)		35,681,111			16,772,909			1,024,704			(11,377,401	)		(16,535,218	)		(58,077,642	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(230,427,722	)		(26,201,162	)		(9,513,066	)		(28,448,156	)		(178,745,323	)		(123,445,255	)
Affiliated investment securities		-			(37,399	)		-			-			(12,212,303	)		(10,617,066	)
Foreign currencies		-			-			-			-			-			492
Change in net unrealized appreciation (depreciation)		(230,427,722	)		(26,238,561	)		(9,513,066	)		(28,448,156	)		(190,957,626	)		(134,061,829	)
Net realized and unrealized gain (loss)		(194,746,611	)		(9,465,652	)		(8,488,362	)		(39,825,557	)		(207,492,844	)		(192,139,471	)
Net increase (decrease) in net assets resulting from operations	$	(176,333,646	)	$	(3,032,673	)	$	(6,100,834	)	$	37,270,952		$	(171,170,114	)	$	(164,411,478	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

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Statements of Changes in Net Assets

For the years ended April 30, 2020 and 2019

	Invesco BuyBack AchieversTM ETF (PKW)						Invesco Dividend AchieversTM ETF (PFM)
	2020			2019			2020			2019
Operations:
Net investment income	$	18,412,965		$	16,001,554		$	6,432,979		$	6,657,634
Net realized gain (loss)		35,681,111			991,402			16,772,909			25,698,818
Change in net unrealized appreciation (depreciation)		(230,427,722	)		118,531,883			(26,238,561	)		11,171,968
Net increase (decrease) in net assets resulting from operations		(176,333,646	)		135,524,839			(3,032,673	)		43,528,420
Distributions to Shareholders from:
Distributable earnings		(19,077,680	)		(15,899,340	)		(6,842,429	)		(6,637,686	)
Shareholder Transactions:
Proceeds from shares sold		701,919,893			1,084,354,865			68,172,876			52,293,807
Value of shares repurchased		(1,101,581,340	)		(1,202,800,609	)		(50,993,065	)		(74,719,434	)
Net increase (decrease) in net assets resulting from share transactions		(399,661,447	)		(118,445,744	)		17,179,811			(22,425,627	)
Net increase (decrease) in net assets		(595,072,773	)		1,179,755			7,304,709			14,465,107
Net assets:
Beginning of year		1,313,403,552			1,312,223,797			299,474,998			285,009,891
End of year	$	718,330,779		$	1,313,403,552		$	306,779,707		$	299,474,998
Changes in Shares Outstanding:
Shares sold		10,500,000			18,500,000			2,550,000			1,950,000
Shares repurchased		(17,950,000	)		(20,900,000	)		(1,800,000	)		(2,750,000	)
Shares outstanding, beginning of year		20,650,000			23,050,000			10,500,000			11,300,000
Shares outstanding, end of year		13,200,000			20,650,000			11,250,000			10,500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco Dow Jones Industrial Average Dividend ETF (DJD)					Invesco Financial Preferred ETF (PGF)						Invesco High Yield Equity Dividend AchieversTM ETF (PEY)						Invesco International Dividend AchieversTM ETF (PID)
2020		2019			2020			2019			2020			2019			2020			2019
$	2,387,528	$	1,054,711		$	77,096,509		$	79,184,893		$	36,322,730		$	27,246,161		$	27,727,993		$	28,268,873
	1,024,704		7,333,167			(11,377,401	)		(5,202,073	)		(16,535,218	)		1,785,527			(58,077,642	)		19,983,196
	(9,513,066)		2,541,208			(28,448,156	)		6,995,137			(190,957,626	)		49,421,294			(134,061,829	)		(308,232	)
	(6,100,834)		10,929,086			37,270,952			80,977,957			(171,170,114	)		78,452,982			(164,411,478	)		47,943,837
	(2,239,884)		(954,129	)		(78,034,495	)		(82,129,730	)		(36,486,586	)		(29,155,112	)		(32,779,007	)		(26,698,616	)
	93,984,096		160,409,817			349,431,093			265,291,213			237,468,388			308,878,877			98,426,346			118,365,179
	(43,502,678)		(111,411,587	)		(231,851,412	)		(443,394,426	)		(233,097,748	)		(287,352,611	)		(157,266,596	)		(236,205,371	)
	50,481,418		48,998,230			117,579,681			(178,103,213	)		4,370,640			21,526,266			(58,840,250	)		(117,840,192	)
	42,140,700		58,973,187			76,816,138			(179,254,986	)		(203,286,060	)		70,824,136			(256,030,735	)		(96,594,971	)
	73,967,479		14,994,292			1,385,773,475			1,565,028,461			834,223,638			763,399,502			766,283,074			862,878,045
$	116,108,179	$	73,967,479		$	1,462,589,613		$	1,385,773,475		$	630,937,578		$	834,223,638		$	510,252,339		$	766,283,074
	2,750,000		4,750,000			18,850,000			14,750,000			12,950,000			17,650,000			5,900,000			7,500,000
	(1,250,000)		(3,200,000	)		(13,400,000	)		(24,600,000	)		(14,250,000	)		(16,550,000	)		(10,400,000	)		(15,100,000	)
	2,000,000		450,000			75,600,000			85,450,000			45,700,000			44,600,000			46,600,000			54,200,000
	3,500,000		2,000,000			81,050,000			75,600,000			44,400,000			45,700,000			42,100,000			46,600,000

39

Financial Highlights

Invesco BuyBack Achievers^TM ETF (PKW)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	63.60		$	56.93		$	52.20		$	45.67		$	48.78
Net investment income(a)		1.01			0.73			0.55			0.51			0.56
Net realized and unrealized gain (loss) on investments		(9.13	)		6.67			4.64			6.70			(3.08	)
Total from investment operations		(8.12	)		7.40			5.19			7.21			(2.52	)
Distributions to shareholders from:
Net investment income		(1.06	)		(0.73	)		(0.46	)		(0.68	)		(0.59	)
Net asset value at end of year	$	54.42		$	63.60		$	56.93		$	52.20		$	45.67
Market price at end of year(b)	$	54.45		$	63.62		$	56.95		$	52.19		$	45.65
Net Asset Value Total Return(c)		(12.81	)%		13.16	%		9.95	%		15.92	%		(5.18	)%
Market Price Total Return(c)		(12.79	)%		13.16	%		10.02	%		15.96	%		(5.20	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	718,331		$	1,313,404		$	1,312,224		$	1,362,381		$	1,639,434
Ratio to average net assets of:														0.63	%(d)
Expenses		0.62	%		0.62	%		0.63	%		0.63	%
Net investment income		1.60	%		1.25	%		0.99	%		1.05	%		1.21	%
Portfolio turnover rate(e)		56	%		76	%		66	%		57	%		53	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco Dividend Achievers^TM ETF (PFM)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	28.52		$	25.22		$	23.96		$	21.75		$	21.42
Net investment income(a)		0.61			0.59			0.54			0.50			0.49
Net realized and unrealized gain (loss) on investments		(1.20	)		3.29			1.24			2.25			0.33
Total from investment operations		(0.59	)		3.88			1.78			2.75			0.82
Distributions to shareholders from:
Net investment income		(0.66	)		(0.58	)		(0.52	)		(0.54	)		(0.49	)
Net asset value at end of year	$	27.27		$	28.52		$	25.22		$	23.96		$	21.75
Market price at end of year(b)	$	27.31		$	28.52		$	25.24		$	23.99		$	21.75
Net Asset Value Total Return(c)		(2.04	)%		15.63	%		7.42	%		12.80	%		3.98	%
Market Price Total Return(c)		(1.89	)%		15.53	%		7.37	%		12.94	%		4.08	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	306,780		$	299,475		$	285,010		$	313,895		$	287,052
Ratio to average net assets of:
Expenses		0.53	%		0.54	%		0.55	%		0.55	%		0.55	%
Net investment income		2.13	%		2.22	%		2.15	%		2.17	%		2.35	%
Portfolio turnover rate(d)		20	%		13	%		5	%		6	%		7	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Financial Highlights–(continued)

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

	Years Ended April 30,								Eight Months Ended April 30,				Year Ended August 31,				For the Period December 16, 2016(a) Through August 31,
	2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	36.98			$	33.32			$	31.07			$	27.55			$	25.35
Net investment income(b)			1.10				0.91				0.49				0.83				0.53
Net realized and unrealized gain (loss) on investments			(3.80	)			3.74				2.37				3.55				2.05
Total from investment operations			(2.70	)			4.65				2.86				4.38				2.58
Distributions to shareholders from:
Net investment income			(1.11	)			(0.99	)			(0.53	)			(0.86	)			(0.38	)
Net realized gains			-				-				(0.08	)			-				-
Total distributions			(1.11	)			(0.99	)			(0.61	)			(0.86	)			(0.38	)
Net asset value at end of period		$	33.17			$	36.98			$	33.32			$	31.07			$	27.55
Market price at end of period		$	33.21	(c)		$	37.02	(c)		$	33.35	(c)		$	31.10			$	27.52
Net Asset Value Total Return(d)			(7.33	)%			14.24	%			9.23	%			16.13	%			10.27	%
Market Price Total Return(d)			(7.32	)%			14.25	%			9.22	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	116,108			$	73,967			$	14,994			$	10,875			$	2,755
Ratio to average net assets of:
Expenses, after Waivers			0.08	%(e)			0.09	%			0.30	%(f)			0.30	%			0.30	%(f)
Expenses, prior to Waivers			0.08	%(e)			0.10	%			0.30	%(f)			0.30	%			0.30	%(f)
Net investment income			3.04	%(e)			2.62	%			2.25	%(f)			2.80	%			2.86	%(f)
Portfolio turnover rate(g)			14	%			20	%			19	%			3	%			0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Financial Highlights–(continued)

Invesco Financial Preferred ETF (PGF)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	18.33		$	18.32		$	18.87		$	18.80		$	18.45
Net investment income(a)		0.94			0.97			0.99			1.03			1.06
Net realized and unrealized gain (loss) on investments		(0.27	)		0.05			(0.53	)		0.07			0.36
Total from investment operations		0.67			1.02			0.46			1.10			1.42
Distributions to shareholders from:
Net investment income		(0.95	)		(1.01	)		(1.01	)		(1.03	)		(1.07	)
Net asset value at end of year	$	18.05		$	18.33		$	18.32		$	18.87		$	18.80
Market price at end of year(b)	$	18.07		$	18.35		$	18.31		$	18.87		$	18.83
Net Asset Value Total Return(c)		3.78	%		5.79	%		2.43	%		6.06	%		8.01	%
Market Price Total Return(c)		3.77	%		5.97	%		2.37	%		5.89	%		8.12	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,462,590		$	1,385,773		$	1,565,028		$	1,672,911		$	1,636,378
Ratio to average net assets of:
Expenses		0.61	%		0.62	%		0.63	%		0.63	%		0.63	%
Net investment income		5.10	%		5.35	%		5.26	%		5.48	%		5.76	%
Portfolio turnover rate(d)		31	%		21	%		5	%		8	%		13	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco High Yield Equity Dividend Achievers^TM ETF (PEY)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	18.25		$	17.12		$	17.01		$	14.90		$	13.45
Net investment income(a)		0.75			0.63			0.62			0.52			0.48
Net realized and unrealized gain (loss) on investments		(4.03	)		1.17			0.14			2.12			1.46
Total from investment operations		(3.28	)		1.80			0.76			2.64			1.94
Distributions to shareholders from:
Net investment income		(0.76	)		(0.67	)		(0.65	)		(0.53	)		(0.49	)
Net asset value at end of year	$	14.21		$	18.25		$	17.12		$	17.01		$	14.90
Market price at end of year(b)	$	14.24		$	18.26		$	17.12		$	17.02		$	14.91
Net Asset Value Total Return(c)		(18.57	)%		10.79	%		4.48	%		17.95	%		14.92	%
Market Price Total Return(c)		(18.44	)%		10.86	%		4.42	%		17.94	%		14.99	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	630,938		$	834,224		$	763,400		$	984,725		$	737,783
Ratio to average net assets of:
Expenses		0.52	%		0.53	%		0.54	%		0.54	%		0.54	%
Net investment income		4.30	%		3.58	%		3.63	%		3.23	%		3.62	%
Portfolio turnover rate(d)		51	%		50	%		38	%		49	%		59	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco International Dividend Achievers^TM ETF (PID)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	16.44		$	15.92		$	15.09		$	14.66		$	18.42
Net investment income(a)		0.61			0.58			0.56			0.44			0.56
Net realized and unrealized gain (loss) on investments		(4.20	)		0.48			0.87			0.56			(3.78	)
Total from investment operations		(3.59	)		1.06			1.43			1.00			(3.22	)
Distributions to shareholders from:
Net investment income		(0.73	)		(0.54	)		(0.60	)		(0.57	)		(0.54	)
Net asset value at end of year	$	12.12		$	16.44		$	15.92		$	15.09		$	14.66
Market price at end of year(b)	$	12.07		$	16.45		$	15.91		$	15.09		$	14.65
Net Asset Value Total Return(c)		(22.71	)%		6.99	%		9.57	%		7.12	%		(17.53	)%
Market Price Total Return(c)		(23.07	)%		7.13	%		9.50	%		7.19	%		(17.63	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	510,252		$	766,283		$	862,878		$	811,780		$	701,684
Ratio to average net assets of:
Expenses		0.53	%		0.54	%		0.55	%		0.56	%		0.58	%
Net investment income		3.92	%		3.70	%		3.52	%		3.01	%		3.62	%
Portfolio turnover rate(d)		45	%		47	%		55	%		61	%		61	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2020

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco BuyBack AchieversTM ETF (PKW)	“BuyBack AchieversTM ETF”
Invesco Dividend AchieversTM ETF (PFM)	“Dividend AchieversTM ETF”
Invesco Dow Jones Industrial Average Dividend ETF (DJD)	“Dow Jones Industrial Average Dividend ETF”
Invesco Financial Preferred ETF (PGF)	“Financial Preferred ETF”
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)	“High Yield Equity Dividend AchieversTM ETF”
Invesco International Dividend AchieversTM ETF (PID)	“International Dividend AchieversTM ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market, except for Shares of Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF, which are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
BuyBack AchieversTM ETF	NASDAQ US BuyBack AchieversTM Index
Dividend AchieversTM ETF	NASDAQ US Broad Dividend AchieversTM Index
Dow Jones Industrial Average Dividend ETF	Dow Jones Industrial Average Yield Weighted
Financial Preferred ETF	Wells Fargo® Hybrid and Preferred Securities Financial Index
High Yield Equity Dividend AchieversTM ETF	NASDAQ US Dividend AchieversTM 50 Index
International Dividend AchieversTM ETF	NASDAQ International Dividend AchieversTM Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services– Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each 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 each 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 each Fund and no other AP is able to step forward to create or redeem Creation Units, 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 each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Dividend Paying Security Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in an Underlying Index and the capital resources available for such companies’ dividend payments may affect a Fund.

Equity Risk. 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 each 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. 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.

Financial Sector Risk. The market value of securities of issuers in the financial sector can be affected by factors such as adverse regulatory or economic occurrences affecting the financial sector, availability of credit, fluctuations in asset values, unstable interest rates, increased competition, continuing consolidations and development of new products and structures. Furthermore, increased government involvement in financial institutions, including measures such as taking ownership positions in such institutions, could result in a dilution in the value of the shares held by shareholders in such institutions.

Foreign Investment Risk. For certain Funds, 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 comparable to those applicable to domestic issuers. Foreign securities also are subject to risk 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. If a 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.

High Yield Securities (Junk Bond) Risk. Compared to higher quality debt securities, high yield debt securities (commonly referred to as “junk bonds”) involve a greater risk of default or price changes due to changes in the credit quality of the issuer because they are generally unsecured and may be subordinated to other creditors’ claims. They are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. High yield debt securities often are issued by smaller, less creditworthy companies or by highly leveraged (indebted) firms, which generally are less able than more financially stable firms to make scheduled payment of interest and principal. The values of junk bond often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding

46

Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Market Risk. Securities in the Underlying Index 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 Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because Dow Jones Industrial Average Dividend ETF and Financial Preferred ETF are non-diversified and can invest a greater portion of their 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Preferred Stock Risk. With respect to certain Funds, preferred stock is subject to issuer-specific and overall market risks that are generally applicable to equity securities as a whole; however, there are special risks associated with investing in preferred stock. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally provides no voting rights with respect to the issuer. Preferred stock also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, meaning that an issuer’s preferred stock generally pays dividends only after the issuer makes required payments to holders of its bonds and other debt. This subjects preferred stock to a greater risk of non-payment than more senior securities. Because of the subordinated position of preferred stock in an issuer’s capital structure, the ability to defer dividend or interest payments for extended periods of time without triggering an event of default for the issuer, and certain other features, its quality and value are heavily dependent on the profitability and cash flows of the issuer rather than on any legal claims to specific assets. Also, in certain circumstances, an issuer of a preferred stock may call or redeem it prior to a specified date or may convert it to common stock, all of which may negatively impact its return.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which 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. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income

47

per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund (except for Financial Preferred ETF and High Yield Equity Dividend Achievers™ ETF, which declare and pay dividends from net investment income, if any, monthly) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Each Fund (except for Dow Jones Industrial Average Dividend ETF) is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”), or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses.

Dow Jones Industrial Average Dividend ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against

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certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except Dow Jones Industrial Average Dividend ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.40% of the Fund’s average daily net assets, except for BuyBack Achievers^TM ETF and Financial Preferred ETF, each of which accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Dow Jones Industrial Average Dividend ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.07% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Dow Jones Industrial Average Dividend ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Dow Jones Industrial Average Dividend ETF), pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except for BuyBack Achievers™ ETF and Financial Preferred ETF) from exceeding 0.50% of the Fund’s average daily net assets per year (0.60% of the Fund’s average daily net assets per year for BuyBack Achievers™ ETF and Financial Preferred ETF) (the “Expense Cap”), through at least August 31, 2022. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. For each Fund (excluding the Dow Jones Industrial Average Dividend ETF), the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past the due date. This agreement is not subject to recapture by the Adviser.

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For the fiscal year ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

BuyBack AchieversTM ETF	$	2,337
Dividend AchieversTM ETF		740
Dow Jones Industrial Average Dividend ETF		183
Financial Preferred ETF		21,857
High Yield Equity Dividend AchieversTM ETF		1,672
International Dividend AchieversTM ETF		1,063

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the fiscal year ended April 30, 2020, there were no amounts available for potential recapture by the Adviser under the Expense Agreement.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
BuyBack AchieversTM ETF	Nasdaq, Inc.
Dividend AchieversTM ETF	Nasdaq, Inc.
Dow Jones Industrial Average Dividend ETF	S&P Dow Jones Indices LLC
Financial Preferred ETF	Wells Fargo & Company
High Yield Equity Dividend AchieversTM ETF	Nasdaq, Inc.
International Dividend AchieversTM ETF	Nasdaq, Inc.

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for Dow Jones Industrial Average Dividend ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended April 30, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains (Losses)
BuyBack AchieversTM ETF	$15,489,381	$11,947,085	$(3,639,942)
Dividend AchieversTM ETF	106,843	8,021,173	(3,921,767)
High Yield Equity Dividend AchieversTM ETF	7,134,616	426,389	(148,885)

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

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Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
BuyBack AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	718,036,288		$	-		$-		$	718,036,288
Money Market Funds			1,204,318			7,343,615		-			8,547,933
Total Investments		$	719,240,606		$	7,343,615		$-		$	726,584,221
Dividend AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	306,802,996		$	-		$-		$	306,802,996
Money Market Funds			-			1,967,874		-			1,967,874
Total Investments		$	306,802,996		$	1,967,874		$-		$	308,770,870
Financial Preferred ETF
Investments in Securities
Preferred Stocks		$	1,451,341,235		$	-		$-		$	1,451,341,235
Money Market Funds			11,370,877			15,115,317		-			26,486,194
Total Investments		$	1,462,712,112		$	15,115,317		$-		$	1,477,827,429
High Yield Equity Dividend AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	630,852,217		$	-		$-		$	630,852,217
Money Market Funds			40,130			14,705,063		-			14,745,193
Total Investments		$	630,892,347		$	14,705,063		$-		$	645,597,410
International Dividend AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	510,096,544		$	-		$-		$	510,096,544
Money Market Funds			311,171			49,685,697		-			49,996,868
Total Investments		$	510,407,715		$	49,685,697		$-		$	560,093,412

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2020 and 2019:

	2020		2019
	Ordinary Income		Ordinary Income
BuyBack AchieversTM ETF	$	19,077,680	$	15,899,340
Dividend AchieversTM ETF		6,842,429		6,637,686
Dow Jones Industrial Average Dividend ETF		2,239,884		954,129
Financial Preferred ETF		78,034,495		82,129,730
High Yield Equity Dividend AchieversTM ETF		36,486,586		29,155,112
International Dividend AchieversTM ETF		32,779,007		26,698,616

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Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Net Unrealized Appreciation- Foreign Currencies	Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
BuyBack AchieversTM ETF	$	1,835,030	$	(97,744	)	$	(144,741,668	)	$    -	$	(374,331,379	)	$	1,235,666,540	$	718,330,779
Dividend AchieversTM ETF		502,078		(1,274,546	)		44,670,531		-		(4,403,653	)		267,285,297		306,779,707
Dow Jones Industrial Average Dividend ETF		269,180		-			(7,459,428	)	-		(798,536	)		124,096,963		116,108,179
Financial Preferred ETF		-		(141,373	)		(14,967,018	)	-		(26,528,761	)		1,504,226,765		1,462,589,613
High Yield Equity Dividend AchieversTM ETF		-		(55,536	)		(174,496,723	)	-		(80,857,284	)		886,347,121		630,937,578
International Dividend AchieversTM ETF		3,826,116		(231,782	)		(102,960,106	)	622		(404,321,024	)		1,013,938,513		510,252,339

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of April 30, 2020:

	No expiration
	Short-Term		Long-Term		Total*
BuyBack AchieversTM ETF	$	266,993,695	$	107,337,684	$	374,331,379
Dividend AchieversTM ETF		185,003		4,218,650		4,403,653
Dow Jones Industrial Average Dividend ETF		380,315		418,221		798,536
Financial Preferred ETF		4,014,953		22,513,808		26,528,761
High Yield Equity Dividend AchieversTM ETF		7,929,772		72,927,512		80,857,284
International Dividend AchieversTM ETF		170,915,232		233,405,792		404,321,024

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
BuyBack AchieversTM ETF	$	647,875,602	$	647,376,815
Dividend AchieversTM ETF		62,474,165		61,352,348
Dow Jones Industrial Average Dividend ETF		11,275,961		11,881,796
Financial Preferred ETF		475,499,958		467,476,209
High Yield Equity Dividend AchieversTM ETF		428,203,178		425,766,705
International Dividend AchieversTM ETF		314,556,072		314,803,819

For the fiscal year ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
BuyBack AchieversTM ETF	$	701,763,680	$	1,102,725,264
Dividend AchieversTM ETF		66,971,158		50,867,835
Dow Jones Industrial Average Dividend ETF		93,698,985		42,416,056
Financial Preferred ETF		316,901,639		223,531,011
High Yield Equity Dividend AchieversTM ETF		236,635,820		232,515,885
International Dividend AchieversTM ETF		98,424,169		156,790,414

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

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As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
BuyBack AchieversTM ETF	$	29,619,563	$	(174,361,231	)	$	(144,741,668	)	$	871,325,889
Dividend AchieversTM ETF		63,233,274		(18,562,743	)		44,670,531			264,100,339
Dow Jones Industrial Average Dividend ETF		2,819,004		(10,278,432	)		(7,459,428	)		123,600,929
Financial Preferred ETF		17,084,267		(32,051,285	)		(14,967,018	)		1,492,794,447
High Yield Equity Dividend AchieversTM ETF		9,060,039		(183,556,762	)		(174,496,723	)		820,094,133
International Dividend AchieversTM ETF		19,820,278		(122,780,384	)		(102,960,106	)		663,053,518

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
BuyBack AchieversTM ETF		$	139			$	(60,709,180	)		$	60,709,041
Dividend AchieversTM ETF			(174,732	)			(23,697,912	)			23,872,644
Dow Jones Industrial Average Dividend ETF			-				(1,428,190	)			1,428,190
Financial Preferred ETF			965,406				1,836,880				(2,802,286	)
High Yield Equity Dividend AchieversTM ETF			263,670				(15,457,802	)			15,194,132
International Dividend AchieversTM ETF			2,977,711				(21,547,985	)			18,570,274

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Dow Jones Industrial Average Dividend ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

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NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco BuyBack Achievers™ ETF, Invesco Dividend Achievers™ ETF, Invesco Dow Jones Industrial Average Dividend ETF, Invesco Financial Preferred ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco BuyBack Achievers™ ETF, Invesco Dividend Achievers™ ETF, Invesco Dow Jones Industrial Average Dividend ETF, Invesco Financial Preferred ETF, Invesco High Yield Equity Dividend Achievers™ ETF and Invesco International Dividend Achievers™ ETF (six of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations for the year ended April 30, 2020, the statements of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2020 (or for Invesco Dow Jones Industrial Average Dividend ETF, for each of the two years in the period ended April 30, 2020 and for the eight months ended April 30, 2018) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2020, and each of the financial highlights for each of the five years in the period ended April 30, 2020 (or for Invesco Dow Jones Industrial Average Dividend ETF, for each of the two years in the period ended April 30, 2020 and for the eight months ended April 30, 2018) in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Dow Jones Industrial Average Dividend ETF (Predecessor Fund Guggenheim Dow Jones Industrial Average Dividend ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 30, 2017, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 29, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Dow Jones Industrial Average Dividend ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Dow Jones Industrial Average Dividend ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco BuyBack AchieversTM ETF (PKW)
Actual	$	1,000.00	$	851.60		0.61	%	$	2.81
Hypothetical (5% return before expenses)		1,000.00		1,021.83		0.61			3.07
Invesco Dividend AchieversTM ETF (PFM)
Actual		1,000.00		935.60		0.52			2.50
Hypothetical (5% return before expenses)		1,000.00		1,022.28		0.52			2.61
Invesco Dow Jones Industrial Average Dividend ETF (DJD)
Actual		1,000.00		899.30		0.06			0.28
Hypothetical (5% return before expenses)		1,000.00		1,024.57		0.06			0.30
Invesco Financial Preferred ETF (PGF)
Actual		1,000.00		987.20		0.60			2.96
Hypothetical (5% return before expenses)		1,000.00		1,021.88		0.60			3.02
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)
Actual		1,000.00		802.10		0.52			2.33
Hypothetical (5% return before expenses)		1,000.00		1,022.28		0.52			2.61

56

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco International Dividend AchieversTM ETF (PID)
Actual	$	1,000.00	$	768.10		0.51	%	$	2.24
Hypothetical (5% return before expenses)		1,000.00		1,022.33		0.51			2.56

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

57

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2020:

	Qualified Dividend Income*	Dividends- Received Deduction*
Invesco BuyBack AchieversTM ETF	100%	100%
Invesco Dividend AchieversTM ETF	100%	100%
Invesco Dow Jones Industrial Average Dividend ETF	99%	99%
Invesco Financial Preferred ETF	100%	97%
Invesco High Yield Equity Dividend AchieversTM ETF	96%	96%
Invesco International Dividend AchieversTM ETF	64%	0%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

	Foreign Source Income	Foreign Taxes Paid
Invesco International Dividend AchieversTM ETF	$0.81	$0.08

58

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	215	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	215	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

59

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	215	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

60

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	215	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

61

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	215	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	215	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

62

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	215	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

63

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	215	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	215	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

64

Trustees and Officers (continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	215	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

65

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary President and Principal Executive Officer	Since 2011 Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (May 2020-present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (June 2020-present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (June 2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

66

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

67

Approval of Investment Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 49 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco International Dividend Achievers^TM ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500^® Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each

68

Approval of Investment Advisory Contracts (continued)

applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF; Invesco S&P 100 Equal Weight ETF, Invesco S&P MidCap Quality ETF and Invesco S&P 500^® Quality ETF;

● 0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2022, as set forth below:

● 0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack Achievers^TM ETF, Invesco Cleantech^TM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF;

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF;

● 0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

● 0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

69

Approval of Investment Advisory Contracts (continued)

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500^® Quality ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF					X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X
Invesco DWA Energy Momentum ETF					X
Invesco DWA Financial Momentum ETF					X
Invesco DWA Healthcare Momentum ETF					X
Invesco DWA Industrials Momentum ETF					X
Invesco DWA Momentum ETF					X
Invesco DWA Technology Momentum ETF					X
Invesco DWA Utilities Momentum ETF					X
Invesco Dynamic Biotechnology & Genome ETF					X
Invesco Dynamic Building & Construction ETF					X
Invesco Dynamic Energy Exploration & Production ETF					X
Invesco Dynamic Food & Beverage ETF					X
Invesco Dynamic Large Cap Growth ETF					X
Invesco Dynamic Large Cap Value ETF					X
Invesco Dynamic Leisure and Entertainment ETF					X
Invesco Dynamic Market ETF					X
Invesco Dynamic Media ETF					X
Invesco Dynamic Networking ETF					X
Invesco Dynamic Oil & Gas Services ETF			N/A		X
Invesco Dynamic Pharmaceuticals ETF					X
Invesco Dynamic Semiconductors ETF					X
Invesco Dynamic Software ETF					X

70

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF		X				X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF		X		N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF						X
Invesco International Dividend AchieversTM ETF		X				X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X				X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF		X		X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted those Funds for which sub-license fees are included in the Funds’ Expense Caps.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF			X		X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X
Invesco DWA Energy Momentum ETF					X
Invesco DWA Financial Momentum ETF					X
Invesco DWA Healthcare Momentum ETF					X
Invesco DWA Industrials Momentum ETF					X

71

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco DWA Momentum ETF				X		X
Invesco DWA Technology Momentum ETF						X
Invesco DWA Utilities Momentum ETF						X
Invesco Dynamic Biotechnology & Genome ETF						X
Invesco Dynamic Building & Construction ETF						X
Invesco Dynamic Energy Exploration & Production ETF						X
Invesco Dynamic Food & Beverage ETF						X
Invesco Dynamic Large Cap Growth ETF						X
Invesco Dynamic Large Cap Value ETF						X
Invesco Dynamic Leisure and Entertainment ETF						X
Invesco Dynamic Market ETF						X
Invesco Dynamic Media ETF						X
Invesco Dynamic Networking ETF						X
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF						X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF				N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF				X		X
Invesco International Dividend AchieversTM ETF						X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X		X		X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF				X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Leisure and Entertainment

72

Approval of Investment Advisory Contracts (continued)

ETF, Invesco Dynamic Media ETF, Invesco Global Listed Private Equity ETF, Invesco S&P Spin-Off ETF, Invesco WilderHill Clean Energy ETF and Invesco Zacks Mid-Cap ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

73

Approval of Investment Advisory Contracts (continued)

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 25 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond James SB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500^® Equal Weight Communications Services ETF

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF

Invesco S&P 500^® Equal Weight Consumer Staples ETF

Invesco S&P 500^® Equal Weight Energy ETF

Invesco S&P 500^® Equal Weight ETF

Invesco S&P 500^® Equal Weight Financials ETF

Invesco S&P 500^® Equal Weight Health Care ETF

Invesco S&P 500^® Equal Weight Industrials ETF

Invesco S&P 500^® Equal Weight Materials ETF

Invesco S&P 500^® Equal Weight Real Estate ETF

Invesco S&P 500^® Equal Weight Technology ETF

Invesco S&P 500^® Equal Weight Utilities ETF

Invesco S&P 500^® Pure Growth ETF

Invesco S&P 500^® Pure Value ETF

Invesco S&P 500^® Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with

74

Approval of Investment Advisory Contracts (continued)

the Adviser paying all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.35% of the Fund’s average daily net assets for each of Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF;

● 0.20% of the Fund’s average daily net assets for each of Invesco S&P 500^® Equal Weight ETF and Invesco S&P 500^® Top 50 ETF;

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF; and

● 0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median		Lower than Open-End Active Fund Peer Median
Invesco Dow Jones Industrial Average Dividend ETF		X		X		X
Invesco NASDAQ Internet ETF						X
Invesco Raymond James SB-1 Equity ETF						X
Invesco S&P 500 BuyWrite ETF		X		X		X
Invesco S&P 500® Equal Weight Communication Services ETF						X
Invesco S&P 500® Equal Weight Consumer Discretionary ETF		X				X
Invesco S&P 500® Equal Weight Consumer Staples ETF		X				X
Invesco S&P 500® Equal Weight Energy ETF		X				X
Invesco S&P 500® Equal Weight ETF		X		X		X
Invesco S&P 500® Equal Weight Financials ETF		X				X
Invesco S&P 500® Equal Weight Health Care ETF		X				X
Invesco S&P 500® Equal Weight Industrials ETF		X				X
Invesco S&P 500® Equal Weight Materials ETF		X				X
Invesco S&P 500® Equal Weight Real Estate ETF		X				X
Invesco S&P 500® Equal Weight Technology ETF		X				X
Invesco S&P 500® Equal Weight Utilities ETF		X		X		X
Invesco S&P 500® Pure Growth ETF		X		X		X
Invesco S&P 500® Pure Value ETF						X
Invesco S&P 500® Top 50 ETF		X		X		X
Invesco S&P MidCap 400® Equal Weight ETF						X
Invesco S&P MidCap 400® Pure Growth ETF						X
Invesco S&P MidCap 400® Pure Value ETF				X		X
Invesco S&P SmallCap 600® Equal Weight ETF						X
Invesco S&P SmallCap 600® Pure Growth ETF						X
Invesco S&P SmallCap 600® Pure Value ETF				X		X

75

Approval of Investment Advisory Contracts (continued)

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

76

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-1 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2020

PBE	Invesco Dynamic Biotechnology & Genome ETF
PKB	Invesco Dynamic Building & Construction ETF
PXE	Invesco Dynamic Energy Exploration & Production ETF
PBJ	Invesco Dynamic Food & Beverage ETF
PEJ	Invesco Dynamic Leisure and Entertainment ETF
PBS	Invesco Dynamic Media ETF
PXQ	Invesco Dynamic Networking ETF
PXJ	Invesco Dynamic Oil & Gas Services ETF
PJP	Invesco Dynamic Pharmaceuticals ETF
PSI	Invesco Dynamic Semiconductors ETF
PSJ	Invesco Dynamic Software ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Liquidity Risk Management Program	27
Industry Portfolios
Schedules of Investments
Invesco Dynamic Biotechnology & Genome ETF (PBE)	28
Invesco Dynamic Building & Construction ETF (PKB)	30
Invesco Dynamic Energy Exploration & Production ETF (PXE)	31
Invesco Dynamic Food & Beverage ETF (PBJ)	33
Invesco Dynamic Leisure and Entertainment ETF (PEJ)	35
Invesco Dynamic Media ETF (PBS)	37
Invesco Dynamic Networking ETF (PXQ)	39
Invesco Dynamic Oil & Gas Services ETF (PXJ)	41
Invesco Dynamic Pharmaceuticals ETF (PJP)	43
Invesco Dynamic Semiconductors ETF (PSI)	44
Invesco Dynamic Software ETF (PSJ)	46
Statements of Assets and Liabilities	48
Statements of Operations	50
Statements of Changes in Net Assets	52
Financial Highlights	56
Notes to Financial Statements	63
Report of Independent Registered Public Accounting Firm	74
Fund Expenses	75
Tax Information	77
Trustees and Officers	78
Approval of Investment Advisory Contracts	87

2

The Market Environment

Domestic Equity

Although the S&P 500 Index, considered representative of the US stock market, posted modest gains for the second quarter of 2019, US equities experienced increased volatility. After four consecutive months of rising stock prices, markets sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the US Federal Reserve (the “Fed”) cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. Cyclical sectors, where company performance tends to be closely linked to macroeconomic changes in the business cycle, were the hardest hit. At the close of the fiscal year in April, US unemployment numbers continued to climb, with over 30 million Americans seeking unemployment benefits since March 2020.³ In addition, the second gross domestic product estimate for the first quarter of 2020 saw the economy shrink by 5.0%, the sharpest drop since the 2008 financial crisis.²

¹ Source: US Federal Reserve

² Source: US Bureau of Economic Analysis

³ Source: The Associated Press

Global Equity

Global equity markets faced volatility in the second and third quarters of 2019, hampered by ongoing US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK regarding its withdrawal from the European Union increased uncertainty for the UK and eurozone economies.

Much of 2019 showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019, as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold.

Third quarter macroeconomic and geopolitical issues mostly abated during the fourth quarter, providing a favorable backdrop for global equity returns. In response to third quarter economic weakness, central banks maintained accommodative policies, with the US Federal Reserve cutting interest rates in October 2019 and the European Central Bank restarting net purchases in its asset purchase program in November. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union.

Global equity markets started 2020 well, buoyed by positive economic data and the phase one signing of the US and China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while emerging equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy. At the close of the fiscal year, despite the continuing global spread of COVID-19, April saw both equity and credit markets stage a rebound from the severe market shock witnessed in March. In this environment, global equity markets declined for the fiscal year, with developed markets outperforming emerging markets.

3

PBE	Manager’s Analysis
	Invesco Dynamic Biotechnology & Genome ETF (PBE)

As an index fund, the Invesco Dynamic Biotechnology & Genome ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Biotech & Genome Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index which is composed of common stocks of U.S. biotechnology and genome companies. These companies are engaged principally in the research, development, manufacture and marketing and distribution of various biotechnological products, services and processes, and are companies that benefit significantly from scientific and technological advances in biotechnology and genetic engineering and research. These companies may include, for example, biopharmaceutical companies that actively participate in the research and development, animal testing and partial human testing phases of drug development, typically using biotechnological techniques that required the use of living organisms, cells and/or components of cells; outsourced services companies that utilize drug delivery technologies in the development of therapeutics for the biopharmaceutical industry or provide biopharmaceutical companies with novel biological targets and drug leads; and scientific products such as bio-analytical instruments, reagents, and chemicals. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 2.08%. On a net asset value (“NAV”) basis, the Fund returned 1.87%. During the same time period, the Index returned 2.58%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Biotech Index (the “Benchmark Index”) returned 26.47%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 26 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the biotech industry. It is important to note, however, that the Index includes stocks from its proprietary “Biotechnology & Genome Group Universe” of which approximately 95% are considered pharmaceuticals, biotechnology and life sciences, while the remaining 5% of the Index contains stocks in other industry groups including materials, health care equipment & services, and technology hardware & equipment. The Benchmark Index contains 100% biotechnology companies. This Benchmark Index is relevant as a comparison, but the disparity compared to pure

biotechnology exposure may produce potentially significant differences in performance when compared to the Fund.

Relative to the Benchmark Index, the Fund was most overweight in the pharmaceuticals sub-industry and most underweight in the biotechnology sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection within the biotechnology sub-industry.

For the fiscal year ended April 30, 2020, the biotechnology sub-industry contributed most significantly to the Fund’s return, followed by the health care equipment & supplies and life sciences tools & services sub-industries, respectively. The pharmaceuticals sub-industry was the only detracting sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Arrowhead Pharmaceuticals, Inc., a pharmaceuticals company (no longer held at fiscal year-end), and Array BioPharma, Inc., a biotechnology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Alkermes PLC, a biotechnology company (portfolio average weight of 1.90%), and Esperion Therapeutics, Inc., a biotechnology company (portfolio average weight 0.93%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Biotechnology	77.35
Pharmaceuticals	10.91
Life Sciences Tools & Services	8.98
Health Care Equipment	2.86
Money Market Funds Plus Other Assets Less Liabilities	(0.10)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Catalent, Inc.	6.23
Amgen, Inc.	5.55
Alexion Pharmaceuticals, Inc.	5.51
Bio-Techne Corp.	5.51
Gilead Sciences, Inc.	5.46
Vertex Pharmaceuticals, Inc.	5.31
Neurocrine Biosciences, Inc.	5.04
Biogen, Inc.	4.52
Repligen Corp.	3.47
Exelixis, Inc.	3.46
Total	50.06

* Excluding money market fund holdings.

4

Invesco Dynamic Biotechnology & Genome ETF (PBE) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Biotech & Genome IntellidexSM Index		2.58	%		7.88	%		25.56	%		0.56	%		2.81	%		11.10	%		186.63	%		9.63	%		291.99	%
S&P Composite 1500® Biotech Index		26.47			9.62			31.71			4.85			26.73			17.98			422.44			13.68			571.35
Fund
NAV Return		1.87			7.44			24.02			0.50			2.50			10.76			177.81			9.27			273.22
Market Price Return		2.08			7.50			24.22			0.55			2.78			10.78			178.25			9.28			273.74

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

5

PKB	Manager’s Analysis
	Invesco Dynamic Building & Construction ETF (PKB)

As an index fund, the Invesco Dynamic Building & Construction ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Building & Construction Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. building and construction companies. These companies are engaged primarily in providing construction and related engineering services for building and remodeling residential properties, commercial or industrial buildings, or working on large-scale infrastructure projects, such as highways, tunnels, bridges, dams, power lines and airports. These companies also may include manufacturers of building materials for home improvement and general construction projects and specialized machinery used for building and construction; companies that provide installation, maintenance or repair work; and land developers. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (13.42)%. On a net asset value (“NAV”) basis, the Fund returned (13.59)%. During the same time period, the Index returned (13.04)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Construction & Engineering Index (the “Benchmark Index”) returned (18.30)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 15 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the building & construction industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the homebuilding sub-industry and most underweight in the construction & engineering sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the homebuilding and gas utilities sub-industries.

For the fiscal year ended April 30, 2020, the construction & engineering sub-industry contributed most significantly to the Fund’s return, followed by the gas utilities and commercial services & supplies sub-industries, respectively. The construction materials sub-industry detracted most significantly from the Fund’s return, followed by the building products and household durables sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Jacobs Engineering Group, Inc., a construction & engineering company (no longer held at fiscal year-end) and Southwest Gas Holdings, Inc., a gas utilities company (portfolio average weight of 2.00%). Positions that detracted most significantly from the Fund’s return during this period included Johnson Controls International PLC, a building

products company (portfolio average weight of 4.48%) and Century Communities, Inc., a household durables company (portfolio average weight of 0.35%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Homebuilding	44.78
Building Products	20.21
Construction Materials	19.46
Gas Utilities	4.02
Construction Machinery & Heavy Trucks	3.35
Industrial Machinery	3.15
Sub-Industry Types Each Less Than 3%	5.03
Money Market Funds Plus Other Assets Less Liabilities	(0.00)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Vulcan Materials Co.	6.22
D.R. Horton, Inc.	5.53
NVR, Inc.	5.40
Martin Marietta Materials, Inc.	5.39
Lennar Corp., Class A	5.20
Johnson Controls International PLC	5.02
PulteGroup, Inc.	4.43
Southwest Gas Holdings, Inc.	4.02
Gibraltar Industries, Inc.	3.49
Oshkosh Corp.	3.35
Total	48.05

* Excluding money market fund holdings.

6

Invesco Dynamic Building & Construction ETF (PKB) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Building & Construction IntellidexSM Index		(13.04	)%		(3.43	)%		(9.93	)%		3.37	%		18.03	%		8.05	%		116.85	%		5.14	%		106.99	%
S&P Composite 1500® Construction & Engineering Index		(18.30	)		(4.56	)		(13.07	)		0.60			3.04			1.78			19.29			4.50			89.40
Fund
NAV Return		(13.59	)		(4.05	)		(11.66	)		2.69			14.17			7.26			101.53			4.32			84.64
Market Price Return		(13.42	)		(3.99	)		(11.51	)		2.74			14.48			7.28			102.00			4.33			84.95

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

7

PXE	Manager’s Analysis
	Invesco Dynamic Energy Exploration & Production ETF (PXE)

As an index fund, the Invesco Dynamic Energy Exploration & Production ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Energy Exploration & Production Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. companies involved in the exploration and production of natural resources used to produce energy. These companies are engaged principally in exploration, extraction and production of crude oil and natural gas from land-based or offshore wells. These companies may include petroleum refineries that process the crude oil into finished products, such as gasoline and automotive lubricants, and companies involved in gathering and processing natural gas, and manufacturing natural gas liquid.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (47.17)%. On a net asset value (“NAV”) basis, the Fund returned (47.06)%. During the same time period, the Index returned (46.86)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500^® Oil & Gas Exploration & Production Index (the “Benchmark Index”) returned (45.62)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 35 securities. The Benchmark Index was selected for its recognition in the marketplace and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas exploration & production sub-industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas refining & marketing sub-industry and most underweight in the oil & gas exploration & production sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight in the oil & gas refining & marketing sub-industry.

For the fiscal year ended April 30, 2020, all sub-industries detracted from the Fund’s return. The oil & gas exploration & production sub-industry detracted most significantly from the Fund’s return, followed by the oil & gas refining & marketing sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included EQT Corp., an oil & gas exploration & production company (portfolio average weight of 3.14%) and Southwestern Energy Co., an oil & gas exploration & production company (portfolio average weight of 3.15%). Positions that detracted most significantly from the Fund’s return during this period included Marathon Petroleum Corp., an oil & gas refining & marketing company (portfolio average weight of 5.11%) and Marathon Oil Corp., an oil & gas exploration & production company (portfolio average weight of 3.73%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Oil & Gas Exploration & Production	80.68
Oil & Gas Refining & Marketing	19.25
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Cabot Oil & Gas Corp.	8.02
EQT Corp.	7.41
Southwestern Energy Co.	6.79
Range Resources Corp.	5.79
CNX Resources Corp.	5.58
Valero Energy Corp.	4.80
Continental Resources, Inc.	4.71
ConocoPhillips	4.48
Devon Energy Corp.	3.98
EOG Resources, Inc.	3.97
Total	55.53

* Excluding money market fund holdings.

8

Invesco Dynamic Energy Exploration & Production ETF (PXE) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Energy Exploration & Production IntellidexSM Index		(46.86	)%		(18.80	)%		(46.47	)%		(17.70	)%		(62.23	)%		(3.11	)%		(27.05	)%		(0.91	)%		(12.44	)%
S&P Composite 1500® Oil & Gas Exploration & Production Index		(45.62	)		(18.55	)		(45.97	)		(17.83	)		(62.54	)		(7.09	)		(52.08	)		(2.36	)		(29.28	)
Fund
NAV Return		(47.06	)		(19.26	)		(47.37	)		(18.06	)		(63.07	)		(3.68	)		(31.28	)		(1.49	)		(19.52	)
Market Price Return		(47.17	)		(19.29	)		(47.42	)		(18.07	)		(63.09	)		(3.69	)		(31.34	)		(1.50	)		(19.69	)

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.64% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

9

PBJ	Manager’s Analysis
	Invesco Dynamic Food & Beverage ETF (PBJ)

As an index fund, the Invesco Dynamic Food & Beverage ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Food & Beverage Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. food and beverage companies. These companies are engaged principally in the manufacture, sale or distribution of food and beverage products, agricultural products and products related to the development of new food technologies. These companies may include consumer manufacturing of agricultural inputs like livestock and crops, as well as processed food and beverage products; food and beverage stores such as grocery stores, supermarkets, wholesale distributors of grocery items; and food and beverage services like restaurants, bars, snack bars, coffeehouses and other establishments providing food and refreshment. Companies with focused operations, such as tobacco growers and manufacturers or pet supplies stores, are specifically excluded from this universe. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (9.90)%. On a net asset value (“NAV”) basis, the Fund returned (10.00)%. During the same time period, the Index returned (9.39)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500^® Food Beverage & Tobacco Index (the “Benchmark Index”) returned (3.23)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 40 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the food & beverage industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the packaged foods & meats sub-industry and most underweight in the soft drinks sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s

underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the food distributors sub-industry.

For the fiscal year ended April 30, 2020, the restaurants sub-industry contributed most significantly to the Fund’s return, followed by the food retail sub-industry. The food distributors sub-industry detracted most significantly from the Fund’s return, followed by the agricultural products and packaged food & meats sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included General Mills, Inc., a packaged foods & meats company (portfolio average weight of 3.47%) and Chipotle Mexican Grill, Inc., a restaurants company (portfolio average weight of 2.13%). Positions that detracted most significantly from the Fund’s return during this period included Sysco Corp., a food distributors company (portfolio average weight of 1.82%) and US Foods Holding Corp., a food distributors company (portfolio average weight of 1.63%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Packaged Foods & Meats	37.38
Food Retail	17.03
Soft Drinks	13.97
Agricultural Products	12.73
Food Distributors	7.72
Restaurants	6.11
Distillers & Vintners	5.07
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
General Mills, Inc.	6.08
Brown-Forman Corp., Class B	5.07
PepsiCo, Inc.	4.94
Mondelez International, Inc., Class A	4.81
Keurig Dr Pepper, Inc.	4.77
Hershey Co. (The)	4.44
Coca-Cola Co. (The)	4.26
Sysco Corp.	4.12
Weis Markets, Inc.	3.95
Sprouts Farmers Market, Inc.	3.51
Total	45.95

* Excluding money market fund holdings.

10

Invesco Dynamic Food & Beverage ETF (PBJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Food & Beverage IntellidexSM Index		(9.39	)%		(1.73	)%		(5.10	)%		1.19	%		6.08	%		8.65	%		129.24	%		7.08	%		176.30	%
S&P Composite 1500® Food Beverage & Tobacco Index		(3.23	)		0.02			0.05			5.36			29.86			11.00			183.87			10.29			328.43
Fund
NAV Return		(10.00	)		(2.32	)		(6.79	)		0.56			2.85			7.94			114.79			6.39			150.76
Market Price Return		(9.90	)		(2.29	)		(6.70	)		0.59			2.99			7.95			114.80			6.39			150.92

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.65% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

11

PEJ	Manager’s Analysis
	Invesco Dynamic Leisure and Entertainment ETF (PEJ)

As an index fund, the Invesco Dynamic Leisure and Entertainment ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Leisure & Entertainment Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. leisure and entertainment companies. These companies are engaged principally in the design, production or distribution of goods or services in the leisure and entertainment industries. These companies may include hospitality industry companies such as hotels, restaurants and bars, cruise lines, casinos, and all other recreation and amusement businesses, as well as entertainment programming companies engaged in the production of motion pictures, music by recording artists, programming for radio and television, related post-production and movie theaters. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (38.19)%. On a net asset value (“NAV”) basis, the Fund returned (38.42)%. During the same time period, the Index returned (37.93)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by revenue generated through the Fund’s securities lending program.

During this same time period, the S&P Composite 1500^® Hotels Restaurants & Leisure Index (the “Benchmark Index”) returned (15.59)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 45 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the leisure & entertainment industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the airlines sub-industry and most underweight in the hotels, restaurants & leisure sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative overweight allocation to the airlines sub-industry.

For the fiscal year ended April 30, 2020, the restaurants sub-industry was the only sub-industry that contributed to the Fund’s return. The airlines sub-industry detracted most significantly from the Fund’s return, followed by the broadcasting and hotels, resorts & cruise lines sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Chipotle Mexican Grill, Inc., a restaurants company (portfolio average weight of 5.49%) and Domino’s Pizza, Inc., a restaurants company (portfolio average weight of 0.62%). Positions that detracted most significantly from the Fund’s return during this period included United Airlines Holdings, Inc., an airlines company (portfolio average weight of 3.46%) and Delta Air Lines, Inc., an airlines company (portfolio average weight of 1.91%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Airlines	22.12
Broadcasting	19.99
Movies & Entertainment	18.99
Restaurants	16.93
Casinos & Gaming	7.68
Hotels, Resorts & Cruise Lines	7.61
Food Distributors	4.75
Leisure Facilities	1.94
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Chipotle Mexican Grill, Inc.	7.77
Walt Disney Co. (The)	6.13
Fox Corp., Class A	5.52
Hilton Worldwide Holdings, Inc.	5.29
ViacomCBS, Inc., Class B	4.84
Southwest Airlines Co.	4.49
Domino’s Pizza, Inc.	3.80
Delta Air Lines, Inc.	3.60
Manchester United PLC, Class A	3.41
Madison Square Garden Co. (The), Class A	3.34
Total	48.19

* Excluding money market fund holdings.

12

Invesco Dynamic Leisure and Entertainment ETF (PEJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Leisure & Entertainment IntellidexSM Index		(37.93	)%		(12.06	)%		(31.98	)%		(4.27	)%		(19.60	)%		6.66	%		90.59	%		5.76	%		129.81	%
S&P Composite 1500® Hotels Restaurants & Leisure Index		(15.59	)		3.67			11.41			8.10			47.63			11.87			206.96			10.51			341.37
Fund
NAV Return		(38.42	)		(12.66	)		(33.38	)		(4.95	)		(22.41	)		5.88			77.05			5.09			109.05
Market Price Return		(38.19	)		(12.57	)		(33.16	)		(4.88	)		(22.14	)		5.90			77.42			5.12			109.80

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund

13

PBS	Manager’s Analysis
	Invesco Dynamic Media ETF (PBS)

As an index fund, the Invesco Dynamic Media ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Media Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. media companies. These companies are engaged principally in the development, production, sale and distribution of goods or services used in the media industry. These companies produce and distribute information and entertainment content and may include television and radio stations, broadcast and cable networks, motion picture companies, music producers, print publishers, and providers of content delivered via the internet, as well as direct to home satellite services, traditional cable services, and advertising and related services. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (19.28)%. On a net asset value (“NAV”) basis, the Fund returned (19.20)%. During the same time period, the Index returned (18.64)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Media Index (the “Benchmark Index”) returned (10.93)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 23 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the media industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the interactive media & services sub-industry and most underweight in the cable & satellite sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative overweight allocation to the broadcasting sub-industry.

For the fiscal year ended April 30, 2020, the interactive media & services sub-industry contributed most significantly to the Fund’s

return, followed by the consumer finance and application software sub-industries, respectively. The broadcasting sub-industry detracted most significantly from the Fund’s return, followed by the publishing and advertising sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Snap, Inc., Class A, an interactive media & services company (portfolio average weight of 2.39%) and Netflix, Inc., a movies & entertainment company (portfolio average weight of 3.43%). Positions that detracted most significantly from the Fund’s return during this period included ANGI HomeServices, Inc., Class A, an interactive media & services company (no longer held at fiscal year-end) and AMC Networks, Inc., Class A, a broadcasting company (portfolio average weight of 2.00%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Interactive Media & Services	32.86
Broadcasting	20.43
Movies & Entertainment	17.71
Advertising	10.77
Publishing	7.97
Cable & Satellite	5.07
Research & Consulting Services	4.74
Money Market Funds Plus Other Assets Less Liabilities	0.45
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Snap, Inc., Class A	6.65
Netflix, Inc.	6.25
Spotify Technology S.A.	6.24
Facebook, Inc., Class A	5.97
Alphabet, Inc., Class A	5.67
Sirius XM Holdings, Inc.	5.07
Twitter, Inc.	4.81
IHS Markit Ltd.	4.74
Match Group, Inc.	3.58
IAC/InterActiveCorp.	3.34
Total	52.32

* Excluding money market fund holdings.

14

Invesco Dynamic Media ETF (PBS) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Media IntellidexSM Index		(18.64	)%		1.06	%		3.22	%		2.05	%		10.68	%		8.74	%		131.23	%		5.56	%		123.46	%
S&P Composite 1500® Media Index		(10.93	)		0.64			1.92			3.91			21.15			12.77			232.58			8.61			241.04
Fund
NAV Return		(19.20	)		0.43			1.30			1.38			7.09			7.99			115.68			4.92			104.11
Market Price Return		(19.28	)		0.39			1.16			1.37			7.02			7.96			115.14			4.91			103.89

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.67% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

15

PXQ	Manager’s Analysis
	Invesco Dynamic Networking ETF (PXQ)

As an index fund, the Invesco Dynamic Networking ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Networking Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. networking companies. These companies are principally engaged in the development, manufacture, sale or distribution of products, services or technologies that support the flow of electronic information, including voice, data, images and commercial transactions. These companies may include communications equipment companies that offer a broad range of access, transport, and connectivity equipment and devices which span across a diverse set of markets including enterprise networking, home networking, satellite, wireless (terrestrial), wireline wide area networking, and cable (CATV). Such companies also may provide integrated circuits specialized to facilitate communications within a network; software that enables, manages, supports, and secures enterprise networks; and equipment used to build storage networks, which are specialized, high speed networks dedicated to accessing storage data. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (8.66)%. On a net asset value (“NAV”) basis, the Fund returned (8.56)%. During the same time period, the Index returned (7.88)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P Composite 1500^® Communications Equipment Index (the “Benchmark Index”) returned (19.31)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 20 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the communications equipment industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the systems software sub-industry and most underweight in the communications equipment sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative underweight allocation to the communications equipment sub-industry.

For the fiscal year ended April 30, 2020, the technology hardware, storage & peripherals sub-industry contributed most significantly to the Fund’s return followed by the internet services & infrastructure and semiconductors sub-industries, respectively. The systems software sub-industry detracted most significantly from the Fund’s return, followed by the communications equipment and electronic components sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Apple, Inc., a technology hardware, storage & peripherals company (portfolio average weight of 4.93%) and Inphi Corp., a semiconductors company (portfolio average weight of 2.79%). Positions that detracted most significantly from the Fund’s return during this period included VMware, Inc., Class A, a systems software company (no longer held at fiscal year-end) and Arista Networks, Inc., a communications equipment company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Communications Equipment	29.51
Systems Software	26.98
Application Software	11.71
Semiconductors	8.70
Electronic Components	7.03
Internet Services & Infrastructure	6.26
Technology Hardware, Storage & Peripherals	5.32
Consumer Electronics	4.50
Money Market Funds Plus Other Assets Less Liabilities	(0.01)

16

Invesco Dynamic Networking ETF (PXQ) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Apple, Inc.	5.32
Cisco Systems, Inc.	5.25
Fortinet, Inc.	5.20
Check Point Software Technologies Ltd.	5.16
QUALCOMM, Inc.	5.13
Amphenol Corp., Class A	4.72
Garmin Ltd.	4.50
Motorola Solutions, Inc.	4.22
Citrix Systems, Inc.	3.80
AudioCodes Ltd.	3.72
Total	47.02

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Networking IntellidexSM Index		(7.88	)%		11.10	%		37.12	%		10.56	%		65.22	%		11.68	%		201.73	%		10.45	%		337.83	%
S&P Composite 1500® Communications Equipment Index		(19.31	)		9.00			29.52			8.83			52.70			7.85			112.89			6.19			143.91
Fund
NAV Return		(8.56	)		10.61			35.32			10.09			61.74			11.04			185.04			9.81			301.67
Market Price Return		(8.66	)		10.55			35.10			10.07			61.58			11.01			184.25			9.80			301.10

17

Invesco Dynamic Networking ETF (PXQ) (continued)

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.64% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

18

PXJ	Manager’s Analysis
	Invesco Dynamic Oil & Gas Services ETF (PXJ)

As an index fund, the Invesco Dynamic Oil & Gas Services ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Oil Services Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. companies that assist in the production, processing and distribution of oil and gas. The Index may include companies engaged in the drilling of oil and gas wells; manufacturing oil and gas field machinery and equipment; or providing services to the oil and gas industry, such as well analysis, platform and pipeline engineering and construction, logistics and transportation services, oil and gas well emergency management and geophysical data acquisition and processing. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (63.72)%. On a net asset value (“NAV”) basis, the Fund returned (63.87)%. During the same time period, the Index returned (63.60)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund

participates. Performance compared to the index was also positively impacted by cash held by the Fund in order to pay the March Fund distributions which also coincided with the market decline.

During this same time period, the S&P Composite 1500^® Energy Equipment & Services Index (the “Benchmark Index”) returned (61.08)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 33 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the oil & gas services industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas storage & transportation sub-industry and most underweight in the oil & gas equipment & services sub-industry during the fiscal year ended April 30, 2020. The majority of the

Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection and relative overweight allocation to the oil & gas drilling sub-industry, as well as the Fund’s stock selection and relative underweight allocation to the oil & gas equipment & services sub-industry. For the fiscal year ended April 30, 2020, the oil & gas storage & transportation sub-industry contributed most significantly to the Fund’s return. The oil & gas equipment & services sub-industry detracted most significantly from the Fund’s return, followed by the oil & gas drilling sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included DHT Holdings, Inc., an oil & gas storage & transportation company (portfolio average weight of 3.29%) and Scorpio Tankers, Inc., an oil & gas storage & transportation company (portfolio average weight of 2.99%). Positions that detracted most significantly from the Fund’s return during this period included Transocean Ltd., an oil & gas drilling company (portfolio average weight of 4.79%) and Nabors Industries Ltd., an oil & gas drilling company (portfolio average weight 1.76%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Oil & Gas Equipment & Services	69.74
Oil & Gas Storage & Transportation	18.26
Oil & Gas Drilling	11.90
Money Market Funds Plus Other Assets Less Liabilities	0.10
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Baker Hughes Co., Class A	6.87
DHT Holdings, Inc.	6.73
Frontline Ltd.	5.95
Scorpio Tankers, Inc.	5.58
National Oilwell Varco, Inc.	5.51
Schlumberger Ltd.	5.14
Halliburton Co.	4.96
RPC, Inc.	4.84
Dril-Quip, Inc.	4.84
TechnipFMC PLC	4.78
Total	55.20

* Excluding money market fund holdings.

19

Invesco Dynamic Oil & Gas Services ETF (PXJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Oil Services IntellidexSM Index		(63.60	)%		(37.46	)%		(75.54	)%		(32.12	)%		(85.58	)%		(16.75	)%		(84.01	)%		(11.11	)%		(81.90	)%
S&P Composite 1500® Energy Equipment & Services Index		(61.08	)		(36.31	)		(74.16	)		(27.33	)		(79.74	)		(12.44	)		(73.51	)		(7.05	)		(65.38	)
Fund
NAV Return		(63.87	)		(37.83	)		(75.97	)		(32.53	)		(86.02	)		(17.30	)		(85.03	)		(11.65	)		(83.43	)
Market Price Return		(63.72	)		(37.74	)		(75.86	)		(32.48	)		(85.97	)		(17.26	)		(84.96	)		(11.62	)		(83.36	)

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.83% and the net annual operating expense ratio was indicated as 0.63%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

20

PJP	Manager’s Analysis
	Invesco Dynamic Pharmaceuticals ETF (PJP)

As an index fund, the Invesco Dynamic Pharmaceuticals ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Pharmaceutical Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. pharmaceutical companies. These companies are engaged principally in the research, development, manufacture, sale or distribution of pharmaceuticals and drugs of all types. In accordance with the Index methodology, the various types of companies may include companies from the following segments of the pharmaceutical industry:

- Big Pharmaceutical: Large, vertically integrated drug companies that actively participate in all major phases of the drug development process, including research and development, animal and human testing, manufacturing and sales and marketing.

- Specialty Pharmaceutical: Midsize, often vertically integrated drug companies specializing in one or two therapeutic areas using both traditional chemical techniques and biotechnological techniques (involving living organisms, cells, and/or components of cells) to develop drugs.

- Generic Pharmaceutical: Generally midsize to small non-vertically integrated drug companies that actively participate only in the manufacturing and sometimes sales and marketing of patent-expired drugs.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 0.77%. On a net asset value (“NAV”) basis, the Fund returned 0.83%. During the same time period, the Index returned 1.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred

during the period.

During this same time period, the S&P Composite 1500^® Pharmaceuticals Index (the “Benchmark Index”) returned

10.91%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 25 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the pharmaceuticals industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the biotechnology sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and stock selection in the pharmaceuticals sub-industry.

For the fiscal year ended April 30, 2020, the biotechnology sub-industry was the primary contributing sub-industry followed by the healthcare equipment sub-industry. The pharmaceuticals sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included, Medicines Co., a pharmaceuticals company (no longer held at fiscal year-end) and Amgen, Inc., a biotechnology company (portfolio average weight of 5.11%). Positions that detracted most significantly from the Fund’s return during this period included Mallinckrodt PLC, a pharmaceuticals company (no longer held at fiscal year-end) and Endo International PLC, a biotechnology company (portfolio average weight of 1.67%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Pharmaceuticals	63.96
Biotechnology	30.53
Health Care Equipment	5.52
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Eli Lilly and Co.	5.68
Amgen, Inc.	5.58
Abbott Laboratories	5.52
Pfizer, Inc.	5.34
Johnson & Johnson	5.12
Bristol-Myers Squibb Co.	4.85
Merck & Co., Inc.	4.83
AbbVie, Inc.	4.57
Emergent BioSolutions, Inc.	3.45
Supernus Pharmaceuticals, Inc.	3.36
Total	48.30

* Excluding money market fund holdings.

21

Invesco Dynamic Pharmaceuticals ETF (PJP) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Pharmaceutical IntellidexSM Index		1.40	%		2.54	%		7.81	%		(1.12	)%		(5.46	)%		14.75	%		295.85	%		12.24	%		455.66	%
S&P Composite 1500® Pharmaceuticals Index		10.91			9.42			31.00			6.68			38.19			13.02			240.14			9.13			266.30
Fund
NAV Return		0.83			1.94			5.94			(1.65	)		(7.98	)		14.08			273.22			11.57			408.66
Market Price Return		0.77			1.91			5.85			(1.65	)		(8.00	)		14.07			273.07			11.57			408.56

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.56%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

22

PSI	Manager’s Analysis
	Invesco Dynamic Semiconductors ETF (PSI)

As an index fund, the Invesco Dynamic Semiconductors ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Semiconductor Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. semiconductor companies. These companies are principally engaged in the manufacture of semiconductors. These companies manufacture semiconductors that serve as the core electronic components of virtually all electronic equipment; make or test chips for third parties; and provide equipment or services used in the production of semiconductors and other thin film products like flat panel displays and thin film heads. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 10.51%. On a net asset value (“NAV”) basis, the Fund returned 10.23%. During the same time period, the Index returned 10.95%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as slippage associated with the portfolio’s quarterly rebalances.

During this same time period, the S&P Composite 1500^® Semiconductor Index (the “Benchmark Index”) returned 13.49%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the semiconductors industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electronic equipment instruments & components sub-industry and most underweight in the semiconductors & semiconductor equipment sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation and stock selection in the semiconductors & semiconductor equipment sub-industry.

For the fiscal year ended April 30, 2020, the semiconductors & semiconductor equipment sub-industry contributed to the Fund’s return. The electronic equipment instruments & components sub-industry detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included NVIDIA Corp., a semiconductors company (portfolio average weight of 3.50%) and Inphi Corp., a semiconductors company (portfolio average weight of 2.95%). Positions that detracted most significantly from the Fund’s return during this period included Cree, Inc., a semiconductors company (no longer held at fiscal year-end) and QUALCOMM, Inc., a semiconductors company (portfolio average weight of 5.19%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Semiconductors	63.72
Semiconductor Equipment	36.21
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Advanced Micro Devices, Inc.	5.87
NVIDIA Corp.	5.70
Intel Corp.	5.29
QUALCOMM, Inc.	5.10
Texas Instruments, Inc.	5.06
Micron Technology, Inc.	4.67
Lam Research Corp.	4.40
Applied Materials, Inc.	4.29
Inphi Corp.	3.55
Lattice Semiconductor Corp.	3.50
Total	47.43

* Excluding money market fund holdings.

23

Invesco Dynamic Semiconductors ETF (PSI) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Semiconductor IntellidexSM Index		10.95	%		15.81	%		55.34	%		20.75	%		156.75	%		17.70	%		410.18	%		11.59	%		410.05	%
S&P Composite 1500® Semiconductor Index		13.49			20.66			75.65			19.74			146.18			16.20			348.65			10.55			343.36
Fund
NAV Return		10.23			15.05			52.30			19.94			148.20			16.85			374.46			10.80			358.50
Market Price Return		10.51			15.08			52.41			19.97			148.53			16.87			375.28			10.80			359.00

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.58%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

24

PSJ	Manager’s Analysis
	Invesco Dynamic Software ETF (PSJ)

As an index fund, the Invesco Dynamic Software ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Software Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of common stocks of U.S. software companies. These companies are principally engaged in the research, design, production or distribution of products or processes that relate to software applications and systems and information-based services. These companies may include companies that design and market computer applications targeted toward various end user markets, including home/office, design/engineering, and IT infrastructure; as well as distributors of third-party software applications, primarily to resellers, retailers, and corporations. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 2.91%. On a net asset value (“NAV”) basis, the Fund returned 2.99%. During the same time period, the Index returned 3.49%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to income received from the securities lending program in which the Fund participates, partially offset by fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Software & Services Index (the “Benchmark Index”) returned 15.90%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the software industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the application software sub-industry and most underweight in the data processing & outsourced services sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation and stock selection in the system software sub-industry.

For the fiscal year ended April 30, 2020, the application software sub-industry contributed most significantly to the Fund’s return, followed by the alternative carriers and interactive home entertainment sub-industries, respectively. The health care technology sub-industry detracted most significantly from the Fund’s return, followed by the movies & entertainment and semiconductor equipment sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Microsoft Corp., a systems software company (portfolio average weight of 4.77%) and RingCentral, Inc., Class A, an application software company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Zoom Video Communications, Inc., Class A, an application software company (no longer held at fiscal year-end) and VMware, Inc., Class A., a system software company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Application Software	44.68
Interactive Home Entertainment	16.67
Health Care Technology	13.92
Systems Software	8.41
Data Processing & Outsourced Services	5.53
Cable & Satellite	4.55
Alternative Carriers	3.35
Movies & Entertainment	2.90
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Synopsys, Inc.	5.53
Microsoft Corp.	5.46
Electronic Arts, Inc.	5.36
Activision Blizzard, Inc.	5.26
ANSYS, Inc.	5.16
Adobe, Inc.	5.05
Cerner Corp.	4.78
Liberty Broadband Corp., Class C	4.55
Citrix Systems, Inc.	3.70
Bandwidth, Inc., Class A	3.35
Total	48.20

* Excluding money market fund holdings.

25

Invesco Dynamic Software ETF (PSJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Software IntellidexSM Index		3.49	%		23.56	%		88.66	%		19.27	%		141.32	%		16.75	%		370.47	%		14.30	%		627.72	%
S&P Composite 1500® Software & Services Index		15.90			22.37			83.23			20.98			159.14			18.24			434.19			13.50			555.77
Fund
NAV Return		2.99			22.81			85.22			18.48			133.43			15.98			340.30			13.58			562.48
Market Price Return		2.91			22.82			85.29			18.46			133.26			15.97			339.88			13.57			561.70

Fund Inception: June 23, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.58%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

26

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

27

Invesco Dynamic Biotechnology & Genome ETF (PBE)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.10%
Biotechnology-77.35%
Akebia Therapeutics, Inc.(b)		684,913	$	5,547,795
Alexion Pharmaceuticals, Inc.(b)		113,174		12,162,810
Alkermes PLC(b)		289,597		3,970,375
Amgen, Inc.		51,214		12,251,413
Arena Pharmaceuticals, Inc.(b)		128,906		6,312,527
Biogen, Inc.(b)		33,611		9,976,753
ChemoCentryx, Inc.(b)		128,673		6,820,956
Coherus Biosciences, Inc.(b)		296,236		4,917,518
CRISPR Therapeutics AG (Switzerland)(b)		114,983		5,657,164
Dicerna Pharmaceuticals, Inc.(b)		292,879		5,769,716
Emergent BioSolutions, Inc.(b)		102,762		7,599,250
Enanta Pharmaceuticals, Inc.(b)		114,107		5,291,141
Esperion Therapeutics, Inc.(b)(c)		108,696		4,304,362
Exelixis, Inc.(b)		308,620		7,621,371
FibroGen, Inc.(b)		140,157		5,170,392
Gilead Sciences, Inc.		143,436		12,048,624
Halozyme Therapeutics, Inc.(b)		280,453		6,353,663
Ironwood Pharmaceuticals, Inc.(b)		477,713		4,777,130
Myriad Genetics, Inc.(b)		328,981		5,086,046
Neurocrine Biosciences, Inc.(b)		113,346		11,123,776
PTC Therapeutics, Inc.(b)		106,178		5,406,584
REGENXBIO, Inc.(b)		140,330		5,587,941
Vertex Pharmaceuticals, Inc.(b)		46,673		11,724,257
Xencor, Inc.(b)		176,602		5,162,076
				170,643,640
Health Care Equipment-2.86%
Cardiovascular Systems, Inc.(b)		150,074		6,303,108
Life Sciences Tools & Services-8.98%
Bio-Techne Corp.		53,999		12,149,775
Repligen Corp.(b)		66,024		7,668,688
				19,818,463

	Shares		Value
Pharmaceuticals-10.91%
Catalent, Inc.(b)		198,705	$	13,740,451
Collegium Pharmaceutical, Inc.(b)(c)		262,213		5,422,565
Intra-Cellular Therapies, Inc.(b)		277,577		4,904,785
				24,067,801
Total Common Stocks & Other Equity Interests (Cost $209,465,440)				220,833,012
Money Market Funds-0.00%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $2,626)		2,626		2,626
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $209,468,066)				220,835,638
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.91%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $6,405,928)		6,405,928		6,405,928
TOTAL INVESTMENTS IN SECURITIES-103.01% (Cost $215,873,994)				227,241,566
OTHER ASSETS LESS LIABILITIES-(3.01)%				(6,630,340	)
NET ASSETS-100.00%			$	220,611,226

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2020			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government   Money Portfolio, Institutional Class		$	69,857		$	16,107,139		$	(16,174,370	)		$	-		$	-		$	2,626		$	3,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28

Invesco Dynamic Biotechnology & Genome ETF (PBE)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments Purchased with Cash   Collateral from Securities on   Loan:
Invesco Government & Agency   Portfolio, Institutional Class*		$	5,455,325		$	84,305,351		$	(89,760,676	)		$	-		$	-			$	-		$	53,343
Invesco Liquid Assets Portfolio,   Institutional Class*			1,818,442			24,287,416			(26,104,933	)			-			(925	)			-			19,166
Invesco Private Government Fund			-			12,593,563			(6,187,635	)			-			-				6,405,928			3
Total		$	7,343,624		$	137,293,469		$	(138,227,614	)		$	-		$	(925	)		$	6,408,554		$	76,325

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29

Invesco Dynamic Building & Construction ETF (PKB)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Building Products-20.21%
Armstrong World Industries, Inc.		24,817	$	1,912,894
Gibraltar Industries, Inc.(b)		52,511		2,431,259
Johnson Controls International PLC		120,380		3,504,262
Masonite International Corp.(b)		34,478		2,036,960
Owens Corning		46,118		1,999,677
Universal Forest Products, Inc.		53,733		2,209,501
				14,094,553
Construction & Engineering-2.51%
MasTec, Inc.(b)		48,831		1,753,033
Construction Machinery & Heavy Trucks-3.35%
Oshkosh Corp.		34,620		2,337,889
Construction Materials-19.46%
Eagle Materials, Inc.		31,416		1,916,690
Forterra, Inc.(b)		196,440		1,602,950
Martin Marietta Materials, Inc.		19,751		3,757,233
Summit Materials, Inc., Class A(b)		129,437		1,955,793
Vulcan Materials Co.		38,427		4,341,098
				13,573,764
Forest Products-2.52%
Louisiana-Pacific Corp.		87,951		1,759,020
Gas Utilities-4.02%
Southwest Gas Holdings, Inc.		37,034		2,807,177
Homebuilding-44.78%
Cavco Industries, Inc.(b)		12,275		1,898,697
Century Communities, Inc.(b)		76,738		1,643,728

	Shares		Value
Homebuilding-(continued)
D.R. Horton, Inc.		81,675	$	3,856,694
Installed Building Products, Inc.(b)		37,172		1,832,951
KB Home		74,134		1,945,276
Lennar Corp., Class A		72,431		3,626,620
M.D.C. Holdings, Inc.		63,138		1,846,787
Meritage Homes Corp.(b)		39,110		2,055,622
NVR, Inc.(b)		1,215		3,766,500
PulteGroup, Inc.		109,304		3,090,024
Taylor Morrison Home Corp., Class A(b)		108,743		1,582,211
TopBuild Corp.(b)		24,049		2,241,126
TRI Pointe Group, Inc.(b)		160,859		1,846,661
				31,232,897
Industrial Machinery-3.15%
SPX Corp.(b)		57,591		2,195,945
Total Common Stocks & Other Equity Interests (Cost $83,872,305)				69,754,278
Money Market Funds-0.20%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $136,080)		136,080		136,080
TOTAL INVESTMENTS IN SECURITIES-100.20% (Cost $84,008,385)				69,890,358
OTHER ASSETS LESS LIABILITIES-(0.20)%				(136,945	)
NET ASSETS-100.00%			$	69,753,413

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government   Money Portfolio, Institutional Class		$	255,728		$	1,798,465		$	(1,918,113	)		$	-		$	-		$	136,080		$	2,929
Investments Purchased with   Cash Collateral from Securities   on Loan:
Invesco Government & Agency   Portfolio, Institutional Class*			-			1,382,400			(1,382,400	)			-			-			-			760
Invesco Liquid Assets Portfolio,   Institutional Class*			-			456,500			(456,500	)			-			-			-			275
Total		$	255,728		$	3,637,365		$	(3,757,013	)		$	-		$	-		$	136,080		$	3,964

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30

Invesco Dynamic Energy Exploration & Production ETF (PXE)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Oil & Gas Exploration & Production-80.68%
Cabot Oil & Gas Corp.		61,919	$	1,338,689
Callon Petroleum Co.(b)		223,300		209,835
CNX Resources Corp.(b)		87,937		932,132
Comstock Resources, Inc.(b)(c)		84,690		648,725
ConocoPhillips		17,755		747,486
Continental Resources, Inc.(c)		47,929		785,556
Devon Energy Corp.		53,308		664,751
EOG Resources, Inc.		13,946		662,575
EQT Corp.		84,824		1,237,582
Geopark Ltd. (Colombia)(c)		27,694		262,262
Kosmos Energy Ltd. (Ghana)		150,435		248,218
Magnolia Oil & Gas Corp., Class A(b)		64,436		416,901
Marathon Oil Corp.		105,332		644,632
Matador Resources Co.(b)(c)		47,501		334,407
Murphy Oil Corp.(c)		25,592		303,521
Ovintiv, Inc.(c)		43,465		275,133
Parsley Energy, Inc., Class A		35,397		334,502
PDC Energy, Inc.(b)		25,969		337,337
Range Resources Corp.(c)		165,758		966,369
SM Energy Co.(c)		74,849		303,138
Southwestern Energy Co.(b)		351,037		1,133,850
Talos Energy, Inc.(b)		32,941		375,198
WPX Energy, Inc.(b)		49,764		305,053
				13,467,852
Oil & Gas Refining & Marketing-19.25%
CVR Energy, Inc.(c)		15,507		369,842
Delek US Holdings, Inc.(c)		22,381		522,596
HollyFrontier Corp.		14,108		466,128

	Shares		Value
Oil & Gas Refining & Marketing-(continued)
Marathon Petroleum Corp.		17,459	$	560,085
Par Pacific Holdings, Inc.(b)		27,037		262,800
PBF Energy, Inc., Class A		20,234		230,668
Valero Energy Corp.		12,640		800,744
				3,212,863
Total Common Stocks & Other Equity Interests (Cost $24,905,021)				16,680,715
Money Market Funds-0.64%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $106,816)		106,816		106,816
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.57% (Cost $25,011,837)				16,787,531
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-19.68%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $3,284,808)		3,284,808		3,284,808
TOTAL INVESTMENTS IN SECURITIES-120.25% (Cost $28,296,645)				20,072,339
OTHER ASSETS LESS LIABILITIES-(20.25)%				(3,379,675	)
NET ASSETS-100.00%			$	16,692,664

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government   Money Portfolio, Institutional Class		$	96,102		$	1,198,780		$	(1,188,066	)		$	-		$	-			$	106,816		$	1,475
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency   Portfolio, Institutional Class*			90,736			30,842,062			(30,932,798	)			-			-				-			16,506
Invesco Liquid Assets Portfolio,   Institutional Class*			30,245			8,903,753			(8,933,179	)			-			(819	)			-			6,091
Invesco Private Government Fund			-			6,006,397			(2,721,589	)			-			-				3,284,808			2
Total		$	217,083		$	46,950,992		$	(43,775,632	)		$	-		$	(819	)		$	3,391,624		$	24,074

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31

Invesco Dynamic Energy Exploration & Production ETF (PXE)–(continued)

April 30, 2020

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32

Invesco Dynamic Food & Beverage ETF (PBJ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Agricultural Products-12.73%
Archer-Daniels-Midland Co.		46,956	$	1,743,946
Bunge Ltd.		36,918		1,464,537
Darling Ingredients, Inc.(b)		70,633		1,454,334
Fresh Del Monte Produce, Inc.		61,724		1,759,751
Ingredion, Inc.		20,882		1,695,618
				8,118,186
Distillers & Vintners-5.07%
Brown-Forman Corp., Class B		51,941		3,230,730
Food Distributors-7.72%
Performance Food Group Co.(b)		40,460		1,187,501
Sysco Corp.		46,600		2,622,182
US Foods Holding Corp.(b)		51,591		1,109,207
				4,918,890
Food Retail-17.03%
Grocery Outlet Holding Corp.(b)		59,052		1,964,660
Ingles Markets, Inc., Class A		53,139		2,169,665
Kroger Co. (The)		62,289		1,968,955
Sprouts Farmers Market, Inc.(b)		107,698		2,237,965
Weis Markets, Inc.		50,267		2,514,858
				10,856,103
Packaged Foods & Meats-37.38%
Campbell Soup Co.		38,653		1,931,877
Flowers Foods, Inc.		79,110		1,762,571
General Mills, Inc.		64,732		3,876,799
Hain Celestial Group, Inc. (The)(b)		74,130		1,915,519
Hershey Co. (The)		21,364		2,829,235
Hormel Foods Corp.		41,536		1,945,962
John B. Sanfilippo & Son, Inc.		23,608		1,938,925
Lamb Weston Holdings, Inc.		19,748		1,211,737
Mondelez International, Inc., Class A		59,614		3,066,544
Pilgrim’s Pride Corp.(b)		83,542		1,837,924
Seaboard Corp.		503		1,514,583
				23,831,676

	Shares		Value
Restaurants-6.11%
Chipotle Mexican Grill, Inc.(b)		2,339	$	2,054,928
Domino’s Pizza, Inc.		5,078		1,837,881
				3,892,809
Soft Drinks-13.97%
Coca-Cola Co. (The)		59,102		2,712,191
Keurig Dr Pepper, Inc.(c)		114,962		3,041,895
PepsiCo, Inc.		23,804		3,149,031
				8,903,117
Total Common Stocks & Other Equity Interests (Cost $65,016,507)				63,751,511
Money Market Funds-0.15%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $99,354)		99,354		99,354
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% (Cost $65,115,861)				63,850,865
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.48%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $304,437)		304,437		304,437
TOTAL INVESTMENTS IN SECURITIES-100.64% (Cost $65,420,298)				64,155,302
OTHER ASSETS LESS LIABILITIES-(0.64)%				(409,441	)
NET ASSETS-100.00%			$	63,745,861

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market   Funds:
Invesco Premier U.S. Government Money   Portfolio, Institutional Class		$	186,032		$	2,202,108		$  (2,288,786	)		$	-		$	-		$	99,354		$	2,227

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33

Invesco Dynamic Food & Beverage ETF (PBJ)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments Purchased with Cash   Collateral from Securities   on Loan:
Invesco Government & Agency Portfolio,   Institutional Class*		$	3,313,533		$	24,066,237		$	(27,379,770	)		$	-		$	-			$	-		$	29,654
Invesco Liquid Assets Portfolio, Institutional   Class*			1,104,511			7,313,525			(8,418,007	)			-			(29	)			-			10,647
Invesco Private Government Fund			-			614,460			(310,023	)			-			-				304,437			-
Total		$	4,604,076		$	34,196,330		$	(38,396,586	)		$	-		$	(29	)		$	403,791		$	42,528

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Airlines-22.12%
Alaska Air Group, Inc.		93,564	$	3,042,701
Allegiant Travel Co.(b)		37,746		2,962,306
Copa Holdings S.A., Class A (Panama)		60,601		2,679,170
Delta Air Lines, Inc.		188,492		4,883,828
Hawaiian Holdings, Inc.		224,628		3,234,643
JetBlue Airways Corp.(c)		304,715		2,967,924
Southwest Airlines Co.		194,840		6,088,750
United Airlines Holdings, Inc.(c)		139,662		4,131,202
				29,990,524
Broadcasting-19.99%
AMC Networks, Inc., Class A(c)		175,114		4,176,469
Central European Media Enterprises Ltd., Class A (Czech Republic)(c)		1,124,275		4,373,430
Discovery, Inc., Class A(b)(c)		200,860		4,503,281
Fox Corp., Class A		289,510		7,489,624
ViacomCBS, Inc., Class B		380,252		6,563,149
				27,105,953
Casinos & Gaming-7.68%
Caesars Entertainment Corp.(c)		388,778		3,755,595
Churchill Downs, Inc.		35,731		3,580,961
Penn National Gaming, Inc.(b)(c)		173,047		3,083,698
				10,420,254
Food Distributors-4.75%
Performance Food Group Co.(c)		113,551		3,332,722
US Foods Holding Corp.(c)		144,746		3,112,039
				6,444,761
Hotels, Resorts & Cruise Lines-7.61%
Hilton Worldwide Holdings, Inc.		94,663		7,166,936
Wyndham Destinations, Inc.		123,057		3,146,567
				10,313,503
Leisure Facilities-1.94%
SeaWorld Entertainment, Inc.(b)(c)		179,091		2,630,847
Movies & Entertainment-18.99%
Lions Gate Entertainment Corp., Class A(b)(c)		621,621		4,438,374

	Shares		Value
Movies & Entertainment-(continued)
Live Nation Entertainment, Inc.(c)		85,741	$	3,847,199
Madison Square Garden Co. (The), Class A(c)		26,414		4,525,246
Manchester United PLC, Class A (United Kingdom)(b)		274,817		4,619,674
Walt Disney Co. (The)		76,852		8,311,544
				25,742,037
Restaurants-16.93%
Bloomin’ Brands, Inc.		268,981		3,241,221
Chipotle Mexican Grill, Inc.(c)		11,996		10,539,086
Domino’s Pizza, Inc.		14,233		5,151,350
Texas Roadhouse, Inc.		85,529		4,027,560
				22,959,217
Total Common Stocks & Other Equity Interests (Cost $143,366,368)				135,607,096
Money Market Funds-0.09%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $121,538)		121,538		121,538
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $143,487,906)				135,728,634
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.77%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $5,113,813)		5,113,813		5,113,813
TOTAL INVESTMENTS IN SECURITIES-103.87% (Cost $148,601,719)				140,842,447
OTHER ASSETS LESS LIABILITIES-(3.87)%				(5,252,905	)
NET ASSETS-100.00%			$	135,589,542

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales		Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market   Funds:
Invesco Premier U.S. Government Money   Portfolio, Institutional Class		$	124,448		$	1,299,632		$  (1,302,542)		$	-		$	-		$	121,538		$	2,352

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35

Invesco Dynamic Leisure and Entertainment ETF (PEJ)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments Purchased with Cash   Collateral from Securities   on Loan:
Invesco Government & Agency Portfolio,   Institutional Class*		$	1,004,340		$	44,152,755		$	(45,157,095	)		$	-		$	-			$	-		$	25,333
Invesco Liquid Assets Portfolio, Institutional   Class*			334,780			10,981,117			(11,315,854	)			-			(43	)			-			9,159
Invesco Private Government Fund			-			9,938,994			(4,825,181	)			-			-				5,113,813			3
Total		$	1,463,568		$	66,372,498		$	(62,600,672	)		$	-		$	(43	)		$	5,235,351		$	36,847

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

Invesco Dynamic Media ETF (PBS)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.55%
Advertising-10.77%
Cardlytics, Inc.(b)		11,541	$	518,768
Interpublic Group of Cos., Inc. (The)		42,474		721,209
National CineMedia, Inc.		114,881		379,107
Omnicom Group, Inc.		13,320		759,640
TechTarget, Inc.(b)		39,570		922,772
				3,301,496
Broadcasting-20.43%
AMC Networks, Inc., Class A(b)		32,719		780,348
Central European Media Enterprises Ltd., Class A (Czech Republic)(b)		210,442		818,620
Discovery, Inc., Class A(b)(c)		37,533		841,490
Fox Corp., Class A		29,545		764,329
iHeartMedia, Inc., Class A(b)(c)		61,895		434,503
Nexstar Media Group, Inc., Class A		8,277		579,721
Sinclair Broadcast Group, Inc., Class A(c)		39,502		697,210
TEGNA, Inc.		63,464		680,334
ViacomCBS, Inc., Class B		38,758		668,963
				6,265,518
Cable & Satellite-5.07%
Sirius XM Holdings, Inc.(c)		262,780		1,553,030
Interactive Media & Services-32.86%
Alphabet, Inc., Class A(b)		1,291		1,738,590
Facebook, Inc., Class A(b)		8,946		1,831,336
IAC/InterActiveCorp.(b)		4,579		1,023,315
Match Group, Inc.(b)(c)		14,289		1,099,681
Snap, Inc., Class A(b)		115,796		2,039,167
Twitter, Inc.(b)		51,425		1,474,869
Yandex N.V., Class A (Russia)(b)		23,073		871,698
				10,078,656
Movies & Entertainment-17.71%
Liberty Media Corp.-Liberty Formula One, Class A(b)		25,473		770,558
Lions Gate Entertainment Corp., Class A(b)		116,179		829,518

	Shares		Value
Movies & Entertainment-(continued)
Netflix, Inc.(b)		4,567		1,917,455
Spotify Technology S.A.(b)		12,620		1,912,814
				5,430,345
Publishing-7.97%
New York Times Co. (The), Class A		24,972		812,089
News Corp., Class A		77,615		769,165
Scholastic Corp.		29,707		863,583
				2,444,837
Research & Consulting Services-4.74%
IHS Markit Ltd.		21,618		1,454,891
Total Common Stocks & Other Equity Interests (Cost $33,073,181)				30,528,773
Money Market Funds-0.34%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $105,640)		105,640		105,640
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.89% (Cost $33,178,821)				30,634,413
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.83%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $4,547,956)		4,547,956		4,547,956
TOTAL INVESTMENTS IN SECURITIES-114.72% (Cost $37,726,777)				35,182,369
OTHER ASSETS LESS LIABILITIES-(14.72)%.				(4,514,629	)
NET ASSETS-100.00%			$	30,667,740

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2020.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales		Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2020			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government   Money Portfolio, Institutional Class		$	57,302		$	1,180,977		$(1,132,639)		$	-		$	-		$	105,640		$	1,819

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37

Invesco Dynamic Media ETF (PBS)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency   Portfolio, Institutional Class*		$	860,884		$	54,430,331		$	(55,291,215	)		$	-		$	-			$	-		$	42,742
Invesco Liquid Assets Portfolio,   Institutional Class*			286,961			16,142,475			(16,428,954	)			-			(482	)			-			15,658
Invesco Private Government Fund			-			8,822,602			(4,274,646	)			-			-				4,547,956			2
Total		$	1,205,147		$	80,576,385		$	(77,127,454	)		$	-		$	(482	)		$	4,653,596		$	60,221

* At April 30, 2020, this security was no longer held.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f) The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco Dynamic Networking ETF (PXQ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Application Software-11.71%
Citrix Systems, Inc.		12,091	$	1,753,316
Datadog, Inc., Class A(b)		27,130		1,224,106
Dynatrace, Inc.(b)		39,349		1,174,568
Mimecast Ltd.(b)		30,395		1,243,155
				5,395,145
Communications Equipment-29.51%
AudioCodes Ltd. (Israel)		56,030		1,715,078
Ciena Corp.(b)		31,948		1,477,595
Cisco Systems, Inc.		57,005		2,415,872
Comtech Telecommunications Corp.		43,319		801,835
Infinera Corp.(b)		183,899		1,133,737
Lumentum Holdings, Inc.(b)		16,644		1,346,666
Motorola Solutions, Inc.		13,521		1,944,455
NetScout Systems, Inc.(b)		47,374		1,254,464
Ubiquiti, Inc.(c)		9,278		1,503,314
				13,593,016
Consumer Electronics-4.50%
Garmin Ltd.		25,566		2,074,937
Electronic Components-7.03%
Amphenol Corp., Class A		24,654		2,175,962
Belden, Inc.		31,086		1,062,830
				3,238,792
Internet Services & Infrastructure-6.26%
Akamai Technologies, Inc.(b)		13,940		1,362,078
Okta, Inc.(b)		10,054		1,521,170
				2,883,248
Semiconductors-8.70%
Inphi Corp.(b)		17,029		1,643,980
QUALCOMM, Inc.		30,057		2,364,584
				4,008,564

	Shares		Value
Systems Software-26.98%
Check Point Software Technologies Ltd. (Israel)(b)		22,457	$	2,374,603
Crowdstrike Holdings, Inc., Class A(b)		21,652		1,464,974
CyberArk Software Ltd.(b)		11,787		1,164,084
FireEye, Inc.(b)		92,876		1,069,003
Fortinet, Inc.(b)		22,238		2,395,922
Qualys, Inc.(b)		16,027		1,689,887
SecureWorks Corp., Class A(b)(c)		92,427		1,051,819
SolarWinds Corp.(b)(c)		71,716		1,217,738
				12,428,030
Technology Hardware, Storage & Peripherals-5.32%
Apple, Inc.		8,345		2,451,761
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $43,489,759)				46,073,493
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.34%
Invesco Private Government Fund, 0.01%(d)(e)(f) (Cost $1,998,897)		1,998,897		1,998,897
TOTAL INVESTMENTS IN SECURITIES-104.35% (Cost $45,488,656)				48,072,390
OTHER ASSETS LESS LIABILITIES-(4.35)%				(2,002,812	)
NET ASSETS-100.00%			$	46,069,578

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2020.

^(d) The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

^(f) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales		Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2020			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government   Money Portfolio, Institutional   Class*		$	149,027		$	1,525,401		$(1,674,428)		$	-		$	-		$	-		$	1,988

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39

Invesco Dynamic Networking ETF (PXQ)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency   Portfolio, Institutional Class*		$	1,275,053		$	31,251,161		$	(32,526,214	)		$	-		$	-			$	-		$	21,635
Invesco Liquid Assets Portfolio,   Institutional Class*			425,018			10,017,048			(10,441,563	)			-			(503	)			-			7,964
Invesco Private Government Fund			-			3,896,637			(1,897,740	)			-			-				1,998,897			1
Total		$	1,849,098		$	46,690,247		$	(46,539,945	)		$	-		$	(503	)		$	1,998,897		$	31,588

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco Dynamic Oil & Gas Services ETF (PXJ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Oil & Gas Drilling-11.90%
Helmerich & Payne, Inc.		13,200	$	260,964
Nabors Industries Ltd.(b)		3,443		50,715
Patterson-UTI Energy, Inc.		51,546		190,205
Transocean Ltd.(b)(c)		162,786		208,366
				710,250
Oil & Gas Equipment & Services-69.74%
Apergy Corp.(c)		26,500		244,065
Archrock, Inc.		41,968		201,866
Baker Hughes Co., Class A		29,394		410,046
Cactus, Inc., Class A		11,398		202,657
Core Laboratories N.V.		10,731		210,435
Dril-Quip, Inc.(c)		8,716		288,761
Frank’s International N.V.(c)		80,102		194,648
Halliburton Co.		28,178		295,869
Helix Energy Solutions Group, Inc.(c)		44,970		114,224
National Energy Services Reunited Corp.(c)		36,330		185,646
National Oilwell Varco, Inc.		26,036		329,095
NexTier Oilfield Solutions, Inc.(c)		61,919		143,652
Oceaneering International, Inc.(c)		28,266		145,287
ProPetro Holding Corp.(c)		35,137		148,981
RPC, Inc.(b)		84,800		289,168
Schlumberger Ltd.		18,255		307,049
TechnipFMC PLC (United Kingdom)		32,022		285,316
USA Compression Partners L.P.		20,880		167,249
				4,164,014
Oil & Gas Storage & Transportation-18.26%
DHT Holdings, Inc.		55,397		402,182

	Shares		Value
Oil & Gas Storage & Transportation-(continued)
Frontline Ltd. (Norway)(b)		37,949	$	355,203
Scorpio Tankers, Inc. (Monaco)		15,218		333,122
				1,090,507
Total Common Stocks & Other Equity Interests (Cost $13,590,687)				5,964,771
Money Market Funds-1.96%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $116,865)		116,865		116,865
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.86% (Cost $13,707,552)				6,081,636
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.62%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $693,740)		693,740		693,740
TOTAL INVESTMENTS IN SECURITIES-113.48% (Cost $14,401,292)				6,775,376
OTHER ASSETS LESS LIABILITIES-(13.48)%				(804,721	)
NET ASSETS-100.00%			$	5,970,655

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) All or a portion of this security was out on loan at April 30, 2020.

^(c) Non-income producing security.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government   Money Portfolio, Institutional Class		$	112,339		$	483,235		$	(478,709	)		$	-		$	-			$	116,865		$	1,887
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency Portfolio,   Institutional Class*			714,857			14,076,544			(14,791,401	)			-			-				-			13,787
Invesco Liquid Assets Portfolio,   Institutional   Class*			238,286			4,066,433			(4,304,706	)			-			(13	)			-			4,954
Invesco Private Government Fund			-			1,284,501			(590,761	)			-			-				693,740			-
Total		$	1,065,482		$	19,910,713		$	(20,165,577	)		$	-		$	(13	)		$	810,605		$	20,628

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Invesco Dynamic Oil & Gas Services ETF (PXJ)–(continued)

April 30, 2020

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f) The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Invesco Dynamic Pharmaceuticals ETF (PJP)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Biotechnology-30.53%
AbbVie, Inc.		198,206	$	16,292,533
Alexion Pharmaceuticals, Inc.(b)		100,321		10,781,498
Amgen, Inc.		83,200		19,903,104
Biogen, Inc.(b)		29,705		8,817,335
Eagle Pharmaceuticals, Inc.(b)		196,733		10,029,448
Emergent BioSolutions, Inc.(b)		166,513		12,313,636
Gilead Sciences, Inc.		126,806		10,651,704
Ligand Pharmaceuticals, Inc.(b)(c)		89,325		8,804,765
Regeneron Pharmaceuticals, Inc.(b)		21,403		11,255,410
				108,849,433
Health Care Equipment-5.52%
Abbott Laboratories		213,765		19,685,619
Pharmaceuticals-63.96%
Allergan PLC		48,716		9,126,455
Amphastar Pharmaceuticals, Inc.(b)		544,378		9,227,207
ANI Pharmaceuticals, Inc.(b)		191,370		7,656,714
Bausch Health Cos., Inc.(b)		409,976		7,428,765
Bristol-Myers Squibb Co.		284,182		17,281,107
Corcept Therapeutics, Inc.(b)		692,104		8,762,037
Eli Lilly and Co.		131,035		20,263,252
Endo International PLC(b)		1,639,905		7,543,563
Horizon Therapeutics PLC(b)		271,070		9,769,363
Innoviva, Inc.(b)		683,901		9,697,716
Jazz Pharmaceuticals PLC(b)		81,438		8,978,540
Johnson & Johnson		121,700		18,259,868
Merck & Co., Inc.		216,835		17,203,689

	Shares		Value
Pharmaceuticals-(continued)
Mylan N.V.(b)		494,254	$	8,288,640
Pacira BioSciences, Inc.(b)		215,616		8,902,785
Perrigo Co. PLC		178,168		9,496,354
Pfizer, Inc.		496,485		19,045,165
Prestige Consumer Healthcare, Inc.(b)		245,223		9,978,124
Supernus Pharmaceuticals, Inc.(b)		511,701		11,973,803
Taro Pharmaceutical Industries Ltd.(b)		132,065		9,127,012
				228,010,159
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $323,177,450)				356,545,211
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.33%
Invesco Private Government Fund, 0.01%(d)(e)(f) (Cost $8,293,767)		8,293,767		8,293,767
TOTAL INVESTMENTS IN SECURITIES-102.34% (Cost $331,471,217)				364,838,978
OTHER ASSETS LESS LIABILITIES-(2.34)%				(8,341,560	)
NET ASSETS-100.00%			$	356,497,418

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2020.

^(d) The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(e) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

^(f) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government   Money Portfolio, Institutional Class*		$	59,262		$	18,225,560		$	(18,284,822	)		$	-		$	-			$	-		$	10,178
Investments Purchased with Cash   Collateral from Securities on   Loan:
Invesco Government & Agency   Portfolio, Institutional Class*			564,992			83,710,639			(84,275,631	)			-			-				-			63,165
Invesco Liquid Assets Portfolio,   Institutional Class*			188,331			26,743,137			(26,929,424	)			-			(2,044	)			-			22,823
Invesco Private Government Fund			-			15,936,531			(7,642,764	)			-			-				8,293,767			4
Total		$	812,585		$	144,615,867		$	(137,132,641	)		$	-		$	(2,044	)		$	8,293,767		$	96,170

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43

Invesco Dynamic Semiconductors ETF (PSI)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Semiconductor Equipment-36.21%
ACM Research, Inc., Class A(b)(c)		175,242	$	6,997,413
Amkor Technology, Inc.(b)		615,890		6,084,993
Applied Materials, Inc.		197,893		9,831,324
Entegris, Inc.		119,913		6,502,882
FormFactor, Inc.(b)		274,799		6,402,817
Ichor Holdings Ltd.(b)		212,310		5,286,519
KLA Corp.		41,577		6,822,370
Kulicke & Soffa Industries, Inc. (Singapore)		279,036		6,688,493
Lam Research Corp.		39,483		10,079,220
Photronics, Inc.(b)		498,198		5,953,466
Teradyne, Inc.		105,338		6,587,839
Ultra Clean Holdings, Inc.(b)		308,409		5,671,642
				82,908,978
Semiconductors-63.72%
Advanced Micro Devices, Inc.(b)		256,305		13,427,819
Ambarella, Inc.(b)		105,391		5,541,459
Cirrus Logic, Inc.(b)		91,943		6,950,891
Inphi Corp.(b)		84,157		8,124,517
Intel Corp.		202,044		12,118,599
Lattice Semiconductor Corp.(b)		355,856		8,010,318
MACOM Technology Solutions Holdings, Inc.(b)		254,877		7,814,529
Maxim Integrated Products, Inc.		109,949		6,044,996
Micron Technology, Inc.(b)		223,014		10,680,140
NVIDIA Corp.		44,656		13,052,056
NXP Semiconductors N.V. (Netherlands)		53,670		5,343,922
Power Integrations, Inc.		70,029		7,167,468
QUALCOMM, Inc.		148,539		11,685,563
Rambus, Inc.(b)		442,642		5,546,304

	Shares		Value
Semiconductors-(continued)
Skyworks Solutions, Inc.		63,066	$	6,551,296
Synaptics, Inc.(b)		95,436		6,240,560
Texas Instruments, Inc.		99,709		11,573,224
				145,873,661
Total Common Stocks & Other Equity Interests (Cost $198,254,575)				228,782,639
Money Market Funds-0.17%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $396,362)		396,362		396,362
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $198,650,937)				229,179,001
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.25%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $567,334)		567,334		567,334
TOTAL INVESTMENTS IN SECURITIES-100.35% (Cost $199,218,271)				229,746,335
OTHER ASSETS LESS LIABILITIES-(0.35)%				(799,936	)
NET ASSETS-100.00%			$	228,946,399

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2020.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Premier U.S. Government   Money Portfolio, Institutional Class	$	155,934	$	8,429,520	$	(8,189,092	)	$	-	$	-	$	396,362	$	3,600
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency   Portfolio, Institutional Class*		-		24,527,229		(24,527,229	)		-		-		-		9,266
Invesco Liquid Assets Portfolio,   Institutional Class*		-		7,364,020		(7,364,435	)		-		415		-		3,465
Invesco Private Government Fund		-		2,764,560		(2,197,226	)		-		-		567,334		1
Total	$	155,934	$	43,085,329	$	(42,277,982	)	$	-	$	415	$	963,696	$	16,332

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44

Invesco Dynamic Semiconductors ETF (PSI)–(continued)

April 30, 2020

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f) The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45

Invesco Dynamic Software ETF (PSJ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Alternative Carriers-3.35%
Bandwidth, Inc., Class A(b)(c)		164,177	$	13,390,276
Application Software-44.68%
Adobe, Inc.(b)		57,128		20,202,746
Agilysys, Inc.(b)		340,582		6,672,001
ANSYS, Inc.(b)		78,974		20,677,762
Citrix Systems, Inc.		102,139		14,811,176
Coupa Software, Inc.(b)		68,430		12,049,839
Datadog, Inc., Class A(b)		229,186		10,340,872
Fair Isaac Corp.(b)		28,726		10,138,554
Manhattan Associates, Inc.(b)		152,138		10,792,670
Model N, Inc.(b)		361,542		10,434,102
Nuance Communications, Inc.(b)		489,399		9,885,860
Paylocity Holding Corp.(b)		81,178		9,297,316
Sapiens International Corp. N.V. (Israel)		444,325		10,992,601
SS&C Technologies Holdings, Inc.		189,429		10,448,904
Synopsys, Inc.(b)		140,914		22,140,408
				178,884,811
Cable & Satellite-4.55%
Liberty Broadband Corp., Class C(b)		148,492		18,216,998
Data Processing & Outsourced Services-5.53%
Black Knight, Inc.(b)		156,131		11,018,165
Jack Henry & Associates, Inc.		68,051		11,129,741
				22,147,906
Health Care Technology-13.92%
Allscripts Healthcare Solutions, Inc.(b)		1,329,607		8,642,445
Cerner Corp.		275,884		19,143,591
HealthStream, Inc.(b)		431,385		9,846,363
Inovalon Holdings, Inc., Class A(b)		547,486		9,581,005
NextGen Healthcare, Inc.(b)		807,772		8,521,994
				55,735,398
Interactive Home Entertainment-16.67%
Activision Blizzard, Inc.		330,559		21,066,525
Electronic Arts, Inc.(b)		187,673		21,443,517

	Shares		Value
Interactive Home Entertainment-(continued)
Glu Mobile, Inc.(b)		1,482,340	$	11,562,252
Sciplay Corp., Class A(b)(d)		1,200,594		12,666,267
				66,738,561
Movies & Entertainment-2.90%
Roku, Inc.(b)		95,586		11,587,891
Systems Software-8.41%
Microsoft Corp.		121,895		21,844,804
NortonLifeLock, Inc.		555,584		11,817,272
				33,662,076
Total Common Stocks & Other Equity Interests (Cost $383,514,891)				400,363,917
Money Market Funds-0.03%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $144,610)		144,610		144,610
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $383,659,501)				400,508,527
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.90%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $3,593,790)		3,593,790		3,593,790
TOTAL INVESTMENTS IN SECURITIES-100.94% (Cost $387,253,291)				404,102,317
OTHER ASSETS LESS LIABILITIES-(0.94)%				(3,762,971	)
NET ASSETS-100.00%			$	400,339,346

Notes to Schedule of Investments:

^(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2020.

^(d) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2020		Dividend Income
Investments in Affiliated   Money Market Funds:
Invesco Premier U.S.   Government Money Portfolio,   Institutional Class	$	143,208	$	12,399,114	$	(12,397,712	)	$	-	$	-	$	144,610	$	4,266

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46

Invesco Dynamic Software ETF (PSJ)–(continued)

April 30, 2020

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments Purchased with   Cash Collateral from   Securities on Loan:
Invesco Government & Agency   Portfolio, Institutional Class*	$	10,756,766	$	144,911,697	$	(155,668,463	)	$	-		$	-		$	-	$	100,131
Invesco Liquid Assets Portfolio,   Institutional Class*		3,585,589		33,940,664		(37,525,061	)		-			(1,192	)		-		36,016
Invesco Private Government   Fund		-		7,187,580		(3,593,790	)		-			-			3,593,790		2
Investments in Other   Affiliates:
Sciplay Corp., Class A		-		17,841,844		(2,372,698	)		(2,391,823	)		(411,056	)		12,666,267		-
Total	$	14,485,563	$	216,280,899	$	(211,557,724	)	$	(2,391,823	)	$	(412,248	)	$	16,404,667	$	140,415

* At April 30, 2020, this security was no longer held.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f) The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

47

Statements of Assets and Liabilities

April 30, 2020

	Invesco Dynamic Biotechnology & Genome ETF (PBE)			Invesco Dynamic Building & Construction ETF (PKB)			Invesco Dynamic Energy Exploration & Production ETF (PXE)			Invesco Dynamic Food & Beverage ETF (PBJ)
Assets:
Unaffiliated investments in securities, at value(a)	$	220,833,012		$	69,754,278		$	16,680,715		$	63,751,511
Affiliated investments in securities, at value		6,408,554			136,080			3,391,624			403,791
Cash		2,876			-			-			124
Receivable for:
Dividends		27			12,352			773			41,334
Securities lending		3,562			-			11,910			111
Investments sold		-			-			-			-
Fund shares sold		-			-			-			-
Total assets		227,248,031			69,902,710			20,085,022			64,196,871
Liabilities:
Due to custodian		-			-			-			-
Payable for:
Investments purchased		-			-			-			-
Collateral upon return of securities loaned		6,405,928			-			3,284,808			304,437
Fund shares repurchased		-			-			-			-
Expenses recaptured		-			-			-			13,257
Accrued advisory fees		85,410			18,563			11,373			25,315
Accrued trustees’ and officer’s fees		54,067			38,258			38,471			44,529
Accrued expenses		91,400			92,476			57,706			63,472
Total liabilities		6,636,805			149,297			3,392,358			451,010
Net Assets	$	220,611,226		$	69,753,413		$	16,692,664		$	63,745,861
Net assets consist of:
Shares of beneficial interest	$	434,484,092		$	154,418,897		$	146,968,125		$	146,336,248
Distributable earnings (loss)		(213,872,866	)		(84,665,484	)		(130,275,461	)		(82,590,387	)
Net Assets	$	220,611,226		$	69,753,413		$	16,692,664		$	63,745,861
Shares outstanding (unlimited amount authorized, $0.01 par value)		4,150,000			2,700,000			1,650,000			2,100,000
Net asset value	$	53.16		$	25.83		$	10.12		$	30.36
Market price	$	53.27		$	25.89		$	10.11		$	30.38
Unaffiliated investments in securities, at cost	$	209,465,440		$	83,872,305		$	24,905,021		$	65,016,507
Affiliated investments in securities, at cost	$	6,408,554		$	136,080		$	3,391,624		$	403,791
(a)Includes securities on loan with an aggregate value of:	$	6,082,671		$	-		$	3,242,324		$	295,585

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48

Invesco Dynamic Leisure and Entertainment ETF (PEJ)		Invesco Dynamic Media ETF (PBS)			Invesco Dynamic Networking ETF (PXQ)			Invesco Dynamic Oil & Gas Services ETF (PXJ)			Invesco Dynamic Pharmaceuticals ETF (PJP)			Invesco Dynamic Semiconductors ETF (PSI)			Invesco Dynamic Software ETF (PSJ)
$	135,607,096	$	30,528,773		$	46,073,493		$	5,964,771		$	356,545,211		$	228,782,639		$	387,697,650
	5,235,351		4,653,596			1,998,897			810,605			8,293,767			963,696			16,404,667
	10		20			-			-			-			-			2,675
	18,269		8,511			4,218			27			465,614			9,793			137,228
	1,015		7,111			881			278			2,081			1,288			1,472
	-		139,825			1,269,375			10,304			-			3,314,530			-
	26,224,633		-			-			-			-			-			-
	167,086,374		35,337,836			49,346,864			6,785,985			365,306,673			233,071,946			404,243,692
	-		-			1,154,806			-			194,777			-			-
	26,226,127		-			-			-			-			-			-
	5,113,813		4,547,956			1,998,897			693,740			8,293,767			567,334			3,593,790
	-		-			-			-			-			3,317,097			-
	-		-			-			-			-			-			-
	40,320		20,503			22,912			14,523			135,659			89,266			152,729
	38,066		39,619			34,198			44,686			81,888			37,881			40,799
	78,506		62,018			66,473			62,381			103,164			113,969			117,028
	31,496,832		4,670,096			3,277,286			815,330			8,809,255			4,125,547			3,904,346
$	135,589,542	$	30,667,740		$	46,069,578		$	5,970,655		$	356,497,418		$	228,946,399		$	400,339,346
$	219,640,987	$	118,331,687		$	88,532,938		$	116,359,605		$	752,395,243		$	242,802,765		$	426,901,195
	(84,051,445)		(87,663,947	)		(42,463,360	)		(110,388,950	)		(395,897,825	)		(13,856,366	)		(26,561,849	)
$	135,589,542	$	30,667,740		$	46,069,578		$	5,970,655		$	356,497,418		$	228,946,399		$	400,339,346
	4,950,000		1,100,000			800,000			2,500,000			5,700,000			3,600,000			4,050,000
$	27.39	$	27.88		$	57.59		$	2.39		$	62.54		$	63.60		$	98.85
$	27.48	$	27.85		$	57.51		$	2.40		$	62.49		$	63.71		$	98.80
$	143,366,368	$	33,073,181		$	43,489,759		$	13,590,687		$	323,177,450		$	198,254,575		$	368,456,801
$	5,235,351	$	4,653,596		$	1,998,897		$	810,605		$	8,293,767		$	963,696		$	18,796,490
$	4,691,736	$	4,163,280		$	1,909,248		$	635,221		$	7,924,241		$	532,467		$	3,652,012

49

Statements of Operations

For the year ended April 30, 2020

	Invesco Dynamic Biotechnology & Genome ETF (PBE)			Invesco Dynamic Building & Construction ETF (PKB)			Invesco Dynamic Energy Exploration & Production ETF (PXE)			Invesco Dynamic Food & Beverage ETF (PBJ)
Investment income:
Unaffiliated dividend income	$	1,307,546		$	1,034,399		$	528,755		$	1,280,042
Affiliated dividend income		3,813			2,929			1,475			2,227
Securities lending income		12,187			102			107,634			7,107
Foreign withholding tax		-			-			-			-
Total investment income		1,323,546			1,037,430			637,864			1,289,376
Expenses:
Advisory fees		1,135,432			530,047			130,261			345,517
Sub-licensing fees		68,131			31,805			7,817			20,733
Accounting & administration fees		34,295			12,186			19,289			18,681
Professional fees		25,138			24,089			24,280			23,409
Printing fees		21,576			15,139			11,891			9,505
Custodian & transfer agent fees		4,310			(2,466	)		14,818			1,147
Trustees’ and officer’s fees		(932	)		1,371			(74	)		(971	)
Listing fee and expenses		9,000			7,000			7,000			9,000
Recapture (Note 3)		-			-			-			2,585
Proxy fees		6,730			5,782			5,185			5,465
Other expenses		7,231			5,126			4,641			5,758
Total expenses		1,310,911			630,079			225,108			440,829
Less: Waivers		(388	)		(300	)		(55,956	)		(247	)
Net expenses		1,310,523			629,779			169,152			440,582
Net investment income		13,023			407,651			468,712			848,794
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(37,600,586	)		(1,662,713	)		(18,307,139	)		(4,234,049	)
Affiliated investment securities		(925	)		-			(819	)		(29	)
Unaffiliated in-kind redemptions		32,990,386			13,645,720			222,911			4,708,564
Affiliated in-kind redemptions		-			-			-			-
Net realized gain (loss)		(4,611,125	)		11,983,007			(18,085,047	)		474,486
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		6,780,837			(23,718,866	)		1,607,346			(8,005,140	)
Affiliated investment securities		-			-			-			-
Change in net unrealized appreciation (depreciation)		6,780,837			(23,718,866	)		1,607,346			(8,005,140	)
Net realized and unrealized gain (loss)		2,169,712			(11,735,859	)		(16,477,701	)		(7,530,654	)
Net increase (decrease) in net assets resulting from operations	$	2,182,735		$	(11,328,208	)	$	(16,008,989	)	$	(6,681,860	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

50

Invesco Dynamic Leisure and Entertainment ETF (PEJ)			Invesco Dynamic Media ETF (PBS)			Invesco Dynamic Networking ETF (PXQ)			Invesco Dynamic Oil & Gas Services ETF (PXJ)			Invesco Dynamic Pharmaceuticals ETF (PJP)			Invesco Dynamic Semiconductors ETF (PSI)			Invesco Dynamic Software ETF (PSJ)
$	588,789		$	514,105		$	485,758		$	242,202		$	5,413,817		$	2,156,672		$	1,841,329
	2,352			1,819			1,988			1,887			10,178			3,600			4,266
	6,261			23,939			16,368			9,373			11,660			4,056			1,044,087
	-			-			-			(1,613	)		-			(11,736	)		(55,467	)
	597,402			539,863			504,114			251,849			5,435,655			2,152,592			2,834,215
	269,516			270,447			311,674			57,639			1,838,459			1,011,179			2,407,148
	16,172			16,229			18,704			3,459			110,316			60,675			145,350
	20,286			19,462			20,153			15,890			42,451			19,179			47,400
	24,615			24,253			23,407			23,870			27,074			24,694			25,678
	24,753			7,987			7,444			6,400			37,538			18,593			22,057
	1,757			2,597			7,784			3,866			(9,416	)		2,283			3,438
	349			(99	)		1,476			(2,011	)		(5,701	)		2,881			5,929
	8,000			9,000			7,000			7,000			7,000			7,000			7,000
	-			-			-			-			-			-			-
	5,384			5,479			5,433			5,047			7,855			6,181			8,467
	5,278			5,156			4,027			4,351			8,384			4,925			5,083
	376,110			360,511			407,102			125,511			2,063,960			1,157,590			2,677,550
	(31,386	)		(14,458	)		(9,149	)		(48,044	)		(1,537	)		(433	)		(440	)
	344,724			346,053			397,953			77,467			2,062,423			1,157,157			2,677,110
	252,678			193,810			106,161			174,382			3,373,232			995,435			157,105
	(8,799,830	)		(8,266,495	)		(6,530,984	)		(8,476,419	)		(56,128,403	)		(5,228,015	)		(20,311,694	)
	(43	)		(482	)		(503	)		(13	)		(2,044	)		415			(7,418	)
	5,579,180			5,634,900			11,965,026			(333,789	)		27,686,619			15,363,646			56,882,745
	-			-			-			-			-			-			(404,830	)
	(3,220,693	)		(2,632,077	)		5,433,539			(8,810,221	)		(28,443,828	)		10,136,046			36,158,803
	(10,956,892	)		(8,731,231	)		(13,283,642	)		(2,081,894	)		21,870,879			1,244,540			(41,222,251	)
	-			-			-			-			-			-			(2,391,823	)
	(10,956,892	)		(8,731,231	)		(13,283,642	)		(2,081,894	)		21,870,879			1,244,540			(43,614,074	)
	(14,177,585	)		(11,363,308	)		(7,850,103	)		(10,892,115	)		(6,572,949	)		11,380,586			(7,455,271	)
$	(13,924,907	)	$	(11,169,498	)	$	(7,743,942	)	$	(10,717,733	)	$	(3,199,717	)	$	12,376,021		$	(7,298,166	)

51

Statements of Changes in Net Assets

For the years ended April 30, 2020 and 2019

	Invesco Dynamic Biotechnology & Genome ETF (PBE)						Invesco Dynamic Building & Construction ETF (PKB)
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	13,023		$	(809,740	)	$	407,651		$	779,256
Net realized gain (loss)		(4,611,125	)		21,441,898			11,983,007			(11,370,343	)
Change in net unrealized appreciation (depreciation)		6,780,837			(6,492,275	)		(23,718,866	)		2,686,239
Net increase (decrease) in net assets resulting from operations		2,182,735			14,139,883			(11,328,208	)		(7,904,848	)
Distributions to Shareholders from:
Distributable earnings		(123,165	)		(11,178	)		(481,809	)		(854,627	)
Shareholder Transactions:
Proceeds from shares sold		181,960,855			182,767,340			84,855,125			124,857,662
Value of shares repurchased		(211,436,290	)		(181,778,588	)		(121,930,900	)		(277,968,568	)
Net increase (decrease) in net assets resulting from share transactions		(29,475,435	)		988,752			(37,075,775	)		(153,110,906	)
Net increase (decrease) in net assets		(27,415,865	)		15,117,457			(48,885,792	)		(161,870,381	)
Net assets:
Beginning of year		248,027,091			232,909,634			118,639,205			280,509,586
End of year	$	220,611,226		$	248,027,091		$	69,753,413		$	118,639,205
Changes in Shares Outstanding:
Shares sold		3,400,000			3,250,000			2,600,000			4,100,000
Shares repurchased		(4,000,000	)		(3,350,000	)		(3,850,000	)		(9,400,000	)
Shares outstanding, beginning of year		4,750,000			4,850,000			3,950,000			9,250,000
Shares outstanding, end of year		4,150,000			4,750,000			2,700,000			3,950,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

52

Invesco Dynamic Energy Exploration & Production ETF (PXE)						Invesco Dynamic Food & Beverage ETF (PBJ)						Invesco Dynamic Leisure and Entertainment ETF (PEJ)						Invesco Dynamic Media ETF (PBS)
2020			2019			2020			2019			2020			2019			2020			2019
$	468,712		$	630,534		$	848,794		$	771,747		$	252,678		$	495,528		$	193,810		$	291,253
	(18,085,047	)		(5,378,827	)		474,486			(1,420,129	)		(3,220,693	)		(3,924,994	)		(2,632,077	)		3,020,790
	1,607,346			(18,782,093	)		(8,005,140	)		3,677,368			(10,956,892	)		(1,778,186	)		(8,731,231	)		5,886,119
	(16,008,989	)		(23,530,386	)		(6,681,860	)		3,028,986			(13,924,907	)		(5,207,652	)		(11,169,498	)		9,198,162
	(505,197	)		(706,116	)		(932,756	)		(759,871	)		(332,937	)		(634,213	)		(217,169	)		(415,501	)
	3,595,646			101,184,657			38,927,220			40,972,298			149,321,109			150,611,248			21,268,264			84,195,471
	(10,467,051	)		(86,194,334	)		(39,397,641	)		(50,142,813	)		(66,674,797	)		(194,292,631	)		(67,562,077	)		(52,710,381	)
	(6,871,405	)		14,990,323			(470,421	)		(9,170,515	)		82,646,312			(43,681,383	)		(46,293,813	)		31,485,090
	(23,385,591	)		(9,246,179	)		(8,085,037	)		(6,901,400	)		68,388,468			(49,523,248	)		(57,680,480	)		40,267,751
	40,078,255			49,324,434			71,830,898			78,732,298			67,201,074			116,724,322			88,348,220			48,080,469
$	16,692,664		$	40,078,255		$	63,745,861		$	71,830,898		$	135,589,542		$	67,201,074		$	30,667,740		$	88,348,220
	500,000			3,800,000			1,150,000			1,250,000			5,200,000			3,250,000			650,000			2,600,000
	(900,000	)		(3,800,000	)		(1,150,000	)		(1,550,000	)		(1,750,000	)		(4,350,000	)		(2,100,000	)		(1,700,000	)
	2,050,000			2,050,000			2,100,000			2,400,000			1,500,000			2,600,000			2,550,000			1,650,000
	1,650,000			2,050,000			2,100,000			2,100,000			4,950,000			1,500,000			1,100,000			2,550,000

53

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2020 and 2019

	Invesco Dynamic						Invesco Dynamic Oil & Gas
	Networking ETF (PXQ)						Services ETF (PXJ)
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	106,161		$	826,226		$	174,382		$	130,491
Net realized gain (loss)		5,433,539			2,519,219			(8,810,221	)		(2,271,801	)
Change in net unrealized appreciation (depreciation)		(13,283,642	)		11,758,442			(2,081,894	)		(6,350,850	)
Net increase (decrease) in net assets resulting from operations		(7,743,942	)		15,103,887			(10,717,733	)		(8,492,160	)
Distributions to Shareholders from:
Distributable earnings		(172,521	)		(851,255	)		(179,231	)		(193,273	)
Shareholder Transactions:
Proceeds from shares sold		25,528,975			66,219,472			939,565			12,414,658
Value of shares repurchased		(72,593,520	)		(39,512,641	)		(1,590,954	)		(24,037,714	)
Net increase (decrease) in net assets resulting from share transactions		(47,064,545	)		26,706,831			(651,389	)		(11,623,056	)
Net increase (decrease) in net assets		(54,981,008	)		40,959,463			(11,548,353	)		(20,308,489	)
Net assets:
Beginning of year		101,050,586			60,091,123			17,519,008			37,827,497
End of year	$	46,069,578		$	101,050,586		$	5,970,655		$	17,519,008
Changes in Shares Outstanding:
Shares sold		450,000			1,150,000			350,000			1,300,000
Shares repurchased		(1,250,000	)		(750,000	)		(400,000	)		(2,650,000	)
Shares outstanding, beginning of year		1,600,000			1,200,000			2,550,000			3,900,000
Shares outstanding, end of year		800,000			1,600,000			2,500,000			2,550,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

54

Invesco Dynamic Pharmaceuticals ETF (PJP)						Invesco Dynamic Semiconductors ETF (PSI)						Invesco Dynamic Software ETF (PSJ)
2020			2019			2020			2019			2020			2019
$	3,373,232		$	5,311,743		$	995,435		$	1,775,828		$	157,105		$	(728,762	)
	(28,443,828	)		13,654,680			10,136,046			27,429,506			36,158,803			32,155,925
	21,870,879			710,432			1,244,540			8,851,111			(43,614,074	)		44,624,284
	(3,199,717	)		19,676,855			12,376,021			38,056,445			(7,298,166	)		76,051,447
	(3,496,032	)		(5,380,286	)		(1,250,725	)		(1,907,533	)		(498,339	)		-
	123,300,920			148,549,343			121,622,255			157,705,240			552,465,454			555,545,576
	(176,698,349	)		(272,009,569	)		(104,224,135	)		(308,886,292	)		(581,572,532	)		(350,138,139	)
	(53,397,429	)		(123,460,226	)		17,398,120			(151,181,052	)		(29,107,078	)		205,407,437
	(60,093,178	)		(109,163,657	)		28,523,416			(115,032,140	)		(36,903,583	)		281,458,884
	416,590,596			525,754,253			200,422,983			315,455,123			437,242,929			155,784,045
$	356,497,418		$	416,590,596		$	228,946,399		$	200,422,983		$	400,339,346		$	437,242,929
	2,000,000			2,100,000			1,950,000			2,900,000			5,650,000			6,700,000
	(2,950,000	)		(4,000,000	)		(1,800,000	)		(5,900,000	)		(6,150,000	)		(4,350,000	)
	6,650,000			8,550,000			3,450,000			6,450,000			4,550,000			2,200,000
	5,700,000			6,650,000			3,600,000			3,450,000			4,050,000			4,550,000

55

Financial Highlights

Invesco Dynamic Biotechnology & Genome ETF (PBE)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	52.22		$	48.02		$	43.11		$	39.35		$	52.98
Net investment income (loss)(a)		0.00	(b)		(0.16	)		0.00	(b)		0.33			0.50
Net realized and unrealized gain (loss) on investments		0.97			4.36			5.13			3.63			(13.56	)
Total from investment operations		0.97			4.20			5.13			3.96			(13.06	)
Distributions to shareholders from:
Net investment income		(0.03	)		(0.00	)(c)		(0.22	)		(0.20	)		(0.57	)
Net asset value at end of year	$	53.16		$	52.22		$	48.02		$	43.11		$	39.35
Market price at end of year(d)	$	53.27		$	52.22		$	48.08		$	43.13		$	39.35
Net Asset Value Total Return(e)		1.87	%		8.75	%		11.94	%		10.09	%		(24.92	)%
Market Price Total Return(e)		2.08	%		8.62	%		12.04	%		10.15	%		(24.88	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	220,611		$	248,027		$	232,910		$	230,631		$	267,584
Ratio to average net assets of:
Expenses, after Waivers		0.58	%		0.57	%		0.59	%		0.58	%		0.58	%
Expenses, prior to Waivers		0.58	%		0.57	%		0.59	%		0.58	%		0.58	%
Net investment income (loss)		0.01	%		(0.29	)%		0.01	%		0.81	%		1.00	%
Portfolio turnover rate(f)		252	%		117	%		141	%		69	%		74	%

^(a) Based on average shares outstanding.

^(b) Amount represents less than $0.005.

^(c) Amount represents less than $(0.005).

^(d) The mean between the last bid and ask prices.

^(e) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco Dynamic Building & Construction ETF (PKB)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	30.04		$	30.33		$	29.58		$	25.08		$	22.99
Net investment income(a)		0.12			0.13			0.08			0.07			0.04
Net realized and unrealized gain (loss) on investments		(4.19	)		(0.29	)		0.73			4.52			2.08
Total from investment operations		(4.07	)		(0.16	)		0.81			4.59			2.12
Distributions to shareholders from:
Net investment income		(0.14	)		(0.13	)		(0.06	)		(0.09	)		(0.03	)
Net asset value at end of year	$	25.83		$	30.04		$	30.33		$	29.58		$	25.08
Market price at end of year(b)	$	25.89		$	30.05		$	30.34		$	29.60		$	25.08
Net Asset Value Total Return(c)		(13.59	)%		(0.47	)%		2.73	%		18.33	%		9.21	%
Market Price Total Return(c)		(13.42	)%		(0.47	)%		2.70	%		18.41	%		9.26	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	69,753		$	118,639		$	280,510		$	317,995		$	60,201
Ratio to average net assets of:
Expenses, after Waivers		0.59	%		0.60	%		0.58	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.59	%		0.60	%		0.58	%		0.63	%		0.68	%
Net investment income		0.38	%		0.44	%		0.24	%		0.24	%		0.18	%
Portfolio turnover rate(d)		139	%		148	%		143	%		129	%		90	%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

56

Financial Highlights–(continued)

Invesco Dynamic Energy Exploration & Production ETF (PXE)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	19.55		$	24.06		$	20.28		$	22.63		$	31.78
Net investment income(a)		0.26			0.20			0.28			0.24			0.51
Net realized and unrealized gain (loss) on investments		(9.41	)		(4.48	)		3.89			(1.15	)		(9.04	)
Total from investment operations		(9.15	)		(4.28	)		4.17			(0.91	)		(8.53	)
Distributions to shareholders from:
Net investment income		(0.28	)		(0.23	)		(0.39	)		(1.44	)		(0.62	)
Net asset value at end of year	$	10.12		$	19.55		$	24.06		$	20.28		$	22.63
Market price at end of year(b)	$	10.11		$	19.57		$	24.12		$	20.28		$	22.63
Net Asset Value Total Return(c)		(47.06	)%		(17.84	)%		21.00	%		(3.96	)%		(26.93	)%
Market Price Total Return(c)		(47.17	)%		(17.96	)%		21.31	%		(3.96	)%		(26.91	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	16,693		$	40,078		$	49,324		$	55,760		$	74,682
Ratio to average net assets of:
Expenses, after Waivers		0.65	%(d)		0.63	%		0.65	%		0.80	%(e)		0.65	%
Expenses, prior to Waivers		0.86	%(d)		0.64	%		0.77	%		0.88	%(e)		0.67	%
Net investment income		1.80	%(d)		0.82	%		1.37	%		1.13	%		2.09	%
Portfolio turnover rate(f)		126	%		110	%		87	%		91	%		134	%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(e) Expenses, after Waivers and Expenses, prior to Waivers include state income taxes paid during the fiscal year ended April 30, 2017. Expenses, after Waivers and Expenses, prior to Waivers excluding the taxes paid are 0.63% and 0.71%, respectively.

^(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

57

Financial Highlights–(continued)

Invesco Dynamic Food & Beverage ETF (PBJ)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	34.21		$	32.81		$	33.75		$	32.31		$	31.45
Net investment income(a)		0.41			0.34			0.41			0.33			0.39
Net realized and unrealized gain (loss) on investments		(3.81	)		1.39			(0.99	)		1.61			0.88
Total from investment operations		(3.40	)		1.73			(0.58	)		1.94			1.27
Distributions to shareholders from:
Net investment income		(0.45	)		(0.33	)		(0.36	)		(0.50	)		(0.41	)
Net asset value at end of year	$	30.36		$	34.21		$	32.81		$	33.75		$	32.31
Market price at end of year(b)	$	30.38		$	34.19		$	32.76		$	33.74		$	32.30
Net Asset Value Total Return(c)		(10.00	)%		5.37	%		(1.70	)%		6.03	%		4.06	%
Market Price Total Return(c)		(9.90	)%		5.47	%		(1.82	)%		6.03	%		4.10	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	63,746		$	71,831		$	78,732		$	146,821		$	300,455
Ratio to average net assets of:
Expenses, after Waivers		0.64	%(d)		0.63	%		0.63	%		0.59	%		0.58	%
Expenses, prior to Waivers		0.64	%(d)		0.65	%		0.65	%		0.59	%		0.58	%
Net investment income		1.23	%(d)		1.05	%		1.25	%		0.99	%		1.21	%
Portfolio turnover rate(e)		136	%		122	%		147	%		145	%		109	%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	44.80		$	44.89		$	42.00		$	35.69		$	36.40
Net investment income(a)		0.18			0.19			0.41			0.31			0.11
Net realized and unrealized gain (loss) on investments		(17.35	)		(0.05	)		2.86			6.26			(0.74	)
Total from investment operations		(17.17	)		0.14			3.27			6.57			(0.63	)
Distributions to shareholders from:
Net investment income		(0.24	)		(0.23	)		(0.38	)		(0.26	)		(0.08	)
Net asset value at end of year	$	27.39		$	44.80		$	44.89		$	42.00		$	35.69
Market price at end of year(b)	$	27.48		$	44.78		$	44.96		$	42.00		$	35.68
Net Asset Value Total Return(c)		(38.42	)%		0.33	%		7.84	%		18.52	%		(1.73	)%
Market Price Total Return(c)		(38.19	)%		0.12	%		8.01	%		18.55	%		(1.73	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	135,590		$	67,201		$	116,724		$	144,902		$	142,754
Ratio to average net assets of:
Expenses, after Waivers		0.64	%(d)		0.63	%		0.63	%		0.61	%		0.61	%
Expenses, prior to Waivers		0.70	%(d)		0.63	%		0.65	%		0.61	%		0.61	%
Net investment income		0.47	%(d)		0.42	%		0.97	%		0.83	%		0.29	%
Portfolio turnover rate(e)		163	%		207	%		177	%		183	%		136	%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

58

Financial Highlights–(continued)

Invesco Dynamic Media ETF (PBS)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	34.65		$	29.14		$	27.97		$	25.13		$	26.73
Net investment income(a)		0.12			0.16			0.15			0.06			0.07
Net realized and unrealized gain (loss) on investments		(6.75	)		5.58			1.14			2.82			(1.45	)
Total from investment operations		(6.63	)		5.74			1.29			2.88			(1.38	)
Distributions to shareholders from:
Net investment income		(0.14	)		(0.23	)		(0.12	)		(0.04	)		(0.22	)
Net asset value at end of year	$	27.88		$	34.65		$	29.14		$	27.97		$	25.13
Market price at end of year(b)	$	27.85		$	34.65		$	29.16		$	27.98		$	25.12
Net Asset Value Total Return(c)		(19.20	)%		19.81	%		4.64	%		11.49	%		(5.18	)%
Market Price Total Return(c)		(19.28	)%		19.73	%		4.67	%		11.57	%		(5.18	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	30,668		$	88,348		$	48,080		$	148,230		$	90,461
Ratio to average net assets of:
Expenses, after Waivers		0.64	%(d)		0.63	%		0.63	%		0.63	%		0.61	%
Expenses, prior to Waivers		0.67	%(d)		0.67	%		0.68	%		0.63	%		0.61	%
Net investment income		0.36	%(d)		0.49	%		0.53	%		0.21	%		0.26	%
Portfolio turnover rate(e)		146	%		103	%		150	%		103	%		124	%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco Dynamic Networking ETF (PXQ)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	63.16		$	50.08		$	43.58		$	33.65		$	36.65
Net investment income(a)		0.10			0.66			0.18			0.21			0.15
Net realized and unrealized gain (loss) on investments		(5.51	)		13.13			6.62			9.90			(3.15	)
Total from investment operations		(5.41	)		13.79			6.80			10.11			(3.00	)
Distributions to shareholders from:
Net investment income		(0.16	)		(0.71	)		(0.30	)		(0.18	)		-
Net asset value at end of year	$	57.59		$	63.16		$	50.08		$	43.58		$	33.65
Market price at end of year(b)	$	57.51		$	63.14		$	50.10		$	43.59		$	33.65
Net Asset Value Total Return(c)		(8.56	)%		27.90	%		15.70	%		30.19	%		(8.19	)%
Market Price Total Return(c)		(8.66	)%		27.81	%		15.73	%		30.22	%		(8.16	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	46,070		$	101,051		$	60,091		$	26,145		$	20,189
Ratio to average net assets of:
Expenses, after Waivers		0.64	%(d)		0.63	%		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.65	%(d)		0.64	%		0.83	%		0.89	%		0.88	%
Net investment income		0.17	%(d)		1.21	%		0.39	%		0.55	%		0.42	%
Portfolio turnover rate(e)		99	%		98	%		79	%		97	%		87	%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

59

Financial Highlights–(continued)

Invesco Dynamic Oil & Gas Services ETF (PXJ)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	6.87		$	9.70		$	10.70		$	13.20		$	18.91
Net investment income(a)		0.07			0.04			0.27	(b)		0.06			0.20
Net realized and unrealized gain (loss) on investments		(4.47	)		(2.81	)		(1.01	)		(2.41	)		(5.69	)
Total from investment operations		(4.40	)		(2.77	)		(0.74	)		(2.35	)		(5.49	)
Distributions to shareholders from:
Net investment income		(0.08	)		(0.06	)		(0.26	)		(0.08	)		(0.22	)
Return of capital		-			-			-			(0.07	)		-
Total distributions		(0.08	)		(0.06	)		(0.26	)		(0.15	)		(0.22	)
Net asset value at end of year	$	2.39		$	6.87		$	9.70		$	10.70		$	13.20
Market price at end of year(c)	$	2.40		$	6.87		$	9.70		$	10.70		$	13.19
Net Asset Value Total Return(d)		(63.87	)%		(28.69	)%		(6.71	)%		(17.99	)%		(29.06	)%
Market Price Total Return(d)		(63.72	)%		(28.69	)%		(6.72	)%		(17.92	)%		(29.15	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	5,971		$	17,519		$	37,827		$	33,174		$	45,534
Ratio to average net assets of:
Expenses, after Waivers		0.67	%(e)		0.63	%		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers		1.09	%(e)		0.83	%		0.86	%		0.75	%		0.72	%
Net investment income		1.51	%(e)		0.48	%		2.90	%(b)		0.47	%		1.46	%
Portfolio turnover rate(f)		82	%		81	%		91	%		90	%		89	%

^(a) Based on average shares outstanding.

^(b) Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.06 and 0.61%, respectively.

^(c) The mean between the last bid and ask prices.

^(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e) Ratios include non-recurring costs associated with a proxy statement of 0.04%.

^(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

60

Financial Highlights–(continued)

Invesco Dynamic Pharmaceuticals ETF (PJP)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	62.65		$	61.49		$	60.71		$	62.16		$	74.40
Net investment income(a)		0.55			0.69			0.43			0.48			0.41
Net realized and unrealized gain (loss) on investments		(0.08	)		1.17			0.79			(1.40	)		(8.81	)
Total from investment operations		0.47			1.86			1.22			(0.92	)		(8.40	)
Distributions to shareholders from:
Net investment income		(0.58	)		(0.70	)		(0.44	)		(0.53	)		(0.39	)
Net realized gains		-			-			-			-			(3.45	)
Total distributions		(0.58	)		(0.70	)		(0.44	)		(0.53	)		(3.84	)
Net asset value at end of year	$	62.54		$	62.65		$	61.49		$	60.71		$	62.16
Market price at end of year(b)	$	62.49		$	62.64		$	61.53		$	60.71		$	62.14
Net Asset Value Total Return(c)		0.83	%		3.02	%		1.99	%		(1.47	)%		(11.86	)%
Market Price Total Return(c)		0.77	%		2.94	%		2.05	%		(1.44	)%		(11.83	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	356,497		$	416,591		$	525,754		$	764,908		$	1,168,526
Ratio to average net assets of:
Expenses, after Waivers		0.56	%		0.56	%		0.57	%		0.56	%		0.57	%
Expenses, prior to Waivers		0.56	%		0.56	%		0.57	%		0.56	%		0.57	%
Net investment income		0.92	%		1.03	%		0.68	%		0.79	%		0.58	%
Portfolio turnover rate(d)		63	%		81	%		98	%		26	%		26	%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

61

Financial Highlights–(continued)

Invesco Dynamic Semiconductors ETF (PSI)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	58.09		$	48.91		$	42.47		$	24.50		$	26.30
Net investment income(a)		0.29			0.38			0.14			0.19			0.10
Net realized and unrealized gain (loss) on investments		5.60			9.19			6.41			18.02			(1.86	)
Total from investment operations		5.89			9.57			6.55			18.21			(1.76	)
Distributions to shareholders from:
Net investment income		(0.38	)		(0.39	)		(0.11	)		(0.24	)		(0.04	)
Net asset value at end of year	$	63.60		$	58.09		$	48.91		$	42.47		$	24.50
Market price at end of year(b)	$	63.71		$	58.04		$	48.94		$	42.51		$	24.48
Net Asset Value Total Return(c)		10.23	%		19.71	%		15.42	%		74.65	%		(6.69	)%
Market Price Total Return(c)		10.51	%		19.53	%		15.38	%		74.96	%		(6.80	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	228,946		$	200,423		$	315,455		$	235,699		$	48,999
Ratio to average net assets of:
Expenses, after Waivers		0.57	%		0.58	%		0.61	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.57	%		0.58	%		0.61	%		0.63	%		0.68	%
Net investment income		0.49	%		0.73	%		0.29	%		0.55	%		0.38	%
Portfolio turnover rate(d)		94	%		98	%		65	%		62	%		104	%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco Dynamic Software ETF (PSJ)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	96.10		$	70.81		$	53.44		$	42.20		$	42.47
Net investment income (loss)(a)		0.03			(0.22	)		(0.27	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments		2.83			25.51			17.64			11.30			(0.13	)
Total from investment operations		2.86			25.29			17.37			11.25			(0.21	)
Distributions to shareholders from:
Net investment income		(0.11	)		-			-			(0.01	)		(0.06	)
Net asset value at end of year	$	98.85		$	96.10		$	70.81		$	53.44		$	42.20
Market price at end of year(b)	$	98.80		$	96.13		$	70.90		$	53.39		$	42.21
Net Asset Value Total Return(c)		2.99	%		35.71	%		32.51	%		26.67	%		(0.50	)%
Market Price Total Return(c)		2.91	%		35.58	%		32.80	%		26.52	%		(0.50	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	400,339		$	437,243		$	155,784		$	101,545		$	73,847
Ratio to average net assets of:
Expenses, after Waivers		0.56	%		0.58	%		0.63	%		0.63	%		0.63	%
Expenses, prior to Waivers		0.56	%		0.58	%		0.63	%		0.64	%		0.66	%
Net investment income (loss)		0.03	%		(0.27	)%		(0.42	)%		(0.11	)%		(0.19	)%
Portfolio turnover rate(d)		190	%		157	%		145	%		154	%		154	%

^(a) Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

62

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2020

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco Dynamic Biotechnology & Genome ETF (PBE)	“Dynamic Biotechnology & Genome ETF”
Invesco Dynamic Building & Construction ETF (PKB)	“Dynamic Building & Construction ETF”
Invesco Dynamic Energy Exploration & Production ETF (PXE)	“Dynamic Energy Exploration & Production ETF”
Invesco Dynamic Food & Beverage ETF (PBJ)	“Dynamic Food & Beverage ETF”
Invesco Dynamic Leisure and Entertainment ETF (PEJ)	“Dynamic Leisure and Entertainment ETF”
Invesco Dynamic Media ETF (PBS)	“Dynamic Media ETF”
Invesco Dynamic Networking ETF (PXQ)	“Dynamic Networking ETF”
Invesco Dynamic Oil & Gas Services ETF (PXJ)	“Dynamic Oil & Gas Services ETF”
Invesco Dynamic Pharmaceuticals ETF (PJP)	“Dynamic Pharmaceuticals ETF”
Invesco Dynamic Semiconductors ETF (PSI)	“Dynamic Semiconductors ETF”
Invesco Dynamic Software ETF (PSJ)	“Dynamic Software ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
Dynamic Biotechnology & Genome ETF	Dynamic Biotech & Genome IntellidexSM Index
Dynamic Building & Construction ETF	Dynamic Building & Construction IntellidexSM Index
Dynamic Energy Exploration & Production ETF	Dynamic Energy Exploration & Production IntellidexSM Index
Dynamic Food & Beverage ETF	Dynamic Food & Beverage IntellidexSM Index
Dynamic Leisure and Entertainment ETF	Dynamic Leisure & Entertainment IntellidexSM Index
Dynamic Media ETF	Dynamic Media IntellidexSM Index
Dynamic Networking ETF	Dynamic Networking IntellidexSM Index
Dynamic Oil & Gas Services ETF	Dynamic Oil Services IntellidexSM Index
Dynamic Pharmaceuticals ETF	Dynamic Pharmaceutical IntellidexSM Index
Dynamic Semiconductors ETF	Dynamic Semiconductor IntellidexSM Index
Dynamic Software ETF	Dynamic Software IntellidexSM Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A.   Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day.

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Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have

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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 each 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 each Fund and no other AP is able to step forward to create or redeem Creation Units, 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 each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. 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 each 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. 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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Market Risk. Securities in the Underlying Index 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 Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Each 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which 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. These securities may

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have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the

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Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2022. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Dynamic Biotechnology & Genome ETF, Dynamic Building & Construction ETF Dynamic Food & Beverage ETF, Dynamic Pharmaceuticals ETF, Dynamic Semiconductors ETF and Dynamic Software ETF.

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to

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the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Dynamic Biotechnology & Genome ETF	$	388
Dynamic Building & Construction ETF		300
Dynamic Energy Exploration & Production ETF		55,956
Dynamic Food & Beverage ETF		247
Dynamic Leisure and Entertainment ETF		31,386
Dynamic Media ETF		14,458
Dynamic Networking ETF		9,149
Dynamic Oil & Gas Services ETF		48,044
Dynamic Pharmaceuticals ETF		1,537
Dynamic Semiconductors ETF		433
Dynamic Software ETF		440

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2020 are as follows:

	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/21		4/30/22		4/30/23
Dynamic Energy Exploration & Production ETF		$120,540		$57,701		$7,050		$55,789
Dynamic Food & Beverage ETF		34,799		18,790		16,009		-
Dynamic Leisure and Entertainment ETF		31,135		-		-		31,135
Dynamic Media ETF		75,851		36,982		24,608		14,261
Dynamic Networking ETF		84,597		65,560		10,092		8,945
Dynamic Oil & Gas Services ETF		177,861		76,492		53,533		47,836

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with ICE Data Indices, LLC (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

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For the fiscal year ended April 30, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gains (Losses)
Dynamic Biotechnology & Genome ETF		$14,017,525		$34,542,342		$(3,051,360	)
Dynamic Building & Construction ETF		-		2,992,963		48,640
Dynamic Energy Exploration & Production ETF		11,899		-		-
Dynamic Food & Beverage ETF		880,511		961,535		64,972
Dynamic Leisure and Entertainment ETF		-		1,830,624		(285,194	)
Dynamic Media ETF		141,641		8,922		299
Dynamic Networking ETF		71,192		635,270		61,276
Dynamic Pharmaceuticals ETF		12,060,047		3,370,023		198,604
Dynamic Semiconductors ETF		697,297		1,680,833		(50,533	)
Dynamic Software ETF		1,012,311		5,306,539		523,347

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3		Total
Dynamic Biotechnology & Genome ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	220,833,012		$	-		$-		$	220,833,012
Money Market Funds			2,626			6,405,928		-			6,408,554
Total Investments		$	220,835,638		$	6,405,928		$-		$	227,241,566
Dynamic Energy Exploration & Production ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	16,680,715		$	-		$-		$	16,680,715
Money Market Funds			106,816			3,284,808		-			3,391,624
Total Investments		$	16,787,531		$	3,284,808		$-		$	20,072,339
Dynamic Food & Beverage ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	63,751,511		$	-		$-		$	63,751,511
Money Market Funds			99,354			304,437		-			403,791
Total Investments		$	63,850,865		$	304,437		$-		$	64,155,302
Dynamic Leisure and Entertainment ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	135,607,096		$	-		$-		$	135,607,096
Money Market Funds			121,538			5,113,813		-			5,235,351
Total Investments		$	135,728,634		$	5,113,813		$-		$	140,842,447

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	Level 1			Level 2			Level 3		Total
Dynamic Media ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	30,528,773		$	-		$-		$	30,528,773
Money Market Funds			105,640			4,547,956		-			4,653,596
Total Investments		$	30,634,413		$	4,547,956		$-		$	35,182,369
Dynamic Networking ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	46,073,493		$	-		$-		$	46,073,493
Money Market Funds			-			1,998,897		-			1,998,897
Total Investments		$	46,073,493		$	1,998,897		$-		$	48,072,390
Dynamic Oil & Gas Services ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	5,964,771		$	-		$-		$	5,964,771
Money Market Funds			116,865			693,740		-			810,605
Total Investments		$	6,081,636		$	693,740		$-		$	6,775,376
Dynamic Pharmaceuticals ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	356,545,211		$	-		$-		$	356,545,211
Money Market Funds			-			8,293,767		-			8,293,767
Total Investments		$	356,545,211		$	8,293,767		$-		$	364,838,978
Dynamic Semiconductors ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	228,782,639		$	-		$-		$	228,782,639
Money Market Funds			396,362			567,334		-			963,696
Total Investments		$	229,179,001		$	567,334		$-		$	229,746,335
Dynamic Software ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	400,363,917		$	-		$-		$	400,363,917
Money Market Funds			144,610			3,593,790		-			3,738,400
Total Investments		$	400,508,527		$	3,593,790		$-		$	404,102,317

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2020 and 2019:

	2020		2019
	Ordinary Income		Ordinary Income
Dynamic Biotechnology & Genome ETF	$	123,165	$	11,178
Dynamic Building & Construction ETF		481,809		854,627
Dynamic Energy Exploration & Production ETF		505,197		706,116
Dynamic Food & Beverage ETF		932,756		759,871
Dynamic Leisure and Entertainment ETF		332,937		634,213
Dynamic Media ETF		217,169		415,501
Dynamic Networking ETF		172,521		851,255
Dynamic Oil & Gas Services ETF		179,231		193,273
Dynamic Pharmaceuticals ETF		3,496,032		5,380,286
Dynamic Semiconductors ETF		1,250,725		1,907,533
Dynamic Software ETF		498,339		-

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Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Dynamic Biotechnology & Genome ETF		$	-		$	(45,203	)		$	10,345,082			$	(224,172,745	)		$	434,484,092		$	220,611,226
Dynamic Building & Construction ETF			21,799			(30,247	)			(14,268,951	)			(70,388,085	)			154,418,897			69,753,413
Dynamic Energy Exploration & Production ETF			367,736			(31,554	)			(9,030,102	)			(121,581,541	)			146,968,125			16,692,664
Dynamic Food & Beverage ETF			76,949			(36,994	)			(1,368,813	)			(81,261,529	)			146,336,248			63,745,861
Dynamic Leisure and Entertainment ETF			-			(31,126	)			(8,064,488	)			(75,955,831	)			219,640,987			135,589,542
Dynamic Media ETF			-			(32,657	)			(2,919,849	)			(84,711,441	)			118,331,687			30,667,740
Dynamic Networking ETF			7,793			(27,111	)			2,338,465				(44,782,507	)			88,532,938			46,069,578
Dynamic Oil & Gas Services ETF			-			(59,691	)			(8,718,899	)			(101,610,360	)			116,359,605			5,970,655
Dynamic Pharmaceuticals ETF			399,826			(71,268	)			30,115,846				(426,342,229	)			752,395,243			356,497,418
Dynamic Semiconductors ETF			-			(29,286	)			28,931,877				(42,758,957	)			242,802,765			228,946,399
Dynamic Software ETF			-			(29,828	)			16,691,264				(43,223,285	)			426,901,195			400,339,346

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of April 30, 2020:

	No expiration
	Short-Term		Long-Term		Total*
Dynamic Biotechnology & Genome ETF	$	196,158,095	$	28,014,650	$	224,172,745
Dynamic Building & Construction ETF		61,591,341		8,796,744		70,388,085
Dynamic Energy Exploration & Production ETF		88,627,435		32,954,106		121,581,541
Dynamic Food & Beverage ETF		71,464,519		9,797,010		81,261,529
Dynamic Leisure and Entertainment ETF		74,287,611		1,668,220		75,955,831
Dynamic Media ETF		81,857,354		2,854,087		84,711,441
Dynamic Networking ETF		34,669,195		10,113,312		44,782,507
Dynamic Oil & Gas Services ETF		56,751,317		44,859,043		101,610,360
Dynamic Pharmaceuticals ETF		174,337,472		252,004,757		426,342,229
Dynamic Semiconductors ETF		42,758,957		-		42,758,957
Dynamic Software ETF		42,451,161		772,124		43,223,285

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Dynamic Biotechnology & Genome ETF	$	575,232,131	$	573,159,983
Dynamic Building & Construction ETF		145,241,682		145,796,479
Dynamic Energy Exploration & Production ETF		32,731,663		32,900,140
Dynamic Food & Beverage ETF		94,155,135		93,774,194
Dynamic Leisure and Entertainment ETF		96,593,994		96,119,953
Dynamic Media ETF		78,807,263		78,765,886
Dynamic Networking ETF		62,518,988		61,901,500
Dynamic Oil & Gas Services ETF		9,476,466		9,471,042
Dynamic Pharmaceuticals ETF		231,728,861		231,400,208
Dynamic Semiconductors ETF		192,778,145		189,954,570
Dynamic Software ETF		915,335,875		899,096,077

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For the fiscal year ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
Dynamic Biotechnology & Genome ETF	$	181,963,920	$	213,648,998
Dynamic Building & Construction ETF		84,814,691		121,375,832
Dynamic Energy Exploration & Production ETF		3,591,737		10,363,100
Dynamic Food & Beverage ETF		38,920,310		39,770,770
Dynamic Leisure and Entertainment ETF		148,946,596		66,799,799
Dynamic Media ETF		21,267,544		67,853,578
Dynamic Networking ETF		25,530,646		73,280,037
Dynamic Oil & Gas Services ETF		912,028		1,550,624
Dynamic Pharmaceuticals ETF		123,269,555		177,141,615
Dynamic Semiconductors ETF		121,477,884		107,460,249
Dynamic Software ETF		548,820,578		594,527,201

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation			Gross Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)				Cost
Dynamic Biotechnology & Genome ETF		$	21,492,325		$	(11,147,243	)		$	10,345,082			$	216,896,484
Dynamic Building & Construction ETF			481,770			(14,750,721	)			(14,268,951	)			84,159,309
Dynamic Energy Exploration & Production ETF			1,018,151			(10,048,253	)			(9,030,102	)			29,102,441
Dynamic Food & Beverage ETF			3,359,039			(4,727,852	)			(1,368,813	)			65,524,115
Dynamic Leisure and Entertainment ETF			2,475,519			(10,540,007	)			(8,064,488	)			148,906,935
Dynamic Media ETF			2,245,175			(5,165,024	)			(2,919,849	)			38,102,218
Dynamic Networking ETF			4,967,155			(2,628,690	)			2,338,465				45,733,925
Dynamic Oil & Gas Services ETF			112,000			(8,830,899	)			(8,718,899	)			15,494,275
Dynamic Pharmaceuticals ETF			52,421,899			(22,306,053	)			30,115,846				334,723,132
Dynamic Semiconductors ETF			33,240,792			(4,308,915	)			28,931,877				200,814,458
Dynamic Software ETF			41,257,453			(24,566,189	)			16,691,264				387,411,053

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, partnership reclasses and taxable overdistribution to Shares of Beneficial Interest, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Dynamic Biotechnology & Genome ETF		$	506,907		$	(29,984,558	)		$	29,477,651
Dynamic Building & Construction ETF			-			(13,398,620	)			13,398,620
Dynamic Energy Exploration & Production ETF			350,151			88,403				(438,554	)
Dynamic Food & Beverage ETF			-			(4,648,002	)			4,648,002
Dynamic Leisure and Entertainment ETF			91,412			(5,404,655	)			5,313,243
Dynamic Media ETF			29,316			(4,931,967	)			4,902,651
Dynamic Networking ETF			-			(11,374,609	)			11,374,609
Dynamic Oil & Gas Services ETF			104,695			520,881				(625,576	)
Dynamic Pharmaceuticals ETF			-			(25,130,903	)			25,130,903
Dynamic Semiconductors ETF			85,704			(14,869,047	)			14,783,343
Dynamic Software ETF			511,936			(53,002,581	)			52,490,645

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NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

73

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF and Invesco Dynamic Software ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF and Invesco Dynamic Software ETF (eleven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations for the year ended April 30, 2020, the statements of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2020, and each of the financial highlights for each of the five years in the period ended April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 29, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

74

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2019			Ending Account Value April 30, 2020			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Dynamic Biotechnology & Genome ETF (PBE)
Actual		$	1,000.00		$	1,042.10		0.56	%		$	2.84
Hypothetical (5% return before expenses)			1,000.00			1,022.08		0.56				2.82
Invesco Dynamic Building & Construction ETF (PKB)
Actual			1,000.00			772.20		0.54				2.38
Hypothetical (5% return before expenses)			1,000.00			1,022.18		0.54				2.72
Invesco Dynamic Energy Exploration & Production ETF (PXE)
Actual			1,000.00			701.00		0.60				2.54
Hypothetical (5% return before expenses)			1,000.00			1,021.88		0.60				3.02
Invesco Dynamic Food & Beverage ETF (PBJ)
Actual			1,000.00			903.60		0.62				2.93
Hypothetical (5% return before expenses)			1,000.00			1,021.78		0.62				3.12
Invesco Dynamic Leisure and Entertainment ETF (PEJ)
Actual			1,000.00			651.40		0.62				2.55
Hypothetical (5% return before expenses)			1,000.00			1,021.78		0.62				3.12
Invesco Dynamic Media ETF (PBS)
Actual			1,000.00			879.50		0.62				2.90
Hypothetical (5% return before expenses)			1,000.00			1,021.78		0.62				3.12
Invesco Dynamic Networking ETF (PXQ)
Actual			1,000.00			996.60		0.62				3.08
Hypothetical (5% return before expenses)			1,000.00			1,021.78		0.62				3.12

75

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value November 1, 2019			Ending Account Value April 30, 2020			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Dynamic Oil & Gas Services ETF (PXJ)
Actual		$	1,000.00		$	534.10		0.57	%		$	2.17
Hypothetical (5% return before expenses)			1,000.00			1,022.03		0.57				2.87
Invesco Dynamic Pharmaceuticals ETF (PJP)
Actual			1,000.00			1,052.00		0.54				2.76
Hypothetical (5% return before expenses)			1,000.00			1,022.18		0.54				2.72
Invesco Dynamic Semiconductors ETF (PSI)
Actual			1,000.00			1,040.90		0.54				2.74
Hypothetical (5% return before expenses)			1,000.00			1,022.18		0.54				2.72
Invesco Dynamic Software ETF (PSJ)
Actual			1,000.00			1,050.30		0.56				2.85
Hypothetical (5% return before expenses)			1,000.00			1,022.08		0.56				2.82

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2020:

	Qualified Dividend Income*			Dividends-Received Deduction*
Invesco Dynamic Biotechnology & Genome ETF		0	%		0	%
Invesco Dynamic Building & Construction ETF		100	%		100	%
Invesco Dynamic Energy Exploration & Production ETF		66	%		66	%
Invesco Dynamic Food & Beverage ETF		100	%		100	%
Invesco Dynamic Leisure and Entertainment ETF		100	%		100	%
Invesco Dynamic Media ETF		100	%		100	%
Invesco Dynamic Networking ETF		92	%		88	%
Invesco Dynamic Oil & Gas Services ETF		100	%		74	%
Invesco Dynamic Pharmaceuticals ETF		100	%		100	%
Invesco Dynamic Semiconductors ETF		100	%		100	%
Invesco Dynamic Software ETF		0	%		0	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

77

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	215	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	215	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	215	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	215	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	215	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	215	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	215	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	215	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	215	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	215	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary President and Principal Executive Officer	Since 2011 Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (May 2020-present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (June 2020-present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (June 2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

85

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

86

Approval of Investment Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 49 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco International Dividend Achievers^TM ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500^® Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration

87

Approval of Investment Advisory Contracts (continued)

statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF; Invesco S&P 100 Equal Weight ETF, Invesco S&P MidCap Quality ETF and Invesco S&P 500^® Quality ETF;

● 0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2022, as set forth below:

● 0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack Achievers^TM ETF, Invesco Cleantech^TM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF;

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF;

● 0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

● 0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

88

Approval of Investment Advisory Contracts (continued)

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500^® Quality ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF					X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X
Invesco DWA Energy Momentum ETF					X
Invesco DWA Financial Momentum ETF					X
Invesco DWA Healthcare Momentum ETF					X
Invesco DWA Industrials Momentum ETF					X
Invesco DWA Momentum ETF					X
Invesco DWA Technology Momentum ETF					X
Invesco DWA Utilities Momentum ETF					X
Invesco Dynamic Biotechnology & Genome ETF					X
Invesco Dynamic Building & Construction ETF					X
Invesco Dynamic Energy Exploration & Production ETF					X
Invesco Dynamic Food & Beverage ETF					X
Invesco Dynamic Large Cap Growth ETF					X
Invesco Dynamic Large Cap Value ETF					X
Invesco Dynamic Leisure and Entertainment ETF					X
Invesco Dynamic Market ETF					X
Invesco Dynamic Media ETF					X
Invesco Dynamic Networking ETF					X
Invesco Dynamic Oil & Gas Services ETF			N/A		X
Invesco Dynamic Pharmaceuticals ETF					X
Invesco Dynamic Semiconductors ETF					X
Invesco Dynamic Software ETF					X

89

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF		X				X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF		X		N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF						X
Invesco International Dividend AchieversTM ETF		X				X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X				X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF		X		X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

^*  The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted those Funds for which sub-license fees are included in the Funds’ Expense Caps.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF			X		X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X
Invesco DWA Energy Momentum ETF					X
Invesco DWA Financial Momentum ETF					X
Invesco DWA Healthcare Momentum ETF					X
Invesco DWA Industrials Momentum ETF					X

90

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco DWA Momentum ETF				X		X
Invesco DWA Technology Momentum ETF						X
Invesco DWA Utilities Momentum ETF						X
Invesco Dynamic Biotechnology & Genome ETF						X
Invesco Dynamic Building & Construction ETF						X
Invesco Dynamic Energy Exploration & Production ETF						X
Invesco Dynamic Food & Beverage ETF						X
Invesco Dynamic Large Cap Growth ETF						X
Invesco Dynamic Large Cap Value ETF						X
Invesco Dynamic Leisure and Entertainment ETF						X
Invesco Dynamic Market ETF						X
Invesco Dynamic Media ETF						X
Invesco Dynamic Networking ETF						X
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF						X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF				N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF				X		X
Invesco International Dividend AchieversTM ETF						X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X		X		X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF				X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

^*  The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Leisure and Entertainment

91

Approval of Investment Advisory Contracts (continued)

ETF, Invesco Dynamic Media ETF, Invesco Global Listed Private Equity ETF, Invesco S&P Spin-Off ETF, Invesco WilderHill Clean Energy ETF and Invesco Zacks Mid-Cap ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

92

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-7 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2020

RSP	Invesco S&P 500® Equal Weight ETF
EWCO	Invesco S&P 500® Equal Weight Communication Services ETF
RCD	Invesco S&P 500® Equal Weight Consumer Discretionary ETF
RHS	Invesco S&P 500® Equal Weight Consumer Staples ETF
RYE	Invesco S&P 500® Equal Weight Energy ETF
RYF	Invesco S&P 500® Equal Weight Financials ETF
RYH	Invesco S&P 500® Equal Weight Health Care ETF
RGI	Invesco S&P 500® Equal Weight Industrials ETF
RTM	Invesco S&P 500® Equal Weight Materials ETF
EWRE	Invesco S&P 500® Equal Weight Real Estate ETF
RYT	Invesco S&P 500® Equal Weight Technology ETF
RYU	Invesco S&P 500® Equal Weight Utilities ETF
EWMC	Invesco S&P MidCap 400® Equal Weight ETF
EWSC	Invesco S&P SmallCap 600® Equal Weight ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Liquidity Risk Management Program	34
S&P Equal Portfolios
Schedules of Investments
Invesco S&P 500® Equal Weight ETF (RSP)	35
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)	41
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)	42
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)	44
Invesco S&P 500® Equal Weight Energy ETF (RYE)	45
Invesco S&P 500® Equal Weight Financials ETF (RYF)	46
Invesco S&P 500® Equal Weight Health Care ETF (RYH)	48
Invesco S&P 500® Equal Weight Industrials ETF (RGI)	50
Invesco S&P 500® Equal Weight Materials ETF (RTM)	52
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)	54
Invesco S&P 500® Equal Weight Technology ETF (RYT)	55
Invesco S&P 500® Equal Weight Utilities ETF (RYU)	57
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)	58
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)	63
Statements of Assets and Liabilities	70
Statements of Operations	74
Statements of Changes in Net Assets	78
Financial Highlights	84
Notes to Financial Statements	97
Report of Independent Registered Public Accounting Firm	109
Fund Expenses	111
Tax Information	113
Trustees and Officers	114
Approval of Investment Advisory Contracts	123

2

The Market Environment

Domestic Equity

Although the S&P 500^® Index, considered representative of the US stock market, posted modest gains for the second quarter of 2019, US equities experienced increased volatility. After four consecutive months of rising stock prices, markets sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the US Federal Reserve (the “Fed”) cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. Cyclical sectors, where company performance tends to be closely linked to macroeconomic changes in the business cycle, were the hardest hit. At the close of the fiscal year in April, US unemployment numbers continued to climb, with over 30 million Americans seeking unemployment benefits since March 2020.³ In addition, the second gross domestic product estimate for the first quarter of 2020 saw the economy shrink by 5.0%, the sharpest drop since the 2008 financial crisis.²

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

³  Source: The Associated Press

3

RSP	Manager’s Analysis
	Invesco S&P 500® Equal Weight ETF (RSP)

As an index fund, the Invesco S&P 500^® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Index (the “Index”). The Fund will generally invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is an equal-weighted version of the S&P 500^® Index. Unlike the S&P 500^® Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (8.89)%. On a net asset value (“NAV”) basis, the Fund returned (8.98)%. During the same time period, the Index returned (8.92)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. Performance compared to the index was also positively impacted by cash held by the Fund in order to pay the March Fund distributions which also coincided with the market decline.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight to and the security selection in the information technology sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology sector. The consumer discretionary sector detracted most significantly from the Fund’s return followed by the energy and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Newmont Corp., a materials company (portfolio average weight of 0.22%), and Advanced Micro Devices, Inc., an information technology company (portfolio average weight of 0.24%). Positions that detracted most significantly from the Fund’s return during this period included Macy’s, Inc., a consumer discretionary company (no longer held at fiscal year-end) and Gap, Inc., a consumer discretionary company (portfolio average weight of 0.18%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Industrials	14.43
Information Technology	14.26
Financials	13.25
Consumer Discretionary	12.75
Health Care	11.60
Energy	6.23
Consumer Staples	6.22
Real Estate	6.06
Materials	5.61
Utilities	5.13
Communication Services	4.40
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Apache Corp.	0.30
Noble Energy, Inc.	0.27
Marathon Oil Corp.	0.27
Halliburton Co.	0.27
Diamondback Energy, Inc.	0.27
Devon Energy Corp.	0.26
Norwegian Cruise Line Holdings Ltd.	0.26
Alliance Data Systems Corp.	0.26
Hess Corp.	0.25
Carrier Global Corp.	0.25
Total	2.66

* Excluding money market fund holdings.

4

Invesco S&P 500^® Equal Weight ETF (RSP) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Index		(8.92	)%		3.91	%		12.19	%		5.52	%		30.79	%		10.39	%		168.64	%		10.29	%		429.85	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			9.28			352.50
Fund
NAV Return		(8.98	)		3.75			11.67			5.23			29.06			10.00			159.39			9.80			391.12
Market Price Return		(8.89	)		3.80			11.84			5.27			29.25			10.02			159.77			9.81			391.84

Guggenheim S&P 500^® Equal Weight ETF (the “Predecessor Fund”) Inception: April 24, 2003

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.20%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

5

EWCO	Manager’s Analysis
	Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)

As an index fund, the Invesco S&P 500^® Equal Weight Communication Services ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Communication Services Plus Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the communication services sector. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The communication services sector includes companies that facilitate communication or offer related content and information through various types of media and is comprised of companies from the following industries: diversified telecommunications services; wireless telecommunication services; media; entertainment; and interactive media & services.

Unlike the S&P 500^® Communication Services Index, which employs a market capitalization weighted methodology, the Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (8.92)%. On a net asset value (“NAV”) basis, the Fund returned (8.89)%. During the same time period, the Index returned (8.52)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the interactive home entertainment sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to the Fund having an overweight allocation to the broadcasting sub-industry.

For the fiscal year ended April 30, 2020, the interactive home entertainment sub-industry contributed most significantly to the Fund’s return, followed by the wireless telecommunication services sub-industry. The broadcasting sub-industry detracted most significantly from the Fund’s return followed by the interactive media & services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Activision Blizzard, Inc., an entertainment company (portfolio average weight of 4.70%), and Netflix, Inc., an entertainment company (portfolio average weight of 4.85%). Positions that detracted most significantly from the Fund’s return during this period included ViacomCBS, Inc., Class B, a media company (portfolio average weight of 3.85%), and TripAdvisor, Inc., an interactive media & services company (no longer held at fiscal year-end).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Media	41.50
Entertainment	26.78
Interactive Media & Services	14.36
Diversified Telecommunication Services	13.16
Wireless Telecommunication Services	4.24
Other Assets Less Liabilities	(0.04)
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2020
Security
Live Nation Entertainment, Inc.	5.14
Facebook, Inc., Class A	5.02
Interpublic Group of Cos., Inc. (The)	4.95
DISH Network Corp., Class A	4.88
ViacomCBS, Inc., Class B	4.80
Twitter, Inc.	4.72
Omnicom Group, Inc.	4.59
CenturyLink, Inc.	4.55
Walt Disney Co. (The)	4.46
Netflix, Inc.	4.36
Total	47.47

6

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
S&P 500® Equal Weight Communication Services Plus Index		(8.52	)%		(5.69	)%		(8.30	)%
S&P 500® Index		0.86			4.46			6.67
Fund
NAV Return		(8.89	)		(6.05	)		(8.82	)
Market Price Return		(8.92	)		(6.10	)		(8.89	)

Fund Inception: November 7, 2018

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

7

RCD	Manager’s Analysis
	Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)

As an index fund, the Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Consumer Discretionary Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the consumer discretionary sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The manufacturing segment of the consumer discretionary sector includes automotive, household durable goods, leisure equipment, and textiles and apparel, and the services segment of the consumer discretionary sector includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services.

Unlike the S&P 500^® Consumer Discretionary Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (22.64)%. On a net asset value (“NAV”) basis, the Fund returned (22.56)%. During the same time period, the Index returned (22.36)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which was offset partially from the Fund holding cash to pay distributions in March, which coincided with overall market declines.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the apparel, accessories & luxury goods sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s

underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the apparel, accessories & luxury goods sub-industry.

For the fiscal year ended April 30, 2020, the general merchandise stores sub-industry contributed most significantly to the Fund’s return, followed by the restaurants and home improvement retail sub-industries, respectively. The apparel, accessories & luxury goods sub-industry detracted most significantly from the Fund’s return, followed by the department stores and apparel retail sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Amazon.com, Inc., an internet & direct marketing retail company (portfolio average weight of 1.82%), and Chipotle Mexican Grill, Inc., a hotels, restaurants & leisure company (portfolio average weight of 1.75%). Positions that detracted most significantly from the Fund’s return during this period included Macy’s, Inc., a multiline retail company (no longer held at fiscal year-end), and Gap, Inc., a specialty retail company (portfolio average weight of 1.46%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Hotels, Restaurants & Leisure	21.95
Specialty Retail	21.70
Household Durables	15.09
Textiles, Apparel & Luxury Goods	12.69
Multiline Retail	7.43
Internet & Direct Marketing Retail	6.42
Automobiles	4.72
Distributors	3.50
Auto Components	3.25
Industry Types Each Less Than 3%	3.21
Money Market Funds Plus Other Assets Less Liabilities	0.04

8

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Norwegian Cruise Line Holdings Ltd.	2.01
Carnival Corp.	1.92
Royal Caribbean Cruises Ltd.	1.89
LKQ Corp.	1.89
Leggett & Platt, Inc.	1.84
MGM Resorts International	1.81
D.R. Horton, Inc.	1.79
Capri Holdings Ltd.	1.79
Lennar Corp., Class A	1.77
Darden Restaurants, Inc.	1.76
Total	18.47

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
S&P 500® Equal Weight Consumer Discretionary Index		(22.36	)%		(2.39	)%		(7.00	)%		0.11	%		0.53	%		8.50	%		126.07	%		6.40	%		130.90	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			183.03
Fund
NAV Return		(22.56	)		(2.70	)		(7.90	)		(0.24	)		(1.20	)		8.02			116.38			5.95			118.08
Market Price Return		(22.64	)		(2.77	)		(8.08	)		(0.22	)		(1.10	)		8.02			116.21			5.94			117.87

9

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD) (continued)

Guggenheim S&P 500^® Equal Weight Consumer Discretionary ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

10

RHS	Manager’s Analysis
	Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)

As an index fund, the Invesco S&P 500^® Equal Weight Consumer Staples ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Consumer Staples Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the consumer staples sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The consumer staples sector includes manufacturers and distributors of food, beverages and tobacco, producers of non-durable household goods and personal products, food and drug retailing companies and consumer super centers.

Unlike the S&P 500^® Consumer Staples Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 1.37%. On a net asset value (“NAV”) basis, the Fund returned 1.44%. During the same time period, the Index returned 1.78%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the packaged foods & meats sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight to and security selection in the packaged foods & meats sub-industry.

For the fiscal year ended April 30, 2020, the packaged foods & meats sub-industry contributed most significantly to the Fund’s return, followed by the hypermarkets & super centers and household products sub-industries, respectively. The personal products sub-industry detracted most significantly from the Fund’s return, followed by the brewers and tobacco sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Campbell Soup Co., a food products company (portfolio average weight of 3.10%), and Costco Wholesale Corp., a food & staples retailing company (portfolio average weight of 3.17%). Positions that detracted most significantly from the Fund’s return during this period included Coty Inc., Class A, a personal products company (portfolio average weight of 2.74%), and Molson Coors Beverage Co., Class B, a beverages company (portfolio average weight of 2.94%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Food Products	39.65
Beverages	18.06
Food & Staples Retailing	15.38
Household Products	14.87
Personal Products	6.08
Tobacco	5.95
Other Assets Less Liabilities	0.01
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2020
Security
Sysco Corp.	3.47
Kraft Heinz Co. (The)	3.21
Lamb Weston Holdings, Inc.	3.18
Estee Lauder Cos., Inc. (The), Class A	3.14
Constellation Brands, Inc., Class A	3.14
Kellogg Co.	3.13
McCormick & Co., Inc.	3.10
Archer-Daniels-Midland Co.	3.10
Tyson Foods, Inc., Class A	3.10
Conagra Brands, Inc.	3.09
Total	31.66

11

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
S&P 500® Equal Weight Consumer Staples Index		1.78	%		4.73	%		14.86	%		7.23	%		41.78	%		12.30	%		219.07	%		10.64	%		291.36	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			183.03
Fund
NAV Return		1.44			4.32			13.53			6.80			38.96			11.76			203.95			10.09			266.08
Market Price Return		1.37			4.28			13.38			6.81			39.03			11.64			200.74			10.09			266.04

Guggenheim S&P 500^® Equal Weight Consumer Staples ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

12

RYE	Manager’s Analysis
	Invesco S&P 500® Equal Weight Energy ETF (RYE)

As an index fund, the Invesco S&P 500^® Equal Weight Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the energy sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The energy sector includes companies operating in the exploration and production, refining and marketing, and storage and transportation of oil and gas and coal and consumable fuels, as well as companies that offer oil and gas equipment and services.

Unlike the S&P 500^® Energy Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (44.17)%. On a net asset value (“NAV”) basis, the Fund returned (44.18)%. During the same time period, the Index returned (44.10)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. Performance compared to the index was also positively impacted by cash held by the Fund in order to pay the March Fund distributions which also coincided with the market decline.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas exploration & production sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to the Fund being overweight in the oil & gas exploration & production and oil & gas equipment & services sub-industries.

For the fiscal year ended April 30, 2020, all sub-industries detracted from the Fund’s return. The oil & gas exploration & production sub-industry detracted most significantly from the Fund’s return, followed by the oil & gas equipment & services sub-industry.

The position that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 was the Cabot Oil & Gas Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.04%). Positions that detracted most significantly from the Fund’s return during this period included Apache Corp., an oil, gas & consumable fuels company (portfolio average weight of 3.48%) and ONEOK, Inc., an oil, gas & consumable fuels company (portfolio average weight of 3.54%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Oil, Gas & Consumable Fuels	78.77
Energy Equipment & Services	21.25
Money Market Funds Plus Other Assets Less Liabilities	(0.02)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Apache Corp.	4.78
Noble Energy, Inc.	4.38
Marathon Oil Corp.	4.36
Halliburton Co.	4.30
Diamondback Energy, Inc.	4.28
Devon Energy Corp.	4.19
Hess Corp.	4.04
Marathon Petroleum Corp.	3.91
Phillips 66	3.81
Valero Energy Corp.	3.80
Total	41.85

* Excluding money market fund holdings.

13

Invesco S&P 500^® Equal Weight Energy ETF (RYE) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Energy Index		(44.10	)%		(18.49	)%		(45.84	)%		(15.26	)%		(56.31	)%		(4.39	)%		(36.19	)%		(1.96	)%		(23.46	)%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			183.03
Fund
NAV Return		(44.18	)		(18.71	)		(46.28	)		(15.50	)		(56.93	)		(4.75	)		(38.50	)		(2.39	)		(27.86	)
Market Price Return		(44.17	)		(18.68	)		(46.23	)		(15.49	)		(56.89	)		(4.77	)		(38.66	)		(2.39	)		(27.83	)

Guggenheim S&P 500^® Equal Weight Energy ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

14

RYF	Manager’s Analysis
	Invesco S&P 500® Equal Weight Financials ETF (RYF)

As an index fund, the Invesco S&P 500^® Equal Weight Financials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Financials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the financials sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The financials sector includes companies involved in banking, thrifts and mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance, as well as financial exchanges and data and mortgage real estate investment trusts.

Unlike the S&P 500^® Financials Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (16.88)%. On a net asset value (“NAV”) basis, the Fund returned (17.09)%. During the same time period, the Index returned (16.87)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which was offset partially from the Fund holding cash to pay distributions in March, which coincided with overall market declines.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the regional banks sub-industry and most underweight the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be

attributed to the Fund being overweight in the regional banks sub-industry.

For the fiscal year ended April 30, 2020, the financial exchanges & data sub-industry was the only sub-industry that contributed to the Fund’s return. The regional banks sub-industry detracted most significantly from the Fund’s return, followed by the life & health insurance and property & casualty insurance sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included MarketAxess Holdings Inc., capital markets company (portfolio average weight of 1.39%) and MSCI Inc. Class A., a capital markets company (portfolio average weight of 1.69%). Positions that detracted most significantly from the Fund’s return during this period included Invesco Ltd., a capital markets company (portfolio average weight of 1.39%) and Franklin Resources, Inc., a capital markets company (portfolio average weight of 1.42%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Insurance	31.85
Capital Markets	31.36
Banks	28.41
Consumer Finance	6.87
Diversified Financial Services	1.43
Other Assets Less Liabilities	0.08
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2020
Security
Synchrony Financial	1.84
Discover Financial Services	1.78
Lincoln National Corp.	1.74
Principal Financial Group, Inc.	1.73
Capital One Financial Corp.	1.73
Comerica, Inc.	1.69
Franklin Resources, Inc.	1.68
Huntington Bancshares, Inc.	1.67
Regions Financial Corp.	1.64
Citizens Financial Group, Inc.	1.64
Total	17.14

15

Invesco S&P 500^® Equal Weight Financials ETF (RYF) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
S&P 500® Equal Weight Financials Index		(16.87	)%		0.42	%		1.26	%		5.20	%		28.83	%		8.98	%		136.37	%		2.91	%		47.25	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			183.03
Fund
NAV Return		(17.09	)		0.06			0.17			4.69			25.78			8.44			124.88			2.20			34.18
Market Price Return		(16.88	)		0.19			0.58			4.77			26.21			8.44			124.76			2.22			34.51

Guggenheim S&P 500^® Equal Weight Financials ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

16

RYH	Manager’s Analysis
	Invesco S&P 500® Equal Weight Health Care ETF (RYH)

As an index fund, the Invesco S&P 500^® Equal Weight Health Care ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Health Care Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the health care sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The health care sector includes health care providers and services,

companies that manufacture and distribute health care equipment and supplies, health care technology companies and companies involved in the research, development, production and marketing of pharmaceuticals and biotechnology products.

Unlike the S&P 500^® Health Care Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 11.42%. On a net asset value (“NAV”) basis, the Fund returned 11.27%. During the same time period, the Index returned 11.66%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care equipment sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the biotechnology and health care equipment sub-industries.

For the fiscal year ended April 30, 2020, the biotechnology sub-industry contributed most significantly to the Fund’s return, followed by the health care equipment and managed health care sub-industries, respectively. The health care supplies sub-industry detracted most significantly from the Fund’s return, followed by the health care facilities sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Regeneron Pharmaceuticals, Inc., a biotechnology company (portfolio average weight of 1.73%) and Vertex Pharmaceuticals, Inc., a biotechnology company (portfolio average weight of 1.73%). Positions that detracted most significantly from the Fund’s return during this period included Nektar Therapeutics, a pharmaceuticals company (no longer held at fiscal year-end) and Mylan N.V., a pharmaceuticals company (portfolio average weight of 1.55%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Health Care Equipment & Supplies	33.34
Health Care Providers & Services	25.29
Pharmaceuticals	15.03
Biotechnology	12.89
Life Sciences Tools & Services	11.82
Health Care Technology	1.65
Other Assets Less Liabilities	(0.02)
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2020
Security
Quest Diagnostics, Inc.	1.92
ABIOMED, Inc.	1.92
Hologic, Inc.	1.91
Align Technology, Inc.	1.85
Laboratory Corp. of America Holdings	1.85
IQVIA Holdings, Inc.	1.81
PerkinElmer, Inc.	1.80
Anthem, Inc.	1.75
IDEXX Laboratories, Inc.	1.74
Danaher Corp.	1.74
Total	18.29

17

Invesco S&P 500^® Equal Weight Health Care ETF (RYH) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Health Care Index		11.66	%		10.33	%		34.31	%		7.97	%		46.70	%		14.97	%		303.39	%		12.74	%		404.85	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			183.03
Fund
NAV Return		11.27			9.91			32.79			7.53			43.79			14.44			285.41			12.07			365.47
Market Price Return		11.42			9.96			32.94			7.57			44.01			14.47			286.22			12.08			366.15

Guggenheim S&P 500^® Equal Weight Health Care ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

18

RGI	Manager’s Analysis
	Invesco S&P 500® Equal Weight Industrials ETF (RGI)

As an index fund, the Invesco S&P 500^® Equal Weight Industrials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Industrials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the industrials sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The industrials sector includes manufacturers and distributors of

capital goods such as aerospace and defense, building projects, electrical equipment and machinery, companies that offer construction and engineering services, providers of commercial and professional services including printing, environmental and facilities services, office services and supplies, security and alarm services, human resource and employment services, research and consulting services and providers of transportation services.

Unlike the S&P 500^® Industrials Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (11.64)%. On a net asset value (“NAV”) basis, the Fund returned (11.70)%. During the same time period, the Index returned (11.47)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. Performance compared to the index was also positively impacted by cash held by the Fund in order to pay the March Fund distributions which also coincided with the market decline.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the aerospace & defense sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the airlines and aerospace & defense sub-industries.

For the fiscal year ended April 30, 2020, the trucking sub-industry contributed most significantly to the Fund’s return, followed by the trading companies & distributors sub-industry, respectively. The airlines sub-industry detracted most significantly from the Fund’s return, followed by the aerospace & defense sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Old Dominion Freight Line, Inc., a road & rail company (portfolio average weight of 0.65%) and IHS Markit Ltd, a professional services company (portfolio average weight of 1.51%). Positions that detracted most significantly from the Fund’s return during this period included American Airlines Group, Inc., an airlines company (portfolio average weight of 1.28%) and Boeing Co. (The), an aerospace & defense company (portfolio average weight of 1.28%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Machinery	25.57
Aerospace & Defense	13.13
Building Products	8.55
Road & Rail	8.19
Professional Services	7.07
Airlines	6.97
Commercial Services & Supplies	6.96
Electrical Equipment	5.82
Industrial Conglomerates	5.51
Air Freight & Logistics	5.20
Trading Companies & Distributors	4.30
Construction & Engineering	2.71
Money Market Funds Plus Other Assets Less Liabilities	0.02

19

Invesco S&P 500^® Equal Weight Industrials ETF (RGI) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Carrier Global Corp.	1.72
United Rentals, Inc.	1.64
Wabtec Corp.	1.54
Parker-Hannifin Corp.	1.53
Flowserve Corp.	1.52
Emerson Electric Co.	1.51
Rockwell Automation, Inc.	1.51
Howmet Aerospace, Inc.	1.50
Copart, Inc.	1.48
Nielsen Holdings PLC	1.48
Total	15.43

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
																						Average Annualized			Cumulative
S&P 500® Equal Weight Industrials Index		(11.47	)%		3.18	%		9.85	%		6.12	%		34.59	%		10.27	%		165.86	%		8.47	%		199.55	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			183.03
Fund
NAV Return		(11.70	)		2.79			8.62			5.71			32.01			9.79			154.47			7.95			180.89
Market Price Return		(11.64	)		2.84			8.77			5.73			32.13			9.75			153.55			7.95			180.98

20

Invesco S&P 500^® Equal Weight Industrials ETF (RGI) (continued)

Guggenheim S&P 500^® Equal Weight Industrials ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

21

RTM	Manager’s Analysis
	Invesco S&P 500® Equal Weight Materials ETF (RTM)

As an index fund, the Invesco S&P 500^® Equal Weight Materials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Materials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the materials sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The materials sector includes companies that manufacture

chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel.

Unlike the S&P 500^® Materials Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (10.58)%. On a net asset value (“NAV”) basis, the Fund returned (10.70)%. During the same time period, the Index returned (10.47)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. Performance compared to the index was also positively impacted by cash held by the Fund in order to pay the March Fund distributions which also coincided with the market decline.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the specialty chemicals sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be

attributed to the Fund being overweight in the fertilizers & agricultural chemicals and paper packaging sub-industries.

For the fiscal year ended April 30, 2020, the gold sub-industry contributed most significantly to the Fund’s return followed by the industrial gases sub-industry. The specialty chemicals sub-industry detracted most significantly from the Fund’s return, followed by the fertilizers & agricultural chemicals sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Newmont Corp., a metals & mining company (portfolio average weight of 4.03%) and Sherwin-Williams Co. (The), a chemicals company (portfolio average weight of 3.80%). Positions that detracted most significantly from the Fund’s return during this period included Mosaic Co. (The), a chemicals company (portfolio average weight of 3.33%) and Sealed Air Corp., a containers & packaging company (portfolio average weight of 3.42%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Chemicals	57.77
Containers & Packaging	24.49
Metals & Mining	10.89
Construction Materials	6.76
Money Market Funds Plus Other Assets Less Liabilities	0.09
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
DuPont de Nemours, Inc.	4.21
LyondellBasell Industries N.V., Class A	3.82
Nucor Corp.	3.80
Eastman Chemical Co.	3.78
Dow, Inc.	3.77
Ecolab, Inc.	3.72
International Paper Co.	3.70
FMC Corp.	3.67
Packaging Corp. of America	3.66
Celanese Corp.	3.65
Total	37.78

* Excluding money market fund holdings.    

22

Invesco S&P 500^® Equal Weight Materials ETF (RTM) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Materials Index		(10.47	)%		1.43	%		4.36	%		3.51	%		18.81	%		7.71	%		110.25	%		7.57	%		167.60	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			183.03
Fund
NAV Return		(10.70	)		1.07			3.24			3.08			16.37			7.23			100.96			6.95			147.72
Market Price Return		(10.58	)		1.15			3.49			3.18			16.95			7.22			100.83			6.96			148.08

Guggenheim S&P 500^® Equal Weight Materials ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

23

EWRE	Manager’s Analysis
	Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)

As an index fund, the Invesco S&P 500^® Equal Weight Real Estate ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the real estate sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The real estate sector includes companies operating in real estate

development and operation, offering real estate related services and equity real estate investment trusts.

Unlike the S&P 500^® Real Estate Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (9.71)%. On a net asset value (“NAV”) basis, the Fund returned (9.59)%. During the same time period, the Index returned (9.45)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. Performance compared to the Index was also positively impacted by cash held by the Fund in order to pay the March Fund distributions which also coincided with the market decline.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the specialized REIT sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be

attributed to the Fund being overweight in the retail REITs sub-industry.

For the fiscal year ended April 30, 2020, the specialized REITs sub-industry contributed most significantly to the Fund’s return, followed by the industrial REITs sub-industry. The retail REITs sub-industry detracted most significantly from the Fund’s return, followed by residential REITs and office REITs sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Equinix, Inc., an equity REITs company (portfolio average weight of 3.47%) and SBA Communications Corp., Class A, an equity REITs company (portfolio average weight of 3.51%). Positions that detracted most significantly from the Fund’s return during this period included Simon Property Group, Inc., an equity REITs company (portfolio average weight of 2.84%) and Federal Realty Investment Trust, an equity REITs company (portfolio average weight of 3.00%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Equity REITs	96.98
Real Estate Management & Development	3.08
Other Assets Less Liabilities	(0.06)
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2020
Security
Kimco Realty Corp.	3.90
Simon Property Group, Inc.	3.79
Regency Centers Corp.	3.62
Federal Realty Investment Trust	3.52
Weyerhaeuser Co.	3.47
Host Hotels & Resorts, Inc.	3.45
Realty Income Corp.	3.34
Welltower, Inc.	3.33
Vornado Realty Trust	3.32
SL Green Realty Corp.	3.30
Total	35.04

24

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

				3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year									Average Annualized			Cumulative
S&P 500® Equal Weight Real Estate Index		(9.45	)%		2.57	%		7.92	%		3.73	%		18.87	%
S&P 500® Index		0.86			9.04			29.66			9.57			53.89
Fund
NAV Return		(9.59	)		2.25			6.89			3.41			17.11
Market Price Return		(9.71	)		2.30			7.06			3.50			17.59

Guggenheim S&P 500^® Equal Weight Real Estate ETF (the “Predecessor Fund”) Inception: August 13, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

25

RYT	Manager’s Analysis
	Invesco S&P 500® Equal Weight Technology ETF (RYT)

As an index fund, the Invesco S&P 500^® Equal Weight Technology ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Information Technology Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the information technology sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The information technology sector includes companies that offer software and information technology services, manufacturers and distributors of technology hardware and equipment such as communications equipment, cellular phones, computers and peripherals, electronic equipment and related instruments and semiconductors.

Unlike the S&P 500^® Information Technology Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 2.91%. On a net asset value (“NAV”) basis, the Fund returned 2.73%. During the same time period, the Index returned 3.10%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductors sub-industry and most underweight in the interactive media & services sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be

attributed to the Fund being overweight in the semiconductors sub-industry.

For the fiscal year ended April 30, 2020, the semiconductors sub-industry contributed most significantly to the Fund’s return, followed by the application software and systems software sub-industries, respectively. The IT consulting & other services sub-industry detracted most significantly from the Fund’s return, followed by technology hardware storage & peripherals and communications equipment sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Advanced Micro Devices, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 1.66%) and NVIDIA Corp., a semiconductors & semiconductor equipment company (portfolio average weight of 1.61%). Positions that detracted most significantly from the Fund’s return during this period included DXC Technology Co., an IT services company (portfolio average weight of 1.18%) and Alliance Data Systems Corp., an IT services company (portfolio average weight of 1.21%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
IT Services	30.05
Semiconductors & Semiconductor Equipment	22.10
Software	19.49
Electronic Equipment, Instruments & Components	11.81
Technology Hardware, Storage & Peripherals	9.73
Communications Equipment	6.82
Money Market Funds Plus Other Assets Less Liabilities	(0.00)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Alliance Data Systems Corp.	1.79
FLIR Systems, Inc.	1.72
DXC Technology Co.	1.60
ServiceNow, Inc.	1.59
Paycom Software, Inc.	1.57
Qorvo, Inc.	1.54
Zebra Technologies Corp., Class A	1.54
F5 Networks, Inc.	1.52
Gartner, Inc.	1.52
PayPal Holdings, Inc.	1.49
Total	15.88

* Excluding money market fund holdings.

26

Invesco S&P 500^® Equal Weight Technology ETF (RYT) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
S&P 500® Equal Weight Information Technology Index		3.10	%		15.91	%		55.73	%		16.45	%		114.13	%		15.87	%		336.37	%		11.86	%		353.72	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			183.03
Fund
NAV Return		2.73			15.44			53.85			15.96			109.71			15.34			316.63			11.32			325.22
Market Price Return		2.91			15.48			54.02			16.01			110.13			15.36			317.36			11.33			325.87

Guggenheim S&P 500^® Equal Weight Technology ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

27

RYU	Manager’s Analysis
	Invesco S&P 500® Equal Weight Utilities ETF (RYU)

As an index fund, the Invesco S&P 500^® Equal Weight Utilities ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight Utilities Plus Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of common stocks of companies in the utilities sector of the S&P 500^® Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The utilities sector includes utility companies such as electric, gas and water utilities, independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources. In the event there are fewer than 22 securities of utilities companies eligible for inclusion in the Index at the quarterly rebalance, the Index will be supplemented with the largest utilities companies in the S&P MidCap 400^® Index based on float-adjusted market capitalization until the 22 security minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until at least the next quarterly rebalance.

Unlike the S&P 500^® Utilities Index, which employs a market capitalization weighted methodology, the Index is equal weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (2.04)%. On a net asset value (“NAV”) basis, the Fund returned (2.28)%. During the same time period, the Index returned (2.04)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as during the period. Performance compared to the index was also positively impacted by cash held by the Fund in order to pay the March Fund distributions which also coincided with the market decline.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an

equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electric utilities sub-industry and most underweight in the systems software sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the multi-utilities sub-industry.

For the fiscal year ended April 30, 2020, the water utilities sub-industry contributed most significantly to the Fund’s return. The multi-utilities sub-industry detracted most significantly from the Fund’s return over the fiscal year.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included NextEra Energy, Inc., an electric utilities company (portfolio average weight of 3.73%) and Southern Co. (The), an electric utilities company (portfolio average weight of 3.66%). Positions that detracted most significantly from the Fund’s return during this period included CenterPoint Energy, Inc., a multi-utilities company (portfolio average weight of 3.25%) and Exelon Corp., an electric utilities company (portfolio average weight of 3.44%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Electric Utilities	49.64
Multi-Utilities	35.53
Independent Power and Renewable Electricity Producers	7.81
Water Utilities	3.47
Gas Utilities	3.46
Other Assets Less Liabilities	0.09
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2020
Security
NRG Energy, Inc.	4.02
CenterPoint Energy, Inc.	3.87
AES Corp. (The)	3.79
Sempra Energy	3.74
Southern Co. (The)	3.71
DTE Energy Co.	3.68
Exelon Corp.	3.63
Pinnacle West Capital Corp.	3.62
PPL Corp.	3.62
American Electric Power Co., Inc.	3.62
Total	37.30

28

Invesco S&P 500^® Equal Weight Utilities ETF (RYU) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Equal Weight Utilities Plus Index		(2.04	)%		6.33	%		20.23	%		8.13	%		47.85	%		11.19	%		188.76	%		8.04	%		184.02	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			183.03
Fund
NAV Return		(2.28	)		5.96			18.97			7.73			45.07			10.69			176.11			7.53			166.55
Market Price Return		(2.04	)		6.00			19.10			7.79			45.54			10.66			175.41			7.55			167.08

Guggenheim S&P 500^® Equal Weight Utilities ETF (the “Predecessor Fund”) Inception: November 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

29

EWMC	Manager’s Analysis
	Invesco S&P MidCap 400® Equal Weight ETF (EWMC)

As an index fund, the Invesco S&P MidCap 400^® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of all of the components of the S&P MidCap 400^® Index that measures the mid-cap segment of the U.S. equity market. Such components include common stock of companies listed on certain U.S. exchanges and also may include equity interests in real estate investment trusts (“REITs”).

Unlike the S&P MidCap 400^® Index, which employs a market capitalization weighted methodology, the Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (18.60)%. On a net asset value (“NAV”) basis, the Fund returned (18.24)%. During the same time period, the Index returned (18.00)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which was offset partially from the Fund holding cash to pay distributions in March, which coincided with overall market declines.

During this same time period, the S&P MidCap 400^® Index (the “Benchmark Index”) returned (14.94)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the information technology sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight to and security selection in the health care sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included CNX Resources Corp., an energy company (portfolio average weight of 0.26%) and Cable One, Inc., a communication services company (portfolio average weight of 0.29%). Positions that detracted most significantly from the Fund’s return during this period included Chesapeake Energy Corp., an energy company (no longer held at fiscal year-end) and Resideo Technologies, Inc., an industrials company (portfolio average weight of 0.21%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Consumer Discretionary	16.37
Financials	15.95
Industrials	15.30
Information Technology	13.62
Real Estate	8.99
Health Care	8.68
Materials	7.26
Consumer Staples	4.05
Energy	4.03
Utilities	3.33
Communication Services	2.41
Money Market Funds Plus Other Assets Less Liabilities	0.01
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Matador Resources Co.	0.48
Patterson-UTI Energy, Inc.	0.42
Enphase Energy, Inc.	0.37
PBF Energy, Inc., Class A	0.35
Murphy Oil Corp.	0.35
Brinker International, Inc.	0.34
WPX Energy, Inc.	0.33
Fluor Corp.	0.33
Antero Midstream Corp.	0.31
Adient PLC	0.31
Total	3.59

* Excluding money market fund holdings.

30

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
																Average Annualized			Cumulative
Blended—S&P MidCap 400® Equal Weight Index		(18.00	)%		(1.94	)%		(5.70	)%		2.04	%		10.60	%		8.11	%		108.19	%
S&P MidCap 400® Index		(14.94	)		(0.03	)		(0.10	)		3.58			19.20			8.48			115.02
Fund
NAV Return		(18.24	)		(2.27	)		(6.67	)		1.61			8.33			7.67			100.37
Market Price Return		(18.60	)		(2.43	)		(7.10	)		1.54			7.96			7.62			99.51

Guggenheim S&P MidCap 400^® Equal Weight ETF (the “Predecessor Fund”) Inception: December 3, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities.

Blended Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P MidCap 400^® Equal Weight Index performance is comprised of the performance of the Russell MidCap Equal Weight Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

31

EWSC	Manager’s Analysis
	Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)

As an index fund, the Invesco S&P SmallCap 600^® Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Equal Weight Index (the “Index”). The Fund will generally invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of all of the components of the S&P SmallCap 600^® Index that measures the small-cap segment of the U.S. equity market. Such components include common stock of companies listed on certain U.S. exchanges and also may include equity interests in real estate investment trusts (“REITs”).

Unlike the S&P SmallCap 600^® Index, which employs a market capitalization weighted methodology, the Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (22.33)%. On a net asset value (“NAV”) basis, the Fund returned (22.17)%. During the same time period, the Index returned (21.93)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (19.60)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. small cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the industrials sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund having an overweight allocation to the energy sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology sector. The financials sector detracted most significantly from the Fund’s return, followed by the energy and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included OraSure Technologies, Inc., a health care company (portfolio average weight of 0.18%) and Stamps.com, Inc., a consumer discretionary company (portfolio average weight of 0.21%). Positions that detracted most significantly from the Fund’s return during this period included Whiting Petroleum Corp., an energy company (no longer held at fiscal year-end) and Diamond Offshore Drilling, Inc., an energy company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Consumer Discretionary	16.20
Industrials	15.29
Financials	15.27
Information Technology	12.49
Health Care	11.09
Energy	9.28
Real Estate	7.81
Materials	5.98
Consumer Staples	3.37
Sector Types Each Less Than 3%	3.25
Money Market Funds Plus Other Assets Less Liabilities	(0.03)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Gulfport Energy Corp.	0.53
QEP Resources, Inc.	0.47
Laredo Petroleum, Inc.	0.38
Oasis Petroleum, Inc.	0.38
SM Energy Co.	0.36
Callon Petroleum Co.	0.32
Denbury Resources, Inc.	0.29
TETRA Technologies, Inc.	0.29
HighPoint Resources Corp.	0.26
Talos Energy, Inc.	0.25
Total	3.53

* Excluding money market fund holdings.

32

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

Index	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
																Average Annualized			Cumulative
Blended—S&P SmallCap 600® Equal Weight Index		(21.93	)%		(3.57	)%		(10.34	)%		0.08	%		0.39	%		5.34	%		63.21	%
S&P SmallCap 600® Index		(19.60	)		(1.79	)		(5.27	)		3.37			18.01			8.64			117.99
Fund
NAV Return		(22.17	)		(3.88	)		(11.20	)		(0.33	)		(1.62	)		4.90			56.87
Market Price Return		(22.33	)		(4.18	)		(12.02	)		(0.37	)		(1.85	)		4.84			56.02

Guggenheim S&P SmallCap 600^® Equal Weight ETF (the “Predecessor Fund”) Inception: December 3, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.40%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities.

Blended Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P SmallCap 600^® Equal Weight Index performance is comprised of the performance of the Russell 2000^® Equal Weight Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

33

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

34

Invesco S&P 500^® Equal Weight ETF (RSP)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-4.40%
Activision Blizzard, Inc.		316,076		$	20,143,524
Alphabet, Inc., Class A(b)		8,315			11,197,811
Alphabet, Inc., Class C(b)		8,308			11,204,667
AT&T, Inc.		676,646			20,617,404
CenturyLink, Inc.		2,061,592			21,894,107
Charter Communications, Inc., Class A(b)		42,365			20,980,419
Comcast Corp., Class A		554,915			20,881,451
Discovery, Inc., Class A(b)(c)		325,173			7,290,379
Discovery, Inc., Class C(b)		689,704			14,076,859
DISH Network Corp., Class A(b)		938,345			23,472,700
Electronic Arts, Inc.(b)		183,604			20,978,593
Facebook, Inc., Class A(b)		117,926			24,140,631
Fox Corp., Class A		543,378			14,057,189
Fox Corp., Class B		248,879			6,361,347
Interpublic Group of Cos., Inc. (The)		1,403,158			23,825,623
Live Nation Entertainment, Inc.(b)		551,016			24,724,088
Netflix, Inc.(b)		49,968			20,979,065
News Corp., Class A		1,794,752			17,785,992
News Corp., Class B		562,486			5,748,607
Omnicom Group, Inc.		387,237			22,084,126
Take-Two Interactive Software, Inc.(b)		169,969			20,574,747
T-Mobile US, Inc.(b)		232,259			20,392,340
Twitter, Inc.(b)		791,430			22,698,212
Verizon Communications, Inc.		361,463			20,766,049
ViacomCBS, Inc., Class B		1,337,418			23,083,835
Walt Disney Co. (The)		198,178			21,432,951
					481,392,716
Consumer Discretionary-12.75%
Advance Auto Parts, Inc.		177,788			21,496,347
Amazon.com, Inc.(b)		8,920			22,068,080
Aptiv PLC		330,597			22,993,021
AutoZone, Inc.(b)		21,317			21,750,161
Best Buy Co., Inc.		300,159			23,031,200
Booking Holdings, Inc.(b)		14,376			21,284,674
BorgWarner, Inc.		783,228			22,376,824
Capri Holdings Ltd.(b)		1,634,291			24,922,938
CarMax, Inc.(b)		324,011			23,863,410
Carnival Corp.		1,682,440			26,750,796
Chipotle Mexican Grill, Inc.(b)		25,942			22,791,344
D.R. Horton, Inc.		529,868			25,020,367
Darden Restaurants, Inc.		333,554			24,612,950
Dollar General Corp.		116,042			20,342,163
Dollar Tree, Inc.(b)		258,540			20,597,882
eBay, Inc.		564,310			22,476,467
Expedia Group, Inc.		334,249			23,724,994
Ford Motor Co.		4,127,232			21,007,611
Gap, Inc. (The)		2,530,701			20,549,292
Garmin Ltd.		257,355			20,886,932
General Motors Co.		940,007			20,952,756
Genuine Parts Co.		283,082			22,442,741
H&R Block, Inc.		1,471,532			24,501,008
Hanesbrands, Inc.		2,294,396			22,806,296
Harley-Davidson, Inc.		1,092,054			23,839,539
Hasbro, Inc.		281,015			20,292,093
Hilton Worldwide Holdings, Inc.		279,436			21,156,100
Home Depot, Inc. (The)		100,912			22,183,485

	Shares		Value
Consumer Discretionary-(continued)
Kohl’s Corp.		1,143,484		$	21,108,715
L Brands, Inc.		1,533,476			18,233,030
Las Vegas Sands Corp.		449,522			21,586,046
Leggett & Platt, Inc.		731,451			25,695,874
Lennar Corp., Class A		492,236			24,646,257
LKQ Corp.(b)		1,009,394			26,395,653
Lowe’s Cos., Inc.		217,614			22,795,066
Marriott International, Inc., Class A		250,792			22,807,024
McDonald’s Corp.		113,546			21,296,688
MGM Resorts International		1,500,818			25,258,767
Mohawk Industries, Inc.(b)		265,460			23,286,151
Newell Brands, Inc.		1,643,184			22,807,394
NIKE, Inc., Class B		235,034			20,490,264
Nordstrom, Inc.(c)		1,124,004			21,108,795
Norwegian Cruise Line Holdings Ltd.(b)(c)		1,706,894			27,993,062
NVR, Inc.(b)		7,248			22,468,800
O’Reilly Automotive, Inc.(b)		56,571			21,855,640
PulteGroup, Inc.		828,027			23,408,323
PVH Corp.		470,837			23,179,306
Ralph Lauren Corp.		290,739			21,450,723
Ross Stores, Inc.		230,395			21,048,887
Royal Caribbean Cruises Ltd.		565,170			26,433,001
Starbucks Corp.		274,088			21,030,772
Tapestry, Inc.		1,388,396			20,659,332
Target Corp.		186,308			20,445,440
Tiffany & Co.		163,624			20,698,436
TJX Cos., Inc. (The)		424,915			20,842,081
Tractor Supply Co.		227,907			23,116,607
Ulta Beauty, Inc.(b)		98,056			21,368,364
Under Armour, Inc., Class A(b)		1,109,766			11,563,762
Under Armour, Inc., Class C(b)		1,147,369			10,636,111
VF Corp.		367,515			21,352,621
Whirlpool Corp.		200,626			22,417,949
Wynn Resorts Ltd.		269,335			23,036,223
Yum! Brands, Inc.		251,063			21,699,375
					1,394,942,010
Consumer Staples-6.22%
Altria Group, Inc.		517,300			20,304,025
Archer-Daniels-Midland Co.		568,190			21,102,577
Brown-Forman Corp., Class B		330,467			20,555,047
Campbell Soup Co.		419,847			20,983,953
Church & Dwight Co., Inc.		287,312			20,108,967
Clorox Co. (The)		109,375			20,391,875
Coca-Cola Co. (The)		439,692			20,177,466
Colgate-Palmolive Co.		287,827			20,225,603
Conagra Brands, Inc.		629,363			21,045,899
Constellation Brands, Inc., Class A		129,882			21,390,267
Costco Wholesale Corp.		66,603			20,180,709
Coty,Inc.,Class A		3,675,012			20,028,815
Estee Lauder Cos., Inc. (The), Class A		121,272			21,392,381
General Mills, Inc.		348,371			20,863,939
Hershey Co. (The)		144,326			19,113,092
Hormel Foods Corp.		418,468			19,605,226
JM Smucker Co. (The)		173,923			19,985,492
Kellogg Co.		324,993			21,287,041
Kimberly-Clark Corp.		149,049			20,640,306
Kraft Heinz Co. (The)		720,457			21,851,461

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

April 30, 2020

	Shares		Value
Consumer Staples-(continued)
Kroger Co. (The)		661,881		$	20,922,058
Lamb Weston Holdings, Inc.		352,657			21,639,033
McCormick & Co., Inc.		134,695			21,125,564
Molson Coors Beverage Co., Class B		476,152			19,526,994
Mondelez International, Inc., Class A		395,117			20,324,818
Monster Beverage Corp.(b)		339,795			21,002,729
PepsiCo, Inc.		153,695			20,332,312
Philip Morris International, Inc.		271,055			20,220,703
Procter & Gamble Co. (The)		169,485			19,977,197
Sysco Corp.		420,012			23,634,075
Tyson Foods, Inc., Class A		338,969			21,080,482
Walgreens Boots Alliance, Inc.		474,854			20,556,430
Walmart, Inc.		160,104			19,460,641
					681,037,177
Energy-6.23%
Apache Corp.		2,488,960			32,555,597
Baker Hughes Co., Class A		1,621,736			22,623,217
Cabot Oil & Gas Corp.		1,008,174			21,796,722
Chevron Corp.		242,402			22,300,984
Concho Resources, Inc.		406,837			23,075,795
ConocoPhillips		599,311			25,230,993
Devon Energy Corp.		2,291,905			28,580,055
Diamondback Energy, Inc.		670,399			29,189,172
EOG Resources, Inc.		505,049			23,994,878
Exxon Mobil Corp.		488,920			22,720,112
Halliburton Co.		2,787,775			29,271,637
Helmerich & Payne, Inc.		1,191,182			23,549,668
Hess Corp.		565,754			27,518,275
HollyFrontier Corp.		782,053			25,839,031
Kinder Morgan, Inc.		1,411,585			21,498,440
Marathon Oil Corp.		4,857,797			29,729,718
Marathon Petroleum Corp.		830,305			26,636,184
National Oilwell Varco, Inc.		1,810,731			22,887,640
Noble Energy, Inc.		3,040,482			29,827,128
Occidental Petroleum Corp.		1,550,361			25,735,993
ONEOK, Inc.		719,244			21,526,973
Phillips 66.		354,968			25,973,009
Pioneer Natural Resources Co.		275,762			24,628,304
Schlumberger Ltd.		1,382,933			23,260,933
TechnipFMC PLC (United Kingdom)		2,611,468			23,268,180
Valero Energy Corp.		408,267			25,863,714
Williams Cos., Inc. (The)		1,168,759			22,638,862
					681,721,214
Financials-13.25%
Aflac, Inc.		579,257			21,571,531
Allstate Corp. (The)		201,417			20,488,137
American Express Co.		241,811			22,065,254
American International Group, Inc.		862,505			21,933,502
Ameriprise Financial, Inc.		190,450			21,890,323
Aon PLC		110,736			19,120,785
Arthur J. Gallagher & Co.		252,771			19,842,524
Assurant, Inc.		199,704			21,216,553
Bank of America Corp.		907,701			21,830,209
Bank of New York Mellon Corp. (The)		565,170			21,216,482
Berkshire Hathaway, Inc., Class B(b)		110,507			20,704,592
BlackRock, Inc.		44,324			22,252,421
Capital One Financial Corp.		386,806			25,049,557
Cboe Global Markets, Inc.		207,172			20,588,753
Charles Schwab Corp. (The)		590,439			22,271,359

	Shares		Value
Financials-(continued)
Chubb Ltd.		177,894		$	19,214,331
Cincinnati Financial Corp.		246,291			16,205,948
Citigroup, Inc.		464,944			22,577,681
Citizens Financial Group, Inc.		1,063,488			23,811,496
CME Group, Inc., Class A		110,289			19,654,603
Comerica, Inc.		704,391			24,555,070
Discover Financial Services		603,063			25,913,617
E*TRADE Financial Corp.		530,002			21,523,381
Everest Re Group Ltd.		109,040			18,878,095
Fifth Third Bancorp		1,270,687			23,749,140
First Republic Bank		211,267			22,033,035
Franklin Resources, Inc.		1,293,236			24,364,566
Globe Life, Inc.		273,549			22,524,025
Goldman Sachs Group, Inc. (The)		115,203			21,130,534
Hartford Financial Services Group, Inc. (The)		528,153			20,064,532
Huntington Bancshares, Inc.		2,621,757			24,225,035
Intercontinental Exchange, Inc.		233,816			20,914,841
Invesco Ltd.(d)		2,329,798			20,082,859
JPMorgan Chase & Co.		222,002			21,258,912
KeyCorp		1,954,795			22,773,362
Lincoln National Corp.		712,455			25,270,779
Loews Corp.		584,706			20,265,910
M&T Bank Corp.		200,337			22,453,771
MarketAxess Holdings, Inc.		49,301			22,432,448
Marsh & McLennan Cos., Inc.		214,449			20,872,321
MetLife, Inc.		639,178			23,061,542
Moody’s Corp.		88,337			21,545,394
Morgan Stanley		540,571			21,314,715
MSCI, Inc.		66,786			21,839,022
Nasdaq, Inc.		190,089			20,847,061
Northern Trust Corp.		264,145			20,909,718
People’s United Financial, Inc.		1,840,704			23,358,534
PNC Financial Services Group, Inc. (The)		208,203			22,209,014
Principal Financial Group, Inc.		692,040			25,197,176
Progressive Corp. (The)		256,252			19,808,280
Prudential Financial, Inc.		373,346			23,285,590
Raymond James Financial, Inc.		331,885			21,877,859
Regions Financial Corp.		2,219,689			23,861,657
S&P Global, Inc.		74,798			21,906,838
State Street Corp.		361,276			22,774,839
SVB Financial Group(b)		121,673			23,503,573
Synchrony Financial		1,352,850			26,772,901
T. Rowe Price Group, Inc.		204,180			23,609,333
Travelers Cos., Inc. (The)		201,126			20,355,962
Truist Financial Corp.		632,675			23,611,431
U.S. Bancorp		602,715			21,999,098
Unum Group		1,362,424			23,774,299
W.R. Berkley Corp.		370,787			20,022,498
Wells Fargo & Co.		744,592			21,630,398
Willis Towers Watson PLC		108,184			19,288,125
Zions Bancorporation N.A		726,672			22,970,102
					1,450,127,233
Health Care-11.60%
Abbott Laboratories		220,255			20,283,283
AbbVie, Inc.		253,228			20,815,342
ABIOMED, Inc.(b)		127,280			24,342,300
Agilent Technologies, Inc.		265,629			20,363,119
Alexion Pharmaceuticals, Inc.(b)		204,200			21,945,374

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

April 30, 2020

	Shares		Value
Health Care-(continued)
Align Technology, Inc.(b)		109,493		$	23,524,571
Allergan PLC		113,077			21,183,845
AmerisourceBergen Corp.		237,032			21,252,289
Amgen, Inc.		89,980			21,525,016
Anthem, Inc.		78,892			22,147,351
Baxter International, Inc.		227,452			20,193,189
Becton, Dickinson and Co.		80,981			20,450,132
Biogen, Inc.(b)		61,784			18,339,345
Boston Scientific Corp.(b)		551,891			20,684,875
Bristol-Myers Squibb Co.		348,707			21,204,873
Cardinal Health, Inc.		412,486			20,409,807
Centene Corp.(b)		296,566			19,745,364
Cerner Corp.		301,969			20,953,629
Cigna Corp.		108,914			21,323,183
Cooper Cos., Inc. (The)		69,003			19,783,160
CVS Health Corp.		333,501			20,526,987
Danaher Corp.		135,038			22,073,311
DaVita, Inc.(b)		270,482			21,370,783
DENTSPLY SIRONA, Inc.		517,172			21,948,780
Edwards Lifesciences Corp.(b)		92,531			20,125,493
Eli Lilly and Co.		134,466			20,793,822
Gilead Sciences, Inc.		251,747			21,146,748
HCA Healthcare, Inc.		182,709			20,076,065
Henry Schein, Inc.(b)		393,950			21,493,912
Hologic, Inc.(b)		482,562			24,176,356
Humana, Inc.		56,572			21,600,321
IDEXX Laboratories, Inc.(b)		79,723			22,131,105
Illumina, Inc.(b)		66,806			21,313,118
Incyte Corp.(b)		211,458			20,650,988
Intuitive Surgical, Inc.(b)		40,138			20,505,701
IQVIA Holdings, Inc.(b)		160,597			22,899,526
Johnson & Johnson		139,111			20,872,214
Laboratory Corp. of America Holdings(b)		142,266			23,395,644
McKesson Corp.		149,210			21,075,912
Medtronic PLC		204,500			19,965,335
Merck & Co., Inc.		253,197			20,088,650
Mettler-Toledo International, Inc.(b)		29,309			21,100,721
Mylan N.V.(b)		1,311,700			21,997,209
PerkinElmer, Inc.		252,679			22,875,030
Perrigo Co. PLC.		407,390			21,713,887
Pfizer, Inc.		572,500			21,961,100
Quest Diagnostics, Inc.		221,511			24,390,576
Regeneron Pharmaceuticals, Inc.(b)		37,317			19,624,264
ResMed, Inc.		128,026			19,884,998
STERIS PLC		136,356			19,430,730
Stryker Corp.		111,506			20,788,064
Teleflex, Inc.		61,034			20,470,804
Thermo Fisher Scientific, Inc.		63,824			21,360,616
UnitedHealth Group, Inc.		72,761			21,280,410
Universal Health Services, Inc., Class B		196,047			20,720,207
Varian Medical Systems, Inc.(b)		182,565			20,881,785
Vertex Pharmaceuticals, Inc.(b)		78,271			19,661,675
Waters Corp.(b)		106,990			20,007,130
Zimmer Biomet Holdings, Inc.		178,210			21,331,737
Zoetis, Inc.		161,825			20,925,591
					1,269,107,352
Industrials-14.43%
3M Co.		144,290			21,920,537
A.O. Smith Corp.		514,395			21,800,060

	Shares		Value
Industrials-(continued)
Alaska Air Group, Inc.		706,033		$	22,960,193
Allegion PLC		216,447			21,761,581
American Airlines Group, Inc.(c)		1,826,404			21,935,112
AMETEK, Inc.		263,112			22,067,203
Boeing Co. (The)		137,223			19,351,187
C.H. Robinson Worldwide, Inc.		284,675			20,183,458
Carrier Global Corp.(b)		1,537,939			27,236,900
Caterpillar, Inc.		181,693			21,145,431
Cintas Corp.		103,516			22,962,954
Copart, Inc.(b)		293,079			23,478,559
CSX Corp.		336,647			22,296,131
Cummins, Inc.		141,658			23,161,083
Deere & Co.		152,620			22,139,057
Delta Air Lines, Inc.		870,666			22,558,956
Dover Corp.		238,798			22,363,433
Eaton Corp. PLC		266,611			22,262,019
Emerson Electric Co.		418,105			23,844,528
Equifax, Inc.		165,115			22,934,473
Expeditors International of Washington, Inc.		294,566			21,092,398
Fastenal Co.		588,200			21,304,604
FedEx Corp.		169,263			21,457,471
Flowserve Corp.		852,081			24,003,122
Fortive Corp.		350,085			22,405,440
Fortune Brands Home & Security, Inc.		453,469			21,857,206
General Dynamics Corp.		152,922			19,974,672
General Electric Co.		3,089,390			21,007,852
Honeywell International, Inc.		152,776			21,678,914
Howmet Aerospace, Inc.		1,813,850			23,707,019
Huntington Ingalls Industries, Inc.		107,844			20,642,420
IDEX Corp.		138,352			21,255,018
IHS Markit Ltd.		314,601			21,172,647
Illinois Tool Works, Inc.		133,241			21,651,663
Ingersoll Rand, Inc.(b)		788,197			22,920,776
J.B. Hunt Transport Services, Inc.		196,432			19,863,204
Jacobs Engineering Group, Inc.		250,973			20,768,016
Johnson Controls International PLC		715,357			20,824,042
Kansas City Southern		151,659			19,799,082
L3Harris Technologies, Inc.		103,926			20,130,466
Lockheed Martin Corp.		52,726			20,513,578
Masco Corp.		528,421			21,686,398
Nielsen Holdings PLC		1,593,622			23,474,052
Norfolk Southern Corp.		131,515			22,502,217
Northrop Grumman Corp.		59,310			19,612,038
Old Dominion Freight Line, Inc.		154,810			22,492,345
Otis Worldwide Corp.(b)		457,889			23,311,129
PACCAR, Inc.		312,369			21,625,306
Parker-Hannifin Corp.		152,463			24,107,450
Pentair PLC		667,455			23,087,268
Quanta Services, Inc.		605,309			22,009,035
Raytheon Technologies Corp.		319,820			20,727,534
Republic Services, Inc.		263,212			20,620,028
Robert Half International, Inc.		488,691			23,100,424
Rockwell Automation, Inc.		125,345			23,750,371
Rollins, Inc.		542,395			21,695,800
Roper Technologies, Inc.		65,627			22,380,776
Snap-on, Inc.		178,592			23,268,752
Southwest Airlines Co.		677,495			21,171,719
Stanley Black & Decker, Inc.		187,771			20,692,364
Textron, Inc.		761,479			20,072,586

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

April 30, 2020

	Shares		Value
Industrials-(continued)
Trane Technologies PLC		235,034		$	20,546,672
TransDigm Group, Inc.		62,616			22,734,617
Union Pacific Corp.		140,978			22,526,875
United Airlines Holdings, Inc.(b)		726,672			21,494,958
United Parcel Service, Inc., Class B		205,667			19,468,438
United Rentals, Inc.(b)		201,165			25,849,702
Verisk Analytics, Inc.		137,585			21,027,116
W.W. Grainger, Inc.		75,414			20,782,590
Wabtec Corp.		429,051			24,207,057
Waste Management, Inc.		210,734			21,077,615
Xylem, Inc.		303,666			21,833,585
					1,579,329,282
Information Technology-14.26%
Accenture PLC, Class A		120,690			22,350,581
Adobe, Inc.(b)		61,533			21,760,530
Advanced Micro Devices, Inc.(b)		373,383			19,561,535
Akamai Technologies, Inc.(b)		200,736			19,613,915
Alliance Data Systems Corp.		558,152			27,946,671
Amphenol Corp., Class A		250,912			22,145,493
Analog Devices, Inc.		205,566			22,530,034
ANSYS, Inc.(b)		80,081			20,967,608
Apple, Inc.		74,780			21,970,364
Applied Materials, Inc.		397,194			19,732,598
Arista Networks, Inc.(b)		100,623			22,066,624
Autodesk, Inc.(b)		116,804			21,857,532
Automatic Data Processing, Inc.		149,778			21,970,935
Broadcom, Inc.		79,475			21,586,999
Broadridge Financial Solutions, Inc.		192,220			22,297,520
Cadence Design Systems, Inc.(b)		268,712			21,800,605
CDW Corp.		194,194			21,516,695
Cisco Systems, Inc.		497,432			21,081,168
Citrix Systems, Inc.		140,655			20,396,381
Cognizant Technology Solutions Corp., Class A		392,692			22,783,990
Corning, Inc.		1,019,856			22,447,030
DXC Technology Co.		1,378,423			24,990,809
F5 Networks, Inc.(b)		170,258			23,710,129
Fidelity National Information Services, Inc.		165,128			21,778,732
Fiserv, Inc.(b)		209,997			21,642,291
FleetCor Technologies, Inc.(b)		94,496			22,797,160
FLIR Systems, Inc.		618,777			26,854,922
Fortinet, Inc.(b)		187,230			20,172,160
Gartner, Inc.(b)		199,417			23,692,734
Global Payments, Inc.		136,436			22,651,105
Hewlett Packard Enterprise Co.		2,176,252			21,893,095
HP, Inc.		1,361,565			21,117,873
Intel Corp.		350,123			21,000,377
International Business Machines Corp.		175,926			22,089,268
Intuit, Inc.		79,716			21,508,174
IPG Photonics Corp.(b)		177,500			22,956,075
Jack Henry & Associates, Inc.		124,688			20,392,722
Juniper Networks, Inc.		936,269			20,223,410
Keysight Technologies, Inc.(b)		220,483			21,336,140
KLA Corp.		131,083			21,509,409
Lam Research Corp.		75,906			19,377,284
Leidos Holdings, Inc.		212,901			21,036,748
Mastercard, Inc., Class A		81,276			22,348,462
Maxim Integrated Products, Inc.		398,025			21,883,414

	Shares		Value
Information Technology-(continued)
Microchip Technology, Inc.		263,013		$	23,074,130
Micron Technology, Inc.(b)		462,397			22,144,192
Microsoft Corp.		118,400			21,218,464
Motorola Solutions, Inc.		133,934			19,261,048
NetApp, Inc.		501,345			21,943,871
NortonLifeLock, Inc.		1,050,280			22,339,456
NVIDIA Corp.		72,295			21,130,383
Oracle Corp.		386,878			20,492,928
Paychex, Inc.		313,045			21,449,843
Paycom Software, Inc.(b)		93,930			24,517,609
PayPal Holdings, Inc.(b)		188,962			23,242,326
Qorvo, Inc.(b)		244,934			24,010,880
QUALCOMM, Inc.		277,422			21,824,789
salesforce.com, inc.(b)		129,947			21,044,917
Seagate Technology PLC		410,568			20,507,872
ServiceNow, Inc.(b)		70,579			24,811,342
Skyworks Solutions, Inc.		221,511			23,010,563
Synopsys, Inc.(b)		136,465			21,441,381
TE Connectivity Ltd.		313,328			23,017,075
Texas Instruments, Inc.		186,091			21,599,582
VeriSign, Inc.(b)		100,759			21,108,003
Visa, Inc., Class A		124,795			22,303,362
Western Digital Corp.		499,335			23,009,357
Western Union Co. (The)		1,060,274			20,219,425
Xerox Holdings Corp.		1,166,202			21,329,835
Xilinx, Inc.		237,439			20,752,169
Zebra Technologies Corp., Class A(b)		104,098			23,907,147
					1,560,059,250
Materials-5.61%
Air Products and Chemicals, Inc.		95,399			21,520,106
Albemarle Corp.(c)		343,767			21,117,607
Amcor PLC.		2,406,776			21,588,781
Avery Dennison Corp.		193,226			21,330,218
Ball Corp.		301,023			19,744,099
Celanese Corp.		270,355			22,458,390
CF Industries Holdings, Inc.		746,962			20,541,455
Corteva, Inc.		828,356			21,694,644
Dow, Inc.		632,292			23,198,793
DuPont de Nemours, Inc.		550,871			25,901,954
Eastman Chemical Co.		383,513			23,206,372
Ecolab, Inc.		118,216			22,874,796
FMC Corp.		245,424			22,554,466
Freeport-McMoRan, Inc.		2,533,746			22,372,977
International Flavors & Fragrances, Inc.(c)		168,896			22,130,443
International Paper Co.		663,468			22,723,779
Linde PLC (United Kingdom)		112,081			20,621,783
LyondellBasell Industries N.V., Class A		404,889			23,463,318
Martin Marietta Materials, Inc.		106,248			20,211,557
Mosaic Co. (The)		1,845,531			21,242,062
Newmont Corp.		356,786			21,221,631
Nucor Corp.		566,061			23,316,053
Packaging Corp. of America		232,626			22,483,303
PPG Industries, Inc.		226,469			20,570,179
Sealed Air Corp.		716,310			20,479,303
Sherwin-Williams Co. (The)		41,039			22,012,088
Vulcan Materials Co.		188,620			21,308,401
Westrock Co.		688,529			22,163,748
					614,052,306

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

April 30, 2020

	Shares		Value
Real Estate-6.06%
Alexandria Real Estate Equities, Inc.		136,182		$	21,392,830
American Tower Corp.		83,250			19,813,500
Apartment Investment & Management Co., Class A		539,758			20,332,684
AvalonBay Communities, Inc.		124,045			20,213,133
Boston Properties, Inc.		221,276			21,503,602
CBRE Group, Inc., Class A(b)		474,854			20,385,482
Crown Castle International Corp.		126,557			20,176,983
Digital Realty Trust, Inc.		141,737			21,188,264
Duke Realty Corp.		605,259			21,002,487
Equinix, Inc.		30,561			20,634,787
Equity Residential		302,785			19,699,192
Essex Property Trust, Inc.		81,001			19,772,344
Extra Space Storage, Inc.		226,968			20,027,656
Federal Realty Investment Trust		280,410			23,349,741
Healthpeak Properties, Inc.		804,686			21,034,492
Host Hotels & Resorts, Inc.		1,858,507			22,878,221
Iron Mountain, Inc.		845,580			20,446,124
Kimco Realty Corp.		2,368,983			25,845,605
Mid-America Apartment Communities, Inc.		186,174			20,836,594
Prologis, Inc.		234,281			20,904,894
Public Storage		107,558			19,946,631
Realty Income Corp.		403,509			22,160,714
Regency Centers Corp.		546,600			24,001,206
SBA Communications Corp., Class A		67,244			19,495,380
Simon Property Group, Inc.		376,551			25,142,310
SL Green Realty Corp.		412,242			21,869,438
UDR, Inc.		542,677			20,334,107
Ventas, Inc.		675,331			21,846,958
Vornado Realty Trust		502,523			22,020,558
Welltower, Inc.		430,376			22,048,163
Weyerhaeuser Co.		1,051,309			22,992,128
					663,296,208
Utilities-5.13%
AES Corp. (The)		1,610,615			21,340,649
Alliant Energy Corp.		399,773			19,408,979
Ameren Corp.		271,514			19,752,644
American Electric Power Co., Inc.		244,645			20,332,446
American Water Works Co., Inc.		160,416			19,521,023
Atmos Energy Corp.		190,886			19,464,645
CenterPoint Energy, Inc.		1,278,355			21,770,386
CMS Energy Corp.		334,557			19,099,859
Consolidated Edison, Inc.		235,938			18,591,914
Dominion Energy, Inc.		259,247			19,995,721

	Shares		Value
Utilities-(continued)
DTE Energy Co.		199,627		$	20,709,305
Duke Energy Corp.		234,535			19,855,733
Edison International		340,489			19,990,109
Entergy Corp.		208,655			19,928,639
Evergy, Inc.		346,536			20,248,098
Eversource Energy		230,946			18,637,342
Exelon Corp.		549,712			20,383,321
FirstEnergy Corp.		457,287			18,872,235
NextEra Energy, Inc.		85,805			19,831,252
NiSource, Inc.		801,037			20,114,039
NRG Energy, Inc.		673,617			22,586,378
Pinnacle West Capital Corp.		264,444			20,359,544
PPL Corp.		800,730			20,354,557
Public Service Enterprise Group, Inc.		386,878			19,618,583
Sempra Energy		169,801			21,029,854
Southern Co. (The)		367,682			20,858,600
WEC Energy Group, Inc.		210,679			19,076,983
Xcel Energy, Inc.		314,832			20,010,722
					561,743,560
Total Common Stocks & Other Equity Interests (Cost $11,391,032,936)					10,936,808,308
Money Market Funds-0.00%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $443,536)		443,536			443,536
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $11,391,476,472)					10,937,251,844
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.58%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $63,329,675)		63,329,675			63,329,675
TOTAL INVESTMENTS IN SECURITIES-100.52% (Cost $11,454,806,147)					11,000,581,519
OTHER ASSETS LESS LIABILITIES-(0.52)%					(56,711,406	)
NET ASSETS-100.00%.				$	10,943,870,113

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Ltd.		$	35,682,422		$	16,382,012		$	(9,868,532	)		$	(17,650,410	)		$	(4,462,633	)		$	20,082,859		$	2,125,274
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			10,882,317			435,447,626			(445,886,407	)			-				-				443,536			157,952
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			31,848,243			896,527,684			(928,375,927	)			-				-				-			848,842
Invesco Liquid Assets Portfolio, Institutional Class*			10,616,099			264,593,262			(275,187,615	)			-				(21,746	)			-			311,938
Invesco Private Government Fund			-			123,183,678			(59,854,003	)			-				-				63,329,675			33
Total		$	89,029,081		$	1,736,134,262		$	(1,719,172,484	)		$	(17,650,410	)		$	(4,484,379	)		$	83,856,070		$	3,444,039

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Diversified Telecommunication Services-13.16%
AT&T, Inc.		25,574		$	779,240
CenturyLink, Inc.		77,919			827,500
Verizon Communications, Inc.		13,662			784,882
					2,391,622
Entertainment-26.78%
Activision Blizzard, Inc.		11,943			761,127
Electronic Arts, Inc.(b)		6,936			792,507
Live Nation Entertainment, Inc.(b)		20,825			934,418
Netflix, Inc.(b)		1,889			793,097
Take-Two Interactive Software, Inc.(b)		6,419			777,020
Walt Disney Co. (The)		7,490			810,044
					4,868,213
Interactive Media & Services-14.36%
Alphabet, Inc., Class A(b)		312			420,170
Alphabet, Inc., Class C(b)		312			420,782
Facebook, Inc., Class A(b)		4,456			912,188
Twitter, Inc.(b)		29,912			857,876
					2,611,016
Media-41.50%
Charter Communications, Inc., Class A(b)		1,600			792,368

	Shares		Value
Media-(continued)
Comcast Corp., Class A		20,973		$	789,214
Discovery, Inc., Class A(b)		12,290			275,542
Discovery, Inc., Class C(b)		26,068			532,048
DISH Network Corp., Class A(b)		35,464			887,132
Fox Corp., Class A		20,537			531,292
Fox Corp., Class B		9,406			240,417
Interpublic Group of Cos., Inc. (The)		53,032			900,483
News Corp., Class A		67,833			672,225
News Corp., Class B.		21,259			217,267
Omnicom Group, Inc.		14,635			834,634
ViacomCBS, Inc., Class B		50,549			872,476
					7,545,098
Wireless Telecommunication Services-4.24%
T-Mobile US, Inc.(b)		8,778			770,708
TOTAL INVESTMENTS IN SECURITIES-100.04% (Cost $21,056,444)					18,186,657
OTHER ASSETS LESS LIABILITIES-(0.04)%					(6,517	)
NET ASSETS-100.00%				$	18,180,140

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	19,831		$	579,764		$	(599,595	)		$	-		$	-		$	-		$	229
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			-			4,158,503			(4,158,503	)			-			-			-			2,619
Invesco Liquid Assets Portfolio, Institutional Class*			-			1,156,256			(1,156,264	)			-			8			-			938
Total		$	19,831		$	5,894,523		$	(5,914,362	)		$	-		$	8		$	-		$	3,786

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Auto Components-3.25%
Aptiv PLC		11,617		$	807,962
BorgWarner, Inc.		27,523			786,332
					1,594,294
Automobiles-4.72%
Ford Motor Co.		145,032			738,213
General Motors Co.		33,032			736,283
Harley-Davidson, Inc.		38,375			837,726
					2,312,222
Distributors-3.50%
Genuine Parts Co.		9,947			788,598
LKQ Corp.(b)		35,470			927,541
					1,716,139
Diversified Consumer Services-1.76%
H&R Block, Inc.		51,711			860,988
Hotels, Restaurants & Leisure-21.95%
Carnival Corp.		59,121			940,024
Chipotle Mexican Grill, Inc.(b)		905			795,088
Darden Restaurants, Inc.		11,722			864,966
Hilton Worldwide Holdings, Inc.		9,820			743,472
Las Vegas Sands Corp.		15,796			758,524
Marriott International, Inc., Class A		8,813			801,454
McDonald’s Corp.		3,990			748,364
MGM Resorts International		52,739			887,597
Norwegian Cruise Line Holdings Ltd.(b)		59,981			983,689
Royal Caribbean Cruises Ltd.		19,860			928,852
Starbucks Corp.		9,631			738,987
Wynn Resorts Ltd.		9,464			809,456
Yum! Brands, Inc.		8,822			762,486
					10,762,959
Household Durables-15.09%
D.R. Horton, Inc.		18,620			879,237
Garmin Ltd.		9,044			734,011
Leggett & Platt, Inc.		25,703			902,946
Lennar Corp., Class A		17,297			866,061
Mohawk Industries, Inc.(b)		9,329			818,340
Newell Brands, Inc.		57,742			801,459
NVR, Inc.(b)		254			787,400
PulteGroup, Inc.		29,097			822,572
Whirlpool Corp.		7,050			787,767
					7,399,793
Internet & Direct Marketing Retail-6.42%
Amazon.com, Inc.(b)		313			774,362
Booking Holdings, Inc.(b)		505			747,688
eBay, Inc.		19,825			789,630
Expedia Group, Inc.		11,746			833,731
					3,145,411
Leisure Products-1.45%
Hasbro, Inc.		9,875			713,074
Multiline Retail-7.43%
Dollar General Corp.		4,078			714,873
Dollar Tree, Inc.(b)		9,086			723,882
Kohl’s Corp.		40,182			741,760

	Shares		Value
Multiline Retail-(continued)
Nordstrom, Inc.(c)		39,498		$	741,772
Target Corp.		6,547			718,468
					3,640,755
Specialty Retail-21.70%
Advance Auto Parts, Inc.		6,247			755,325
AutoZone, Inc.(b)		749			764,220
Best Buy Co., Inc.		10,548			809,348
CarMax, Inc.(b)		11,386			838,579
Gap, Inc. (The)		88,930			722,112
Home Depot, Inc. (The)		3,546			779,517
L Brands, Inc.		53,887			640,716
Lowe’s Cos., Inc.		7,647			801,023
O’Reilly Automotive, Inc.(b)		1,988			768,044
Ross Stores, Inc.		8,096			739,650
Tiffany & Co.		5,750			727,375
TJX Cos., Inc. (The)		14,932			732,415
Tractor Supply Co.		8,009			812,353
Ulta Beauty, Inc.(b)		3,446			750,952
					10,641,629
Textiles, Apparel & Luxury Goods-12.69%
Capri Holdings Ltd.(b)		57,430			875,808
Hanesbrands, Inc.		80,626			801,422
NIKE, Inc., Class B		8,259			720,020
PVH Corp.		16,546			814,560
Ralph Lauren Corp.		10,217			753,810
Tapestry, Inc.		48,789			725,980
Under Armour, Inc., Class A(b)		38,998			406,359
Under Armour, Inc., Class C(b)		40,319			373,757
VF Corp.		12,914			750,303
					6,222,019
Total Common Stocks & Other Equity Interests (Cost $67,977,794)					49,009,283
Money Market Funds-0.04%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $17,895)		17,895			17,895
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $67,995,689)					49,027,178
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.44%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $705,479)		705,479			705,479
TOTAL INVESTMENTS IN SECURITIES-101.44% (Cost $68,701,168)					49,732,657
OTHER ASSETS LESS LIABILITIES-(1.44)%					(704,226	)
NET ASSETS-100.00%				$	49,028,431

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	1,806,768		$	(1,788,873	)		$	-		$	-			$	17,895		$	778
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			2,380,703			30,167,418			(32,548,121	)			-			-				-			21,298
Invesco Liquid Assets Portfolio, Institutional Class*			793,568			8,433,517			(9,226,743	)			-			(342	)			-			7,818
Invesco Private Government Fund			-			1,460,942			(755,463	)			-			-				705,479			-
Total		$	3,174,271		$	41,868,645		$	(44,319,200	)		$	-		$	(342	)		$	723,374		$	29,894

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43

Invesco S&P 500 Equal Weight Consumer Staples ETF (RHS)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Beverages-18.06%
Brown-Forman Corp., Class B		233,385		$	14,516,547
Coca-Cola Co. (The)		310,645			14,255,499
Constellation Brands, Inc., Class A		91,762			15,112,284
Molson Coors Beverage Co., Class B		336,404			13,795,928
Monster Beverage Corp.(b)		240,064			14,838,356
PepsiCo, Inc.		108,540			14,358,756
					86,877,370
Food & Staples Retailing-15.38%
Costco Wholesale Corp.		46,960			14,228,880
Kroger Co. (The)		467,573			14,779,983
Sysco Corp.		296,752			16,698,235
Walgreens Boots Alliance, Inc.		335,497			14,523,665
Walmart, Inc.		113,000			13,735,150
					73,965,913
Food Products-39.65%
Archer-Daniels-Midland Co.		401,442			14,909,556
Campbell Soup Co.		296,576			14,822,869
Conagra Brands, Inc.		444,598			14,867,357
General Mills, Inc.		246,079			14,737,671
Hershey Co. (The)		101,936			13,499,385
Hormel Foods Corp.		295,577			13,847,782
JM Smucker Co. (The)		122,797			14,110,603
Kellogg Co.		229,616			15,039,848
Kraft Heinz Co. (The)		509,022			15,438,637
Lamb Weston Holdings, Inc.		249,159			15,288,396

	Shares		Value
Food Products-(continued)
McCormick & Co., Inc.		95,160		$	14,924,894
Mondelez International, Inc., Class A		279,163			14,360,145
Tyson Foods, Inc., Class A		239,487			14,893,697
					190,740,840
Household Products-14.87%
Church & Dwight Co., Inc.		202,986			14,206,990
Clorox Co. (The)		77,156			14,384,965
Colgate-Palmolive Co.		203,345			14,289,053
Kimberly-Clark Corp.		105,183			14,565,742
Procter & Gamble Co. (The)		119,734			14,113,047
					71,559,797
Personal Products-6.08%
Coty,Inc.,Class A		2,596,454			14,150,674
Estee Lauder Cos., Inc. (The), Class A		85,674			15,112,894
					29,263,568
Tobacco-5.95%
Altria Group, Inc.		365,474			14,344,854
Philip Morris International, Inc.		191,503			14,286,124
					28,630,978
TOTAL INVESTMENTS IN SECURITIES-99.99%
(Cost $500,395,323)					481,038,466
OTHER ASSETS LESS LIABILITIES-0.01%					41,885
NET ASSETS-100.00%.				$	481,080,351

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	475,895		$	14,046,643		$	(14,522,538	)		$	-		$	-		$	-		$	5,196
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			8,320,524			48,389,238			(56,709,762	)			-			-			-			23,967
Invesco Liquid Assets Portfolio, Institutional Class*			2,773,508			11,087,355			(13,860,984	)			-			121			-			8,482
Total		$	11,569,927		$	73,523,236		$	(85,093,284	)		$	-		$	121		$	-		$	37,645

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44

Invesco S&P 500^® Equal Weight Energy ETF (RYE)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Energy Equipment & Services-21.25%
Baker Hughes Co., Class A		196,866		$	2,746,281
Halliburton Co.		338,418			3,553,389
Helmerich & Payne, Inc.		144,598			2,858,702
National Oilwell Varco, Inc.		219,805			2,778,335
Schlumberger Ltd.		167,891			2,823,927
TechnipFMC PLC (United Kingdom)		315,925			2,814,892
					17,575,526
Oil, Gas & Consumable Fuels-78.77%
Apache Corp.(b)		302,149			3,952,109
Cabot Oil & Gas Corp.		122,395			2,646,180
Chevron Corp.		29,423			2,706,916
Concho Resources, Inc.		49,390			2,801,401
ConocoPhillips		72,753			3,062,901
Devon Energy Corp.		278,216			3,469,354
Diamondback Energy, Inc.		81,393			3,543,851
EOG Resources, Inc.		61,314			2,913,028
Exxon Mobil Corp.		59,352			2,758,087
Hess Corp.		68,682			3,340,693
HollyFrontier Corp.		94,941			3,136,851
Kinder Morgan, Inc.		171,366			2,609,904
Marathon Oil Corp.		589,707			3,609,007
Marathon Petroleum Corp.		100,803			3,233,760
Noble Energy, Inc.		369,094			3,620,812

	Shares		Value
Oil, Gas & Consumable Fuels-(continued)
Occidental Petroleum Corp.(b)		188,202		$	3,124,153
ONEOK, Inc.		87,309			2,613,158
Phillips 66		43,100			3,153,627
Pioneer Natural Resources Co.		33,484			2,990,456
Valero Energy Corp.		49,560			3,139,626
Williams Cos., Inc. (The)		141,877			2,748,158
					65,174,032
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $147,030,688)					82,749,558
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.50%
Invesco Private Government Fund, 0.01%(c)(d)(e) (Cost $1,242,654)		1,242,654			1,242,654
TOTAL INVESTMENTS IN SECURITIES-101.52% (Cost $148,273,342)					83,992,212
OTHER ASSETS LESS LIABILITIES-(1.52)%					(1,253,681	)
NET ASSETS-100.00%				$	82,738,531

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) All or a portion of this security was out on loan at April 30, 2020.

^(c)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(d)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	268		$	4,419,967		$	(4,420,235	)		$	-		$	-		$	-		$	1,088
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			-			13,928,411			(13,928,411	)			-			-			-			1,110
Invesco Liquid Assets Portfolio, Institutional Class*			-			2,510,300			(2,510,451	)			-			151			-			347
Invesco Private Government Fund			-			2,749,313			(1,506,659	)			-			-			1,242,654			1
Total		$	268		$	23,607,991		$	(22,365,756	)		$	-		$	151		$	1,242,654		$	2,546

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45

Invesco S&P 500^® Equal Weight Financials ETF (RYF)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Banks-28.41%
Bank of America Corp.		100,938	$	2,427,559
Citigroup, Inc.		51,701		2,510,601
Citizens Financial Group, Inc.		117,993		2,641,863
Comerica, Inc.		78,150		2,724,309
Fifth Third Bancorp		141,019		2,635,645
First Republic Bank		23,440		2,444,558
Huntington Bancshares, Inc.		290,918		2,688,082
JPMorgan Chase & Co.		24,688		2,364,123
KeyCorp		216,967		2,527,666
M&T Bank Corp.		22,277		2,496,806
People’s United Financial, Inc.		204,328		2,592,922
PNC Financial Services Group, Inc. (The)		23,101		2,464,184
Regions Financial Corp.		246,394		2,648,735
SVB Financial Group(b)		13,504		2,608,568
Truist Financial Corp.		70,198		2,619,789
U.S. Bancorp		67,023		2,446,340
Wells Fargo & Co.		82,799		2,405,311
Zions Bancorporation N.A		80,620		2,548,398
				45,795,459
Capital Markets-31.36%
Ameriprise Financial, Inc.		21,179		2,434,314
Bank of New York Mellon Corp. (The)		62,846		2,359,239
BlackRock, Inc.		4,916		2,468,029
Cboe Global Markets, Inc.		23,038		2,289,516
Charles Schwab Corp. (The)		65,656		2,476,544
CME Group, Inc., Class A		12,263		2,185,389
E*TRADE Financial Corp.		58,937		2,393,432
Franklin Resources, Inc.		143,808		2,709,343
Goldman Sachs Group, Inc. (The)		12,806		2,348,876
Intercontinental Exchange, Inc.		25,944		2,320,691
Invesco Ltd.(c)		259,077		2,233,244
MarketAxess Holdings, Inc.		5,455		2,482,080
Moody’s Corp.		9,795		2,389,000
Morgan Stanley		60,113		2,370,256
MSCI, Inc.		7,408		2,422,416
Nasdaq, Inc.		21,124		2,316,669
Northern Trust Corp.		29,373		2,325,167
Raymond James Financial, Inc.		36,906		2,432,843
S&P Global, Inc.		8,315		2,435,297
State Street Corp.		40,097		2,527,715
T. Rowe Price Group, Inc.		22,706		2,625,495
				50,545,555

	Shares		Value
Consumer Finance-6.87%
American Express Co.		26,889	$	2,453,621
Capital One Financial Corp.		42,934		2,780,406
Discover Financial Services		66,918		2,875,467
Synchrony Financial		150,213		2,972,715
				11,082,209
Diversified Financial Services-1.43%
Berkshire Hathaway, Inc., Class B(b)		12,290		2,302,654
Insurance-31.85%
Aflac, Inc.		64,414		2,398,777
Allstate Corp. (The)		22,396		2,278,121
American International Group, Inc.		95,911		2,439,017
Aon PLC		12,315		2,126,431
Arthur J. Gallagher & Co.		28,108		2,206,478
Assurant, Inc.		22,169		2,355,235
Chubb Ltd.		19,781		2,136,546
Cincinnati Financial Corp.		27,387		1,802,065
Everest Re Group Ltd.		11,968		2,072,020
Globe Life, Inc.		30,418		2,504,618
Hartford Financial Services Group, Inc. (The)		58,731		2,231,191
Lincoln National Corp.		79,079		2,804,932
Loews Corp.		65,020		2,253,593
Marsh & McLennan Cos., Inc.		23,846		2,320,931
MetLife, Inc.		70,941		2,559,551
Principal Financial Group, Inc.		76,812		2,796,725
Progressive Corp. (The)		28,417		2,196,634
Prudential Financial, Inc.		41,516		2,589,353
Travelers Cos., Inc. (The)		22,364		2,263,460
Unum Group.		151,184		2,638,161
W.R. Berkley Corp.		41,232		2,226,528
Willis Towers Watson PLC.		12,026		2,144,115
				51,344,482
TOTAL INVESTMENTS IN SECURITIES-99.92% (Cost $205,848,332)				161,070,359
OTHER ASSETS LESS LIABILITIES-0.08%				132,181
NET ASSETS-100.00%.			$	161,202,540

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				(Depreciation)				(Loss)				April 30, 2020			Income
Invesco Ltd.		$	4,740,203		$	2,225,712		$	(1,844,129	)		$	(1,973,119	)		$	(915,423	)		$	2,233,244		$	270,199

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46

Invesco S&P 500^® Equal Weight Financials ETF (RYF)–(continued)

April 30, 2020

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				(Depreciation)				(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	-		$	7,540,233		$	(7,540,233	)		$	-			$	-			$	-		$	2,714
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			-			11,509,440			(11,509,440	)			-				-				-			2,033
Invesco Liquid Assets Portfolio, Institutional Class*			-			3,850,565			(3,850,564	)			-				(1	)			-			908
Total		$	4,740,203		$	25,125,950		$	(24,744,366	)		$	(1,973,119	)		$	(915,424	)		$	2,233,244		$	275,854

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

47

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Biotechnology-12.89%
AbbVie, Inc.		141,032	$	11,592,831
Alexion Pharmaceuticals, Inc.(b)		113,732		12,222,778
Amgen, Inc.		50,088		11,982,051
Biogen, Inc.(b)		34,357		10,198,188
Gilead Sciences, Inc.		140,124		11,770,416
Incyte Corp.(b)		117,690		11,493,606
Regeneron Pharmaceuticals, Inc.(b)		20,691		10,880,983
Vertex Pharmaceuticals, Inc.(b)		43,516		10,931,219
				91,072,072
Health Care Equipment & Supplies-33.34%
Abbott Laboratories		122,581		11,288,484
ABIOMED, Inc.(b)		70,889		13,557,521
Align Technology, Inc.(b)		60,979		13,101,338
Baxter International, Inc.		126,618		11,241,146
Becton, Dickinson and Co.		45,023		11,369,658
Boston Scientific Corp.(b)		307,366		11,520,078
Cooper Cos., Inc. (The)		38,426		11,016,734
Danaher Corp.		75,187		12,290,067
DENTSPLY SIRONA, Inc.		288,035		12,224,206
Edwards Lifesciences Corp.(b)		51,526		11,206,905
Hologic, Inc.(b)		268,762		13,464,976
IDEXX Laboratories, Inc.(b)		44,385		12,321,276
Intuitive Surgical, Inc.(b)		22,361		11,423,788
Medtronic PLC		113,898		11,119,862
ResMed, Inc.		71,259		11,067,948
STERIS PLC		75,944		10,822,020
Stryker Corp.		62,102		11,577,676
Teleflex, Inc.		33,948		11,386,159
Varian Medical Systems, Inc.(b)		101,676		11,629,701
Zimmer Biomet Holdings, Inc.		99,250		11,880,225
				235,509,768
Health Care Providers & Services-25.29%
AmerisourceBergen Corp.		131,955		11,831,085
Anthem, Inc.		43,944		12,336,399
Cardinal Health, Inc.		229,731		11,367,090
Centene Corp.(b)		165,089		10,991,626
Cigna Corp.		60,625		11,869,162
CVS Health Corp.		185,750		11,432,913

	Shares		Value
Health Care Providers & Services-(continued)
DaVita, Inc.(b)		150,577	$	11,897,089
HCA Healthcare, Inc.		101,756		11,180,949
Henry Schein, Inc.(b)		219,408		11,970,900
Humana, Inc.		31,502		12,028,094
Laboratory Corp. of America Holdings(b)		79,242		13,031,347
McKesson Corp.		83,109		11,739,146
Quest Diagnostics, Inc.		123,365		13,583,720
UnitedHealth Group, Inc.		40,505		11,846,497
Universal Health Services, Inc., Class B		109,185		11,539,763
				178,645,780
Health Care Technology-1.65%
Cerner Corp.		168,106		11,664,875
Life Sciences Tools & Services-11.82%
Agilent Technologies, Inc.		147,946		11,341,540
Illumina, Inc.(b)		37,202		11,868,554
IQVIA Holdings, Inc.(b)		89,451		12,754,818
Mettler-Toledo International, Inc.(b)		16,325		11,753,021
PerkinElmer, Inc.		140,728		12,740,106
Thermo Fisher Scientific, Inc.		35,494		11,879,132
Waters Corp.(b)		59,587		11,142,769
				83,479,940
Pharmaceuticals-15.03%
Allergan PLC		62,937		11,790,618
Bristol-Myers Squibb Co.		194,209		11,809,849
Eli Lilly and Co.		74,825		11,570,938
Johnson & Johnson.		77,419		11,615,947
Merck & Co., Inc.		141,015		11,188,130
Mylan N.V.(b)		730,545		12,251,240
Perrigo Co. PLC		226,896		12,093,557
Pfizer, Inc.		318,859		12,231,431
Zoetis, Inc.		90,033		11,642,167
				106,193,877
TOTAL INVESTMENTS IN SECURITIES-100.02% (Cost $644,567,079)				706,566,312
OTHER ASSETS LESS LIABILITIES-(0.02)%				(129,036	)
NET ASSETS-100.00%.			$	706,437,276

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain			Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)			April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	190,371		$	13,951,429		$	(14,141,800	)		$	-		$	-		$	-		$	4,791

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)–(continued)

April 30, 2020

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		$	-		$	41,313,154		$	(41,313,154	)		$	-		$	-			$	-		$	11,633
Invesco Liquid Assets Portfolio, Institutional Class*			-			11,942,408			(11,940,266	)			-			(2,142	)			-			4,314
Total		$	190,371		$	67,206,991		$	(67,395,220	)		$	-		$	(2,142	)		$	-		$	20,738

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

49

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Aerospace & Defense-13.13%
Boeing Co. (The)		12,342	$	1,740,469
General Dynamics Corp.		13,754		1,796,547
Howmet Aerospace, Inc.		163,143		2,132,279
Huntington Ingalls Industries, Inc.		9,699		1,856,486
L3Harris Technologies, Inc.		9,340		1,809,158
Lockheed Martin Corp.		4,734		1,841,810
Northrop Grumman Corp.		5,334		1,763,794
Raytheon Technologies Corp.		28,885		1,872,037
Textron, Inc.		68,767		1,812,698
TransDigm Group, Inc.		5,657		2,053,943
				18,679,221
Air Freight & Logistics-5.20%
C.H. Robinson Worldwide, Inc.		25,604		1,815,324
Expeditors International of Washington, Inc.		26,493		1,897,031
FedEx Corp.		15,223		1,929,820
United Parcel Service, Inc., Class B		18,573		1,758,120
				7,400,295
Airlines-6.97%
Alaska Air Group, Inc.		63,502		2,065,085
American Airlines Group, Inc.(b)		164,271		1,972,895
Delta Air Lines, Inc.		78,312		2,029,064
Southwest Airlines Co.		60,937		1,904,281
United Airlines Holdings, Inc.(c)		65,650		1,941,927
				9,913,252
Building Products-8.55%
A.O. Smith Corp.		46,266		1,960,753
Allegion PLC.		19,468		1,957,313
Carrier Global Corp.(c)		138,328		2,449,789
Fortune Brands Home & Security, Inc.		40,786		1,965,885
Johnson Controls International PLC		64,341		1,872,967
Masco Corp.		47,527		1,950,508
				12,157,215
Commercial Services & Supplies-6.96%
Cintas Corp.		9,309		2,065,015
Copart, Inc.(c)		26,361		2,111,780
Republic Services, Inc.		23,773		1,862,377
Rollins, Inc.		48,980		1,959,200
Waste Management, Inc.		19,031		1,903,481
				9,901,853
Construction & Engineering-2.71%
Jacobs Engineering Group, Inc.		22,573		1,867,916
Quanta Services, Inc.		54,663		1,987,546
				3,855,462
Electrical Equipment-5.82%
AMETEK, Inc.		23,666		1,984,868
Eaton Corp. PLC		23,980		2,002,330
Emerson Electric Co.		37,606		2,144,670
Rockwell Automation, Inc.		11,317		2,144,345
				8,276,213
Industrial Conglomerates-5.51%
3M Co.		12,977		1,971,466
General Electric Co.		277,868		1,889,502

	Shares		Value
Industrial Conglomerates-(continued)
Honeywell International, Inc.		13,741	$	1,949,848
Roper Technologies, Inc.		5,927		2,021,285
				7,832,101
Machinery-25.57%
Caterpillar, Inc.		16,342		1,901,882
Cummins, Inc.		12,740		2,082,990
Deere & Co.		13,727		1,991,239
Dover Corp.		21,478		2,011,415
Flowserve Corp.		76,638		2,158,892
Fortive Corp.		31,488		2,015,232
IDEX Corp.		12,444		1,911,772
Illinois Tool Works, Inc.		11,985		1,947,563
Ingersoll Rand, Inc.(c)		70,892		2,061,539
Otis Worldwide Corp.(c)		41,341		2,104,670
PACCAR, Inc.		28,206		1,952,701
Parker-Hannifin Corp.		13,768		2,176,996
Pentair PLC		60,268		2,084,670
Snap-on, Inc.		16,126		2,101,057
Stanley Black & Decker, Inc.		16,957		1,868,661
Trane Technologies PLC.		21,228		1,855,752
Wabtec Corp.		38,731		2,185,203
Xylem, Inc.		27,421		1,971,570
				36,383,804
Professional Services-7.07%
Equifax, Inc.		14,852		2,062,943
IHS Markit Ltd.		28,296		1,904,321
Nielsen Holdings PLC		143,335		2,111,324
Robert Half International, Inc.		44,125		2,085,789
Verisk Analytics, Inc.		12,409		1,896,467
				10,060,844
Road & Rail-8.19%
CSX Corp.		30,279		2,005,378
J.B. Hunt Transport Services, Inc.		17,667		1,786,487
Kansas City Southern		13,638		1,780,441
Norfolk Southern Corp.		11,829		2,023,942
Old Dominion Freight Line, Inc.		13,962		2,028,539
Union Pacific Corp.		12,728		2,033,807
				11,658,594
Trading Companies & Distributors-4.30%
Fastenal Co		52,898		1,915,966
United Rentals, Inc.(c)		18,163		2,333,945
W.W. Grainger, Inc.		6,783		1,869,259
				6,119,170
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $170,196,455)				142,238,024

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

50

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)–(continued)

April 30, 2020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.35%
Invesco Private Government Fund, 0.01%(d)(e)(f) (Cost $1,922,014)		1,922,014	$	1,922,014
TOTAL INVESTMENTS IN SECURITIES-101.33% (Cost $172,118,469)				144,160,038
OTHER ASSETS LESS LIABILITIES-(1.33)%				(1,887,485	)
NET ASSETS-100.00%.			$	142,272,553

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Non-income producing security.

^(d)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	-		$	4,153,677		$	(4,153,677	)		$	-		$	-			$	-		$	1,865
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			1,567,775			25,100,402			(26,668,177	)			-			-				-			15,976
Invesco Liquid Assets Portfolio, Institutional Class*			522,593			7,693,474			(8,215,601	)			-			(466	)			-			5,836
Invesco Private Government Fund			-			3,622,264			(1,700,250	)			-			-				1,922,014			1
Total		$	2,090,368		$	40,569,817		$	(40,737,705	)		$	-		$	(466	)		$	1,922,014		$	23,678

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

51

Invesco S&P 500^® Equal Weight Materials ETF (RTM)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Chemicals-57.77%
Air Products and Chemicals, Inc.		16,841	$	3,798,993
Albemarle Corp.(b)		60,685		3,727,880
Celanese Corp.		47,727		3,964,682
CF Industries Holdings, Inc.		131,860		3,626,150
Corteva, Inc.		146,230		3,829,764
Dow, Inc.		111,620		4,095,338
DuPont de Nemours, Inc.		97,245		4,572,460
Eastman Chemical Co.		67,701		4,096,587
Ecolab, Inc.		20,869		4,038,152
FMC Corp.		43,326		3,981,659
International Flavors & Fragrances, Inc.(b)		29,814		3,906,528
Linde PLC (United Kingdom)		19,784		3,640,058
LyondellBasell Industries N.V., Class A		71,476		4,142,034
Mosaic Co. (The)		325,793		3,749,877
PPG Industries, Inc.		39,978		3,631,202
Sherwin-Williams Co. (The)		7,219		3,872,055
				62,673,419
Construction Materials-6.76%
Martin Marietta Materials, Inc.		18,758		3,568,334
Vulcan Materials Co.		33,298		3,761,675
				7,330,009
Containers & Packaging-24.49%
Amcor PLC		424,867		3,811,057
Avery Dennison Corp.		34,111		3,765,513
Ball Corp.		53,139		3,485,387
International Paper Co.		117,122		4,011,429
Packaging Corp. of America		41,065		3,968,932
Sealed Air Corp.		126,452		3,615,263
Westrock Co.		121,549		3,912,662
				26,570,243

	Shares		Value
Metals & Mining-10.89%
Freeport-McMoRan, Inc.		447,282	$	3,949,500
Newmont Corp.		62,980		3,746,050
Nucor Corp.		99,929		4,116,076
				11,811,626
Total Common Stocks & Other Equity Interests (Cost $133,097,942)				108,385,297
Money Market Funds-0.04%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $44,989)		44,989		44,989
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $133,142,931)				108,430,286
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.69%
Invesco Private Government Fund, 0.01%(c)(e)(f) (Cost $7,254,198)		7,254,198		7,254,198
TOTAL INVESTMENTS IN SECURITIES-106.64% (Cost $140,397,129)				115,684,484
OTHER ASSETS LESS LIABILITIES-(6.64)%				(7,204,979	)
NET ASSETS-100.00%.			$	108,479,505

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	-		$	3,779,013		$	(3,734,024	)		$	-		$	-			$	44,989		$	1,418
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			6,634,636			75,405,205			(82,039,841	)			-			-				-			71,399
Invesco Liquid Assets Portfolio, Institutional Class*			2,211,545			22,210,324			(24,421,278	)			-			(591	)			-			26,257
Invesco Private Government Fund			-			10,860,956			(3,606,758	)			-			-				7,254,198			3
Total		$	8,846,181		$	112,255,498		$	(113,801,901	)		$	-		$	(591	)		$	7,299,187		$	99,077

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

52

Invesco S&P 500^® Equal Weight Materials ETF (RTM)–(continued)

April 30, 2020

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(e)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

53

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.06%
Equity REITs-96.98%
Alexandria Real Estate Equities, Inc.		4,739	$	744,449
American Tower Corp.		2,898		689,724
Apartment Investment & Management Co., Class A		18,800		708,196
AvalonBay Communities, Inc.		4,320		703,944
Boston Properties, Inc.		7,707		748,966
Crown Castle International Corp.		4,407		702,608
Digital Realty Trust, Inc.		4,934		737,584
Duke Realty Corp.		21,077		731,372
Equinix, Inc.		1,060		715,712
Equity Residential		10,546		686,123
Essex Property Trust, Inc.		2,822		688,850
Extra Space Storage, Inc.		7,906		697,625
Federal Realty Investment Trust		9,767		813,298
Healthpeak Properties, Inc.		28,028		732,652
Host Hotels & Resorts, Inc.		64,734		796,875
Iron Mountain, Inc.		29,453		712,173
Kimco Realty Corp.		82,514		900,228
Mid-America Apartment Communities, Inc.		6,485		725,801
Prologis, Inc.		8,159		728,028

	Shares		Value
Equity REITs-(continued)
Public Storage		3,746	$	694,696
Realty Income Corp.		14,054		771,846
Regency Centers Corp.		19,038		835,959
SBA Communications Corp., Class A		2,338		677,833
Simon Property Group, Inc.		13,115		875,689
SL Green Realty Corp.		14,359		761,745
UDR, Inc.		18,901		708,220
Ventas, Inc.		23,523		760,969
Vornado Realty Trust		17,504		767,025
Welltower, Inc.		14,990		767,938
Weyerhaeuser Co.		36,618		800,836
				22,386,964
Real Estate Management & Development-3.08%
CBRE Group, Inc., Class A(b)		16,540		710,062
TOTAL INVESTMENTS IN SECURITIES-100.06% (Cost $28,773,115)				23,097,026
OTHER ASSETS LESS LIABILITIES-(0.06)%				(12,951	)
NET ASSETS-100.00%			$	23,084,075

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	25,673		$	1,544,139		$	(1,569,812	)		$	-		$	-			$	-		$	555
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			-			8,254,999			(8,254,999	)			-			-				-			6,937
Invesco Liquid Assets Portfolio, Institutional Class*			-			2,073,346			(2,073,229	)			-			(117	)			-			2,595
Total		$	25,673		$	11,872,484		$	(11,898,040	)		$	-		$	(117	)		$	-		$	10,087

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

54

Invesco S&P 500^® Equal Weight Technology ETF (RYT)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communications Equipment-6.82%
Arista Networks, Inc.(b)		98,726	$	21,650,612
Cisco Systems, Inc.		488,098		20,685,593
F5 Networks, Inc.(b)		167,065		23,265,472
Juniper Networks, Inc.		918,672		19,843,315
Motorola Solutions, Inc.		131,422		18,899,798
				104,344,790
Electronic Equipment, Instruments & Components-11.81%
Amphenol Corp., Class A		246,193		21,728,994
CDW Corp.		190,539		21,111,721
Corning, Inc.		1,000,696		22,025,319
FLIR Systems, Inc.		606,034		26,301,876
IPG Photonics Corp.(b)		173,834		22,481,951
Keysight Technologies, Inc.(b)		216,344		20,935,609
TE Connectivity Ltd.		306,802		22,537,675
Zebra Technologies Corp., Class A(b)		102,150		23,459,769
				180,582,914
IT Services-30.05%
Accenture PLC, Class A		118,421		21,930,385
Akamai Technologies, Inc.(b)		196,824		19,231,673
Alliance Data Systems Corp.		546,751		27,375,823
Automatic Data Processing, Inc.		146,969		21,558,883
Broadridge Financial Solutions, Inc.		188,598		21,877,368
Cognizant Technology Solutions Corp., Class A		385,326		22,356,615
DXC Technology Co.		1,349,333		24,463,407
Fidelity National Information Services, Inc.		162,038		21,371,192
Fiserv, Inc.(b)		206,046		21,235,101
FleetCor Technologies, Inc.(b)		92,734		22,372,077
Gartner, Inc.(b)		195,281		23,201,336
Global Payments, Inc.		133,874		22,225,761
International Business Machines Corp.		172,614		21,673,414
Jack Henry & Associates, Inc.		121,957		19,946,067
Leidos Holdings, Inc.		208,850		20,636,468
Mastercard, Inc., Class A		79,757		21,930,782
Paychex, Inc.		307,177		21,047,768
PayPal Holdings, Inc.(b)		184,978		22,752,294
VeriSign, Inc.(b)		98,545		20,644,192
Visa, Inc., Class A		122,298		21,857,099
Western Union Co. (The)		1,040,362		19,839,703
				459,527,408
Semiconductors & Semiconductor Equipment-22.10%
Advanced Micro Devices, Inc.(b)		365,698		19,158,918
Analog Devices, Inc.		201,697		22,105,991
Applied Materials, Inc.		389,745		19,362,532
Broadcom, Inc.		77,984		21,182,014
Intel Corp.		343,517		20,604,150
KLA Corp.		128,396		21,068,500
Lam Research Corp.		74,172		18,934,628

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Maxim Integrated Products, Inc.		390,552	$	21,472,549
Microchip Technology, Inc.		258,083		22,641,622
Micron Technology, Inc.(b)		453,707		21,728,028
NVIDIA Corp.		70,807		20,695,470
Qorvo, Inc.(b)		239,928		23,520,142
QUALCOMM, Inc.		272,212		21,414,918
Skyworks Solutions, Inc.		217,342		22,577,487
Texas Instruments, Inc.		182,602		21,194,614
Xilinx, Inc.		232,971		20,361,665
				338,023,228
Software-19.49%
Adobe, Inc.(b)		60,146		21,270,031
ANSYS, Inc.(b)		78,429		20,535,065
Autodesk, Inc.(b)		114,371		21,402,245
Cadence Design Systems, Inc.(b)		262,858		21,325,669
Citrix Systems, Inc.		137,524		19,942,355
Fortinet, Inc.(b)		183,566		19,777,401
Intuit, Inc.		78,137		21,082,144
Microsoft Corp.		115,837		20,759,149
NortonLifeLock, Inc.		1,028,662		21,879,641
Oracle Corp.		379,612		20,108,048
Paycom Software, Inc.(b)		92,157		24,054,820
salesforce.com, inc.(b)		127,502		20,648,949
ServiceNow, Inc.(b)		69,087		24,286,844
Synopsys, Inc.(b)		133,499		20,975,363
				298,047,724
Technology Hardware, Storage & Peripherals-9.73%
Apple, Inc.		73,154		21,492,645
Hewlett Packard Enterprise Co.		2,135,367		21,481,792
HP, Inc.		1,335,980		20,721,050
NetApp, Inc.		491,920		21,531,338
Seagate Technology PLC		402,845		20,122,108
Western Digital Corp.		489,944		22,576,620
Xerox Holdings Corp.		1,144,283		20,928,936
				148,854,489
Total Common Stocks & Other Equity Interests (Cost $1,426,549,195)				1,529,380,553
Money Market Funds-0.02%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $322,526)		322,526		322,526
TOTAL INVESTMENTS IN SECURITIES-100.02% (Cost $1,426,871,721)				1,529,703,079
OTHER ASSETS LESS LIABILITIES-(0.02)%				(359,940	)
NET ASSETS-100.00%			$	1,529,343,139

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

55

Invesco S&P 500^® Equal Weight Technology ETF (RYT)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	1,581,815		$	61,717,535		$	(62,976,824	)		$	-		$	-			$	322,526		$	24,829
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			-			204,139,398			(204,139,398	)			-			-				-			56,997
Invesco Liquid Assets Portfolio, Institutional Class*			-			63,904,755			(63,900,766	)			-			(3,989	)			-			20,580
Total		$	1,581,815		$	329,761,688		$	(331,016,988	)		$	-		$	(3,989	)		$	322,526		$	102,406

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

56

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Electric Utilities-49.64%
Alliant Energy Corp.		213,292	$	10,355,326
American Electric Power Co., Inc.		130,548		10,849,844
Duke Energy Corp.		125,157		10,595,792
Edison International		181,707		10,668,018
Entergy Corp.		111,353		10,635,325
Evergy, Inc.		184,925		10,805,168
Eversource Energy		123,162		9,939,173
Exelon Corp.		293,359		10,877,752
FirstEnergy Corp.		244,032		10,071,201
NextEra Energy, Inc.		45,793		10,583,678
Pinnacle West Capital Corp.		141,118		10,864,675
PPL Corp.		427,310		10,862,220
Southern Co. (The)		196,218		11,131,447
Xcel Energy, Inc.		167,932		10,673,758
				148,913,377
Gas Utilities-3.46%
Atmos Energy Corp.		101,868		10,387,480
Independent Power and Renewable Electricity Producers-7.81%
AES Corp. (The)		859,505		11,388,441
NRG Energy, Inc.		359,475		12,053,197
				23,441,638

	Shares		Value
Multi-Utilities-35.53%
Ameren Corp.		144,889	$	10,540,675
CenterPoint Energy, Inc.		682,197		11,617,815
CMS Energy Corp.		178,514		10,191,364
Consolidated Edison, Inc.		125,913		9,921,944
Dominion Energy, Inc.		138,348		10,670,781
DTE Energy Co.		106,535		11,051,941
NiSource, Inc.		427,473		10,733,847
Public Service Enterprise Group, Inc.		206,458		10,469,485
Sempra Energy		90,620		11,223,287
WEC Energy Group, Inc.		112,385		10,176,462
				106,597,601
Water Utilities-3.47%
American Water Works Co., Inc.		85,585		10,414,839
TOTAL INVESTMENTS IN SECURITIES-99.91% (Cost $306,583,268)				299,754,935
OTHER ASSETS LESS LIABILITIES-0.09%				257,720
NET ASSETS-100.00%.			$	300,012,655

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			Gain			April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	55,729		$	12,379,252		$	(12,434,981	)		$	-		$	-		$	-		$	5,886
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			-			9,931,096			(9,931,096	)			-			-			-			1,489
Invesco Liquid Assets Portfolio, Institutional Class*			-			3,310,287			(3,310,287	)			-			-			-			545
Total		$	55,729		$	25,620,635		$	(25,676,364	)		$	-		$	-		$	-		$	7,920

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

57

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-2.41%
AMC Networks, Inc., Class A(b)		5,016	$	119,632
Cable One, Inc.		69		131,987
Cinemark Holdings, Inc.		9,069		129,505
John Wiley & Sons, Inc., Class A		3,336		125,267
New York Times Co. (The), Class A		3,860		125,527
TEGNA, Inc.		10,954		117,427
Telephone & Data Systems, Inc.		6,510		127,726
TripAdvisor, Inc.		6,510		130,005
World Wrestling Entertainment, Inc., Class A(c)		3,016		134,122
Yelp, Inc.(b)		6,206		138,704
				1,279,902
Consumer Discretionary-16.37%
Aaron’s, Inc.		5,030		160,507
Adient PLC(b)		10,925		163,657
Adtalem Global Education, Inc.(b)		4,394		139,597
American Eagle Outfitters, Inc.		13,230		105,179
AutoNation, Inc.(b)		3,886		144,715
Bed Bath & Beyond, Inc.(c)		25,522		157,981
Boyd Gaming Corp.		8,107		135,306
Brinker International, Inc.		7,791		181,374
Brunswick Corp.		3,146		150,127
Caesars Entertainment Corp.(b)		15,037		145,257
Carter’s, Inc.		1,606		125,589
Cheesecake Factory, Inc. (The)(c)		6,530		145,554
Choice Hotels International, Inc.		1,670		125,334
Churchill Downs, Inc.		1,254		125,676
Columbia Sportswear Co.		1,688		123,038
Cracker Barrel Old Country Store, Inc.		1,353		131,782
Dana, Inc.		13,553		155,860
Deckers Outdoor Corp.(b)		851		126,595
Delphi Technologies PLC(b)		14,149		141,349
Dick’s Sporting Goods, Inc.		4,615		135,635
Dillard’s, Inc., Class A(c)		4,447		131,098
Domino’s Pizza, Inc.		337		121,970
Dunkin’ Brands Group, Inc.		1,991		125,114
Eldorado Resorts, Inc.(b)(c)		7,320		156,941
Etsy, Inc.(b)		2,002		129,870
Five Below, Inc.(b)		1,414		127,486
Foot Locker, Inc.		5,341		136,890
Gentex Corp.		5,109		123,842
Goodyear Tire & Rubber Co. (The)		16,839		120,736
Graham Holdings Co., Class B		342		133,383
Grand Canyon Education, Inc.(b)		1,527		131,353
Grubhub, Inc.(b)		2,876		137,444
Helen of Troy Ltd.(b)		895		147,031
Jack in the Box, Inc.		2,168		130,730
KB Home.		5,769		151,379
Lear Corp.		1,400		136,710
Marriott Vacations Worldwide Corp.		1,582		131,306
Mattel, Inc.(b)(c)		13,317		116,124
Murphy USA, Inc.(b)		1,130		120,684
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		2,107		143,086
Papa John’s International, Inc.		1,877		134,994
Penn National Gaming, Inc.(b)(c)		8,689		154,838
Polaris, Inc.		2,036		144,413
Pool Corp.		615		130,171

	Shares		Value
Consumer Discretionary-(continued)
RH(b)(c)		964	$	138,604
Sally Beauty Holdings, Inc.(b)		15,876		154,156
Scientific Games Corp.(b)		12,176		153,539
Service Corp. International		3,088		113,453
Six Flags Entertainment Corp.		7,841		156,898
Skechers U.S.A., Inc., Class A(b)		4,625		130,333
Taylor Morrison Home Corp., Class A(b)		10,484		152,542
Tempur Sealy International, Inc.(b)		2,782		149,533
Texas Roadhouse, Inc.		2,630		123,847
Thor Industries, Inc.(c)		2,295		151,929
Toll Brothers, Inc.		5,600		134,512
TRI Pointe Group, Inc.(b)		11,892		136,520
Urban Outfitters, Inc.(b)(c)		6,558		113,716
Visteon Corp.(b)		2,377		143,333
Wendy’s Co. (The)		6,644		131,950
Williams-Sonoma, Inc.(c)		2,397		148,230
WW International, Inc.(b)		6,159		157,116
Wyndham Destinations, Inc.		5,285		135,137
Wyndham Hotels & Resorts, Inc.		3,485		131,419
				8,694,472
Consumer Staples-4.05%
BJ’s Wholesale Club Holdings, Inc.(b)		4,528		119,132
Boston Beer Co., Inc. (The), Class A(b)		303		141,353
Casey’s General Stores, Inc.		794		120,220
Darling Ingredients, Inc.(b)		6,007		123,684
Edgewell Personal Care Co.(b)		4,790		132,252
Energizer Holdings, Inc.		3,524		137,295
Flowers Foods, Inc.		5,283		117,705
Hain Celestial Group, Inc. (The)(b)		4,543		117,391
Ingredion, Inc.		1,515		123,018
Lancaster Colony Corp.		853		114,839
Nu Skin Enterprises, Inc., Class A		4,921		143,742
Pilgrim’s Pride Corp.(b)		6,292		138,424
Post Holdings, Inc.(b)		1,296		119,038
Sanderson Farms, Inc.		948		129,061
Sprouts Farmers Market, Inc.(b)		5,981		124,285
Tootsie Roll Industries, Inc.(c)		3,392		119,161
TreeHouse Foods, Inc.(b)		2,489		128,756
				2,149,356
Energy-4.03%
Antero Midstream Corp.(c)		34,730		164,968
Apergy Corp.(b)		16,575		152,656
Cimarex Energy Co.		5,955		151,376
CNX Resources Corp.(b)		11,500		121,900
EQT Corp.		9,144		133,411
Equitrans Midstream Corp.(c)		16,632		139,376
Matador Resources Co.(b)(c)		35,976		253,271
Murphy Oil Corp.(c)		15,533		184,221
Patterson-UTI Energy, Inc.		59,802		220,669
PBF Energy, Inc., Class A		16,217		184,874
Transocean Ltd.(b)(c)		102,730		131,495
World Fuel Services Corp.		4,917		122,925
WPX Energy, Inc.(b)		28,987		177,690
				2,138,832
Financials-15.95%
Affiliated Managers Group, Inc.		1,942		135,862

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

58

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)–(continued)

April 30, 2020

	Shares		Value
Financials-(continued)
Alleghany Corp.		219	$	116,882
American Financial Group, Inc.		1,713		113,469
Associated Banc-Corp.		9,827		138,954
BancorpSouth Bank.		5,883		128,779
Bank of Hawaii Corp.		2,121		144,610
Bank OZK		6,666		150,785
Brighthouse Financial, Inc.(b)		5,409		139,065
Brown & Brown, Inc.		3,209		115,235
Cathay General Bancorp		5,218		145,687
CIT Group, Inc.		6,140		116,537
CNO Financial Group, Inc.		9,764		137,282
Commerce Bancshares, Inc.		2,133		130,518
Cullen/Frost Bankers, Inc.		1,961		140,917
East West Bancorp, Inc.		4,413		154,764
Eaton Vance Corp.		3,539		129,881
Evercore, Inc., Class A		2,216		114,346
F.N.B. Corp.		15,959		129,108
FactSet Research Systems, Inc.		435		119,625
Federated Hermes, Inc., Class B		5,813		132,362
First American Financial Corp.		2,734		126,092
First Financial Bankshares, Inc.		4,764		132,677
First Horizon National Corp.		15,262		138,579
FirstCash, Inc.		1,616		116,093
Fulton Financial Corp.		11,185		130,753
Genworth Financial, Inc., Class A(b)		34,829		126,429
Hancock Whitney Corp.		6,644		138,926
Hanover Insurance Group, Inc. (The)		1,221		122,564
Home BancShares, Inc.		9,440		144,715
Interactive Brokers Group, Inc., Class A		2,662		109,142
International Bancshares Corp.		4,762		138,050
Janus Henderson Group PLC (United Kingdom)		7,689		137,633
Jefferies Financial Group, Inc.		9,261		127,061
Kemper Corp.		1,748		117,501
Legg Mason, Inc.		2,467		122,931
LendingTree, Inc.(b)(c)		624		155,607
Mercury General Corp.		2,959		121,201
Navient Corp.		16,213		123,543
New York Community Bancorp, Inc.		12,021		130,548
Old Republic International Corp.		7,387		117,823
PacWest Bancorp		6,637		134,333
Pinnacle Financial Partners, Inc.		3,145		126,586
Primerica, Inc.		1,256		130,511
Prosperity Bancshares, Inc.		2,435		145,930
Reinsurance Group of America, Inc.		1,224		128,128
RenaissanceRe Holdings Ltd. (Bermuda)		777		113,450
RLI Corp.		1,397		101,744
SEI Investments Co.		2,435		124,088
Selective Insurance Group, Inc.		2,391		119,861
Signature Bank.		1,377		147,587
SLM Corp.		17,717		147,760
Sterling Bancorp		11,500		141,795
Stifel Financial Corp.		2,907		128,722
Synovus Financial Corp.		7,234		151,986
TCF Financial Corp.		4,929		146,342
Texas Capital Bancshares, Inc.(b)		5,079		141,095
Trustmark Corp.		4,994		132,890
UMB Financial Corp.		2,701		137,319
Umpqua Holdings Corp.		11,073		138,689
United Bankshares, Inc.		4,849		145,276
Valley National Bancorp		16,815		140,573

	Shares		Value
Financials-(continued)
Washington Federal, Inc.		4,947	$	132,283
Webster Financial Corp.		5,169		146,024
Wintrust Financial Corp.		3,623		151,804
				8,467,312
Health Care-8.68%
Acadia Healthcare Co., Inc.(b)		5,149		123,627
Allscripts Healthcare Solutions, Inc.(b)		18,750		121,875
Amedisys, Inc.(b)		616		113,443
Arrowhead Pharmaceuticals, Inc.(b)		3,345		115,168
Avanos Medical, Inc.(b)		3,959		122,927
Bio-Rad Laboratories, Inc., Class A(b)		290		127,629
Bio-Techne Corp.		572		128,700
Cantel Medical Corp.		3,974		147,038
Catalent, Inc.(b)		2,149		148,603
Charles River Laboratories International, Inc.(b) .		843		121,957
Chemed Corp.		271		112,890
Encompass Health Corp.		1,711		113,354
Exelixis, Inc.(b)		6,289		155,307
Globus Medical, Inc., Class A(b)		2,592		123,016
Haemonetics Corp.(b)		1,152		131,075
HealthEquity, Inc.(b)		2,617		147,259
Hill-Rom Holdings, Inc.		1,082		121,714
ICU Medical, Inc.(b)		546		119,743
Integra LifeSciences Holdings Corp.(b)		2,493		127,268
LHC Group, Inc.(b)		944		122,711
Ligand Pharmaceuticals, Inc.(b)(c)		1,301		128,240
LivaNova PLC(b)		2,418		128,444
Masimo Corp.(b)		612		130,913
MEDNAX, Inc.(b)		9,843		142,920
Molina Healthcare, Inc.(b)(c)		720		118,058
Nektar Therapeutics(b)(c)		6,292		120,806
NuVasive, Inc.(b)		2,078		126,509
Patterson Cos., Inc.		7,857		143,626
Penumbra, Inc.(b)		687		121,819
PRA Health Sciences, Inc.(b)		1,363		131,529
Prestige Consumer Healthcare, Inc.(b)		3,105		126,342
Repligen Corp.(b)		1,158		134,502
Syneos Health, Inc.(b)		2,373		132,390
Tenet Healthcare Corp.(b)		5,455		110,082
United Therapeutics Corp.(b)		1,169		128,076
West Pharmaceutical Services, Inc.		727		137,592
				4,607,152
Industrials-15.30%
Acuity Brands, Inc.		1,416		122,611
AECOM(b)		3,721		134,923
AGCO Corp.		2,470		130,515
ASGN, Inc.(b)		3,160		146,782
Avis Budget Group, Inc.(b)(c)		8,713		143,590
Axon Enterprise, Inc.(b)		1,593		115,827
Brink’s Co. (The)		2,286		116,860
Carlisle Cos., Inc.		984		119,025
Clean Harbors, Inc.(b)		2,282		121,927
Colfax Corp.(b)(c)		5,253		135,475
Crane Co.		2,304		125,453
Curtiss-Wright Corp.		1,254		129,977
Deluxe Corp.		4,615		130,005
Donaldson Co., Inc.		2,893		126,800
Dycom Industries, Inc.(b)		4,306		140,376
EMCOR Group, Inc.		1,931		122,676

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

59

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)–(continued)

April 30, 2020

	Shares		Value
Industrials-(continued)
EnerSys.		2,390	$	139,552
Fluor Corp.		15,044		176,015
FTI Consulting, Inc.(b)		899		114,497
GATX Corp.		2,161		128,147
Generac Holdings, Inc.(b)		1,231		119,949
Graco, Inc.		2,616		116,831
Healthcare Services Group, Inc.		5,844		148,964
Herman Miller, Inc.		6,028		135,871
HNI Corp.		5,012		121,992
Hubbell, Inc.		1,015		126,296
Insperity, Inc.		2,982		142,271
ITT, Inc.		2,500		131,800
JetBlue Airways Corp.(b)		13,613		132,591
KAR Auction Services, Inc.		9,425		141,187
Kennametal, Inc.		5,497		140,778
Kirby Corp.(b)		2,629		140,441
Knight-Swift Transportation Holdings, Inc.		3,341		124,218
Landstar System, Inc.		1,180		121,906
Lennox International, Inc.		665		124,142
Lincoln Electric Holdings, Inc.		1,614		129,943
ManpowerGroup, Inc.		1,918		142,392
MasTec, Inc.(b)		3,513		126,117
Mercury Systems, Inc.(b)		1,501		133,829
MSA Safety, Inc.		1,132		127,384
MSC Industrial Direct Co., Inc., Class A		2,077		123,872
Nordson Corp.		802		129,050
NOW, Inc.(b)		21,261		131,180
nVent Electric PLC.		6,946		129,543
Oshkosh Corp.		1,915		129,320
Owens Corning.		3,055		132,465
Regal Beloit Corp.		1,860		132,079
Resideo Technologies, Inc.(b)		25,955		133,149
Ryder System, Inc.		4,337		153,530
Stericycle, Inc.(b)		2,516		122,781
Teledyne Technologies, Inc.(b)		390		127,011
Terex Corp.		8,495		129,039
Tetra Tech, Inc.		1,526		114,877
Timken Co. (The)		3,430		128,899
Toro Co. (The)		1,876		119,708
Trex Co., Inc.(b)		1,462		139,212
Trinity Industries, Inc.(c)		7,560		145,832
Valmont Industries, Inc.		1,133		132,833
Watsco, Inc.		805		129,597
Werner Enterprises, Inc.		3,048		122,286
Woodward, Inc.		2,122		128,508
XPO Logistics, Inc.(b)		2,073		138,352
				8,123,058
Information Technology-13.62%
ACI Worldwide, Inc.(b)		4,700		128,780
Arrow Electronics, Inc.(b)		2,211		139,116
Avnet, Inc.		4,379		131,458
Belden, Inc.		3,705		126,674
Blackbaud, Inc.		2,421		133,784
Cabot Microelectronics Corp.		1,027		125,849
CACI International, Inc., Class A(b)		502		125,570
CDK Global, Inc.		3,473		136,419
Ceridian HCM Holding, Inc.(b)		2,282		134,570
Ciena Corp.(b)		2,766		127,927
Cirrus Logic, Inc.(b)		1,739		131,468

	Shares		Value
Information Technology-(continued)
Cognex Corp.		2,599	$	143,569
Coherent, Inc.(b)		1,085		138,739
CommVault Systems, Inc.(b)		3,059		130,589
CoreLogic, Inc.		3,327		127,823
Cree, Inc.(b)		3,453		148,928
Enphase Energy, Inc.(b)		4,195		196,452
Fair Isaac Corp.(b)		383		135,176
First Solar, Inc.(b)		2,897		127,497
II-VI, Inc.(b)(c)		4,405		151,620
InterDigital, Inc.		2,661		153,726
j2 Global, Inc.		1,638		132,088
Jabil, Inc.		4,729		134,493
KBR, Inc.		6,193		125,470
Littelfuse, Inc.		905		131,442
LiveRamp Holdings, Inc.(b)		3,744		141,748
LogMeIn, Inc.		1,438		122,891
Lumentum Holdings, Inc.(b)		1,625		131,479
Manhattan Associates, Inc.(b)		2,126		150,818
MAXIMUS, Inc.		1,879		126,494
MKS Instruments, Inc.		1,318		132,103
Monolithic Power Systems, Inc.		658		131,541
National Instruments Corp.		3,299		126,748
NCR Corp.(b)		6,324		129,768
NetScout Systems, Inc.(b)		4,912		130,070
Paylocity Holding Corp.(b)		1,183		135,489
Perspecta, Inc.		6,010		129,636
PTC, Inc.(b)		1,834		127,005
Sabre Corp.		20,438		148,584
Science Applications International Corp.		1,491		121,755
Semtech Corp.(b)		2,851		128,979
Silicon Laboratories, Inc.(b)		1,336		129,886
SolarEdge Technologies, Inc.(b)		1,259		140,492
Synaptics, Inc.(b)		2,052		134,180
SYNNEX Corp.		1,562		136,769
Tech Data Corp.(b)		870		122,357
Teradata Corp.(b)		5,395		132,663
Teradyne, Inc.		1,915		119,764
Trimble, Inc.(b)		3,766		130,417
Tyler Technologies, Inc.(b)		374		119,938
Universal Display Corp.		847		127,152
ViaSat, Inc.(b)		2,977		126,225
Vishay Intertechnology, Inc.		8,139		135,026
WEX, Inc.(b)		1,066		141,053
				7,230,257
Materials-7.26%
Allegheny Technologies, Inc.(b)		15,358		115,339
AptarGroup, Inc.		1,188		127,211
Ashland Global Holdings, Inc.		2,152		132,757
Cabot Corp.		4,101		138,983
Carpenter Technology Corp.		6,079		134,771
Chemours Co. (The)		11,533		135,282
Commercial Metals Co.		7,626		121,558
Compass Minerals International, Inc.		2,960		145,514
Domtar Corp.		5,636		131,657
Eagle Materials, Inc.		2,154		131,416
Greif, Inc., Class A		3,811		129,155
Ingevity Corp.(b)		3,082		160,017
Louisiana-Pacific Corp.		7,002		140,040
Minerals Technologies, Inc.		3,186		140,311

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

60

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)—(continued)

April 30, 2020

	Shares		Value
Materials-(continued)
NewMarket Corp.		308	$	126,723
O-I Glass, Inc.		18,111		149,235
Olin Corp.		8,923		119,122
PolyOne Corp.		5,923		137,947
Reliance Steel & Aluminum Co.		1,388		124,337
Royal Gold, Inc.		1,134		138,949
RPM International, Inc.		1,856		123,257
Scotts Miracle-Gro Co. (The)		1,038		128,743
Sensient Technologies Corp.		2,772		132,474
Silgan Holdings, Inc.		3,700		127,650
Sonoco Products Co.		2,452		119,756
Steel Dynamics, Inc.		5,209		126,422
United States Steel Corp.(c)		18,004		138,271
Valvoline, Inc.		8,579		147,473
Worthington Industries, Inc.		4,957		131,063
				3,855,433
Real Estate-8.99%
American Campus Communities, Inc.		3,631		128,138
Brixmor Property Group, Inc.		13,033		149,228
Camden Property Trust		1,392		122,593
CoreCivic, Inc.		10,502		137,786
CoreSite Realty Corp.		1,025		124,220
Corporate Office Properties Trust		4,700		124,174
Cousins Properties, Inc.		3,844		115,973
CyrusOne, Inc.		1,773		124,376
Diversified Healthcare Trust		44,454		138,252
Douglas Emmett, Inc.		3,960		120,740
EastGroup Properties, Inc.		1,138		120,628
EPR Properties		4,974		146,335
First Industrial Realty Trust, Inc.		3,437		129,816
GEO Group, Inc. (The)		9,491		120,346
Healthcare Realty Trust, Inc.		4,056		119,206
Highwoods Properties, Inc.		3,200		124,192
JBG SMITH Properties		3,731		126,667
Jones Lang LaSalle, Inc.		1,143		120,678
Kilroy Realty Corp.		1,901		118,356
Lamar Advertising Co., Class A		2,326		134,094
Life Storage, Inc.		1,312		114,918
Macerich Co. (The)(c)		17,539		131,016
Mack-Cali Realty Corp.		7,593		122,931
Medical Properties Trust, Inc.		7,120		122,037
National Retail Properties, Inc.		3,919		127,916
Omega Healthcare Investors, Inc.		3,771		109,925
Park Hotels & Resorts, Inc.		14,927		141,956
Pebblebrook Hotel Trust		11,468		135,781
PotlatchDeltic Corp.		3,938		138,263
PS Business Parks, Inc.		914		117,988
Rayonier, Inc.		5,006		120,294
Sabra Health Care REIT, Inc.		9,289		119,085

	Shares		Value
Real Estate-(continued)
Service Properties Trust		20,826	$	144,324
Spirit Realty Capital, Inc.		4,580		140,881
Taubman Centers, Inc.		2,980		128,438
Urban Edge Properties		14,149		162,714
Weingarten Realty Investors		8,188		148,940
				4,773,205
Utilities-3.33%
ALLETE, Inc.		2,095		120,588
Black Hills Corp.		1,808		111,987
Essential Utilities, Inc.		2,819		117,806
Hawaiian Electric Industries, Inc.		2,912		114,937
IDACORP, Inc.		1,275		117,019
MDU Resources Group, Inc.		5,308		119,218
National Fuel Gas Co.		2,942		120,622
New Jersey Resources Corp.		3,651		123,331
NorthWestern Corp.		1,952		112,611
OGE Energy Corp.		3,855		121,509
ONE Gas, Inc.		1,377		109,761
PNM Resources, Inc.		2,829		114,546
Southwest Gas Holdings, Inc.		1,577		119,537
Spire, Inc.		1,583		115,496
UGI Corp.		4,341		131,011
				1,769,979
Total Common Stocks & Other Equity Interests (Cost $64,998,578)				53,088,958
Money Market Funds-0.07%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $39,558)		39,558		39,558
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $65,038,136)				53,128,516
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.97%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $3,167,773)		3,167,773		3,167,773
TOTAL INVESTMENTS IN SECURITIES-106.03% (Cost $68,205,909)				56,296,289
OTHER ASSETS LESS LIABILITIES-(6.03)%				(3,201,162	)
NET ASSETS-100.00%			$	53,095,127

Investment Abbreviations:

REIT-Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

61

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	26,749		$	3,220,870		$	(3,208,061	)		$	-		$	-			$	39,558		$	981
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			3,119,837			25,583,320			(28,703,157	)			-			-				-			49,124
Invesco Liquid Assets Portfolio, Institutional Class*			1,018,008			7,521,896			(8,539,811	)			-			(93	)			-			17,838
Invesco Private Government Fund			-			6,069,158			(2,901,385	)			-			-				3,167,773			2
Total		$	4,164,594		$	42,395,244		$	(43,352,414	)		$	-		$	(93	)		$	3,207,331		$	67,945

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

62

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Communication Services-2.39%
ATN International, Inc.		490	$	30,439
Cincinnati Bell, Inc.(b)		2,157		31,600
Cogent Communications Holdings, Inc.		361		30,263
Consolidated Communications Holdings, Inc.		5,509		34,541
E.W. Scripps Co. (The), Class A		4,251		34,306
Gannett Co., Inc.		35,200		39,776
Glu Mobile, Inc.(b)		4,109		32,050
Iridium Communications, Inc.(b)		1,328		29,887
Marcus Corp. (The)		2,181		31,712
Meredith Corp.		783		11,612
QuinStreet, Inc.(b)		3,855		39,167
Scholastic Corp.		1,137		33,053
Shenandoah Telecommunications Co.		624		33,390
Spok Holdings, Inc.		2,848		29,220
TechTarget, Inc.(b)		1,442		33,627
Vonage Holdings Corp.(b)		4,067		34,000
				508,643
Consumer Discretionary-16.20%
Abercrombie & Fitch Co., Class A		2,876		30,428
American Axle & Manufacturing Holdings, Inc.(b) .		8,514		36,780
American Public Education, Inc.(b)		1,282		33,037
America’s Car-Mart, Inc.(b)		541		35,679
Asbury Automotive Group, Inc.(b)		548		36,990
Barnes & Noble Education, Inc.(b)		16,671		29,841
Big Lots, Inc.		1,664		39,021
BJ’s Restaurants, Inc.		1,831		40,026
Bloomin’ Brands, Inc.		3,431		41,344
Boot Barn Holdings, Inc.(b)		2,054		37,917
Buckle, Inc. (The)(c)		2,100		32,151
Caleres, Inc.		5,646		45,789
Callaway Golf Co.(c)		2,908		41,643
Cato Corp. (The), Class A		2,973		33,476
Cavco Industries, Inc.(b)		247		38,206
Century Communities, Inc.(b)		1,970		42,197
Chico’s FAS, Inc.		24,494		36,741
Children’s Place, Inc. (The)(c)		1,171		34,615
Chuy’s Holdings, Inc.(b)		2,238		37,509
Conn’s, Inc.(b)		7,405		50,058
Cooper Tire & Rubber Co.		1,649		34,942
Cooper-Standard Holdings, Inc.(b)		2,853		36,661
Core-Mark Holding Co., Inc.		1,139		32,735
Crocs, Inc.(b)		1,371		33,247
Dave & Buster’s Entertainment, Inc.(c)		2,677		39,191
Designer Brands, Inc., Class A		5,853		37,167
Dine Brands Global, Inc.		939		41,682
Dorman Products, Inc.(b)		527		33,243
El Pollo Loco Holdings, Inc.(b)(c)		2,962		36,225
Ethan Allen Interiors, Inc.		3,140		35,513
Express, Inc.(b)		15,842		32,793
Fiesta Restaurant Group, Inc.(b)		4,380		31,865
Fossil Group, Inc.(b)(c)		9,098		36,028
Fox Factory Holding Corp.(b)		736		37,543
GameStop Corp., Class A(c)		6,525		37,388
Garrett Motion, Inc. (Switzerland)(b)		7,766		42,325
Genesco, Inc.(b)		1,853		35,077
Gentherm, Inc.(b)		910		34,070

	Shares		Value
Consumer Discretionary-(continued)
G-III Apparel Group Ltd.(b)		3,409	$	38,624
Group 1 Automotive, Inc.		632		35,765
Guess?, Inc.		3,965		37,073
Haverty Furniture Cos., Inc.		2,591		35,056
Hibbett Sports, Inc.(b)		2,497		38,529
Installed Building Products, Inc.(b)		770		37,969
iRobot Corp.(b)(c)		636		38,771
J.C. Penney Co., Inc.(b)(c)		114,171		28,999
Kontoor Brands, Inc.		1,602		31,095
La-Z-Boy, Inc.		1,522		35,691
LCI Industries		424		36,769
LGI Homes, Inc.(b)		641		38,832
Liquidity Services, Inc.(b)		6,433		32,165
Lithia Motors, Inc., Class A		329		36,374
Lumber Liquidators Holdings, Inc.(b)(c)		5,832		41,116
M.D.C. Holdings, Inc.		1,256		36,738
M/I Homes, Inc.(b)		1,728		43,995
Macy’s, Inc.(c)		5,379		31,521
MarineMax, Inc.(b)		2,774		39,973
Meritage Homes Corp.(b)		756		39,735
Michaels Cos., Inc. (The)(b)(c)		13,158		40,000
Monarch Casino & Resort, Inc.(b)		1,175		39,175
Monro, Inc.		645		35,791
Motorcar Parts of America, Inc.(b)(c)		2,521		35,874
Movado Group, Inc.		3,384		34,889
Office Depot, Inc.		16,584		36,816
Oxford Industries, Inc.		805		33,746
Perdoceo Education Corp.(b)		2,726		35,438
PetMed Express, Inc.(c)		943		37,315
Red Robin Gourmet Burgers, Inc.(b)(c)		2,715		39,720
Regis Corp.(b)		3,623		44,998
Rent-A-Center, Inc.		1,789		35,610
Ruth’s Hospitality Group, Inc.		3,746		42,161
Shake Shack, Inc., Class A(b)(c)		732		39,901
Shoe Carnival, Inc.(c)		1,419		33,517
Shutterstock, Inc.		887		33,706
Signet Jewelers Ltd.(c)		3,975		39,989
Sleep Number Corp.(b)		1,362		40,724
Sonic Automotive, Inc., Class A		1,945		41,681
Stamps.com, Inc.(b)		217		34,345
Standard Motor Products, Inc.		758		30,843
Steven Madden Ltd.		1,364		34,195
Strategic Education, Inc.		214		34,090
Sturm Ruger & Co., Inc.		594		31,601
Tailored Brands, Inc.(c)		19,535		32,428
TopBuild Corp.(b)		408		38,022
Tupperware Brands Corp.(c)		15,309		49,295
Unifi, Inc.(b)		3,113		32,220
Universal Electronics, Inc.(b)		801		33,065
Vera Bradley, Inc.(b)		6,877		37,892
Vista Outdoor, Inc.(b)		3,476		35,177
Wingstop, Inc.		297		34,829
Winnebago Industries, Inc.		877		38,912
Wolverine World Wide, Inc.		1,591		32,600
YETI Holdings, Inc.(b)(c)		1,304		36,003
Zumiez, Inc.(b)		1,471		31,097
				3,453,598

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

63

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2020

	Shares		Value
Consumer Staples-3.37%
Andersons, Inc. (The)		2,023	$	34,330
B&G Foods, Inc.(c)		1,713		33,266
Calavo Growers, Inc.		485		28,130
Cal-Maine Foods, Inc.		759		31,506
Central Garden & Pet Co.(b)		206		6,786
Central Garden & Pet Co., Class A(b)		845		25,696
Chefs’ Warehouse, Inc. (The)(b)		2,582		36,355
Coca-Cola Consolidated, Inc.		131		30,847
Fresh Del Monte Produce, Inc.		991		28,253
Inter Parfums, Inc.		667		29,808
J&J Snack Foods Corp.		249		31,630
John B. Sanfilippo & Son, Inc.		363		29,813
Medifast, Inc.(c)		487		36,954
MGP Ingredients, Inc.(c)		879		33,165
National Beverage Corp.(b)(c)		629		31,595
PriceSmart, Inc.		509		32,342
Seneca Foods Corp., Class A(b)		861		30,979
SpartanNash Co.		1,954		33,511
United Natural Foods, Inc.(b)(c)		2,783		29,611
Universal Corp.		701		33,907
USANA Health Sciences, Inc.(b)		464		41,398
Vector Group Ltd.		3,331		35,642
WD-40 Co.		184		32,068
				717,592
Energy-9.28%
Archrock, Inc.		8,186		39,375
Bonanza Creek Energy, Inc.(b)(c)		2,260		39,460
Callon Petroleum Co.(b)		72,369		68,005
CONSOL Energy, Inc.(b)(c)		6,088		46,208
Core Laboratories N.V.		1,453		28,493
Denbury Resources, Inc.(b)(c)		174,604		62,072
DMC Global, Inc.		1,160		29,940
Dorian LPG Ltd.(b)		3,503		33,243
Dril-Quip, Inc.(b)		969		32,103
Era Group, Inc.(b)		8,606		44,063
Exterran Corp.(b)		6,732		45,778
Geospace Technologies Corp.(b)		5,178		32,155
Green Plains, Inc.(c)		6,368		37,380
Gulfport Energy Corp.(b)(c)		44,308		113,207
Helix Energy Solutions Group, Inc.(b)		20,677		52,520
HighPoint Resources Corp.(b)		165,758		54,965
Laredo Petroleum, Inc.(b)		75,140		81,903
Matrix Service Co.(b)		3,380		35,287
Nabors Industries Ltd.(c)		2,335		34,395
Newpark Resources, Inc.(b)		27,450		41,998
Noble Corp. PLC(b)		151,629		39,120
Oasis Petroleum, Inc.(b)		114,479		80,582
Oceaneering International, Inc.(b)		9,124		46,897
Oil States International, Inc.(b)		12,686		43,640
Par Pacific Holdings, Inc.(b)		4,410		42,865
PDC Energy, Inc.(b)		3,495		45,400
Penn Virginia Corp.(b)		7,961		50,075
ProPetro Holding Corp.(b)		9,098		38,575
QEP Resources, Inc.		102,007		100,579
Range Resources Corp.(c)		6,848		39,924
Renewable Energy Group, Inc.(b)		1,418		35,181
REX American Resources Corp.(b)		570		33,904
Ring Energy, Inc.(b)(c)		49,909		44,983
RPC, Inc.(c)		13,550		46,205

	Shares		Value
Energy-(continued)
SEACOR Holdings, Inc.(b)		1,197	$	33,827
SM Energy Co.(c)		18,954		76,764
Southwestern Energy Co.(b)		11,971		38,666
Talos Energy, Inc.(b)		4,635		52,793
TETRA Technologies, Inc.(b)		127,369		61,939
US Silica Holdings, Inc.(c)		21,088		40,489
Valaris PLC (Saudi Arabia)(c)		70,745		32,224
				1,977,182
Financials-15.27%
Allegiance Bancshares, Inc.		1,375		34,485
Ambac Financial Group, Inc.(b)		2,050		35,260
American Equity Investment Life Holding Co.		1,611		33,863
Ameris Bancorp		1,411		35,882
AMERISAFE, Inc.		487		31,007
Apollo Commercial Real Estate Finance, Inc.		3,827		31,190
ARMOUR Residential REIT, Inc.		3,677		32,505
Axos Financial, Inc.(b)		1,788		41,213
Banc of California, Inc.		3,546		36,949
Banner Corp.		956		36,739
Berkshire Hills Bancorp, Inc.		2,078		35,409
Blucora, Inc.(b)		2,401		33,782
Boston Private Financial Holdings, Inc.		4,565		34,694
Brookline Bancorp, Inc.		2,970		30,324
Cadence BanCorp		5,821		38,535
Capstead Mortgage Corp.		6,789		35,235
Central Pacific Financial Corp.		2,112		36,939
City Holding Co.		485		32,781
Columbia Banking System, Inc.		1,266		34,169
Community Bank System, Inc.		516		32,245
Customers Bancorp, Inc.(b)		3,010		38,408
CVB Financial Corp.		1,645		34,191
Dime Community Bancshares, Inc.		2,077		34,125
Donnelley Financial Solutions, Inc.(b)		5,334		38,832
Eagle Bancorp, Inc.		1,059		37,150
eHealth, Inc.(b)		249		26,568
Employers Holdings, Inc.		935		28,396
Encore Capital Group, Inc.(b)(c)		1,176		30,552
Enova International, Inc.(b)		2,225		35,689
EZCORP, Inc., Class A(b)		6,433		36,025
FGL Holdings		3,134		32,531
First Bancorp		5,875		34,251
First Commonwealth Financial Corp.		3,582		34,101
First Financial Bancorp		2,334		35,897
First Midwest Bancorp, Inc.		2,331		34,452
Flagstar Bancorp, Inc.		1,486		38,502
Franklin Financial Network, Inc.		1,519		36,031
Glacier Bancorp, Inc.		964		36,709
Granite Point Mortgage Trust, Inc.		6,394		31,842
Great Western Bancorp, Inc.		1,707		32,092
Green Dot Corp., Class A(b)		1,167		35,593
Greenhill & Co., Inc.		3,229		34,453
Hanmi Financial Corp.		3,041		36,705
HCI Group, Inc.		770		32,070
Heritage Financial Corp.		1,744		34,967
HomeStreet, Inc.		1,473		37,635
Hope Bancorp, Inc.		3,795		37,760
Horace Mann Educators Corp.		921		32,382
Independent Bank Corp.		458		33,384
INTL. FCStone, Inc.(b)		857		34,246

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

64

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2020

	Shares		Value
Financials-(continued)
Invesco Mortgage Capital, Inc.(d)		8,629	$	26,232
James River Group Holdings Ltd.		873		30,974
Kinsale Capital Group, Inc.		279		30,305
KKR Real Estate Finance Trust, Inc.		2,116		33,390
Meta Financial Group, Inc.		1,791		32,990
National Bank Holdings Corp., Class A		1,374		36,521
NBT Bancorp, Inc.		1,004		33,263
New York Mortgage Trust, Inc.		15,163		33,055
NMI Holdings, Inc., Class A(b)		2,664		36,017
Northfield Bancorp, Inc.		3,018		34,013
Northwest Bancshares, Inc.		3,187		33,814
OFG Bancorp		2,796		35,174
Old National Bancorp		2,376		33,668
Opus Bank		1,907		36,653
Pacific Premier Bancorp, Inc.		1,717		36,658
PennyMac Mortgage Investment Trust		3,068		31,907
Piper Sandler Cos		593		31,969
PRA Group, Inc.(b)		1,201		33,316
Preferred Bank.		950		36,242
ProAssurance Corp.		1,471		31,465
Provident Financial Services, Inc.		2,385		34,225
Ready Capital Corp.		4,669		32,236
Redwood Trust, Inc.		9,098		37,302
S&T Bancorp, Inc.		1,223		32,666
Safety Insurance Group, Inc.		380		31,966
Seacoast Banking Corp. of Florida(b)		1,748		39,278
ServisFirst Bancshares, Inc.		1,079		38,326
Simmons First National Corp., Class A		1,778		33,249
Southside Bancshares, Inc.		1,101		33,481
Stewart Information Services Corp.		1,088		34,664
Third Point Reinsurance Ltd. (Bermuda)(b)		4,093		30,452
Tompkins Financial Corp.		453		30,582
Triumph Bancorp, Inc.(b)		1,248		34,582
TrustCo Bank Corp.		5,930		37,359
United Community Banks, Inc.		1,704		36,031
United Fire Group, Inc.		1,061		30,345
United Insurance Holdings Corp.		3,499		29,916
Universal Insurance Holdings, Inc.		1,823		33,233
Veritex Holdings, Inc.		2,296		40,318
Virtus Investment Partners, Inc.		391		31,777
Waddell & Reed Financial, Inc., Class A		2,513		36,564
Walker & Dunlop, Inc.		872		33,511
Westamerica Bancorporation		522		32,886
WisdomTree Investments, Inc.		11,454		37,111
World Acceptance Corp.(b)(c)		548		37,182
				3,255,613
Health Care-11.09%
Acorda Therapeutics, Inc.(b)(c)		30,040		28,914
Addus HomeCare Corp.(b)		396		32,084
AMAG Pharmaceuticals, Inc.(b)(c)		4,257		34,184
AMN Healthcare Services, Inc.(b)		567		26,638
Amphastar Pharmaceuticals, Inc.(b)		1,949		33,036
AngioDynamics, Inc.(b)		3,207		33,449
ANI Pharmaceuticals, Inc.(b)		738		29,527
Anika Therapeutics, Inc.(b)		972		32,300
BioTelemetry, Inc.(b)		722		33,725
Cardiovascular Systems, Inc.(b)		765		32,130
Community Health Systems, Inc.(b)(c)		8,676		26,288
Computer Programs & Systems, Inc.		1,410		33,882

	Shares		Value
Health Care-(continued)
CONMED Corp.		449	$	33,186
Corcept Therapeutics, Inc.(b)		2,519		31,891
CorVel Corp.(b)		562		29,612
Covetrus, Inc.(b)		3,786		45,016
Cross Country Healthcare, Inc.(b)		5,152		32,406
CryoLife, Inc.(b)		1,603		35,795
Cutera, Inc.(b)		2,976		40,027
Cytokinetics, Inc.(b)(c)		2,089		31,565
Eagle Pharmaceuticals, Inc.(b)		609		31,047
Emergent BioSolutions, Inc.(b)		474		35,052
Enanta Pharmaceuticals, Inc.(b)		579		26,848
Endo International PLC(b)		8,061		37,081
Ensign Group, Inc. (The)		855		31,986
Glaukos Corp.(b)		892		32,728
Hanger, Inc.(b)		1,829		33,580
HealthStream, Inc.(b)		1,238		28,257
Heska Corp.(b)		539		38,161
HMS Holdings Corp.(b)		1,132		32,460
Innoviva, Inc.(b)		2,431		34,472
Inogen, Inc.(b)		646		32,300
Integer Holdings Corp.(b)		465		34,624
Invacare Corp.		4,575		34,404
Lannett Co., Inc.(b)(c)		3,832		36,557
Lantheus Holdings, Inc.(b)		2,299		30,002
LeMaitre Vascular, Inc.		1,079		30,741
Luminex Corp.		975		35,149
Magellan Health, Inc.(b)		596		36,195
Medpace Holdings, Inc.(b)		363		28,989
Meridian Bioscience, Inc.(b)		2,932		35,184
Merit Medical Systems, Inc.(b)		839		34,248
Mesa Laboratories, Inc.(c)		143		34,034
Momenta Pharmaceuticals, Inc.(b)		1,059		33,570
Myriad Genetics, Inc.(b)		2,123		32,822
Natus Medical, Inc.(b)		1,295		32,362
Neogen Corp.(b)		482		30,168
NeoGenomics, Inc.(b)		1,089		29,773
NextGen Healthcare, Inc.(b)		2,979		31,428
Omnicell, Inc.(b)		436		31,784
OraSure Technologies, Inc.(b)		2,412		38,447
Orthofix Medical, Inc.(b)		994		35,237
Owens & Minor, Inc.		4,485		31,754
Pacira BioSciences, Inc.(b)		836		34,518
Pennant Group, Inc. (The)(b)		1,665		32,950
Phibro Animal Health Corp., Class A		1,320		35,257
Progenics Pharmaceuticals, Inc.(b)		7,785		30,673
Providence Service Corp. (The)(b)		546		31,673
RadNet, Inc.(b)		2,535		35,794
REGENXBIO, Inc.(b)		917		36,515
Select Medical Holdings Corp.(b)		1,912		32,638
Spectrum Pharmaceuticals, Inc.(b)		11,621		33,701
Supernus Pharmaceuticals, Inc.(b)		1,603		37,510
SurModics, Inc.(b)		861		32,804
Tabula Rasa HealthCare, Inc.(b)(c)		559		35,407
Tactile Systems Technology, Inc.(b)		637		32,882
Tivity Health, Inc.(b)(c)		4,724		42,374
US Physical Therapy, Inc.		442		33,371
Vanda Pharmaceuticals, Inc.(b)		2,764		31,786

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

65

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2020

	Shares		Value
Health Care-(continued)
Varex Imaging Corp.(b)		1,338	$	34,962
Xencor, Inc.(b)		1,083		31,656
				2,363,570
Industrials-15.29%
AAON, Inc.		665		31,681
AAR Corp.		1,758		34,422
ABM Industries, Inc.		968		33,386
Aegion Corp.(b)		2,114		33,930
Aerojet Rocketdyne Holdings, Inc.(b)		731		30,073
AeroVironment, Inc.(b)		544		32,781
Alamo Group, Inc.		353		34,749
Albany International Corp., Class A		663		33,906
Allegiant Travel Co.(c)		420		32,962
American Woodmark Corp.(b)		694		35,679
Apogee Enterprises, Inc.		1,774		36,261
Applied Industrial Technologies, Inc.		677		35,468
ArcBest Corp.		1,633		33,264
Arcosa, Inc.		762		28,400
Astec Industries, Inc.		825		33,091
Atlas Air Worldwide Holdings, Inc.(b)		1,288		42,311
AZZ, Inc.		1,164		36,538
Barnes Group, Inc.		793		30,435
Brady Corp., Class A		719		31,305
Briggs & Stratton Corp.(c)		16,499		37,453
Chart Industries, Inc.(b)		998		35,649
CIRCOR International, Inc.(b)		2,774		41,416
Comfort Systems USA, Inc.		950		31,635
Cubic Corp.		786		30,033
DXP Enterprises, Inc.(b)		2,359		35,196
Echo Global Logistics, Inc.(b)		1,757		30,800
Encore Wire Corp.		724		33,145
Enerpac Tool Group Corp.		1,939		33,079
EnPro Industries, Inc.		791		35,872
ESCO Technologies, Inc.		411		31,359
Exponent, Inc.		430		30,242
Federal Signal Corp.		1,156		31,131
Forrester Research, Inc.(b)		992		31,050
Forward Air Corp.		602		31,063
Foundation Building Materials, Inc.(b)		3,146		36,808
Franklin Electric Co., Inc.		642		32,614
Gibraltar Industries, Inc.(b)		714		33,058
GMS, Inc.(b)		2,171		39,903
Granite Construction, Inc.(c)		1,950		32,058
Greenbrier Cos., Inc. (The)		1,926		32,703
Griffon Corp.		2,258		37,054
Harsco Corp.(b)		4,010		40,020
Hawaiian Holdings, Inc.		2,766		39,830
Heartland Express, Inc.		1,634		32,010
Heidrick & Struggles International, Inc.		1,349		30,272
Hillenbrand, Inc.		1,686		35,322
Hub Group, Inc., Class A(b)		638		30,694
Insteel Industries, Inc.		1,859		32,663
Interface, Inc.		3,618		33,430
John Bean Technologies Corp.		444		34,073
Kaman Corp.		831		32,210
Kelly Services, Inc., Class A		2,323		35,890
Korn Ferry		1,174		33,846
Lindsay Corp.		348		31,320
Lydall, Inc.(b)		3,627		40,622

	Shares		Value
Industrials-(continued)
Marten Transport Ltd.		1,397	$	31,321
Matson, Inc.		1,140		34,474
Matthews International Corp., Class A		1,388		33,229
Meritor, Inc.(b)		2,015		41,307
Mobile Mini, Inc.		1,322		37,769
Moog, Inc., Class A		584		28,896
Mueller Industries, Inc.		1,268		32,841
MYR Group, Inc.(b)		1,256		37,680
National Presto Industries, Inc.		360		29,272
Park Aerospace Corp.		2,378		31,651
Patrick Industries, Inc.		1,012		41,715
PGT Innovations, Inc.(b)		3,420		35,363
Pitney Bowes, Inc.		14,810		52,279
Powell Industries, Inc.		1,363		34,579
Proto Labs, Inc.(b)		384		39,011
Quanex Building Products Corp.		2,973		37,073
Raven Industries, Inc.		1,495		33,294
Resources Connection, Inc.		3,116		33,902
RR Donnelley & Sons Co.		28,431		48,617
Saia, Inc.(b)		408		37,748
Simpson Manufacturing Co., Inc.		502		36,194
SkyWest, Inc.		1,237		38,285
SPX Corp.(b)		892		34,012
SPX FLOW, Inc.(b)		1,056		34,394
Standex International Corp.		697		34,738
Sunrun, Inc.(b)		2,683		37,642
Team, Inc.(b)		5,370		33,133
Tennant Co.		510		30,177
Titan International, Inc.		27,689		39,041
Triumph Group, Inc.		4,542		31,976
TrueBlue, Inc.(b)		2,260		35,098
UniFirst Corp.		194		32,621
Universal Forest Products, Inc.		839		34,500
US Ecology, Inc.		972		31,862
Veritiv Corp.(b)		3,800		35,606
Viad Corp.		1,480		35,476
Vicor Corp.(b)		737		39,186
Wabash National Corp.		4,190		34,358
Watts Water Technologies, Inc., Class A		393		32,383
				3,258,868
Information Technology-12.49%
3D Systems Corp.(b)(c)		4,274		36,286
8x8, Inc.(b)		1,799		30,511
ADTRAN, Inc.		3,355		34,489
Advanced Energy Industries, Inc.(b)		592		32,915
Agilysys, Inc.(b)		1,846		36,163
Alarm.com Holdings, Inc.(b)		711		31,803
Anixter International, Inc.(b)		357		33,151
Applied Optoelectronics, Inc.(b)(c)		3,773		40,447
Arlo Technologies, Inc.(b)		14,540		39,840
Axcelis Technologies, Inc.(b)		1,483		34,643
Badger Meter, Inc.		543		32,053
Bel Fuse, Inc., Class B		4,286		31,974
Benchmark Electronics, Inc.		1,527		31,548
Bottomline Technologies (DE), Inc.(b)		817		34,012
Brooks Automation, Inc.		938		36,104
CalAmp Corp.(b)		5,528		37,148
Cardtronics PLC, Class A(b)		1,583		36,251
CEVA, Inc.(b)		1,083		33,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

66

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2020

	Shares		Value
Information Technology-(continued)
Cohu, Inc.		2,003	$	33,110
Comtech Telecommunications Corp.		1,904		35,243
CSG Systems International, Inc.		666		32,354
CTS Corp.		1,408		32,609
Daktronics, Inc.		6,877		31,084
Diebold Nixdorf, Inc.(b)		8,186		40,357
Digi International, Inc.(b)		3,128		35,503
Diodes, Inc.(b)		667		33,944
DSP Group, Inc.(b)		2,014		34,742
Ebix, Inc.(c)		1,809		37,862
ePlus, Inc.(b)		497		35,163
EVERTEC, Inc.		1,331		33,728
ExlService Holdings, Inc.(b)		581		35,865
Extreme Networks, Inc.(b)		11,018		37,461
Fabrinet (Thailand)(b)		513		32,191
FARO Technologies, Inc.(b)		674		36,996
FormFactor, Inc.(b)		1,371		31,944
Harmonic, Inc.(b)		4,788		27,770
Ichor Holdings Ltd.(b)		1,413		35,184
Insight Enterprises, Inc.(b)		660		35,831
Itron, Inc.(b)		518		36,167
KEMET Corp.		1,242		33,546
Knowles Corp.(b)		2,113		32,857
Kulicke & Soffa Industries, Inc. (Singapore)		1,319		31,616
LivePerson, Inc.(b)		1,425		34,115
ManTech International Corp., Class A(c)		404		30,122
MaxLinear, Inc.(b)		2,094		34,530
Methode Electronics, Inc.		1,140		34,223
MicroStrategy, Inc., Class A(b)		249		31,456
MTS Systems Corp.		1,734		36,882
NETGEAR, Inc.(b)		1,279		30,670
NIC, Inc.		1,303		31,572
OneSpan, Inc.(b)		2,040		34,272
Onto Innovation, Inc.(b)		940		30,512
OSI Systems, Inc.(b)(c)		425		30,762
PC Connection, Inc.		791		36,347
PDF Solutions, Inc.(b)		2,103		33,585
Perficient, Inc.(b)		1,023		35,631
Photronics, Inc.(b)		2,841		33,950
Plantronics, Inc.(c)		2,696		38,068
Plexus Corp.(b)		547		34,291
Power Integrations, Inc.		331		33,878
Progress Software Corp.		836		34,201
Qualys, Inc.(b)		300		31,632
Rambus, Inc.(b)		2,576		32,277
Rogers Corp.(b)		306		33,978
Sanmina Corp.(b)		1,207		33,470
ScanSource, Inc.(b)		1,403		36,366
SMART Global Holdings, Inc.(b)		1,384		35,001
SPS Commerce, Inc.(b)		631		35,027
Sykes Enterprises, Inc.(b)		1,148		32,867
TiVo Corp.		4,724		33,210
TTEC Holdings, Inc.		879		34,263
TTM Technologies, Inc.(b)		3,122		36,184
Ultra Clean Holdings, Inc.(b)		1,895		34,849
Unisys Corp.(b)		2,643		33,275
Veeco Instruments, Inc.(b)		3,137		34,287
Viavi Solutions, Inc.(b)		2,702		32,640

	Shares		Value
Information Technology-(continued)
Virtusa Corp.(b)		1,014	$	33,462
Xperi Corp.		2,170		33,158
				2,661,430
Materials-5.98%
AdvanSix, Inc.(b)		3,030		36,905
American Vanguard Corp.		2,166		27,227
Arconic Corp.(b)		3,362		29,317
Balchem Corp.		333		29,717
Boise Cascade Co.		1,153		36,054
Century Aluminum Co.(b)(c)		7,882		34,287
Clearwater Paper Corp.(b)		1,627		38,950
Cleveland-Cliffs, Inc.(c)		8,583		37,594
Ferro Corp.(b)		3,313		33,031
FutureFuel Corp.		3,352		34,794
GCP Applied Technologies, Inc.(b)		1,892		32,391
H.B. Fuller Co.		983		36,165
Hawkins, Inc.		900		33,687
Haynes International, Inc.		1,669		36,885
Innospec, Inc.		448		32,489
Kaiser Aluminum Corp.		416		30,048
Koppers Holdings, Inc.(b)		2,640		41,606
Kraton Corp.(b)		3,216		50,202
Livent Corp.(b)		5,361		33,238
LSB Industries, Inc.(b)		19,656		39,115
Materion Corp.		756		39,115
Mercer International, Inc. (Germany)		3,841		38,717
Myers Industries, Inc.		2,976		36,783
Neenah, Inc.		724		35,375
Olympic Steel, Inc.		3,457		32,634
PH Glatfelter Co.		2,423		35,376
Quaker Chemical Corp.		233		35,444
Rayonier Advanced Materials, Inc.		28,431		50,607
Schweitzer-Mauduit International, Inc., Class A		1,139		36,699
Stepan Co.		338		32,245
SunCoke Energy, Inc.		10,013		31,541
TimkenSteel Corp.(b)		11,454		29,780
Tredegar Corp.		1,943		32,021
Trinseo S.A		1,655		33,845
US Concrete, Inc.(b)		1,889		36,231
Warrior Met Coal, Inc.		2,810		35,265
				1,275,380
Real Estate-7.81%
Acadia Realty Trust		2,769		34,308
Agree Realty Corp.		511		33,271
Alexander & Baldwin, Inc.		2,740		36,004
American Assets Trust, Inc.		1,213		34,352
Armada Hoffler Properties, Inc.		3,562		34,231
CareTrust REIT, Inc.		1,847		30,439
CBL & Associates Properties, Inc.(c)		147,009		42,486
Cedar Realty Trust, Inc.		37,670		39,553
Chatham Lodging Trust		4,460		33,495
Community Healthcare Trust, Inc.		897		33,368
DiamondRock Hospitality Co.		6,538		40,732
Easterly Government Properties, Inc.		1,174		31,592
Essential Properties Realty Trust, Inc.		2,838		41,690
Four Corners Property Trust, Inc.		1,632		36,540
Franklin Street Properties Corp.		5,676		30,877
Getty Realty Corp.		1,320		35,851
Global Net Lease, Inc.		2,474		35,601

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

67

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2020

	Shares		Value
Real Estate-(continued)
Hersha Hospitality Trust		6,343	$	33,174
Independence Realty Trust, Inc.		3,530		35,547
Industrial Logistics Properties Trust		1,801		33,661
Innovative Industrial Properties, Inc.(c)		430		33,738
Investors Real Estate Trust		536		33,570
iStar, Inc.		3,530		35,371
Kite Realty Group Trust		3,759		38,455
Lexington Realty Trust		3,104		32,437
LTC Properties, Inc.		887		31,577
Marcus & Millichap, Inc.(b)		1,074		31,200
National Storage Affiliates Trust		1,199		34,147
NexPoint Residential Trust, Inc.		1,123		33,769
Office Properties Income Trust		1,238		33,921
Pennsylvania REIT(c)		34,815		35,163
RE/MAX Holdings, Inc., Class A		1,397		36,727
Realogy Holdings Corp.(c)		8,748		37,966
Retail Opportunity Investments Corp.		3,926		38,102
RPT Realty		5,737		39,126
Safehold, Inc.		587		33,905
Saul Centers, Inc.		1,028		33,533
St. Joe Co. (The)(b)		1,800		32,940
Summit Hotel Properties, Inc.		6,498		39,378
Tanger Factory Outlet Centers, Inc.(c)		5,586		42,007
Uniti Group, Inc.		6,237		44,033
Universal Health Realty Income Trust		301		32,195
Urstadt Biddle Properties, Inc., Class A		2,480		36,233
Washington Prime Group, Inc.(c)		41,898		36,024
Washington REIT		1,390		32,415
Whitestone REIT.		5,443		36,903
Xenia Hotels & Resorts, Inc.		3,542		34,357
				1,665,964

	Shares		Value
Utilities-0.86%
American States Water Co.		357	$	28,335
Avista Corp.		715		30,774
California Water Service Group		594		26,682
El Paso Electric Co.		463		31,484
Northwest Natural Holding Co.		493		32,094
South Jersey Industries, Inc.		1,229		35,137
				184,506
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $27,652,660)				21,322,346
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.30%
Invesco Private Government Fund, 0.01%(d)(e)(f) (Cost $1,982,765)		1,982,765		1,982,765
TOTAL INVESTMENTS IN SECURITIES-109.33% (Cost $29,635,425)				23,305,111
OTHER ASSETS LESS LIABILITIES-(9.33)%				(1,989,120	)
NET ASSETS-100.00%			$	21,315,991

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Mortgage Capital, Inc.		$	60,368		$	26,469		$	(22,781	)		$	(33,815	)		$	(4,009	)		$	26,232		$	4,583
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*			32,687			1,170,085			(1,202,772	)			-				-				-			319
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			1,567,320			9,006,578			(10,573,898	)			-				-				-			25,977

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

68

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Liquid Assets Portfolio, Institutional Class*		$	522,440		$	2,390,743		$	(2,913,033	)		$	-			$	(150	)		$	-		$	9,450
Invesco Private Government Fund			-			3,880,860			(1,898,095	)			-				-				1,982,765			1
Total		$	2,182,815		$	16,474,735		$	(16,610,579	)		$	(33,815	)		$	(4,159	)		$	2,008,997		$	40,330

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

69

Statements of Assets and Liabilities

April 30, 2020

	Invesco S&P 500® Equal Weight ETF (RSP)				Invesco S&P 500® Equal  Weight Communication Services ETF (EWCO)				Invesco S&P  500® Equal Weight Consumer Discretionary ETF (RCD)				Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
Assets:
Unaffiliated investments in securities, at value(a)		$	10,916,725,449			$	18,186,657			$	49,009,283			$	481,038,466
Affiliated investments in securities, at value			83,856,070				-				723,374				-
Cash			7,411				-				-				-
Receivable for:
Dividends			8,443,485				30,232				13,873				654,817
Securities lending.			23,770				36				153				-
Investments sold			49,205,768				-				-				-
Fund shares sold			-				-				-				-
Other assets			5,399				-				1,400				-
Total assets			11,058,267,352				18,216,925				49,748,083				481,693,283
Liabilities:
Due to custodian			-				30,894				-				459,410
Payable for:
Investments purchased			-				-				-				-
Collateral upon return of securities loaned			63,329,675				-				705,479				-
Fund shares repurchased			49,321,329				-				-				-
Accrued unitary management fees			1,746,235				5,891				14,173				153,522
Total liabilities			114,397,239				36,785				719,652				612,932
Net Assets		$	10,943,870,113			$	18,180,140			$	49,028,431			$	481,080,351
Net assets consist of:
Shares of beneficial interest		$	12,725,657,114			$	21,917,188			$	89,634,211			$	539,682,581
Distributable earnings (loss)			(1,781,787,001	)			(3,737,048	)			(40,605,780	)			(58,602,230	)
Net Assets		$	10,943,870,113			$	18,180,140			$	49,028,431			$	481,080,351
Shares outstanding (unlimited amount authorized, $0.01 par value)			113,802,663				800,001				600,000				3,600,000
Net asset value		$	96.17			$	22.73			$	81.71			$	133.63
Market price		$	96.31			$	22.74			$	81.63			$	133.58
Unaffiliated investments in securities, at cost		$	11,345,202,236			$	21,056,444			$	67,977,794			$	500,395,323
Affiliated investments in securities, at cost		$	109,603,911			$	-			$	723,374			$	-
(a) Includes securities on loan with an aggregatevalue of:		$	59,007,515			$	-			$	630,839			$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

70

Invesco S&P 500® Equal Weight Energy         ETF (RYE)		Invesco S&P 500® Equal Weight Financials ETF (RYF)				Invesco S&P 500® Equal Weight Health Care ETF (RYH)				Invesco S&P 500® Equal Weight Industrials ETF (RGI)				Invesco S&P 500® Equal Weight Materials ETF (RTM)				Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)				Invesco S&P 500® Equal Weight Technology ETF (RYT)
	$82,749,558		$	158,837,115			$	706,566,312			$	142,238,024			$	108,385,297			$	23,097,026			$	1,529,380,553
	1,242,654			2,233,244				-				1,922,014				7,299,187				-				322,526
	-			-				-				-				-				-				-
	95,128			246,653				461,140				92,671				80,393				7,512				121,756
	739			-				-				892				1,240				-				-
	33,657,665			-				-				-				-				-				-
	1,431,885			-				-				-				-				-				-
	-			-				-				-				-				-				-
	119,177,629			161,317,012				707,027,452				144,253,601				115,766,117				23,104,538				1,529,824,835
	78,117			62,335				366,946				13,787				-				13,310				8,774
	1,431,929			-				-				-				-				-				-
	1,242,654			-				-				1,922,014				7,254,198				-				-
	33,656,339			-				-				-				-				-				-
	30,059			52,137				223,230				45,247				32,414				7,153				472,922
	36,439,098			114,472				590,176				1,981,048				7,286,612				20,463				481,696
	$82,738,531		$	161,202,540			$	706,437,276			$	142,272,553			$	108,479,505			$	23,084,075			$	1,529,343,139
	$269,123,516		$	227,149,445			$	716,694,577			$	191,495,804			$	149,528,765			$	30,038,960			$	1,507,263,551
	(186,384,985)			(65,946,905	)			(10,257,301	)			(49,223,251	)			(41,049,260	)			(6,954,885	)			22,079,588
	$82,738,531		$	161,202,540			$	706,437,276			$	142,272,553			$	108,479,505			$	23,084,075			$	1,529,343,139
	2,950,005			4,550,000				3,300,000				1,300,000				1,150,000				900,000				8,350,000
	$28.05		$	35.43			$	214.07			$	109.44			$	94.33			$	25.65			$	183.15
	$28.06		$	35.53			$	214.39			$	109.50			$	94.49			$	25.65			$	183.44
	$147,030,688		$	199,280,141			$	644,567,079			$	170,196,455			$	133,097,942			$	28,773,115			$	1,426,549,195
	$1,242,654		$	6,568,191			$	-			$	1,922,014			$	7,299,187			$	-			$	322,526
	$1,195,788		$	-			$	-			$	1,775,595			$	6,870,858			$	-			$	-

71

Statements of Assets and Liabilities–(continued)

April 30, 2020

	Invesco S&P 500® Equal Weight Utilities ETF (RYU)				Invesco S&P MidCap 400® Equal Weight ETF (EWMC)				Invesco S&P SmallCap  600® Equal Weight ETF (EWSC)
Assets:
Unaffiliated investments in securities, at value(a)		$	299,754,935			$	53,088,958			$	21,296,114
Affiliated investments in securities, at value			-				3,207,331				2,008,997
Receivable for:
Dividends			401,830				31,496				10,242
Securities lending			-				1,270				2,294
Investments sold			-				332,578				34,859
Total assets			300,156,765				56,661,633				23,352,506
Liabilities:
Due to custodian			42,360				-				7,576
Payable for:
Investments purchased			-				383,102				40,081
Collateral upon return of securities loaned.			-				3,167,773				1,982,765
Accrued unitary management fees			101,750				15,631				6,093
Total liabilities			144,110				3,566,506				2,036,515
Net Assets		$	300,012,655			$	53,095,127			$	21,315,991
Net assets consist of:
Shares of beneficial interest		$	331,847,649			$	89,157,845			$	45,599,738
Distributable earnings (loss)			(31,834,994	)			(36,062,718	)			(24,283,747	)
Net Assets		$	300,012,655			$	53,095,127			$	21,315,991
Shares outstanding (unlimited amount authorized, $0.01 par value)			3,250,000				1,000,000				500,000
Net asset value		$	92.31			$	53.10			$	42.63
Market price		$	92.52			$	52.87			$	42.39
Unaffiliated investments in securities, at cost		$	306,583,268			$	64,998,578			$	27,589,256
Affiliated investments in securities, at cost		$	-			$	3,207,331			$	2,046,169
(a) Includes securities on loan with an aggregate value of:		$	-			$	3,014,599			$	1,742,383

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

72

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73

Statements of Operations

For the year ended April 30, 2020

	Invesco S&P 500® Equal Weight ETF (RSP)				Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)				Invesco S&P 500® Equal Weight Consumer  Discretionary ETF (RCD)				Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
Investment income:
Unaffiliated dividend income		$	337,835,913			$	502,435			$	1,859,042			$	12,735,573
Affiliated dividend income			2,283,226				229				778				5,196
Securities lending income			734,891				463				3,678				124,338
Total investment income			340,854,030				503,127				1,863,498				12,865,107
Expenses:
Unitary management fees			30,795,468				97,376				338,267				1,892,604
Proxy fees			124,871				5,038				5,594				8,550
Total expenses			30,920,339				102,414				343,861				1,901,154
Less: Waivers			(17,076	)			(25	)			(92	)			(599	)
Net expenses			30,903,263				102,389				343,769				1,900,555
Net investment income			309,950,767				400,738				1,519,729				10,964,552
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(463,325,957	)			(1,128,640	)			(5,211,038	)			(8,860,449	)
Affiliated investment securities			(2,415,877	)			8				(342	)			121
Unaffiliated in-kind redemptions			1,740,751,618				2,104,007				2,506,515				21,867,898
Affiliated in-kind redemptions			(2,068,502	)			-				-				-
Net realized gain (loss)			1,272,941,282				975,375				(2,704,865	)			13,007,570
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(3,169,103,649	)			(3,522,940	)			(19,024,903	)			(16,601,037	)
Affiliated investment securities			(17,650,410	)			-				-				-
Change in net unrealized appreciation (depreciation)			(3,186,754,059	)			(3,522,940	)			(19,024,903	)			(16,601,037	)
Net realized and unrealized gain (loss)			(1,913,812,777	)			(2,547,565	)			(21,729,768	)			(3,593,467	)
Net increase (decrease) in net assets resulting from operations		$	(1,603,862,010	)		$	(2,146,827	)		$	(20,210,039	)		$	7,371,085

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

74

Invesco S&P 500® Equal Weight Energy ETF (RYE)			Invesco S&P 500® Equal Weight Financials ETF (RYF)			Invesco S&P 500® Equal Weight Health Care ETF (RYH)			Invesco S&P 500® Equal Weight Industrials ETF (RGI)			Invesco S&P 500® Equal Weight Materials ETF (RTM)			Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)			Invesco S&P 500® Equal Weight Technology ETF (RYT)
	$3,818,193		$	6,262,393		$	7,442,447		$	3,926,600		$	3,104,364		$	1,052,540		$	36,008,084
	1,088			272,913			4,791			1,865			1,418			555			24,829
	1,025			209			115,157			3,107			14,978			976			6,636
	3,820,306			6,535,515			7,562,395			3,931,572			3,120,760			1,054,071			36,039,549
	509,415			1,025,357			2,906,856			845,096			521,435			151,301			6,766,601
	6,160			7,040			10,629			6,475			5,952			5,286			17,513
	515,575			1,032,397			2,917,485			851,571			527,387			156,587			6,784,114
	(133)			(291	)		(437	)		(221	)		(168	)		(64	)		(2,525	)
	515,442			1,032,106			2,917,048			851,350			527,219			156,523			6,781,589
	3,304,864			5,503,409			4,645,347			3,080,222			2,593,541			897,548			29,257,960
	(22,213,673)			(7,728,348	)		(26,630,763	)		(6,988,018	)		(2,939,392	)		(1,160,306	)		(25,586,035	)
	151			(383,575	)		(2,142	)		(466	)		(591	)		(117	)		(3,989	)
	(4,569,645)			(89,374	)		71,719,230			5,323,149			1,641,241			4,940,871			261,275,940
	-			(531,849	)		-			-			-			-			-
	(26,783,167)			(8,733,146	)		45,086,325			(1,665,335	)		(1,298,742	)		3,780,448			235,685,916
	(26,897,148)			(43,485,737	)		22,689,097			(34,742,327	)		(15,613,567	)		(6,275,821	)		(230,914,977	)
	-			(1,973,119	)		-			-			-			-			-
	(26,897,148)			(45,458,856	)		22,689,097			(34,742,327	)		(15,613,567	)		(6,275,821	)		(230,914,977	)
	(53,680,315)			(54,192,002	)		67,775,422			(36,407,662	)		(16,912,309	)		(2,495,373	)		4,770,939
$	(50,375,451	)	$	(48,688,593	)	$	72,420,769		$	(33,327,440	)	$	(14,318,768	)	$	(1,597,825	)	$	34,028,899

75

Statements of Operations–(continued)

For the year ended April 30, 2020

	Invesco S&P 500® Equal Weight Utilities ETF (RYU)			Invesco S&P MidCap 400® Equal Weight ETF (EWMC)			Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
Investment income:
Unaffiliated dividend income	$	11,536,745		$	1,514,530			$	436,260
Affiliated dividend income		5,886			981				4,902
Securities lending income		121			40,471				35,399
Foreign withholding tax.		-			(1,001	)			(147	)
Total investment income		11,542,752			1,554,981				476,414
Expenses:
Unitary management fees		1,480,758			340,494				117,522
Proxy fees		7,656			5,693				5,188
Total expenses		1,488,414			346,187				122,710
Less: Waivers		(656	)		(114	)			(32	)
Net expenses		1,487,758			346,073				122,678
Net investment income		10,054,994			1,208,908				353,736
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(920,937	)		(5,910,786	)			(2,627,251	)
Affiliated investment securities		-			(93	)			(1,027	)
Unaffiliated in-kind redemptions		18,586,059			6,535,854				1,302,707
Affiliated in-kind redemptions		-			-				(3,132	)
Net realized gain (loss)		17,665,122			624,975				(1,328,703	)
Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities		(40,581,987	)		(17,668,138	)			(6,204,956	)
Affiliated investment securities		-			-				(33,815	)
Change in net unrealized appreciation (depreciation)		(40,581,987	)		(17,668,138	)			(6,238,771	)
Net realized and unrealized gain (loss)		(22,916,865	)		(17,043,163	)			(7,567,474	)
Net increase (decrease) in net assets resulting from operations	$	(12,861,871	)	$	(15,834,255	)		$	(7,213,738	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

76

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77

Statements of Changes in Net Assets

For the years ended April 30, 2020 and 2019

	Invesco S&P 500® Equal Weight ETF (RSP)						Invesco S&P 500® Equal  Weight Communication Services ETF (EWCO)
	2020			2019			2020			2019(a)
Operations:
Net investment income	$	309,950,767		$	262,905,089		$	400,738		$	62,265
Net realized gain (loss)		1,272,941,282			884,074,677			975,375			909,098
Change in net unrealized appreciation (depreciation)		(3,186,754,059	)		299,656,683			(3,522,940	)		653,153
Net increase (decrease) in net assets resulting from operations		(1,603,862,010	)		1,446,636,449			(2,146,827	)		1,624,516
Distributions to Shareholders from:
Distributable earnings		(312,541,391	)		(281,738,317	)		(440,576	)		(28,476	)
Shareholder Transactions:
Proceeds from shares sold		3,047,466,314			3,919,384,246			30,507,577			34,174,882
Value of shares repurchased		(6,331,153,320	)		(3,556,378,815	)		(32,590,761	)		(12,920,195	)
Net increase (decrease) in net assets resulting from share transactions		(3,283,687,006	)		363,005,431			(2,083,184	)		21,254,687
Net increase (decrease) in net assets		(5,200,090,407	)		1,527,903,563			(4,670,587	)		22,850,727
Net assets:
Beginning of period		16,143,960,520			14,616,056,957			22,850,727			-
End of period	$	10,943,870,113		$	16,143,960,520		$	18,180,140		$	22,850,727
Changes in Shares Outstanding:
Shares sold		29,700,000			38,250,000			1,250,000			1,450,001
Shares repurchased.		(65,100,000	)		(35,400,000	)		(1,350,000	)		(550,000	)
Shares outstanding, beginning of period		149,202,663			146,352,663			900,001			-
Shares outstanding, end of period		113,802,663			149,202,663			800,001			900,001

^(a)  For the period November 5, 2018 (commencement of investment operations) to April 30, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

78

Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)						Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)						Invesco S&P 500® Equal Weight Energy ETF (RYE)
2020			2019			2020			2019			2020			2019
$	1,519,729		$	1,458,711		$	10,964,552		$	10,423,141		$	3,304,864		$	3,661,989
	(2,704,865	)		3,959,197			13,007,570			14,957,216			(26,783,167	)		(8,748,971	)
	(19,024,903	)		2,541,435			(16,601,037	)		18,516,498			(26,897,148	)		(35,709,100	)
	(20,210,039	)		7,959,343			7,371,085			43,896,855			(50,375,451	)		(40,796,082	)
	(1,550,444	)		(1,507,788	)		(11,001,953	)		(11,042,415	)		(2,824,645	)		(4,181,660	)
	26,615,647			103,317,979			186,338,692			279,942,417			62,268,471			276,270,674
	(69,066,174	)		(80,808,929	)		(133,463,980	)		(298,713,392	)		(136,152,733	)		(274,672,264	)
	(42,450,527	)		22,509,050			52,874,712			(18,770,975	)		(73,884,262	)		1,598,410
	(64,211,010	)		28,960,605			49,243,844			14,083,465			(127,084,358	)		(43,379,332	)
	113,239,441			84,278,836			431,836,507			417,753,042			209,822,889			253,202,221
$	49,028,431		$	113,239,441		$	481,080,351		$	431,836,507		$	82,738,531		$	209,822,889
	250,000			1,000,000			1,400,000			2,200,000			2,800,000			4,700,000
	(700,000	)		(800,000	)		(1,000,000	)		(2,400,000	)		(3,900,000	)		(4,850,000	)
	1,050,000			850,000			3,200,000			3,400,000			4,050,005			4,200,005
	600,000			1,050,000			3,600,000			3,200,000			2,950,005			4,050,005

79

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2020 and 2019

	Invesco S&P 500® Equal Weight Financials ETF (RYF)						Invesco S&P 500® Equal Weight Health Care ETF (RYH)
	2020			2019			2020			2019
Operations:
Net investment income	$	5,503,409		$	6,632,263		$	4,645,347		$	3,750,564
Net realized gain (loss)		(8,733,146	)		15,152,642			45,086,325			50,144,824
Change in net unrealized appreciation (depreciation)		(45,458,856	)		(29,117,332	)		22,689,097			(6,705,939	)
Net increase (decrease) in net assets resulting from operations		(48,688,593	)		(7,332,427	)		72,420,769			47,189,449
Distributions to Shareholders from:
Distributable earnings		(5,244,535	)		(7,699,405	)		(4,498,041	)		(3,834,753	)
Shareholder Transactions:
Proceeds from shares sold		42,605,129			84,986,669			166,562,893			261,569,215
Value of shares repurchased		(118,613,975	)		(220,368,652	)		(234,893,343	)		(196,990,256	)
Net increase (decrease) in net assets resulting from share transactions		(76,008,846	)		(135,381,983	)		(68,330,450	)		64,578,959
Net increase (decrease) in net assets		(129,941,974	)		(150,413,815	)		(407,722	)		107,933,655
Net assets:
Beginning of year		291,144,514			441,558,329			706,844,998			598,911,343
End of year	$	161,202,540		$	291,144,514		$	706,437,276		$	706,844,998
Changes in Shares Outstanding:
Shares sold		1,000,000			2,000,000			800,000			1,350,000
Shares repurchased		(3,100,000	)		(5,400,000	)		(1,150,000	)		(1,050,000	)
Shares outstanding, beginning of year		6,650,000			10,050,000			3,650,000			3,350,000
Shares outstanding, end of year		4,550,000			6,650,000			3,300,000			3,650,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

80

Invesco S&P 500® Equal Weight Industrials ETF (RGI)					Invesco S&P 500® Equal Weight Materials ETF (RTM)						Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)
2020		2019			2020			2019			2020			2019
	$3,080,222	$	3,082,431		$	2,593,541		$	2,484,380		$	897,548		$	519,358
	(1,665,335)		5,248,141			(1,298,742	)		(3,723,853	)		3,780,448			718,835
	(34,742,327)		9,169,704			(15,613,567	)		3,621,001			(6,275,821	)		2,242,570
	(33,327,440)		17,500,276			(14,318,768	)		2,381,528			(1,597,825	)		3,480,763
	(2,991,968)		(3,156,072	)		(2,752,568	)		(2,650,226	)		(1,372,067	)		(702,345	)
	85,015,280		132,418,296			25,970,282			48,609,682			43,819,164			24,629,150
	(152,173,589)		(182,774,836	)		(30,147,010	)		(99,339,316	)		(54,908,250	)		(7,137,070	)
	(67,158,309)		(50,356,540	)		(4,176,728	)		(50,729,634	)		(11,089,086	)		17,492,080
	(103,477,717)		(36,012,336	)		(21,248,064	)		(50,998,332	)		(14,058,978	)		20,270,498
	245,750,270		281,762,606			129,727,569			180,725,901			37,143,053			16,872,555
	$142,272,553	$	245,750,270		$	108,479,505		$	129,727,569		$	23,084,075		$	37,143,053
	650,000		1,100,000			250,000			450,000			1,450,000			850,000
	(1,300,000)		(1,600,000	)		(300,000	)		(950,000	)		(1,800,000	)		(250,000	)
	1,950,000		2,450,000			1,200,000			1,700,000			1,250,000			650,000
	1,300,000		1,950,000			1,150,000			1,200,000			900,000			1,250,000

81

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2020 and 2019

	Invesco S&P 500® Equal Weight Technology ETF (RYT)						Invesco S&P 500® Equal Weight Utilities ETF (RYU)
	2020			2019			2020			2019
Operations:
Net investment income	$	29,257,960		$	16,211,611		$	10,054,994		$	6,413,995
Net realized gain (loss)		235,685,916			221,991,243			17,665,122			(5,226,247	)
Change in net unrealized appreciation (depreciation)		(230,914,977	)		67,176,950			(40,581,987	)		38,279,021
Net increase (decrease) in net assets resulting from operations		34,028,899			305,379,804			(12,861,871	)		39,466,769
Distributions to Shareholders from:
Distributable earnings		(19,966,122	)		(16,781,040	)		(9,910,738	)		(6,335,821	)
Shareholder Transactions:
Proceeds from shares sold		547,669,971			784,103,342			113,144,978			234,753,812
Value of shares repurchased		(821,235,806	)		(898,921,413	)		(125,858,433	)		(71,819,651	)
Net increase (decrease) in net assets resulting from share transactions		(273,565,835	)		(114,818,071	)		(12,713,455	)		162,934,161
Net increase (decrease) in net assets		(259,503,058	)		173,780,693			(35,486,064	)		196,065,109
Net assets:
Beginning of year		1,788,846,197			1,615,065,504			335,498,719			139,433,610
End of year	$	1,529,343,139		$	1,788,846,197		$	300,012,655		$	335,498,719
Changes in Shares Outstanding:
Shares sold		3,100,000			4,800,000			1,100,000			2,600,000
Shares repurchased		(4,650,000	)		(5,600,000	)		(1,300,000	)		(800,000	)
Shares outstanding, beginning of year		9,900,000			10,700,000			3,450,000			1,650,000
Shares outstanding, end of year		8,350,000			9,900,000			3,250,000			3,450,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

82

Invesco S&P MidCap 400® Equal  Weight ETF (EWMC)					Invesco S&P SmallCap 600® Equal  Weight ETF (EWSC)
2020		2019			2020			2019
	$1,208,908	$	1,215,478		$	353,736		$	388,296
	624,975		2,845,318			(1,328,703	)		(254,196	)
	(17,668,138)		2,191,849			(6,238,771	)		(426,135	)
	(15,834,255)		6,252,645			(7,213,738	)		(292,035	)
	(1,298,102)		(1,331,829	)		(552,771	)		(314,960	)
	9,811,373		13,112,375			2,870,092			12,080,100
	(45,476,840)		(16,577,948	)		(10,074,892	)		(5,393,393	)
	(35,665,467)		(3,465,573	)		(7,204,800	)		6,686,707
	(52,797,824)		1,455,243			(14,971,309	)		6,079,712
	105,892,951		104,437,708			36,287,300			30,207,588
	$53,095,127	$	105,892,951		$	21,315,991		$	36,287,300
	150,000		200,000			50,000			200,000
	(750,000)		(250,000	)		(200,000	)		(100,000	)
	1,600,000		1,650,000			650,000			550,000
	1,000,000		1,600,000			500,000			650,000

83

Financial Highlights

Invesco S&P 500^® Equal Weight ETF (RSP)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	108.20			$	99.87			$	96.58			$	81.57			$	78.71			$	78.08
Net investment income(a)			2.15				1.78				0.85				1.39				1.31				1.22
Net realized and unrealized gain (loss) on investments			(11.97	)			8.45				3.33				14.85				2.78				0.71
Total from investment operations			(9.82	)			10.23				4.18				16.24				4.09				1.93
Distributions to shareholders from:
Net investment income			(2.21	)			(1.90	)			(0.89	)			(1.23	)			(1.23	)			(1.30	)
Net asset value at end of period		$	96.17			$	108.20			$	99.87			$	96.58			$	81.57			$	78.71
Market price at end of period(b)		$	96.31			$	108.22			$	99.92
Net Asset Value Total Return(c)			(8.98	)%			10.45	%			4.30	%			19.98	%			5.24	%			2.49	%
Market Price Total Return(c)			(8.89	)%			10.43	%			4.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted) .		$	10,943,870			$	16,143,961			$	14,616,057			$	14,226,625			$	9,959,671			$	9,799,542
Ratio to average net assets of:
Expenses, after Waivers			0.20	%			0.20	%			0.20	%(d)			0.33	%			0.40	%			0.40	%
Expenses, prior to Waivers			0.20	%			0.20	%			0.20	%(d)			0.36	%			0.40	%			0.40	%
Net investment income			2.01	%			1.74	%			1.69	%(d)			1.52	%			1.66	%			1.53	%
Portfolio turnover rate(e)			19	%			19	%			9	%			21	%			22	%			22	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

84

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO)

	Year Ended April 30, 2020				For the Period November 5, 2018(a) Through April 30, 2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.39			$	25.00
Net investment income(b)			0.41	(c)			0.16
Net realized and unrealized gain (loss) on investments			(2.64	)			0.33
Total from investment operations			(2.23	)			0.49
Distributions to shareholders from:
Net investment income			(0.40	)			(0.10	)
Net realized gains			(0.03	)			-
Total distributions			(0.43	)			(0.10	)
Net asset value at end of period		$	22.73			$	25.39
Market price at end of period(d)		$	22.74			$	25.41
Net Asset Value Total Return(e)			(8.89	)%			2.04	%(f)
Market Price Total Return(e)			(8.92	)%			2.12	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	18,180			$	22,851
Ratio to average net assets of:
Expenses			0.42	%(g)			0.40	%(h)
Net investment income			1.65	%(c)(g)			1.42	%(h)
Portfolio turnover rate(i)			30	%			10	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.29 and 1.17%, respectively.

^(d)  The mean between the last bid and ask prices.

^(e)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(f)  The net asset value total return from Fund Inception (November 7, 2018, the first day of trading on the exchange) to April 30, 2019 was 0.08%. The market price total return from Fund Inception to April 30, 2019 was 0.04%.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

85

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	107.85			$	99.15			$	91.21			$	85.40			$	90.26			$	82.76
Net investment income(a)			1.83				1.49				0.68				1.27				1.29				1.15
Net realized and unrealized gain (loss) on investments			(26.05	)			8.80				7.98				5.84				(4.96	)			7.39
Total from investment operations			(24.22	)			10.29				8.66				7.11				(3.67	)			8.54
Distributions to shareholders from:
Net investment income			(1.92	)			(1.59	)			(0.72	)			(1.30	)			(1.19	)			(1.04	)
Net asset value at end of period		$	81.71			$	107.85			$	99.15			$	91.21			$	85.40			$	90.26
Market price at end of period(b)		$	81.63			$	107.86			$	99.13
Net Asset Value Total Return(c)			(22.56	)%			10.58	%			9.49	%			8.32	%			(4.07	)%			10.35	%
Market Price Total Return(c)			(22.64	)%			10.61	%			9.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	49,028			$	113,239			$	84,279			$	72,965			$	68,323			$	176,001
Ratio to average net assets of:
Expenses			0.41	%(d)			0.40	%			0.40	%(e)			0.40	%			0.40	%			0.40	%
Net investment income			1.80	%(d)			1.45	%			1.38	%(e)			1.39	%			1.49	%			1.29	%
Portfolio turnover rate(f)			28	%			30	%			13	%			29	%			30	%			23	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	134.95			$	122.87			$	121.67			$	121.52			$	111.76			$	100.75
Net investment income(a)			3.19				2.87				1.32				2.30				2.19				2.08
Net realized and unrealized gain (loss) on investments			(1.34	)			12.30				1.14				0.13				9.69				10.86
Total from investment operations			1.85				15.17				2.46				2.43				11.88				12.94
Distributions to shareholders from:
Net investment income			(3.17	)			(3.09	)			(1.26	)			(2.28	)			(2.12	)			(1.93	)
Net asset value at end of period		$	133.63			$	134.95			$	122.87			$	121.67			$	121.52			$	111.76
Market price at end of period(b)		$	133.58			$	134.97			$	122.84
Net Asset Value Total Return(c)			1.44	%			12.63	%			1.96	%			1.99	%			10.63	%			12.95	%
Market Price Total Return(c)			1.37	%			12.67	%			1.97	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	481,080			$	431,837			$	417,753			$	444,092			$	613,661			$	530,872
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%(d)			0.40	%			0.40	%			0.40	%
Net investment income			2.32	%			2.27	%			2.06	%(d)			1.86	%			1.81	%			1.94	%
Portfolio turnover rate(e)			22	%			19	%			9	%			20	%			17	%			16	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

86

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Energy ETF (RYE)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	51.81			$	60.29			$	54.29			$	56.90			$	54.39			$	77.16
Net investment income(a)			1.09				0.82				0.47				1.28				0.90				1.35
Net realized and unrealized gain (loss) on investments			(23.84	)			(8.34	)			5.98				(2.50	)			2.53				(22.73	)
Total from investment operations			(22.75	)			(7.52	)			6.45				(1.22	)			3.43				(21.38	)
Distributions to shareholders from:
Net investment income			(1.01	)			(0.96	)			(0.45	)			(1.39	)			(0.92	)			(1.39	)
Net asset value at end of period		$	28.05			$	51.81			$	60.29			$	54.29			$	56.90			$	54.39
Market price at end of period(b)		$	28.06			$	51.82			$	60.43
Net Asset Value Total Return(c)			(44.18	)%			(12.46	)%			11.97	%			(2.20	)%			6.50	%			(27.93	)%
Market Price Total Return(c)			(44.17	)%			(12.65	)%			12.31	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	82,739			$	209,823			$	253,202			$	230,747			$	199,164			$	176,773
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%(d)			0.40	%			0.40	%			0.40	%
Net investment income			2.60	%			1.46	%			1.69	%(d)			2.22	%			1.72	%			2.16	%
Portfolio turnover rate(e)			34	%			31	%			10	%			34	%			41	%			34	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

87

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Financials ETF (RYF)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	43.78			$	43.94			$	41.93			$	31.41			$	43.72			$	43.27
Net investment income(a)			0.92				0.78				0.40				0.55				0.81				0.72
Net realized and unrealized gain (loss) on investments			(8.38	)			-				1.91				10.45				1.03				0.58
Total from investment operations			(7.46	)			0.78				2.31				11.00				1.84				1.30
Distributions to shareholders from:
Net investment income			(0.89	)			(0.94	)			(0.30	)			(0.48	)			(0.78	)			(0.80	)
Return of capital			-				-				-				-				(13.37	)(b)			(0.05	)
Total distributions			(0.89	)			(0.94	)			(0.30	)			(0.48	)			(14.15	)			(0.85	)
Net asset value at end of period		$	35.43			$	43.78			$	43.94			$	41.93			$	31.41			$	43.72
Market price at end of period(c)		$	35.53			$	43.79			$	43.98
Net Asset Value Total Return(d)			(17.09	)%			1.98	%			5.50	%			35.15	%			4.33	%			3.04	%
Market Price Total Return(d)			(16.88	)%			1.91	%			5.47	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	161,203			$	291,145			$	441,558			$	358,496			$	114,649			$	183,620
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%(e)			0.40	%			0.40	%			0.40	%
Net investment income			2.15	%			1.86	%			1.81	%(e)			1.44	%			1.96	%			1.64	%
Portfolio turnover rate(f)			23	%			17	%			7	%			15	%			53	%			13	%

^(a)  Based on average shares outstanding.

^(b)  Special distribution.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

88

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	193.66			$	178.78			$	175.84			$	143.79			$	149.97			$	137.44
Net investment income(a)			1.31				1.05				0.44				0.78				0.78				0.75
Net realized and unrealized gain (loss) on investments			20.36				14.87				2.93				32.02				(6.22	)			12.46
Total from investment operations			21.67				15.92				3.37				32.80				(5.44	)			13.21
Distributions to shareholders from:
Net investment income			(1.26	)			(1.04	)			(0.43	)			(0.75	)			(0.74	)			(0.68	)
Net asset value at end of period		$	214.07			$	193.66			$	178.78			$	175.84			$	143.79			$	149.97
Market price at end of period(b)		$	214.39			$	193.67			$	178.95
Net Asset Value Total Return(c)			11.27	%			8.91	%			1.92	%			22.85	%			(3.65	)%			9.61	%
Market Price Total Return(c)			11.42	%			8.82	%			2.06	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	706,437			$	706,845			$	598,911			$	650,617			$	474,494			$	569,893
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%(d)			0.40	%			0.40	%			0.40	%
Net investment income			0.64	%			0.55	%			0.49	%(d)			0.48	%			0.52	%			0.49	%
Portfolio turnover rate(e)			23	%			23	%			12	%			24	%			28	%			22	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

89

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	126.03			$	115.01			$	113.29			$	90.92			$	85.30			$	88.18
Net investment income(a)			1.83				1.53				0.62				1.24				1.40				1.13
Net realized and unrealized gain (loss) on investments			(16.57	)			11.15				1.73				22.50				5.57				(2.69	)
Total from investment operations			(14.74	)			12.68				2.35				23.74				6.97				(1.56	)
Distributions to shareholders from:
Net investment income			(1.85	)			(1.66	)			(0.63	)			(1.37	)			(1.35	)			(1.29	)
Return of capital			-				-				-				-				-				(0.03	)
Total distributions			(1.85	)			(1.66	)			(0.63	)			(1.37	)			(1.35	)			(1.32	)
Net asset value at end of period		$	109.44			$	126.03			$	115.01			$	113.29			$	90.92			$	85.30
Market price at end of period(b)		$	109.50			$	126.01			$	115.03
Net Asset Value Total Return(c)			(11.70	)%			11.21	%			2.05	%			26.21	%			8.25	%			(1.78	)%
Market Price Total Return(c)			(11.64	)%			11.17	%			2.00	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	142,273			$	245,750			$	281,763			$	226,584			$	127,288			$	93,831
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%(d)			0.40	%			0.40	%			0.40	%
Net investment income			1.46	%			1.29	%			1.05	%(d)			1.18	%			1.60	%			1.29	%
Portfolio turnover rate(e)			23	%			28	%			7	%			18	%			23	%			22	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

90

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Materials ETF (RTM)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	108.11			$	106.31			$	107.79			$	84.46			$	79.97			$	82.38
Net investment income(a)			2.10				1.79				0.70				1.49				1.29				1.23
Net realized and unrealized gain (loss) on investments			(13.65	)			1.97				(1.50	)			23.28				4.49				(2.41	)
Total from investment operations			(11.55	)			3.76				(0.80	)			24.77				5.78				(1.18	)
Distributions to shareholders from:
Net investment income			(2.23	)			(1.96	)			(0.68	)			(1.44	)			(1.29	)			(1.23	)
Net asset value at end of period		$	94.33			$	108.11			$	106.31			$	107.79			$	84.46			$	79.97
Market price at end of period(b)		$	94.49			$	108.16			$	106.31
Net Asset Value Total Return(c)			(10.70	)%			3.67	%			(0.77	)%			29.52	%			7.29	%			(1.44	)%
Market Price Total Return(c)			(10.58	)%			3.70	%			(0.91	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	108,480			$	129,728			$	180,726			$	194,020			$	84,463			$	55,982
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%(d)			0.40	%			0.40	%			0.40	%
Net investment income			1.99	%			1.69	%			1.28	%(d)			1.54	%			1.57	%			1.46	%
Portfolio turnover rate(e)			25	%			23	%			6	%			22	%			25	%			27	%

^(a)  Based on average shares outstanding. ^(b) The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

91

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,								For the Period August 13, 2015(a) Through October 31, 2015
	2020				2019								2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	29.71			$	25.96			$	27.29			$	25.81			$	25.63			$	25.31
Net investment income(b)			0.72				0.69				0.44				0.54				0.70				0.13
Net realized and unrealized gain (loss) on investments			(3.62	)			3.97				(1.20	)			1.59				(0.08	)			0.27
Total from investment operations			(2.90	)			4.66				(0.76	)			2.13				0.62				0.40
Distributions to shareholders from:
Net investment income			(1.03	)			(0.85	)			(0.35	)			(0.65	)			(0.44	)			(0.08	)
Net realized gains			(0.13	)			(0.06	)			(0.22	)			-				-				-
Total distributions			(1.16	)			(0.91	)			(0.57	)			(0.65	)			(0.44	)			(0.08	)
Net asset value at end of period		$	25.65			$	29.71			$	25.96			$	27.29			$	25.81			$	25.63
Market price at end of period(c)		$	25.65			$	29.75			$	25.96
Net Asset Value Total Return(d)			(9.59	)%			18.35	%			(2.93	)%			8.33	%			2.39	%			1.61	%
Market Price Total Return(d)			(9.71	)%			18.51	%			(2.35	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	23,084			$	37,143			$	16,873			$	24,561			$	36,135			$	2,563
Ratio to average net assets of:
Expenses			0.41	%(e)			0.40	%			0.41	%(f)			0.41	%			0.37	%			0.40	%(f)
Net investment income			2.37	%(e)			2.46	%			3.28	%(f)			2.00	%			2.70	%			2.49	%(f)
Portfolio turnover rate(g)			15	%			14	%			2	%			24	%			10	%			5	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

92

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Technology ETF (RYT)

	Years Ended April 30,								Six Months Ended April 30, 2018				Years Ended October 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	180.69			$	150.94			$	142.44			$	104.67			$	93.16			$	87.17
Net investment income(a)			3.15	(b)			1.57				0.56				1.16				1.47				1.09
Net realized and unrealized gain on investments			1.50				29.78				8.56				37.61				11.48				6.09
Total from investment operations			4.65				31.35				9.12				38.77				12.95				7.18
Distributions to shareholders from:
Net investment income			(2.19	)			(1.60	)			(0.62	)			(1.00	)			(1.44	)			(1.12	)
Return of capital			-				-				-				-				-				(0.07	)
Total distributions.			(2.19	)			(1.60	)			(0.62	)			(1.00	)			(1.44	)			(1.19	)
Net asset value at end of period		$	183.15			$	180.69			$	150.94			$	142.44			$	104.67			$	93.16
Market price at end of period(c)		$	183.44			$	180.66			$	151.10
Net Asset Value Total Return(d)			2.73	%			20.92	%			6.40	%			37.19	%			14.06	%			8.30	%
Market Price Total Return(d)			2.91	%			20.77	%			6.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,529,343			$	1,788,846			$	1,615,066			$	1,509,833			$	915,879			$	740,629
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%(e)			0.40	%			0.40	%			0.40	%
Net investment income			1.73	%(b)			0.98	%			0.76	%(e)			0.95	%			1.55	%			1.20	%
Portfolio turnover rate(f)			23	%			27	%			10	%			19	%			24	%			21	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.92 and 1.06%, respectively.

^(c) The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

93

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)

	Years Ended April 30,								Six Months Ended April 30,				Years Ended October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	97.25			$	84.51			$	88.52			$	81.10			$	73.29			$	76.69
Net investment income(a)			2.77				2.67				1.38				2.54				2.49				2.48
Net realized and unrealized gain (loss) on investments			(4.99	)			12.69				(3.92	)			7.44				7.81				(2.97	)
Total from investment operations			(2.22	)			15.36				(2.54	)			9.98				10.30				(0.49	)
Distributions to shareholders from:
Net investment income			(2.72	)			(2.62	)			(1.47	)			(2.56	)			(2.49	)			(2.91	)
Net asset value at end of period		$	92.31			$	97.25			$	84.51			$	88.52			$	81.10			$	73.29
Market price at end of period(b)		$	92.52			$	97.23			$	84.45
Net Asset Value Total Return(c)			(2.28	)%			18.54	%			(2.88	)%			12.51	%			14.13	%			(0.56	)%
Market Price Total Return(c)			(2.04	)%			18.60	%			(2.92	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	300,013			$	335,499			$	139,434			$	168,180			$	210,865			$	128,258
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%(d)			0.40	%			0.40	%			0.40	%
Net investment income			2.72	%			2.96	%			3.29	%(d)			3.01	%			3.09	%			3.30	%
Portfolio turnover rate(e)			11	%			27	%			7	%			11	%			22	%			20	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

94

Financial Highlights–(continued)

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)

	Years Ended April 30,								Six Months Ended April 30,				Years Ended October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	66.18			$	63.30			$	62.00			$	51.40			$	49.09			$	50.39
Net investment income(a)			0.89				0.77				0.42				0.60				0.66				0.62
Net realized and unrealized gain (loss) on investments			(12.99	)			2.96				1.30				10.59				2.30				(1.21	)
Total from investment operations			(12.10	)			3.73				1.72				11.19				2.96				(0.59	)
Distributions to shareholders from:
Net investment income			(0.98	)			(0.85	)			(0.42	)			(0.59	)			(0.65	)			(0.67	)
Return of capital			-				-				-				-				-				(0.04	)
Total distributions			(0.98	)			(0.85	)			(0.42	)			(0.59	)			(0.65	)			(0.71	)
Net asset value at end of period		$	53.10			$	66.18			$	63.30			$	62.00			$	51.40			$	49.09
Market price at end of period(b)		$	52.87			$	66.19			$	63.29
Net Asset Value Total Return(c)			(18.24	)%			5.96	%			2.76	%			21.82	%			6.08	%			(1.19	)%
Market Price Total Return(c)			(18.60	)%			5.99	%			2.74	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	53,095			$	105,893			$	104,438			$	114,692			$	89,944			$	132,532
Ratio to average net assets of:
Expenses			0.41	%(d)			0.40	%			0.40	%(e)			0.41	%			0.41	%			0.41	%
Net investment income			1.42	%(d)			1.19	%			1.33	%(e)			1.02	%			1.35	%			1.22	%
Portfolio turnover rate(f)			32	%			30	%			9	%			26	%			101	%			31	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)

	Years Ended April 30,								Six Months Ended April 30,				Years Ended October 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	55.83			$	54.92			$	52.78			$	42.47			$	41.84			$	44.87
Net investment income(a)			0.62				0.59				0.29				0.47				0.32				0.49
Net realized and unrealized gain (loss) on investments			(12.84	)			0.80				2.15				10.27				0.67				(2.97	)
Total from investment operations			(12.22	)			1.39				2.44				10.74				0.99				(2.48	)
Distributions to shareholders from:
Net investment income			(0.98	)			(0.48	)			(0.30	)			(0.43	)			(0.36	)			(0.52	)
Return of capital			-				-				-				-				-				(0.03	)
Total distributions			(0.98	)			(0.48	)			(0.30	)			(0.43	)			(0.36	)			(0.55	)
Net asset value at end of period		$	42.63			$	55.83			$	54.92			$	52.78			$	42.47			$	41.84
Market price at end of period(b)		$	42.39			$	55.63			$	55.02
Net Asset Value Total Return(c)			(22.17	)%			2.55	%			4.62	%			25.32	%			2.39	%			(5.59	)%
Market Price Total Return(c)			(22.33	)%			2.00	%			4.55	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	21,316			$	36,287			$	30,208			$	31,666			$	33,978			$	43,930
Ratio to average net assets of:
Expenses			0.42	%(d)			0.40	%			0.40	%(e)			0.41	%			0.41	%			0.41	%
Net investment income			1.20	%(d)			1.05	%			1.10	%(e)			0.96	%			0.80	%			1.11	%
Portfolio turnover rate(f)			42	%			34	%			10	%			24	%			96	%			47	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(e)  Annualized.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2020

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco S&P 500® Equal Weight ETF (RSP)	“S&P 500® Equal Weight ETF”
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)	“S&P 500® Equal Weight Communication Services ETF”
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)	“S&P 500® Equal Weight Consumer Discretionary ETF”
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)	“S&P 500® Equal Weight Consumer Staples ETF”
Invesco S&P 500® Equal Weight Energy ETF (RYE)	“S&P 500® Equal Weight Energy ETF”
Invesco S&P 500® Equal Weight Financials ETF (RYF)	“S&P 500® Equal Weight Financials ETF”
Invesco S&P 500® Equal Weight Health Care ETF (RYH)	“S&P 500® Equal Weight Health Care ETF”
Invesco S&P 500® Equal Weight Industrials ETF (RGI)	“S&P 500® Equal Weight Industrials ETF”
Invesco S&P 500® Equal Weight Materials ETF (RTM)	“S&P 500® Equal Weight Materials ETF”
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)	“S&P 500® Equal Weight Real Estate ETF”
Invesco S&P 500® Equal Weight Technology ETF (RYT)	“S&P 500® Equal Weight Technology ETF”
Invesco S&P 500® Equal Weight Utilities ETF (RYU)	“S&P 500® Equal Weight Utilities ETF”
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)	“S&P MidCap 400® Equal Weight ETF”
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)	“S&P SmallCap 600® Equal Weight ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each of the Funds is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
S&P 500® Equal Weight ETF	S&P 500® Equal Weight Index
S&P 500® Equal Weight Communication Services ETF	S&P 500® Equal Weight Communication Services Plus Index
S&P 500® Equal Weight Consumer Discretionary ETF	S&P 500® Equal Weight Consumer Discretionary Index
S&P 500® Equal Weight Consumer Staples ETF	S&P 500® Equal Weight Consumer Staples Index
S&P 500® Equal Weight Energy ETF	S&P 500® Equal Weight Energy Index
S&P 500® Equal Weight Financials ETF	S&P 500® Equal Weight Financials Index
S&P 500® Equal Weight Health Care ETF	S&P 500® Equal Weight Health Care Index
S&P 500® Equal Weight Industrials ETF	S&P 500® Equal Weight Industrials Index
S&P 500® Equal Weight Materials ETF	S&P 500® Equal Weight Materials Index
S&P 500® Equal Weight Real Estate ETF	S&P 500® Equal Weight Real Estate Index
S&P 500® Equal Weight Technology ETF	S&P 500® Equal Weight Information Technology Index
S&P 500® Equal Weight Utilities ETF	S&P 500® Equal Weight Telecommunication Services & Utilities Index
S&P MidCap 400® Equal Weight ETF	S&P MidCap 400® Equal Weight Index
S&P SmallCap 600® Equal Weight ETF	S&P SmallCap 600® Equal Weight Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

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Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in

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interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each 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 each 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 each Fund and no other AP is able to step forward to create or redeem Creation Units, 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 each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. 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 each 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. 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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Market Risk. Securities in the Underlying Index 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 Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Each 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

REIT Risk. REITs are securities that invest substantially all of their assets in real estate, trade like stocks and may qualify for special tax considerations. In addition to the risks pertaining to real estate investments more generally, such as declining property values or rising interest rates, REITs are subject to additional risks. The value of a REIT can depend on the structure

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of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and a REIT’s shareholders will incur a proportionate share of those expenses.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which 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. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

C. Investment Transactions and Investment Income - Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

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The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation

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expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:

	Unitary Management Fees (as a % of average daily net assets)
S&P 500® Equal Weight ETF	0.20%
S&P 500® Equal Weight Communication Services ETF	0.40%
S&P 500® Equal Weight Consumer Discretionary ETF	0.40%
S&P 500® Equal Weight Consumer Staples ETF	0.40%
S&P 500® Equal Weight Energy ETF	0.40%
S&P 500® Equal Weight Financials ETF	0.40%
S&P 500® Equal Weight Health Care ETF	0.40%
S&P 500® Equal Weight Industrials ETF	0.40%
S&P 500® Equal Weight Materials ETF	0.40%
S&P 500® Equal Weight Real Estate ETF	0.40%
S&P 500® Equal Weight Technology ETF	0.40%
S&P 500® Equal Weight Utilities ETF	0.40%
S&P MidCap 400® Equal Weight ETF	0.40%
S&P SmallCap 600® Equal Weight ETF	0.40%

Through April 6, 2020, the Adviser agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each Fund (except S&P 500^® Equal Weight Communication Services ETF) (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes and litigation expenses, and extraordinary expenses) from exceeding the Fund’s Unitary Management Fee (the “Expense Cap”). For each Fund, the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

S&P 500® Equal Weight ETF	$	17,076
S&P 500® Equal Weight Communication Services ETF		25
S&P 500® Equal Weight Consumer Discretionary ETF		92
S&P 500® Equal Weight Consumer Staples ETF		599
S&P 500® Equal Weight Energy ETF		133
S&P 500® Equal Weight Financials ETF		291
S&P 500® Equal Weight Health Care ETF		437
S&P 500® Equal Weight Industrials ETF		221
S&P 500® Equal Weight Materials ETF		168
S&P 500® Equal Weight Real Estate ETF		64
S&P 500® Equal Weight Technology ETF		2,525
S&P 500® Equal Weight Utilities ETF		656
S&P MidCap 400® Equal Weight ETF		114
S&P SmallCap 600® Equal Weight ETF		32

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”).

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

102

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended April 30, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains (Losses)
S&P 500® Equal Weight ETF	$533,197	$1,149,653	$(6,014,829)
S&P 500® Equal Weight Consumer Discretionary ETF	-	32,775	(243,548)
S&P 500® Equal Weight Energy ETF	-	6,969	(20,442)
S&P 500® Equal Weight Industrials ETF	-	21,085	(19,554)
S&P MidCap 400® Equal Weight ETF	498,986	701,883	(336,212)
S&P SmallCap 600® Equal Weight ETF	87,397	10,597	6,760

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Funds listed below, as of April 30, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
S&P 500® Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	10,936,808,308		$	-		$	-		$	10,936,808,308
Money Market Funds			443,536			63,329,675			-			63,773,211
Total Investments		$	10,937,251,844		$	63,329,675		$	-		$	11,000,581,519
S&P 500® Equal Weight Consumer Discretionary ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	49,009,283		$	-		$	-		$	49,009,283
Money Market Funds			17,895			705,479			-			723,374
Total Investments		$	49,027,178		$	705,479		$	-		$	49,732,657
S&P 500® Equal Weight Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	82,749,558		$	-		$	-		$	82,749,558
Money Market Funds			-			1,242,654			-			1,242,654
Total Investments		$	82,749,558		$	1,242,654		$	-		$	83,992,212

103

	Level 1			Level 2			Level 3			Total
S&P 500® Equal Weight Industrials ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	142,238,024		$	-		$	-		$	142,238,024
Money Market Funds			-			1,922,014			-			1,922,014
Total Investments		$	142,238,024		$	1,922,014		$	-		$	144,160,038
S&P 500® Equal Weight Materials ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	108,385,297		$	-		$	-		$	108,385,297
Money Market Funds			44,989			7,254,198			-			7,299,187
Total Investments		$	108,430,286		$	7,254,198		$	-		$	115,684,484
S&P MidCap 400® Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	53,088,958		$	-		$	-		$	53,088,958
Money Market Funds			39,558			3,167,773			-			3,207,331
Total Investments		$	53,128,516		$	3,167,773		$	-		$	56,296,289
S&P SmallCap 600® Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	21,322,346		$	-		$	-		$	21,322,346
Money Market Funds			-			1,982,765			-			1,982,765
Total Investments		$	21,322,346		$	1,982,765		$	-		$	23,305,111

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2020 and 2019:

	2020						2019
	Ordinary			Long-Term			Ordinary			Long-Term
	Income			Capital Gains			Income			Capital Gains
S&P 500® Equal Weight ETF		$	312,541,391		$	-		$	281,738,317		$	-
S&P 500® Equal Weight Communication Services ETF			440,576			-			28,476			-
S&P 500® Equal Weight Consumer Discretionary ETF			1,550,444			-			1,507,788			-
S&P 500® Equal Weight Consumer Staples ETF			11,001,953			-			11,042,415			-
S&P 500® Equal Weight Energy ETF			2,824,645			-			4,181,660			-
S&P 500® Equal Weight Financials ETF			5,244,535			-			7,699,405			-
S&P 500® Equal Weight Health Care ETF			4,498,041			-			3,834,753			-
S&P 500® Equal Weight Industrials ETF			2,991,968			-			3,156,072			-
S&P 500® Equal Weight Materials ETF			2,752,568			-			2,650,226			-
S&P 500® Equal Weight Real Estate ETF			1,248,903			123,164			659,417			42,928
S&P 500® Equal Weight Technology ETF			19,966,122			-			16,781,040			-
S&P 500® Equal Weight Utilities ETF			9,910,738			-			6,335,821			-
S&P MidCap 400® Equal Weight ETF			1,298,102			-			1,331,830			-
S&P SmallCap 600® Equal Weight ETF			552,771			-			314,960			-

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Post-October Capital Losses Deferrals			Shares of Beneficial Interest			Total Net Assets
S&P 500® Equal Weight ETF		$	3,965,217		$	(476,949,212	)		$	(1,308,803,006	)		$	-		$	12,725,657,114		$	10,943,870,113
S&P 500® Equal Weight Communication Services ETF			8,542			(3,011,241	)			(734,349	)			-			21,917,188			18,180,140
S&P 500® Equal Weight Consumer Discretionary ETF			22,914			(19,343,666	)			(21,285,028	)			-			89,634,211			49,028,431

104

	Undistributed Ordinary Income			Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Post-October Capital Losses Deferrals				Shares of Beneficial Interest			Total Net Assets
S&P 500® Equal Weight Consumer Staples ETF		$	624,431		$	(20,983,076	)		$	(38,243,585	)		$	-			$	539,682,581		$	481,080,351
S&P 500® Equal Weight Energy ETF			399,275			(66,176,094	)			(120,608,166	)			-				269,123,516			82,738,531
S&P 500® Equal Weight Financials ETF			338,292			(45,628,305	)			(20,656,892	)			-				227,149,445			161,202,540
S&P 500® Equal Weight Health Care ETF			480,935			57,730,063				(68,468,299	)			-				716,694,577			706,437,276
S&P 500® Equal Weight Industrials ETF			100,793			(29,336,880	)			(19,987,164	)			-				191,495,804			142,272,553
S&P 500® Equal Weight Materials ETF			-			(25,987,652	)			(15,061,608	)			-				149,528,765			108,479,505
S&P 500® Equal Weight Real Estate ETF			-			(6,029,249	)			-				(925,636	)			30,038,960			23,084,075
S&P 500® Equal Weight Technology ETF			9,426,857			94,403,792				(81,751,061	)			-				1,507,263,551			1,529,343,139
S&P 500® Equal Weight Utilities ETF			423,672			(7,325,264	)			(24,933,402	)			-				331,847,649			300,012,655
S&P MidCap 400® Equal Weight ETF			-			(12,007,709	)			(24,055,009	)			-				89,157,845			53,095,127
S&P SmallCap 600® Equal Weight ETF			-			(6,365,622	)			(17,918,125	)			-				45,599,738			21,315,991

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of April 30, 2020:

	No expiration
	Short-Term			Long-Term			Total*
S&P 500® Equal Weight ETF		$	233,765,669		$	1,075,037,337		$	1,308,803,006
S&P 500® Equal Weight Communication Services ETF			696,008			38,341			734,349
S&P 500® Equal Weight Consumer Discretionary ETF			2,434,478			18,850,550			21,285,028
S&P 500® Equal Weight Consumer Staples ETF			4,618,579			33,625,006			38,243,585
S&P 500® Equal Weight Energy ETF			27,361,002			93,247,164			120,608,166
S&P 500® Equal Weight Financials ETF			4,727,841			15,929,051			20,656,892
S&P 500® Equal Weight Health Care ETF			6,134,734			62,333,565			68,468,299
S&P 500® Equal Weight Industrials ETF			5,698,284			14,288,880			19,987,164
S&P 500® Equal Weight Materials ETF			2,348,641			12,712,967			15,061,608
S&P 500® Equal Weight Real Estate ETF			-			-			-
S&P 500® Equal Weight Technology ETF			29,954,445			51,796,616			81,751,061
S&P 500® Equal Weight Utilities ETF			9,591,124			15,342,278			24,933,402
S&P MidCap 400® Equal Weight ETF			10,151,511			13,903,498			24,055,009
S&P SmallCap 600® Equal Weight ETF			8,343,612			9,574,513			17,918,125

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases			Sales
S&P 500® Equal Weight ETF		$	2,912,590,645		$	2,912,159,653
S&P 500® Equal Weight Communication Services ETF			7,155,373			8,880,504
S&P 500® Equal Weight Consumer Discretionary ETF			23,715,363			23,762,095
S&P 500® Equal Weight Consumer Staples ETF			103,431,267			102,438,128
S&P 500® Equal Weight Energy ETF			43,844,770			42,639,464
S&P 500® Equal Weight Financials ETF			57,755,444			57,416,883
S&P 500® Equal Weight Health Care ETF			164,168,510			162,954,228
S&P 500® Equal Weight Industrials ETF			48,831,769			52,132,761
S&P 500® Equal Weight Materials ETF			32,707,495			33,182,812

105

	Purchases			Sales
S&P 500® Equal Weight Real Estate ETF		$	5,518,023		$	6,121,995
S&P 500® Equal Weight Technology ETF			387,762,465			378,857,021
S&P 500® Equal Weight Utilities ETF			41,003,243			42,493,551
S&P MidCap 400® Equal Weight ETF			27,617,348			26,486,808
S&P SmallCap 600® Equal Weight ETF			12,078,525			13,608,511

For the fiscal year ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received			Value of Securities Delivered
S&P 500® Equal Weight ETF		$	3,035,419,230		$	6,293,322,102
S&P 500® Equal Weight Communication Services ETF			30,481,025			30,837,160
S&P 500® Equal Weight Consumer Discretionary ETF			26,616,860			69,012,502
S&P 500® Equal Weight Consumer Staples ETF			186,033,836			133,282,073
S&P 500® Equal Weight Energy ETF			61,869,451			135,894,875
S&P 500® Equal Weight Financials ETF			42,273,519			118,404,182
S&P 500® Equal Weight Health Care ETF			165,653,110			234,501,782
S&P 500® Equal Weight Industrials ETF			84,963,681			148,593,213
S&P 500® Equal Weight Materials ETF			25,950,985			29,858,855
S&P 500® Equal Weight Real Estate ETF			43,717,380			54,290,663
S&P 500® Equal Weight Technology ETF			546,841,435			818,640,264
S&P 500® Equal Weight Utilities ETF			112,859,190			123,882,321
S&P MidCap 400® Equal Weight ETF			9,787,444			46,457,517
S&P SmallCap 600® Equal Weight ETF			2,867,925			8,634,119

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

								Net
	Gross			Gross				Unrealized
	Unrealized			Unrealized				Appreciation
	Appreciation			(Depreciation)				(Depreciation)				Cost
S&P 500® Equal Weight ETF		$	1,252,939,302		$	(1,729,888,514	)		$	(476,949,212	)		$	11,477,530,731
S&P 500® Equal Weight Communication Services ETF			540,927			(3,552,168	)			(3,011,241	)			21,197,898
S&P 500® Equal Weight Consumer Discretionary ETF			1,614,280			(20,957,946	)			(19,343,666	)			69,076,323
S&P 500® Equal Weight Consumer Staples ETF			33,419,010			(54,402,086	)			(20,983,076	)			502,021,542
S&P 500® Equal Weight Energy ETF			624,261			(66,800,355	)			(66,176,094	)			150,168,306
S&P 500® Equal Weight Financials ETF			7,476,461			(53,104,766	)			(45,628,305	)			206,698,664
S&P 500® Equal Weight Health Care ETF			89,187,234			(31,457,171	)			57,730,063				648,836,249
S&P 500® Equal Weight Industrials ETF			3,226,870			(32,563,750	)			(29,336,880	)			173,496,918
S&P 500® Equal Weight Materials ETF			6,231,341			(32,218,993	)			(25,987,652	)			141,672,136
S&P 500® Equal Weight Real Estate ETF			555,638			(6,584,887	)			(6,029,249	)			29,126,275
S&P 500® Equal Weight Technology ETF			214,453,277			(120,049,485	)			94,403,792				1,435,299,287
S&P 500® Equal Weight Utilities ETF			14,207,830			(21,533,094	)			(7,325,264	)			307,080,199
S&P MidCap 400® Equal Weight ETF			3,139,392			(15,147,101	)			(12,007,709	)			68,303,998
S&P SmallCap 600® Equal Weight ETF			1,393,981			(7,759,603	)			(6,365,622	)			29,670,733

106

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2020, the reclassifications were as follows:

	Undistributed Net				Undistributed Net				Shares of
	Investment Income (Loss)				Realized Gain (Loss)				Beneficial Interest
S&P 500® Equal Weight ETF		$	-			$	(1,735,161,677	)		$	1,735,161,677
S&P 500® Equal Weight Communication Services ETF			(18,409	)			(1,816,229	)			1,834,638
S&P 500® Equal Weight Consumer Discretionary ETF			-				(1,776,387	)			1,776,387
S&P 500® Equal Weight Consumer Staples ETF			-				(20,574,495	)			20,574,495
S&P 500® Equal Weight Energy ETF			-				7,643,779				(7,643,779	)
S&P 500® Equal Weight Financials ETF			-				2,060,539				(2,060,539	)
S&P 500® Equal Weight Health Care ETF			-				(70,942,686	)			70,942,686
S&P 500® Equal Weight Industrials ETF			-				(3,929,087	)			3,929,087
S&P 500® Equal Weight Materials ETF			16,794				(860,940	)			844,146
S&P 500® Equal Weight Real Estate ETF			330,518				(4,783,815	)			4,453,297
S&P 500® Equal Weight Technology ETF			-				(258,549,589	)			258,549,589
S&P 500® Equal Weight Utilities ETF			-				(18,347,558	)			18,347,558
S&P MidCap 400® Equal Weight ETF			89,194				(6,513,516	)			6,424,322
S&P SmallCap 600® Equal Weight ETF			104,325				(1,303,587	)			1,199,262

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

107

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

108

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco S&P 500^® Equal Weight ETF, Invesco S&P 500^® Equal Weight Communication Services ETF, Invesco S&P 500^® Equal Weight Consumer Discretionary ETF, Invesco S&P 500^® Equal Weight Consumer Staples ETF, Invesco S&P 500^® Equal Weight Energy ETF, Invesco S&P 500^® Equal Weight Financials ETF, Invesco S&P 500^® Equal Weight Health Care ETF, Invesco S&P 500^® Equal Weight Industrials ETF, Invesco S&P 500^® Equal Weight Materials ETF, Invesco S&P 500^® Equal Weight Real Estate ETF, Invesco S&P 500^® Equal Weight Technology ETF, Invesco S&P 500^® Equal Weight Utilities ETF, Invesco S&P MidCap 400^® Equal Weight ETF and Invesco S&P SmallCap 600^® Equal Weight ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (fourteen of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations for the year ended April 30, 2020, the statements of changes in net assets for each of the two years in the period ended April 30, 2020 (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for the year ended April 30, 2020 and for the period November 5, 2018 (commencement of investment operations) through April 30, 2019), including the related notes, and the financial highlights for each of the two years in the period ended April 30, 2020 and for the six months ended April 30, 2018 (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for each of the two years in the period ended April 30, 2020 and the period November 5, 2018 (commencement of investment operations) through April 30, 2019) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2020 (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for the year ended April 30, 2020 and for the period November 5, 2018 (commencement of investment operations) through April 30, 2019), and each of the financial highlights for each of the two years in the period ended April 30, 2020 and for the six months ended April 30, 2018 (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for each of the two years in the period ended April 30, 2020 and the period November 5, 2018 (commencement of investment operations) through April 30, 2019) in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Predecessor Fund
Invesco S&P 500® Equal Weight ETF	Guggenheim S&P 500® Equal Weight ETF
Invesco S&P 500® Equal Weight Communication Services ETF	–
Invesco S&P 500® Equal Weight Consumer Discretionary ETF	Guggenheim S&P 500® Equal Weight Consumer Discretionary ETF
Invesco S&P 500® Equal Weight Consumer Staples ETF	Guggenheim S&P 500® Equal Weight Consumer Staples ETF
Invesco S&P 500® Equal Weight Energy ETF	Guggenheim S&P 500® Equal Weight Energy ETF
Invesco S&P 500® Equal Weight Financials ETF	Guggenheim S&P 500® Equal Weight Financials ETF
Invesco S&P 500® Equal Weight Health Care ETF	Guggenheim S&P 500® Equal Weight Health Care ETF
Invesco S&P 500® Equal Weight Industrials ETF	Guggenheim S&P 500® Equal Weight Industrials ETF
Invesco S&P 500® Equal Weight Materials ETF	Guggenheim S&P 500® Equal Weight Materials ETF
Invesco S&P 500® Equal Weight Real Estate ETF	Guggenheim S&P 500® Equal Weight Real Estate ETF
Invesco S&P 500® Equal Weight Technology ETF	Guggenheim S&P 500® Equal Weight Technology ETF
Invesco S&P 500® Equal Weight Utilities ETF	Guggenheim S&P 500® Equal Weight Utilities ETF
Invesco S&P MidCap 400® Equal Weight ETF	Guggenheim S&P MidCap 400® Equal Weight ETF
Invesco S&P SmallCap 600® Equal Weight ETF	Guggenheim S&P SmallCap 600® Equal Weight ETF

The financial statements of the Predecessor Funds listed in the table above as of and for the year ended October 31, 2017 and the financial highlights for each of the periods ended on or prior to October 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report, dated December 21, 2017, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting

109

Report of Independent Registered Public Accounting Firm–(continued)

Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 29, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

110

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2019			April 30, 2020			Six-Month Period			Six-Month Period(1)
Invesco S&P 500® Equal Weight ETF (RSP)
Actual		$	1,000.00		$	891.30		0.20	%		$	0.94
Hypothetical (5% return before expenses)			1,000.00			1,023.87		0.20				1.01
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)
Actual			1,000.00			922.20		0.38				1.82
Hypothetical (5% return before expenses)			1,000.00			1,022.97		0.38				1.91
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)
Actual			1,000.00			781.80		0.39				1.73
Hypothetical (5% return before expenses)			1,000.00			1,022.92		0.39				1.96
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
Actual			1,000.00			975.50		0.40				1.96
Hypothetical (5% return before expenses)			1,000.00			1,022.87		0.40				2.01
Invesco S&P 500® Equal Weight Energy ETF (RYE)
Actual			1,000.00			663.80		0.39				1.61
Hypothetical (5% return before expenses)			1,000.00			1,022.92		0.39				1.96
Invesco S&P 500® Equal Weight Financials ETF (RYF)
Actual			1,000.00			816.00		0.40				1.81
Hypothetical (5% return before expenses)			1,000.00			1,022.87		0.40				2.01

111

Calculating your ongoing Fund expenses–(continued)

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2019			April 30, 2020			Six-Month Period			Six-Month Period(1)
Invesco S&P 500® Equal Weight Health Care ETF (RYH)
Actual		$	1,000.00		$	1,046.50		0.40	%		$	2.04
Hypothetical (5% return before expenses)			1,000.00			1,022.87		0.40				2.01
Invesco S&P 500® Equal Weight Industrials ETF (RGI)
Actual			1,000.00			852.00		0.40				1.84
Hypothetical (5% return before expenses)			1,000.00			1,022.87		0.40				2.01
Invesco S&P 500® Equal Weight Materials ETF (RTM)
Actual			1,000.00			876.40		0.40				1.87
Hypothetical (5% return before expenses)			1,000.00			1,022.87		0.40				2.01
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)
Actual			1,000.00			826.90		0.38				1.73
Hypothetical (5% return before expenses)			1,000.00			1,022.97		0.38				1.91
Invesco S&P 500® Equal Weight Technology ETF (RYT)
Actual			1,000.00			1,010.40		0.40				2.00
Hypothetical (5% return before expenses)			1,000.00			1,022.87		0.40				2.01
Invesco S&P 500® Equal Weight Utilities ETF (RYU)
Actual			1,000.00			890.30		0.40				1.88
Hypothetical (5% return before expenses)			1,000.00			1,022.87		0.40				2.01
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)
Actual			1,000.00			840.10		0.39				1.78
Hypothetical (5% return before expenses)			1,000.00			1,022.92		0.39				1.96
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
Actual			1,000.00			799.60		0.38				1.70
Hypothetical (5% return before expenses)			1,000.00			1,022.97		0.38				1.91

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

112

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2020:

	Qualified Business			Qualified Dividend			Dividends-Received			Long Term
	Income*			Income*			Deduction*			Capital Gains
Invesco S&P 500® Equal Weight ETF		3	%		97	%		93	%		$	-
Invesco S&P 500® Equal Weight Communication Services ETF		0	%		98	%		98	%		$	-
Invesco S&P 500® Equal Weight Consumer Discretionary ETF		0	%		100	%		100	%		$	-
Invesco S&P 500® Equal Weight Consumer Staples ETF		0	%		100	%		100	%		$	-
Invesco S&P 500® Equal Weight Energy ETF		0	%		96	%		93	%		$	-
Invesco S&P 500® Equal Weight Financials ETF		0	%		100	%		100	%		$	-
Invesco S&P 500® Equal Weight Health Care ETF		0	%		100	%		100	%		$	-
Invesco S&P 500® Equal Weight Industrials ETF		0	%		100	%		100	%		$	-
Invesco S&P 500® Equal Weight Materials ETF		0	%		100	%		96	%		$	-
Invesco S&P 500® Equal Weight Real Estate ETF		63	%		3	%		0	%		$	123,164
Invesco S&P 500® Equal Weight Technology ETF		0	%		100	%		100	%		$	-
Invesco S&P 500® Equal Weight Utilities ETF		0	%		100	%		100	%		$	-
Invesco S&P MidCap 400® Equal Weight ETF		11	%		89	%		88	%		$	-
Invesco S&P SmallCap 600® Equal Weight ETF		1	%		99	%		99	%		$	-

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

113

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	215	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	215	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

114

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	215	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

115

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	215	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

116

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	215	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	215	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

117

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	215	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

118

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	215	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	215	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

119

Trustees and Officers (continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	215	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

120

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary President and Principal Executive Officer	Since 2011 Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (May 2020-present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (June 2020-present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (June 2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

121

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

122

Approval of Investment Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 25 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond James SB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500^® Equal Weight Communications Services ETF

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF

Invesco S&P 500^® Equal Weight Consumer Staples ETF

Invesco S&P 500^® Equal Weight Energy ETF

Invesco S&P 500^® Equal Weight ETF

Invesco S&P 500^® Equal Weight Financials ETF

Invesco S&P 500^® Equal Weight Health Care ETF

Invesco S&P 500^® Equal Weight Industrials ETF

Invesco S&P 500^® Equal Weight Materials ETF

Invesco S&P 500^® Equal Weight Real Estate ETF

Invesco S&P 500^® Equal Weight Technology ETF

Invesco S&P 500^® Equal Weight Utilities ETF

Invesco S&P 500^® Pure Growth ETF

Invesco S&P 500^® Pure Value ETF

Invesco S&P 500^® Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with

123

Approval of Investment Advisory Contracts (continued)

the Adviser paying all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.35% of the Fund’s average daily net assets for each of Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF;

● 0.20% of the Fund’s average daily net assets for each of Invesco S&P 500^® Equal Weight ETF and Invesco S&P 500^® Top 50 ETF;

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF; and

● 0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median		Lower than Open-End Active Fund Peer Median
Invesco Dow Jones Industrial Average Dividend ETF		X		X		X
Invesco NASDAQ Internet ETF						X
Invesco Raymond James SB-1 Equity ETF						X
Invesco S&P 500 BuyWrite ETF		X		X		X
Invesco S&P 500® Equal Weight Communication Services ETF						X
Invesco S&P 500® Equal Weight Consumer Discretionary ETF		X				X
Invesco S&P 500® Equal Weight Consumer Staples ETF		X				X
Invesco S&P 500® Equal Weight Energy ETF		X				X
Invesco S&P 500® Equal Weight ETF		X		X		X
Invesco S&P 500® Equal Weight Financials ETF		X				X
Invesco S&P 500® Equal Weight Health Care ETF		X				X
Invesco S&P 500® Equal Weight Industrials ETF		X				X
Invesco S&P 500® Equal Weight Materials ETF		X				X
Invesco S&P 500® Equal Weight Real Estate ETF		X				X
Invesco S&P 500® Equal Weight Technology ETF		X				X
Invesco S&P 500® Equal Weight Utilities ETF		X		X		X
Invesco S&P 500® Pure Growth ETF		X		X		X
Invesco S&P 500® Pure Value ETF						X
Invesco S&P 500® Top 50 ETF		X		X		X
Invesco S&P MidCap 400® Equal Weight ETF						X
Invesco S&P MidCap 400® Pure Growth ETF						X
Invesco S&P MidCap 400® Pure Value ETF				X		X
Invesco S&P SmallCap 600® Equal Weight ETF						X
Invesco S&P SmallCap 600® Pure Growth ETF						X
Invesco S&P SmallCap 600® Pure Value ETF				X		X

124

Approval of Investment Advisory Contracts (continued)

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

125

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-TRST1-AR-2 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2020

RPG	Invesco S&P 500® Pure Growth ETF
RPV	Invesco S&P 500® Pure Value ETF
XLG	Invesco S&P 500® Top 50 ETF
RFG	Invesco S&P MidCap 400® Pure Growth ETF
RFV	Invesco S&P MidCap 400® Pure Value ETF
RZG	Invesco S&P SmallCap 600® Pure Growth ETF
RZV	Invesco S&P SmallCap 600® Pure Value ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Liquidity Risk Management Program	18
S&P Style Portfolios
Schedules of Investments
Invesco S&P 500® Pure Growth ETF (RPG)	19
Invesco S&P 500® Pure Value ETF (RPV)	21
Invesco S&P 500® Top 50 ETF (XLG)	24
Invesco S&P MidCap 400® Pure Growth ETF (RFG)	26
Invesco S&P MidCap 400® Pure Value ETF (RFV)	28
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)	30
Invesco S&P SmallCap 600® Pure Value ETF (RZV)	33
Statements of Assets and Liabilities	36
Statements of Operations	38
Statements of Changes in Net Assets	40
Financial Highlights	44
Notes to Financial Statements	51
Report of Independent Registered Public Accounting Firm	61
Fund Expenses	63
Tax Information	65
Trustees and Officers	66
Approval of Investment Advisory Contracts	75

2

The Market Environment

Domestic Equity

Although the S&P 500 Index, considered representative of the US stock market, posted modest gains for the second quarter of 2019, US equities experienced increased volatility. After four consecutive months of rising stock prices, markets sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the US Federal Reserve (the “Fed”) cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. Cyclical sectors, where company performance tends to be closely linked to macroeconomic changes in the business cycle, were the hardest hit. At the close of the fiscal year in April, US unemployment numbers continued to climb, with over 30 million Americans seeking unemployment benefits since March 2020.³ In addition, the second gross domestic product estimate for the first quarter of 2020 saw the economy shrink by 5.0%, the sharpest drop since the 2008 financial crisis.²

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

³  Source: The Associated Press

3

RPG	Manager’s Analysis
	Invesco S&P 500® Pure Growth ETF (RPG)

As an index fund, the Invesco S&P 500^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500^® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: sales growth, the ratio of earnings change to price, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating value characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” growth securities from the Parent Index based on those securities’ strong growth scores. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (1.03)%. On a net asset value (“NAV”) basis, the Fund returned (1.02)%. During the same time period, the Index returned (0.70)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P 500^® Growth Index (the “Benchmark Index”) returned 7.35%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 273 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of growth style of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the communication services sector during the fiscal year ended

April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the information technology and consumer discretionary sectors.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the communication services and information technology sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return followed by the energy and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Advanced Micro Devices, Inc., an information technology company (portfolio average weight of 1.21%) and Vertex Pharmaceuticals Inc., a health care company (portfolio average weight of 1.57%). Positions that detracted most significantly from the Fund’s return during this period included Synchrony Financial, a financials company (portfolio average weight of 0.40%) and Xerox Holdings Corp., an information technology company (portfolio average weight of 0.38%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	38.24
Consumer Discretionary	15.87
Industrials	12.86
Health Care	8.19
Financials	6.40
Communication Services	6.29
Materials	5.34
Real Estate	3.68
Sector Types Each Less Than 3%	3.13
Money Market Funds Plus Other Assets Less Liabilities	0.00
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
ServiceNow, Inc.	2.40
Paycom Software, Inc.	1.89
Incyte Corp.	1.85
Facebook, Inc., Class A	1.79
MSCI, Inc.	1.76
Fortinet, Inc.	1.63
Vertex Pharmaceuticals, Inc.	1.62
Micron Technology, Inc.	1.59
Lam Research Corp.	1.59
Adobe, Inc.	1.54
Total	17.66

* Excluding money market fund holdings.

4

Invesco S&P 500^® Pure Growth ETF (RPG) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Pure Growth Index		(0.70	)%		9.64	%		31.80	%		8.45	%		50.01	%		13.23	%		246.31	%		10.07	%		289.08	%
S&P 500® Growth Index		7.35			13.90			47.78			12.37			79.13			13.97			269.62			10.13			292.48
Fund
NAV Return		(1.02	)		9.24			30.37			8.07			47.39			12.81			233.74			9.68			269.95
Market Price Return		(1.03	)		9.25			30.40			8.07			47.42			12.79			233.34			9.68			269.94

Guggenheim S&P 500^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

5

RPV	Manager’s Analysis
	Invesco S&P 500® Pure Value ETF (RPV)

As an index fund, the Invesco S&P 500^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500^® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating growth characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” value securities from the Parent Index based on those securities’ strong value scores. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (28.67)%. On a net asset value (“NAV”) basis, the Fund returned (28.82)%. During the same time period, the Index returned (28.84)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive impact of the Fund’s cash holdings for distributions, partially offset by fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Value Index (the “Benchmark Index”) returned (6.66)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 395 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of value style of the U.S.

equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight exposure to and security selection in the consumer discretionary sector.

For the fiscal year ended April 30, 2020, the health care sector was the only sector that contributed to the Fund’s return. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Target Corp., a consumer discretionary company (no longer held at fiscal year-end) and Newmont Corp., a materials company (portfolio average weight of 0.24%). Positions that detracted most significantly from the Fund’s return during this period included Macy’s Inc., a consumer discretionary company (no longer held at fiscal year-end) and Kohl’s Corp. a consumer discretionary company (portfolio average weight of 0.93%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	33.50
Energy	13.06
Consumer Discretionary	12.71
Health Care	12.03
Materials	9.39
Consumer Staples	8.60
Industrials	3.17
Sector Types Each Less Than 3%	7.41
Money Market Funds Plus Other Assets Less Liabilities	0.13
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30,  2020
Security
Berkshire Hathaway, Inc., Class B	3.26
Kroger Co. (The)	2.46
Centene Corp.	2.13
Archer-Daniels-Midland Co.	1.96
Westrock Co.	1.95
MetLife, Inc.	1.88
Prudential Financial, Inc.	1.85
Ford Motor Co.	1.76
General Motors Co.	1.76
Baker Hughes Co., Class A	1.71
Total	20.72

* Excluding money market fund holdings.

6

Invesco S&P 500^® Pure Value ETF (RPV) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Pure Value Index		(28.84	)%		(5.57	)%		(15.80	)%		(1.20	)%		(5.86	)%		7.54	%		106.95	%		5.68	%		118.76	%
S&P 500® Value Index		(6.66	)		3.53			10.96			5.26			29.21			9.09			138.63			5.89			124.85
Fund
NAV Return		(28.82	)		(5.79	)		(16.38	)		(1.47	)		(7.15	)		7.19			100.16			5.27			107.06
Market Price Return		(28.67	)		(5.71	)		(16.16	)		(1.42	)		(6.89	)		7.21			100.58			5.29			107.61

Guggenheim S&P 500^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

7

XLG	Manager’s Analysis
	Invesco S&P 500® Top 50 ETF (XLG)

As an index fund, the Invesco S&P 500^® Top 50 ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Top 50 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which consists of the 50 largest members of the S&P 500^® Index by float-adjusted market capitalization. The Index’s components are weighted by float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 6.73%. On a net asset value (“NAV”) basis, the Fund returned 6.61%. During the same time period, the Index returned 6.77%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 100^® Index (the “Benchmark Index”) returned 4.65%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of major blue-chip companies.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an index that employs a different stock universe selection process.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the industrials sector during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the consumer discretionary sector, as well as the overweight allocation to the information technology sector.

For the fiscal year ended April 30, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and health care sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Microsoft Corp., an information technology company (portfolio average weight of 8.85%) and Apple, Inc., an information technology company

(portfolio average weight of 8.16%). Positions that detracted most significantly from the Fund’s return during this period included Boeing Co. (The), an industrials company (portfolio average weight of 1.32%) and Exxon Mobil Corp., an energy company (portfolio average weight of 2.18%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	34.36
Communication Services	17.65
Health Care	14.59
Consumer Discretionary	10.79
Financials	8.25
Consumer Staples	8.24
Industrials	3.19
Energy	2.83
Money Market Funds Plus Other Assets Less Liabilities	0.10
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Microsoft Corp.	10.45
Apple, Inc.	9.38
Amazon.com, Inc.	7.88
Facebook, Inc., Class A	3.76
Alphabet, Inc., Class A	3.08
Alphabet, Inc., Class C	3.08
Johnson & Johnson	3.02
Berkshire Hathaway, Inc., Class B	2.80
Visa, Inc., Class A	2.34
JPMorgan Chase & Co.	2.30
Total	48.09

* Excluding money market fund holdings.

8

Invesco S&P 500^® Top 50 ETF (XLG) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P 500® Top 50 Index		6.77	%		11.89	%		40.09	%		11.48	%		72.18	%		12.35	%		220.42	%		8.52	%		240.72	%
S&P 100® Index		4.65			10.55			35.10			10.25			62.91			11.97			209.75			8.42			236.07
Fund
NAV Return		6.61			11.69			39.33			11.27			70.59			12.11			213.72			8.31			231.03
Market Price Return		6.73			11.73			39.48			11.30			70.78			12.13			214.11			8.32			231.42

Guggenheim S&P 500^® Top 50 ETF (the “Predecessor Fund”) Inception: May 4, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current

performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.20%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P 500^® Top 50 Index performance is comprised of the performance of the Russell Top 50^® Mega Cap Index, the Fund’s previous underlying index, prior to the conversion date, January 26, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

9

RFG	Manager’s Analysis
	Invesco S&P MidCap 400® Pure Growth ETF (RFG)

As an index fund, the Invesco S&P MidCap 400^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P MidCap 400^® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: sales growth, the ratio of earnings change to price, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating value characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” growth securities from the Parent Index based on those securities’ strong growth scores. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (12.39)%. On a net asset value (“NAV”) basis, the Fund returned (12.46)%. During the same time period, the Index returned (12.50)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to a class action income distribution, partially offset by fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400^® Growth Index (the “Benchmark Index”) returned (8.71)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 230 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of growth style of the mid-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the real estate sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to the energy sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the real estate and consumer staples sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Repligen Corp., a health care company (portfolio average weight of 1.02%) and Amedisys, Inc., a health care company (portfolio average weight of 1.84%). Positions that detracted most significantly from the Fund’s return during this period included Mallinckrodt Plc., a health care company (no longer held at fiscal year-end) and Matador Resources Co., a health care company (portfolio average weight of 0.44%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	26.70
Industrials	20.67
Health Care	18.52
Consumer Discretionary	17.00
Financials	4.75
Materials	3.69
Consumer Staples	3.43
Sector Types Each Less Than 3%	5.27
Money Market Funds Plus Other Assets Less Liabilities	(0.03)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
SolarEdge Technologies, Inc.	2.93
Repligen Corp.	2.51
Paylocity Holding Corp.	2.42
Mercury Systems, Inc.	2.26
Axon Enterprise, Inc.	2.07
Generac Holdings, Inc.	2.05
Penumbra, Inc.	1.95
Exelixis, Inc.	1.82
Universal Display Corp.	1.73
Cable One, Inc.	1.70
Total	21.44

* Excluding money market fund holdings.

10

Invesco S&P MidCap 400^® Pure Growth ETF (RFG) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P MidCap 400® Pure Growth Index		(12.50	)%		(0.63	)%		(1.87	)%		1.44	%		7.43	%		8.04	%		116.75	%		7.52	%		179.26	%
S&P MidCap 400® Growth Index		(8.71	)		2.96			9.14			5.43			30.25			10.04			160.33			7.97			196.41
Fund
NAV Return		(12.46	)		(0.84	)		(2.49	)		1.17			5.97			7.75			110.95			7.20			167.68
Market Price Return		(12.39	)		(0.78	)		(2.32	)		1.21			6.22			7.76			111.22			7.21			168.11

Guggenheim S&P MidCap 400^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

11

RFV	Manager’s Analysis
	Invesco S&P MidCap 400® Pure Value ETF (RFV)

As an index fund, the Invesco S&P MidCap 400^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P MidCap 400^® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating growth characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” value securities from the Parent Index based on those securities’ strong value scores. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (30.94)%. On a net asset value (“NAV”) basis, the Fund returned (30.96)%. During the same time period, the Index returned (30.86)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P MidCap 400^® Value Index (the “Benchmark Index”) returned (21.67)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 300 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of value style of the mid-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the

real estate sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and security selection in the consumer discretionary sector.

For the fiscal year ended April 30, 2020, the consumer staples sector contributed most significantly to the Fund’s return, followed by the information technology sector. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the industrials and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included CNX Resources Corp., an energy company (position average weight of 0.80%) and EQT Corp., an energy company (position average weight of 0.76%). Positions that detracted most significantly from the Fund’s return during this period included Resideo Technologies, Inc., a industrials company (position average weight of 1.45%) and Chesapeake Energy Corp., an energy company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	23.07
Consumer Discretionary	20.57
Industrials	14.46
Materials	9.67
Information Technology	9.55
Energy	9.51
Health Care	4.01
Consumer Staples	3.53
Real Estate	3.38
Communication Services	2.18
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
CNX Resources Corp.	3.54
Genworth Financial, Inc., Class A	3.18
EQT Corp.	2.38
Tech Data Corp.	2.32
Telephone & Data Systems, Inc.	2.18
Avnet, Inc.	2.16
United States Steel Corp.	2.16
Patterson Cos., Inc.	2.15
Ryder System, Inc.	1.97
Brighthouse Financial, Inc.	1.94
Total	23.98

* Excluding money market fund holdings.

12

Invesco S&P MidCap 400^® Pure Value ETF (RFV) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P MidCap 400® Pure Value Index		(30.86	)%		(7.16	)%		(19.98	)%		(1.62	)%		(7.84	)%		5.40	%		69.28	%		4.98	%		99.00	%
S&P MidCap 400® Value Index		(21.67	)		(3.36	)		(9.75	)		1.31			6.75			7.45			105.21			5.81			122.41
Fund
NAV Return		(30.96	)		(7.39	)		(20.57	)		(1.90	)		(9.14	)		5.02			63.24			4.60			88.98
Market Price Return		(30.94	)		(7.32	)		(20.40	)		(1.83	)		(8.84	)		5.04			63.59			4.61			89.23

Guggenheim S&P MidCap 400^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

13

RZG	Manager’s Analysis
	Invesco S&P SmallCap 600® Pure Growth ETF (RZG)

As an index fund, the Invesco S&P SmallCap 600^® Pure Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Pure Growth Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P SmallCap 600^® Index (the “Parent Index”) that exhibit strong growth characteristics. First, each security in the Parent Index is assigned two “style scores”—one for growth and one for value—based on the characteristics of the issuer. The “growth score” is measured using three factors: sales growth, the ratio of earnings change to price, and momentum (the 12-month percentage change in price). The “value score” is measured using three other factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating value characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” growth securities from the Parent Index based on those securities’ strong growth scores. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest growth characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (23.16)%. On a net asset value (“NAV”) basis, the Fund returned (23.30)%. During the same time period, the Index returned (23.00)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs associated with portfolio rebalances during the period.

During this same time period, the S&P SmallCap 600^® Growth Index (the “Benchmark Index”) returned (15.01)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 335 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of growth style of the small-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the industrials sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to the energy sector.

For the fiscal year ended April 30, 2020, the consumer staples sector contributed most significantly to the Fund’s return, followed by the health care sector. The energy sector detracted most significantly from the Fund’s return, followed by the financials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Avon Products, Inc., a consumer staples company (no longer held at fiscal year-end ) and Arrowhead Pharmaceuticals, Inc., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included NMI Holdings, Inc. Class A, a financials company (portfolio average weight of 0.38%) and Penn Virginia Corp., an energy company (portfolio average weight of 0.63%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	25.02
Consumer Discretionary	18.22
Industrials	16.34
Health Care	13.27
Financials	8.82
Real Estate	7.51
Energy	4.32
Sector Types Each Less Than 3%	6.51
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Safehold, Inc.	2.34
Kinsale Capital Group, Inc.	1.90
Innovative Industrial Properties, Inc.	1.90
Wingstop, Inc.	1.71
Winnebago Industries, Inc.	1.46
Brooks Automation, Inc.	1.46
LGI Homes, Inc.	1.42
Medpace Holdings, Inc.	1.36
KEMET Corp.	1.30
Ultra Clean Holdings, Inc.	1.30
Total	16.15

* Excluding money market fund holdings.

14

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Pure Growth Index		(23.00	)%		(4.03	)%		(11.60	)%		1.34	%		6.87	%		8.60	%		128.23	%		6.61	%		147.51	%
S&P SmallCap 600® Growth Index		(15.01	)		1.16			3.53			5.41			30.12			10.41			169.23			7.63			183.47
Fund
NAV Return		(23.30	)		(4.35	)		(12.48	)		1.03			5.26			8.26			121.08			6.32			138.26
Market Price Return		(23.16	)		(4.23	)		(12.15	)		1.04			5.32			8.24			120.84			6.33			138.69

Guggenheim S&P SmallCap 600^® Pure Growth ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

15

RZV	Manager’s Analysis
	Invesco S&P SmallCap 600® Pure Value ETF (RZV)

As an index fund, the Invesco S&P SmallCap 600^® Pure Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Pure Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the Index Provider”), compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P MidCap 400^® Index (the “Parent Index”) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two “style scores”—one for value and one for growth—based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price). The securities in the Parent Index are ranked based on their scores. Unlike other style indices that may contain all securities within the Parent Index, including overlapping constituents that exhibit both growth and value characteristics, the Index is narrower in focus and excludes any overlapping securities demonstrating growth characteristics. It does not contain all securities within the Parent Index and instead is composed of “pure” value securities from the Parent Index based on those securities’ strong value scores. The Index uses a “style-attractiveness weighting” scheme, such that securities demonstrating the strongest value characteristics receive proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (35.27)%. On a net asset value (“NAV”) basis, the Fund returned (35.31)%. During the same time period, the Index returned (35.20)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income from the securities lending program in which the Fund participates.

During this same time period, the S&P SmallCap 600^® Value Index (the “Benchmark Index”) returned (24.44)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 450 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of value style of the small-cap segment of the U.S. equity universe.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended April 30, 2020. The

majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection in the consumer discretionary sector as well as the overweight allocation in the energy sector.

For the fiscal year ended April 30, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer staples and health care sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Southwestern Energy Co., an energy company (portfolio average weight of 0.66%) and Ultra Clean Holdings, Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Gannett Co., Inc., a communication services company (portfolio average weight of 0.63%) and Whiting Petroleum Corp., an energy company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Consumer Discretionary	23.74
Energy	17.69
Industrials	15.71
Financials	9.85
Consumer Staples	9.39
Materials	7.32
Information Technology	6.66
Communication Services	4.42
Health Care	3.24
Real Estate	1.95
Money Market Funds Plus Other Assets Less Liabilities	0.03
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Southwestern Energy Co.	3.30
Consolidated Communications Holdings, Inc.	2.75
Atlas Air Worldwide Holdings, Inc.	2.53
SpartanNash Co.	2.28
Gulfport Energy Corp.	1.97
Office Depot, Inc.	1.87
Renewable Energy Group, Inc.	1.67
EZCORP, Inc., Class A	1.58
Macy’s, Inc.	1.56
MarineMax, Inc.	1.55
Total	21.06

* Excluding money market fund holdings.

16

Invesco S&P SmallCap 600^® Pure Value ETF (RZV) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Pure Value Index		(35.20	)%		(12.80	)%		(33.69	)%		(6.49	)%		(28.51	)%		2.20	%		24.25	%		2.21	%		36.23	%
S&P SmallCap 600® Value Index		(24.44	)		(4.83	)		(13.79	)		1.24			6.35			7.05			97.55			5.20			104.91
Fund
NAV Return		(35.31	)		(12.99	)		(34.13	)		(6.72	)		(29.39	)		1.87			20.32			1.98			31.95
Market Price Return		(35.27	)		(12.88	)		(33.87	)		(6.74	)		(29.44	)		1.89			20.58			1.99			32.20

Guggenheim S&P SmallCap 600^® Pure Value ETF (the “Predecessor Fund”) Inception: March 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

17

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

18

Invesco S&P 500^® Pure Growth ETF (RPG)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-6.29%
Alphabet, Inc., Class A(b)		9,900	$	13,332,330
Alphabet, Inc., Class C(b)		9,875		13,318,018
Charter Communications, Inc., Class A(b)		53,983		26,734,001
Facebook, Inc., Class A(b)		192,196		39,344,443
Netflix, Inc.(b)		75,231		31,585,735
Take-Two Interactive Software, Inc.(b)		112,946		13,672,113
				137,986,640
Consumer Discretionary-15.87%
Amazon.com, Inc.(b)		11,998		29,683,052
AutoZone, Inc.(b)		15,502		15,817,001
Booking Holdings, Inc.(b)		6,066		8,981,138
CarMax, Inc.(b)		249,482		18,374,349
Chipotle Mexican Grill, Inc.(b)		32,731		28,755,820
D.R. Horton, Inc.		480,069		22,668,858
Dollar General Corp.		126,220		22,126,366
eBay, Inc.		529,820		21,102,730
Garmin Ltd.		160,780		13,048,905
Hilton Worldwide Holdings, Inc.		344,132		26,054,234
NVR, Inc.(b)		6,694		20,751,400
O’Reilly Automotive, Inc.(b)		38,229		14,769,392
PulteGroup, Inc.		996,093		28,159,549
Ross Stores, Inc.		132,337		12,090,308
Starbucks Corp.		211,790		16,250,647
Tiffany & Co.		90,440		11,440,660
TJX Cos., Inc. (The)		182,452		8,949,271
Wynn Resorts Ltd.		108,706		9,297,624
Yum! Brands, Inc.		232,600		20,103,618
				348,424,922
Consumer Staples-0.70%
Estee Lauder Cos., Inc. (The), Class A		87,205		15,382,962
Energy-1.42%
ConocoPhillips		414,799		17,463,038
Hess Corp.		283,377		13,783,457
				31,246,495
Financials-6.40%
Cboe Global Markets, Inc.		198,811		19,757,837
MarketAxess Holdings, Inc.		59,681		27,155,452
Moody’s Corp.		80,602		19,658,828
MSCI, Inc.		118,464		38,737,728
S&P Global, Inc.		55,414		16,229,652
Synchrony Financial		957,874		18,956,327
				140,495,824
Health Care-8.19%
Align Technology, Inc.(b)		100,328		21,555,471
Edwards Lifesciences Corp.(b)		113,750		24,740,625
IDEXX Laboratories, Inc.(b)		50,744		14,086,534
Incyte Corp.(b)		415,650		40,592,379
Intuitive Surgical, Inc.(b)		25,680		13,119,398
ResMed, Inc.		107,101		16,634,927
Thermo Fisher Scientific, Inc.		40,063		13,408,285
Vertex Pharmaceuticals, Inc.(b)		141,507		35,546,559
				179,684,178

	Shares		Value
Industrials-12.86%
Allegion PLC		100,309	$	10,085,067
AMETEK, Inc.		165,076		13,844,924
Cintas Corp.		78,623		17,440,940
Copart, Inc.(b)		348,870		27,947,976
Fortune Brands Home & Security, Inc.		262,505		12,652,741
Kansas City Southern		124,341		16,232,718
L3Harris Technologies, Inc.		116,002		22,469,587
Lockheed Martin Corp.		40,908		15,915,666
Masco Corp.		431,013		17,688,773
Northrop Grumman Corp.		61,568		20,358,691
Old Dominion Freight Line, Inc.		179,527		26,083,478
PACCAR, Inc.		298,392		20,657,678
Roper Technologies, Inc.		31,969		10,902,388
TransDigm Group, Inc.		57,325		20,813,561
United Rentals, Inc.(b)		227,756		29,266,646
				282,360,834
Information Technology-38.24%
Adobe, Inc.(b)		95,598		33,807,277
Advanced Micro Devices, Inc.(b)		302,963		15,872,232
Analog Devices, Inc.		122,288		13,402,765
ANSYS, Inc.(b)		117,644		30,802,728
Apple, Inc.		90,821		26,683,210
Applied Materials, Inc.		544,623		27,056,871
Arista Networks, Inc.(b)		61,176		13,415,897
Autodesk, Inc.(b)		82,458		15,430,365
Broadcom, Inc.		75,530		20,515,459
Cadence Design Systems, Inc.(b)		333,244		27,036,086
CDW Corp.		178,816		19,812,813
Fiserv, Inc.(b)		204,345		21,059,796
FleetCor Technologies, Inc.(b)		104,475		25,204,594
Fortinet, Inc.(b)		331,028		35,664,957
Intuit, Inc.		50,400		13,598,424
Keysight Technologies, Inc.(b)		199,112		19,268,068
KLA Corp.		181,315		29,751,978
Lam Research Corp.		136,432		34,828,361
Mastercard, Inc., Class A		115,599		31,786,257
Microchip Technology, Inc.		263,313		23,100,449
Micron Technology, Inc.(b)		727,635		34,846,440
Microsoft Corp.		161,765		28,989,906
Motorola Solutions, Inc.		87,078		12,522,687
NVIDIA Corp.		81,529		23,829,296
Paycom Software, Inc.(b)		159,303		41,581,268
PayPal Holdings, Inc.(b)		237,368		29,196,264
Qorvo, Inc.(b)		144,004		14,116,712
QUALCOMM, Inc.		169,115		13,304,277
salesforce.com, inc.(b)		125,689		20,355,333
ServiceNow, Inc.(b)		150,030		52,741,546
Synopsys, Inc.(b)		174,556		27,426,239
Visa, Inc., Class A		143,945		25,725,850
Western Union Co. (The)		471,351		8,988,664
Xerox Holdings Corp.		844,145		15,439,412
Zebra Technologies Corp., Class A(b)		53,350		12,252,361
				839,414,842
Materials-5.34%
Air Products and Chemicals, Inc.		59,317		13,380,729
Celanese Corp.		115,592		9,602,228
Dow, Inc.		557,660		20,460,546

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19

Invesco S&P 500^® Pure Growth ETF (RPG)—(continued)

April 30, 2020

	Shares		Value
Materials-(continued)
FMC Corp.		315,919	$	29,032,956
Martin Marietta Materials, Inc.		56,832		10,811,151
Sherwin-Williams Co. (The)		40,346		21,640,384
Vulcan Materials Co.		109,323		12,350,219
				117,278,213
Real Estate-3.68%
American Tower Corp.		61,524		14,642,712
CBRE Group, Inc., Class A(b)		547,411		23,500,354
Equinix, Inc.		33,081		22,336,291
SBA Communications Corp., Class A		69,701		20,207,714
				80,687,071
Utilities-1.01%
NRG Energy, Inc.		658,045		22,064,249
Total Common Stocks & Other Equity Interests (Cost $2,236,136,009)				2,195,026,230

	Shares		Value
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $199,850)		199,850	$	199,850
TOTAL INVESTMENTS IN SECURITIES-100.01% (Cost $2,236,335,859)				2,195,226,080
OTHER ASSETS LESS LIABILITIES-(0.01)%				(125,238	)
NET ASSETS-100.00%			$	2,195,100,842

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$950,966	$	90,197,556	$	(90,948,672	)		$-	$	-			$199,850	$	30,472
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		-		139,922,063		(139,922,063	)		-		-			-		39,971
Invesco Liquid Assets Portfolio, Institutional Class*		-		42,335,652		(42,332,924	)		-		(2,728	)		-		14,680
Total		$950,966	$	272,455,271	$	(273,203,659	)		$-	$	(2,728	)		$199,850	$	85,123

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20

Invesco S&P 500^® Pure Value ETF (RPV)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-2.58%
AT&T, Inc.		100,822	$	3,072,047
DISH Network Corp., Class A(b)		121,453		3,038,147
News Corp., Class A		512,365		5,077,537
News Corp., Class B		158,437		1,619,226
				12,806,957
Consumer Discretionary-12.71%
Best Buy Co., Inc.		47,345		3,632,782
BorgWarner, Inc.		105,930		3,026,420
Capri Holdings Ltd.(b)		72,428		1,104,527
Carnival Corp.		121,383		1,929,990
Ford Motor Co.(b)		1,712,190		8,715,047
Gap, Inc. (The)		637,100		5,173,252
General Motors Co.		390,844		8,711,913
Kohl’s Corp.		248,244		4,582,584
L Brands, Inc.		278,818		3,315,146
Lennar Corp., Class A		121,225		6,069,736
Mohawk Industries, Inc.(b)		44,381		3,893,101
Nordstrom, Inc.(c)		159,642		2,998,077
Norwegian Cruise Line Holdings Ltd.(b)		48,771		799,844
PVH Corp.		79,881		3,932,542
Whirlpool Corp.		46,914		5,242,170
				63,127,131
Consumer Staples-8.60%
Archer-Daniels-Midland Co.		262,631		9,754,115
JM Smucker Co. (The)		34,183		3,927,969
Kraft Heinz Co. (The)		114,622		3,476,485
Kroger Co. (The)		386,109		12,204,906
Molson Coors Beverage Co., Class B		174,139		7,141,440
Walgreens Boots Alliance, Inc.		143,243		6,200,990
				42,705,905
Energy-13.06%
Baker Hughes Co., Class A		607,341		8,472,407
Chevron Corp.		35,459		3,262,228
Concho Resources, Inc.		109,167		6,191,952
Devon Energy Corp.		279,288		3,482,721
Diamondback Energy, Inc.		84,905		3,696,764
Exxon Mobil Corp.		63,485		2,950,148
Halliburton Co.		202,185		2,122,943
Helmerich & Payne, Inc.		120,589		2,384,045
HollyFrontier Corp.		189,256		6,253,018
Kinder Morgan, Inc.		156,250		2,379,687
Marathon Oil Corp.		761,110		4,657,993
Marathon Petroleum Corp.		248,888		7,984,327
Occidental Petroleum Corp.		110,828		1,839,745
TechnipFMC PLC (United Kingdom)		311,267		2,773,389
Valero Energy Corp.		100,605		6,373,327
				64,824,694
Financials-33.50%
Aflac, Inc.		78,464		2,921,999
Allstate Corp. (The)		48,739		4,957,731
American International Group, Inc.		211,581		5,380,505
Assurant, Inc.		41,161		4,372,945
Bank of America Corp.		122,004		2,934,196
Bank of New York Mellon Corp. (The)		89,823		3,371,955

	Shares		Value
Financials-(continued)
Berkshire Hathaway, Inc., Class B(b)		86,473	$	16,201,580
Capital One Financial Corp.		76,633		4,962,753
Chubb Ltd.		27,506		2,970,923
Citigroup, Inc.		92,917		4,512,049
Citizens Financial Group, Inc.		207,816		4,653,000
Comerica, Inc.		49,450		1,723,827
Everest Re Group Ltd.		18,545		3,210,696
Fifth Third Bancorp		176,882		3,305,925
Franklin Resources, Inc.		149,846		2,823,099
Globe Life, Inc.		27,353		2,252,246
Goldman Sachs Group, Inc. (The)		29,866		5,478,022
Hartford Financial Services Group, Inc. (The)		86,079		3,270,141
Huntington Bancshares, Inc.		212,072		1,959,545
Invesco Ltd.(d)		528,237		4,553,403
KeyCorp.		210,020		2,446,733
Lincoln National Corp.		215,645		7,648,928
Loews Corp.		194,896		6,755,095
M&T Bank Corp.		17,132		1,920,155
MetLife, Inc.		258,895		9,340,932
Morgan Stanley		120,399		4,747,333
People’s United Financial, Inc.		386,348		4,902,756
Principal Financial Group, Inc.		153,941		5,604,992
Prudential Financial, Inc.		146,977		9,166,955
Raymond James Financial, Inc.		30,900		2,036,928
Regions Financial Corp.		338,553		3,639,445
State Street Corp.		53,291		3,359,465
Travelers Cos., Inc. (The)		38,375		3,883,934
Truist Financial Corp.		54,698		2,041,329
Unum Group.		464,590		8,107,095
Wells Fargo & Co.		71,919		2,089,247
Zions Bancorporation N.A		89,357		2,824,575
				166,332,437
Health Care-12.03%
AmerisourceBergen Corp		94,460		8,469,284
Anthem, Inc.		14,235		3,996,192
Centene Corp.(b)		158,868		10,577,431
Cigna Corp.		38,436		7,525,000
CVS Health Corp.		135,757		8,355,843
McKesson Corp.		54,534		7,702,927
Mylan N.V.(b)		493,996		8,284,313
Perrigo Co. PLC		90,426		4,819,706
				59,730,696
Industrials-3.17%
Alaska Air Group, Inc.		55,606		1,808,307
American Airlines Group, Inc.(c)		298,557		3,585,669
Delta Air Lines, Inc.		71,059		1,841,139
FedEx Corp.		27,413		3,475,146
Textron, Inc.		108,202		2,852,205
United Airlines Holdings, Inc.(b)		73,483		2,173,627
				15,736,093
Information Technology-2.55%
Alliance Data Systems Corp.		33,256		1,665,128
DXC Technology Co.		207,024		3,753,345
Hewlett Packard Enterprise Co.		475,317		4,781,689
HP, Inc.		160,013		2,481,802
				12,681,964

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21

Invesco S&P 500^® Pure Value ETF (RPV)–(continued)

April 30, 2020

	Shares		Value
Materials-9.39%
Corteva, Inc.		323,483	$	8,472,020
DuPont de Nemours, Inc.		144,795		6,808,261
Eastman Chemical Co.		49,187		2,976,305
International Paper Co.		80,704		2,764,112
Mosaic Co. (The)		579,266		6,667,352
Newmont Corp.		81,465		4,845,538
Nucor Corp.		107,860		4,442,753
Westrock Co.		300,253		9,665,144
				46,641,485
Real Estate-0.39%
Host Hotels & Resorts, Inc.		159,169		1,959,370
Utilities-1.89%
CenterPoint Energy, Inc.		142,736		2,430,794
Duke Energy Corp.		33,470		2,833,570
Exelon Corp.		110,492		4,097,044
				9,361,408
Total Common Stocks & Other Equity Interests (Cost $736,241,961)				495,908,140
Money Market Funds-0.03%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $129,990)		129,990		129,990
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $736,371,951)				496,038,130

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.87%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $4,332,789)		4,332,789	$	4,332,789
TOTAL INVESTMENTS IN SECURITIES-100.77% (Cost $740,704,740)				500,370,919
OTHER ASSETS LESS LIABILITIES-(0.77)%				(3,825,409	)
NET ASSETS-100.00%.			$	496,545,510

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Invesco Ltd.	$	12,382,512	$	7,934,034	$	(7,130,658	)	$	(6,636,163	)	$	(1,996,322	)	$	4,553,403	$	754,173
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		-		52,893,782		(52,763,792	)		-			-			129,990		13,514
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		10,870,812		88,175,258		(99,046,070	)		-			-			-		36,306

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22

Invesco S&P 500^® Pure Value ETF (RPV)–(continued)

April 30, 2020

	Value0 April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Invesco Liquid Assets Portfolio, Institutional Class*	$	3,623,606	$	26,389,993	$	(30,006,836	)	$	-		$	(6,763	)	$	-	$	14,492
Invesco Private Government Fund		-		9,767,308		(5,434,519	)		-			-			4,332,789		3
Total	$	26,876,930	$	185,160,375	$	(194,381,875	)	$	(6,636,163	)	$	(2,003,085	)	$	9,016,182	$	818,488

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23

Invesco S&P 500^® Top 50 ETF (XLG)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-17.65%
Alphabet, Inc., Class A(b)		25,722	$	34,639,817
Alphabet, Inc., Class C(b)		25,651		34,594,478
AT&T, Inc.		626,901		19,101,673
Comcast Corp., Class A		389,601		14,660,686
Facebook, Inc., Class A(b)		206,511		42,274,867
Netflix, Inc.(b)		37,604		15,788,039
Verizon Communications, Inc.		354,933		20,390,901
Walt Disney Co. (The)		154,674		16,727,993
				198,178,454
Consumer Discretionary-10.79%
Amazon.com, Inc.(b)		35,744		88,430,656
Home Depot, Inc. (The)		93,618		20,580,045
McDonald’s Corp.		64,633		12,122,565
				121,133,266
Consumer Staples-8.24%
Coca-Cola Co. (The)		330,920		15,185,919
Costco Wholesale Corp.		37,907		11,485,821
PepsiCo, Inc.		119,674		15,831,673
Philip Morris International, Inc.		133,526		9,961,040
Procter & Gamble Co. (The)		214,021		25,226,655
Walmart, Inc.		121,737		14,797,132
				92,488,240
Energy-2.83%
Chevron Corp.		162,264		14,928,288
Exxon Mobil Corp.		363,113		16,873,861
				31,802,149
Financials-8.25%
Bank of America Corp.		694,755		16,708,858
Berkshire Hathaway, Inc., Class B(b)		167,868		31,451,748
Citigroup, Inc.		187,362		9,098,299
JPMorgan Chase & Co.		269,174		25,776,102
Wells Fargo & Co.		330,295		9,595,070
				92,630,077
Health Care-14.59%
Abbott Laboratories		151,666		13,966,922
AbbVie, Inc.		126,903		10,431,427
Amgen, Inc.		50,995		12,199,024
Eli Lilly and Co.		72,513		11,213,410
Johnson & Johnson		225,864		33,888,635
Medtronic PLC		115,034		11,230,770

	Shares		Value
Health Care-(continued)
Merck & Co., Inc.		218,492	$	17,335,155
Pfizer, Inc.		474,936		18,218,545
Thermo Fisher Scientific, Inc.		34,418		11,519,016
UnitedHealth Group, Inc.		81,307		23,779,858
				163,782,762
Industrials-3.19%
Boeing Co. (The)		45,879		6,469,857
Carrier Global Corp.(b)		69,621		1,232,988
Honeywell International, Inc.		61,319		8,701,166
Otis Worldwide Corp.(b)		34,819		1,772,635
Raytheon Technologies Corp.		125,971		8,164,181
Union Pacific Corp.		59,579		9,520,128
				35,860,955
Information Technology-34.36%
Accenture PLC, Class A		54,509		10,094,522
Adobe, Inc.(b)		41,538		14,689,498
Apple, Inc.		358,428		105,306,146
Broadcom, Inc.		34,042		9,246,488
Cisco Systems, Inc.		364,062		15,428,948
Intel Corp.		373,316		22,391,494
International Business Machines Corp.		75,997		9,542,183
Mastercard, Inc., Class A		76,180		20,947,215
Microsoft Corp.		654,688		117,326,636
Oracle Corp.		185,930		9,848,712
PayPal Holdings, Inc.(b)		100,775		12,395,325
salesforce.com, inc.(b)		76,129		12,329,092
Visa, Inc., Class A		146,901		26,254,147
				385,800,406
Total Common Stocks & Other Equity Interests (Cost $892,052,409)				1,121,676,309
Money Market Funds-0.03%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $314,493)		314,493		314,493
TOTAL INVESTMENTS IN SECURITIES-99.93% (Cost $892,366,902)				1,121,990,802
OTHER ASSETS LESS LIABILITIES-0.07%				756,824
NET ASSETS-100.00%			$	1,122,747,626

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24

Invesco S&P 500^® Top 50 ETF (XLG)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$393,949		$18,075,407		$	(18,154,863)		$-		$-		$314,493		$10,378

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25

Invesco S&P Midcap 400^® Pure Growth ETF (RFG)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Communication Services-1.70%
Cable One, Inc.		2,402	$	4,594,690
Consumer Discretionary-17.00%
Boyd Gaming Corp.		82,137		1,370,867
Caesars Entertainment Corp.(b)		352,237		3,402,610
Churchill Downs, Inc.		16,919		1,695,622
Deckers Outdoor Corp.(b)		12,011		1,786,756
Domino’s Pizza, Inc.		11,482		4,155,680
Dunkin’ Brands Group, Inc.		44,136		2,773,506
Eldorado Resorts, Inc.(b)(c)		74,389		1,594,900
Etsy, Inc.(b)		46,788		3,035,138
Five Below, Inc.(b)		32,815		2,958,600
Gentex Corp.		62,074		1,504,674
Marriott Vacations Worldwide Corp.		34,320		2,848,560
Murphy USA, Inc.(b)		39,789		4,249,465
Polaris, Inc.		18,794		1,333,058
Pool Corp.		9,909		2,097,339
RH(b)(c)		31,144		4,477,884
Scientific Games Corp.(b)		141,648		1,786,181
Skechers U.S.A., Inc., Class A(b)		93,511		2,635,140
Tempur Sealy International, Inc.(b)		20,018		1,075,968
Wyndham Hotels & Resorts, Inc.		32,405		1,221,993
				46,003,941
Consumer Staples-3.43%
Boston Beer Co., Inc. (The), Class A(b)		8,834		4,121,150
Casey’s General Stores, Inc.		23,203		3,513,166
Sanderson Farms, Inc.		12,188		1,659,274
				9,293,590
Energy-2.00%
Matador Resources Co.(b)(c)		372,561		2,622,830
WPX Energy, Inc.(b)		454,271		2,784,681
				5,407,511
Financials-4.75%
Brown & Brown, Inc.		62,797		2,255,040
LendingTree, Inc.(b)(c)		17,284		4,310,111
Primerica, Inc.		19,042		1,978,654
RenaissanceRe Holdings Ltd. (Bermuda)		29,476		4,303,791
				12,847,596
Health Care-18.52%
Amedisys, Inc.(b)		12,779		2,353,381
Arrowhead Pharmaceuticals, Inc.(b)		90,817		3,126,829
Bio-Techne Corp.		13,088		2,944,800
Catalent, Inc.(b)		30,425		2,103,889
Charles River Laboratories International, Inc.(b)		14,641		2,118,113
Chemed Corp.		4,931		2,054,107
Exelixis, Inc.(b)		199,734		4,932,431
ICU Medical, Inc.(b)		8,476		1,858,872
LHC Group, Inc.(b)		14,835		1,928,402
Ligand Pharmaceuticals, Inc.(b)(c)		32,935		3,246,403
Masimo Corp.(b)		16,512		3,532,082
Penumbra, Inc.(b)		29,776		5,279,880
PRA Health Sciences, Inc.(b)		26,619		2,568,733
Repligen Corp.(b)		58,375		6,780,256

	Shares		Value
Health Care-(continued)
Syneos Health, Inc.(b)		54,899	$	3,062,815
West Pharmaceutical Services, Inc.		11,700		2,214,342
				50,105,335
Industrials-20.67%
Axon Enterprise, Inc.(b)		77,011		5,599,470
Brink’s Co. (The)		18,339		937,490
Carlisle Cos., Inc.		26,362		3,188,748
Clean Harbors, Inc.(b)		22,726		1,214,250
FTI Consulting, Inc.(b)		34,743		4,424,869
Generac Holdings, Inc.(b)		56,996		5,553,690
Herman Miller, Inc.		42,639		961,083
Hubbell, Inc.		18,688		2,325,348
Knight-Swift Transportation Holdings, Inc.		96,291		3,580,099
Lincoln Electric Holdings, Inc.		17,546		1,412,628
MasTec, Inc.(b)		92,912		3,335,541
Mercury Systems, Inc.(b)		68,454		6,103,359
Nordson Corp.		11,534		1,855,936
Teledyne Technologies, Inc.(b)		9,766		3,180,493
Tetra Tech, Inc.		35,755		2,691,636
Timken Co. (The)		63,819		2,398,318
Toro Co. (The)		20,312		1,296,109
Trex Co., Inc.(b)		43,979		4,187,680
Woodward, Inc.		27,744		1,680,177
				55,926,924
Information Technology-26.70%
ACI Worldwide, Inc.(b)		42,534		1,165,432
Cabot Microelectronics Corp.		32,852		4,025,684
CACI International, Inc., Class A(b)		12,366		3,093,231
Cognex Corp.		42,843		2,366,647
Coherent, Inc.(b)		17,647		2,256,522
Fair Isaac Corp.(b)		10,666		3,764,458
j2 Global, Inc.		38,766		3,126,090
Jabil, Inc.		135,307		3,848,131
KBR, Inc.		123,058		2,493,155
Lumentum Holdings, Inc.(b)		50,764		4,107,315
Manhattan Associates, Inc.(b)		26,994		1,914,955
MKS Instruments, Inc.		43,831		4,393,181
Monolithic Power Systems, Inc.		17,152		3,428,856
Paylocity Holding Corp.(b)		57,272		6,559,362
Perspecta, Inc.		101,179		2,182,431
SolarEdge Technologies, Inc.(b)		71,023		7,925,457
Teradyne, Inc.		72,441		4,530,460
Tyler Technologies, Inc.(b)		12,101		3,880,670
Universal Display Corp.		31,159		4,677,589
WEX, Inc.(b)		19,048		2,520,432
				72,260,058
Materials-3.69%
Eagle Materials, Inc.		16,956		1,034,485
Reliance Steel & Aluminum Co.		34,026		3,048,049
Royal Gold, Inc.		18,126		2,220,979
Scotts Miracle-Gro Co. (The)		29,695		3,683,071
				9,986,584

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26

Invesco S&P Midcap 400^® Pure Growth ETF (RFG)–(continued)

April 30, 2020

	Shares		Value
Real Estate-1.57%
Cousins Properties, Inc.		101,731	$	3,069,224
EastGroup Properties, Inc.		11,204		1,187,624
				4,256,848
Total Common Stocks & Other Equity Interests (Cost $301,258,652)				270,683,077
Money Market Funds-0.03%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $80,787)		80,787		80,787
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $301,339,439)				270,763,864

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.27%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $11,552,242)		11,552,242	$	11,552,242
TOTAL INVESTMENTS IN SECURITIES-104.33% (Cost $312,891,681)				282,316,106
OTHER ASSETS LESS LIABILITIES-(4.33)%				(11,709,007	)
NET ASSETS-100.00%.			$	270,607,099

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	374,156		$	9,378,227		$	(9,671,596	)		$-		$	-			$	80,787		$	4,388
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			7,839,559			178,802,267			(186,641,826	)		-			-				-			131,469
Invesco Liquid Assets Portfolio, Institutional Class*			2,111,646			51,629,910			(53,740,861	)		-			(695	)			-			47,158
Invesco Private Government Fund			-			22,842,413			(11,290,171	)		-			-				11,552,242			6
Total		$	10,325,361		$	262,652,817		$	(261,344,454	)		$-		$	(695	)		$	11,633,029		$	183,021

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27

Invesco S&P Midcap 400^® Pure Value ETF (RFV)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-2.18%
Telephone & Data Systems, Inc.		62,289	$	1,222,110
Consumer Discretionary-20.57%
Adient PLC(b)		44,130		661,067
Adtalem Global Education, Inc.(b)		11,021		350,137
American Eagle Outfitters, Inc.		37,999		302,092
AutoNation, Inc.(b)		28,057		1,044,843
Bed Bath & Beyond, Inc.(c)		57,812		357,856
Dana, Inc.		86,542		995,233
Delphi Technologies PLC(b)		83,485		834,015
Dick’s Sporting Goods, Inc.		14,155		416,016
Dillard’s, Inc., Class A(c)		25,228		743,722
Foot Locker, Inc.		18,841		482,895
Goodyear Tire & Rubber Co. (The)		131,485		942,748
Graham Holdings Co., Class B		1,019		397,420
Lear Corp.		8,622		841,938
Penn National Gaming, Inc.(b)(c)		34,504		614,861
Taylor Morrison Home Corp., Class A(b)		46,098		670,726
Thor Industries, Inc.(c)		12,207		808,103
TRI Pointe Group, Inc.(b)		61,720		708,546
Urban Outfitters, Inc.(b)(c)		22,103		383,266
				11,555,484
Consumer Staples-3.53%
BJ’s Wholesale Club Holdings, Inc.(b)		31,767		835,790
Sprouts Farmers Market, Inc.(b)		24,688		513,017
TreeHouse Foods, Inc.(b)		12,291		635,813
				1,984,620
Energy-9.51%
Antero Midstream Corp.(c)		94,727		449,953
CNX Resources Corp.(b)		187,244		1,984,786
EQT Corp.		91,584		1,336,211
Patterson-UTI Energy, Inc.		59,416		219,245
PBF Energy, Inc., Class A		46,840		533,976
World Fuel Services Corp.		32,593		814,825
				5,338,996
Financials-23.07%
Associated Banc-Corp.		31,161		440,616
Bank OZK		20,006		452,536
Brighthouse Financial, Inc.(b)		42,417		1,090,541
CNO Financial Group, Inc.		69,129		971,954
F.N.B. Corp		61,676		498,959
First Horizon National Corp.		28,651		260,151
Genworth Financial, Inc., Class A(b)		492,570		1,788,029
Hancock Whitney Corp.		12,847		268,631
Janus Henderson Group PLC (United Kingdom) .		25,269		452,315
Jefferies Financial Group, Inc.		45,837		628,884
Kemper Corp.		8,195		550,868
Legg Mason, Inc.		18,434		918,566
Mercury General Corp.		12,848		526,254
Navient Corp.		47,201		359,672
Old Republic International Corp.		30,568		487,559
PacWest Bancorp		17,849		361,264
Pinnacle Financial Partners, Inc.		6,556		263,879
Reinsurance Group of America, Inc.		6,623		693,296
Sterling Bancorp		29,061		358,322
TCF Financial Corp.		8,134		241,498

	Shares		Value
Financials-(continued)
Texas Capital Bancshares, Inc.(b)		7,387	$	205,211
Umpqua Holdings Corp.		46,486		582,237
Valley National Bancorp		33,372		278,990
Wintrust Financial Corp.		6,674		279,640
				12,959,872
Health Care-4.01%
Acadia Healthcare Co., Inc.(b)		12,210		293,162
Molina Healthcare, Inc.(b)(c)		3,088		506,340
Patterson Cos., Inc.		66,068		1,207,723
Tenet Healthcare Corp.(b)		12,207		246,337
				2,253,562
Industrials-14.46%
AECOM(b)		21,357		774,405
Avis Budget Group, Inc.(b)(c)		29,442		485,204
Dycom Industries, Inc.(b)		14,115		460,149
JetBlue Airways Corp.(b)		45,769		445,790
KAR Auction Services, Inc.		28,258		423,305
ManpowerGroup, Inc.		13,327		989,396
NOW, Inc.(b)		130,805		807,067
Regal Beloit Corp.		5,538		393,253
Resideo Technologies, Inc.(b)		191,777		983,816
Ryder System, Inc.		31,179		1,103,737
Terex Corp.		26,889		408,444
Trinity Industries, Inc.(c)		26,310		507,520
XPO Logistics, Inc.(b)		5,119		341,642
				8,123,728
Information Technology-9.55%
Arrow Electronics, Inc.(b)		15,901		1,000,491
Avnet, Inc.		40,477		1,215,120
II-VI, Inc.(b)(c)		12,997		447,357
NetScout Systems, Inc.(b)		17,728		469,437
SYNNEX Corp.		10,586		926,910
Tech Data Corp.(b)		9,270		1,303,733
				5,363,048
Materials-9.67%
Chemours Co. (The)		35,406		415,312
Commercial Metals Co.		44,289		705,967
Domtar Corp.		39,931		932,788
Greif, Inc., Class A		17,299		586,263
Minerals Technologies, Inc.		9,324		410,629
Olin Corp.		70,418		940,080
United States Steel Corp.(c)		158,048		1,213,809
Worthington Industries, Inc.		8,594		227,225
				5,432,073
Real Estate-3.38%
CoreCivic, Inc.		41,846		549,019
Diversified Healthcare Trust		86,087		267,731
GEO Group, Inc. (The)		45,066		571,437
Park Hotels & Resorts, Inc.		30,717		292,119
Pebblebrook Hotel Trust		18,494		218,969
				1,899,275
Total Common Stocks & Other Equity Interests (Cost $81,975,885)				56,132,768

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28

Invesco S&P Midcap 400^® Pure Value ETF (RFV)–(continued)

April 30, 2020

	Shares		Value
Money Market Funds-0.09%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $52,152)		52,152	$	52,152
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $82,028,037)				56,184,920
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.26%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $5,759,341)		5,759,341		5,759,341
TOTAL INVESTMENTS IN SECURITIES-110.28% (Cost $87,787,378)				61,944,261
OTHER ASSETS LESS LIABILITIES-(10.28)%				(5,771,936	)
NET ASSETS-100.00%			$	56,172,325

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	153,691		$	5,389,725		$	(5,491,264	)		$	-		$	-			$	52,152		$	1,571
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			5,715,019			68,632,403			(74,347,422	)			-			-				-			116,875
Invesco Liquid Assets Portfolio, Institutional Class*			2,206,542			19,202,080			(21,408,171	)			-			(451	)			-			42,788
Invesco Private Government Fund			-			11,140,440			(5,381,099	)			-			-				5,759,341			3
Total		$	8,075,252		$	104,364,648		$	(106,627,956	)		$	-		$	(451	)		$	5,811,493		$	161,237

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-2.70%
Cogent Communications Holdings, Inc.		8,135	$	681,957
Glu Mobile, Inc.(b)		87,899		685,612
QuinStreet, Inc.(b)		34,661		352,156
TechTarget, Inc.(b)		38,060		887,559
				2,607,284
Consumer Discretionary-18.22%
Boot Barn Holdings, Inc.(b)		21,236		392,017
Callaway Golf Co.		58,449		836,990
Cavco Industries, Inc.(b)		3,091		478,116
Chuy’s Holdings, Inc.(b)		23,908		400,698
Crocs, Inc.(b)		11,796		286,053
Fox Factory Holding Corp.(b)		14,157		722,149
Installed Building Products, Inc.(b)		22,498		1,109,376
LCI Industries		8,732		757,239
LGI Homes, Inc.(b)		22,667		1,373,167
Lithia Motors, Inc., Class A		8,602		951,037
M.D.C. Holdings, Inc.		26,807		784,105
Rent-A-Center, Inc.		58,826		1,170,932
Shake Shack, Inc., Class A(b)(c)		12,463		679,358
Shutterstock, Inc.		8,620		327,560
Sleep Number Corp.(b)		28,067		839,203
Steven Madden Ltd.		17,387		435,892
TopBuild Corp.(b)		13,233		1,233,183
Universal Electronics, Inc.(b)		10,769		444,544
Wingstop, Inc.		14,072		1,650,223
Winnebago Industries, Inc.		31,890		1,414,959
YETI Holdings, Inc.(b)(c)		27,191		750,744
Zumiez, Inc.(b)		26,565		561,584
				17,599,129
Consumer Staples-1.88%
Coca-Cola Consolidated, Inc.		3,520		828,855
Inter Parfums, Inc.		7,503		335,309
John B. Sanfilippo & Son, Inc.		4,224		346,917
Medifast, Inc.(c)		3,967		301,016
				1,812,097
Energy-4.32%
DMC Global, Inc.		30,682		791,902
Geospace Technologies Corp.(b)		59,527		369,662
Helix Energy Solutions Group, Inc.(b)		129,792		329,672
Par Pacific Holdings, Inc.(b)		82,240		799,373
Penn Virginia Corp.(b)		52,082		327,596
Ring Energy, Inc.(b)(c)		596,081		537,248
Talos Energy, Inc.(b)		89,382		1,018,061
				4,173,514
Financials-8.82%
eHealth, Inc.(b)		11,688		1,247,110
Enova International, Inc.(b)		43,138		691,933
Granite Point Mortgage Trust, Inc.		53,827		268,058
Kinsale Capital Group, Inc.		16,931		1,839,045
Meta Financial Group, Inc.		40,473		745,513
NMI Holdings, Inc., Class A(b)		52,210		705,879
PennyMac Mortgage Investment Trust		53,983		561,423
Preferred Bank		12,385		472,488
ServisFirst Bancshares, Inc.		11,278		400,595

	Shares		Value
Financials-(continued)
Virtus Investment Partners, Inc.		11,173	$	908,030
Walker & Dunlop, Inc.		17,758		682,440
				8,522,514
Health Care-13.27%
Addus HomeCare Corp.(b)		6,788		549,964
ANI Pharmaceuticals, Inc.(b)		17,241		689,812
Anika Therapeutics, Inc.(b)		11,347		377,061
Cardiovascular Systems, Inc.(b)		23,788		999,096
CONMED Corp.		7,048		520,918
Corcept Therapeutics, Inc.(b)		64,383		815,089
CorVel Corp.(b)		4,677		246,431
Cutera, Inc.(b)		26,110		351,179
Eagle Pharmaceuticals, Inc.(b)		18,601		948,279
Enanta Pharmaceuticals, Inc.(b)		9,271		429,896
Glaukos Corp.(b)(c)		14,711		539,747
Hanger, Inc.(b)		43,054		790,471
Innoviva, Inc.(b)		83,149		1,179,053
LeMaitre Vascular, Inc.		15,553		443,105
Medpace Holdings, Inc.(b)		16,421		1,311,381
NeoGenomics, Inc.(b)		39,339		1,075,528
Pennant Group, Inc. (The)(b)		29,841		590,553
RadNet, Inc.(b)		41,372		584,173
REGENXBIO, Inc.(b)		9,547		380,162
				12,821,898
Industrials-16.34%
AAON, Inc		9,786		466,205
Aerojet Rocketdyne Holdings, Inc.(b)		14,364		590,935
Alamo Group, Inc.		5,844		575,283
Albany International Corp., Class A		7,113		363,759
Allegiant Travel Co.(c)		3,836		301,049
American Woodmark Corp.(b)		12,565		645,967
CIRCOR International, Inc.(b)		19,217		286,910
ESCO Technologies, Inc.		8,283		631,993
Exponent, Inc.		8,239		579,449
Federal Signal Corp.		42,361		1,140,782
Forward Air Corp.		9,226		476,062
Franklin Electric Co., Inc.		11,833		601,116
Griffon Corp.		60,423		991,541
John Bean Technologies Corp.		7,243		555,828
Patrick Industries, Inc.		25,146		1,036,518
RR Donnelley & Sons Co.		239,189		409,013
Saia, Inc.(b)		11,721		1,084,427
Simpson Manufacturing Co., Inc.		11,786		849,771
SPX Corp.(b)		10,412		397,010
SPX FLOW, Inc.(b)		13,108		426,927
Tennant Co.		7,755		458,863
Triumph Group, Inc.		55,697		392,107
UniFirst Corp.		3,350		563,302
Universal Forest Products, Inc.		23,170		952,750
Vicor Corp.(b)		10,087		536,326
Watts Water Technologies, Inc., Class A		5,749		473,718
				15,787,611
Information Technology-25.02%
3D Systems Corp.(b)(c)		66,277		562,692
8x8, Inc.(b)		21,425		363,368
Advanced Energy Industries, Inc.(b)		13,296		739,258

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)–(continued)

April 30, 2020

	Shares		Value
Information Technology-(continued)
Agilysys, Inc.(b)		27,877	$	546,110
Alarm.com Holdings, Inc.(b)		15,933		712,683
Brooks Automation, Inc.		36,663		1,411,159
Comtech Telecommunications Corp.		20,437		378,289
CSG Systems International, Inc.		14,726		715,389
Diebold Nixdorf, Inc.(b)(c)		88,621		436,902
Digi International, Inc.(b)		38,502		436,998
Diodes, Inc.(b)		16,704		850,067
EVERTEC, Inc.		14,746		373,664
ExlService Holdings, Inc.(b)		8,486		523,841
Extreme Networks, Inc.(b)		105,971		360,301
Fabrinet (Thailand)(b)		10,043		630,198
FormFactor, Inc.(b)		43,232		1,007,306
Harmonic, Inc.(b)		77,976		452,261
Ichor Holdings Ltd.(b)		38,657		962,559
Itron, Inc.(b)		8,982		627,123
KEMET Corp.		46,573		1,257,937
LivePerson, Inc.(b)		16,193		387,660
ManTech International Corp., Class A(c)		8,979		669,474
NIC, Inc.		27,379		663,393
OSI Systems, Inc.(b)(c)		10,945		792,199
Perficient, Inc.(b)		18,873		657,347
Plexus Corp.(b)		8,570		537,253
Power Integrations, Inc.		5,595		572,648
Progress Software Corp.		8,657		354,158
Qualys, Inc.(b)		6,860		723,318
Rogers Corp.(b)		3,040		337,562
SPS Commerce, Inc.(b)		15,349		852,023
TTEC Holdings, Inc		23,428		913,223
Ultra Clean Holdings, Inc.(b)		68,211		1,254,400
Viavi Solutions, Inc.(b)		62,455		754,456
Virtusa Corp.(b)		16,542		545,886
Xperi Corp.		52,679		804,935
				24,168,040

	Shares		Value
Materials-1.93%
Innospec, Inc.		11,932	$	865,309
Koppers Holdings, Inc.(b)		31,009		488,702
Schweitzer-Mauduit International, Inc., Class A .		16,014		515,971
				1,869,982
Real Estate-7.51%
Agree Realty Corp		5,539		360,644
Community Healthcare Trust, Inc		21,399		796,043
Essential Properties Realty Trust, Inc		64,456		946,859
Innovative Industrial Properties, Inc.(c)		23,368		1,833,453
Safehold, Inc		39,192		2,263,730
St. Joe Co. (The)(b)		27,169		497,193
Universal Health Realty Income Trust		5,238		560,256
				7,258,178
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $126,478,068)				96,620,247
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.99%
Invesco Private Government Fund, 0.01%(d)(e)(f) (Cost $3,849,089)		3,849,089		3,849,089
TOTAL INVESTMENTS IN SECURITIES-104.00% (Cost $130,327,157)				100,469,336
OTHER ASSETS LESS LIABILITIES-(4.00)%				(3,861,716	)
NET ASSETS-100.00%.			$	96,607,620

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at April 30, 2020.

^(d)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

^(f) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain			Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)			April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	42,372		$	3,508,152		$	(3,550,524	)		$	-		$	-		$	-		$	1,140

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		$	8,258,249		$	103,765,029		$	(112,023,278	)		$	-		$	-			$	-		$	148,140
Invesco Liquid Assets Portfolio, Institutional Class*			2,752,752			28,180,968			(30,933,674	)			-			(46	)			-			53,675
Invesco Private Government Fund			-			7,708,429			(3,859,340	)			-			-				3,849,089			2
Total		$	11,053,373		$	143,162,578		$	(150,366,816	)		$	-		$	(46	)		$	3,849,089		$	202,957

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-4.42%
Consolidated Communications Holdings, Inc.		359,070	$	2,251,369
Gannett Co., Inc.		246,828		278,916
Meredith Corp.		28,253		418,992
Scholastic Corp.		11,751		341,601
Spok Holdings, Inc.		32,193		330,300
				3,621,178
Consumer Discretionary-23.74%
Abercrombie & Fitch Co., Class A		78,448		829,980
American Axle & Manufacturing Holdings, Inc.(b)		82,107		354,702
Barnes & Noble Education, Inc.(b)		276,572		495,064
Big Lots, Inc.		43,987		1,031,495
Caleres, Inc.		43,723		354,594
Cato Corp. (The), Class A		30,894		347,867
Chico’s FAS, Inc.		282,092		423,138
Conn’s, Inc.(b)(c)		73,277		495,353
Cooper Tire & Rubber Co.		21,218		449,610
Cooper-Standard Holdings, Inc.(b)		60,498		777,399
Core-Mark Holding Co., Inc.		32,057		921,318
Designer Brands, Inc., Class A		47,084		298,983
Ethan Allen Interiors, Inc.		27,538		311,455
Express, Inc.(b)(c)		258,629		535,362
Fossil Group, Inc.(b)(c)		207,641		822,258
GameStop Corp., Class A(c)		82,819		474,553
Garrett Motion, Inc. (Switzerland)(b)		51,391		280,081
Genesco, Inc.(b)		27,855		527,295
G-III Apparel Group Ltd.(b)		27,428		310,759
Group 1 Automotive, Inc.		9,737		551,017
Haverty Furniture Cos., Inc.		26,426		357,544
J.C. Penney Co., Inc.(b)(c)		405,300		102,946
Lumber Liquidators Holdings, Inc.(b)(c)		38,935		274,492
Macy’s, Inc.(c)		217,962		1,277,257
MarineMax, Inc.(b)		88,141		1,270,112
Michaels Cos., Inc. (The)(b)(c)		75,878		230,669
Movado Group, Inc.		44,385		457,609
Office Depot, Inc.		689,208		1,530,042
Red Robin Gourmet Burgers, Inc.(b)(c)		44,748		654,663
Shoe Carnival, Inc.(c)		13,321		314,642
Signet Jewelers Ltd.(c)		44,272		445,376
Sonic Automotive, Inc., Class A		31,305		670,866
Tailored Brands, Inc.(c)		103,101		171,148
Tupperware Brands Corp.(c)		67,940		218,767
Unifi, Inc.(b)		19,472		201,535
Vera Bradley, Inc.(b)		27,275		150,285
Vista Outdoor, Inc.(b)		50,327		509,309
				19,429,545
Consumer Staples-9.39%
Andersons, Inc. (The)		67,911		1,152,450
B&G Foods, Inc.(c)		30,819		598,505
Central Garden & Pet Co.(b)		3,366		110,876
Central Garden & Pet Co., Class A(b)		13,794		419,476
Fresh Del Monte Produce, Inc.		36,191		1,031,805
Seneca Foods Corp., Class A(b)		32,506		1,169,566
SpartanNash Co.		108,888		1,867,429

	Shares		Value
Consumer Staples-(continued)
United Natural Foods, Inc.(b)		64,779	$	689,249
Universal Corp.		13,314		643,998
				7,683,354
Energy-17.69%
Bonanza Creek Energy, Inc.(b)		39,952		697,562
CONSOL Energy, Inc.(b)(c)		125,795		954,784
Denbury Resources, Inc.(b)		1,393,786		495,491
Era Group, Inc.(b)		65,905		337,434
Exterran Corp.(b)		179,536		1,220,845
Green Plains, Inc.(c)		95,989		563,455
Gulfport Energy Corp.(b)		629,447		1,608,237
HighPoint Resources Corp.(b)		834,728		276,796
Laredo Petroleum, Inc.(b)		415,896		453,327
Matrix Service Co.(b)		33,917		354,093
Nabors Industries Ltd.(c)		3,785		55,753
Noble Corp. PLC(b)		444,650		114,720
Oasis Petroleum, Inc.(b)		540,283		380,305
Oceaneering International, Inc.(b)		25,566		131,409
Oil States International, Inc.(b)		34,100		117,304
ProPetro Holding Corp.(b)		119,036		504,713
Range Resources Corp.(c)		112,252		654,429
Renewable Energy Group, Inc.(b)		55,089		1,366,758
RPC, Inc.(c)		125,658		428,494
SM Energy Co.(c)		112,304		454,831
Southwestern Energy Co.(b)		836,131		2,700,703
TETRA Technologies, Inc.(b)		746,946		363,240
US Silica Holdings, Inc.(c)		81,493		156,466
Valaris PLC (Saudi Arabia)(c)		182,986		83,350
				14,474,499
Financials-9.85%
American Equity Investment Life Holding Co.		20,981		441,021
Berkshire Hills Bancorp, Inc.		10,027		170,860
Cadence BanCorp.		28,062		185,770
Customers Bancorp, Inc.(b)		17,402		222,049
Donnelley Financial Solutions, Inc.(b)		86,324		628,439
Encore Capital Group, Inc.(b)		12,060		313,319
EZCORP, Inc., Class A(b)		230,553		1,291,097
FGL Holdings		73,362		761,497
Green Dot Corp., Class A(b)		13,396		408,578
Hope Bancorp, Inc.		25,801		256,720
Horace Mann Educators Corp.		7,295		256,492
INTL. FCStone, Inc.(b)		28,728		1,147,971
Opus Bank		11,921		229,122
Pacific Premier Bancorp, Inc.		9,107		194,434
Ready Capital Corp.		22,846		152,383
Simmons First National Corp., Class A		11,914		222,792
Stewart Information Services Corp.		14,403		458,880
Third Point Reinsurance Ltd. (Bermuda)(b)		33,374		248,302
United Fire Group, Inc.		6,998		200,143
United Insurance Holdings Corp.		32,151		274,891
				8,064,760
Health Care-3.24%
Invacare Corp.		110,880		833,817
Lannett Co., Inc.(b)(c)		75,598		721,205

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)–(continued)

April 30, 2020

	Shares		Value
Health Care-(continued)
qMagellan Health, Inc.(b)		12,394	$	752,688
Owens & Minor, Inc.		48,190		341,185
				2,648,895
Industrials-15.71%
ABM Industries, Inc.		16,793		579,191
Aegion Corp.(b)		15,007		240,862
ArcBest Corp.		50,801		1,034,816
Arcosa, Inc.		9,834		366,513
Atlas Air Worldwide Holdings, Inc.(b)		63,063		2,071,620
Briggs & Stratton Corp.(c)		218,660		496,358
DXP Enterprises, Inc.(b)		9,012		134,459
Echo Global Logistics, Inc.(b)		53,863		944,218
Granite Construction, Inc.		34,325		564,303
Greenbrier Cos., Inc. (The)		56,892		966,026
Hawaiian Holdings, Inc.		22,513		324,187
Hub Group, Inc., Class A(b)		11,554		555,863
Kelly Services, Inc., Class A		77,085		1,190,963
Lydall, Inc.(b)		59,797		669,727
Pitney Bowes, Inc.		109,418		386,246
Team, Inc.(b)		45,363		279,890
Titan International, Inc.		341,210		481,106
TrueBlue, Inc.(b)		35,770		555,508
Veritiv Corp.(b)		64,169		601,264
Wabash National Corp.		50,087		410,713
				12,853,833
Information Technology-6.66%
Anixter International, Inc.(b)		9,539		885,792
Applied Optoelectronics, Inc.(b)(c)		29,508		316,326
Bel Fuse, Inc., Class B		42,628		318,005
Daktronics, Inc.		85,824		387,924
NETGEAR, Inc.(b)		15,784		378,500
Photronics, Inc.(b)		21,646		258,670
Sanmina Corp.(b)		33,627		932,477
ScanSource, Inc.(b)		36,267		940,041
TTM Technologies, Inc.(b)		51,058		591,762
Unisys Corp.(b)		35,067		441,493
				5,450,990
Materials-7.32%
AdvanSix, Inc.(b)		41,412		504,398
Boise Cascade Co		17,919		560,327
Century Aluminum Co.(b)(c)		108,981		474,067

	Shares		Value
Materials-(continued)
Clearwater Paper Corp.(b)		20,064	$	480,332
Kraton Corp.(b)		51,103		797,718
LSB Industries, Inc.(b)		131,229		261,146
Olympic Steel, Inc.		88,646		836,818
Rayonier Advanced Materials, Inc.		311,981		555,326
SunCoke Energy, Inc.		111,038		349,770
TimkenSteel Corp.(b)		164,603		427,968
Trinseo S.A		14,759		301,822
US Concrete, Inc.(b)		10,108		193,872
Warrior Met Coal, Inc.		19,586		245,804
				5,989,368
Real Estate-1.95%
CBL & Associates Properties, Inc.(c)		402,309		116,267
Cedar Realty Trust, Inc.		209,197		219,657
Hersha Hospitality Trust		41,849		218,870
iStar, Inc.		49,644		497,433
Realogy Holdings Corp.(c)		125,748		545,747
				1,597,974
Total Common Stocks & Other Equity Interests (Cost $135,962,527)				81,814,396
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $4,089)		4,089		4,089
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $135,966,616)				81,818,485
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.68%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $8,744,801)		8,744,801		8,744,801
TOTAL INVESTMENTS IN SECURITIES-110.66% (Cost $144,711,417)				90,563,286
OTHER ASSETS LESS LIABILITIES-(10.66)%				(8,721,050	)
NET ASSETS-100.00%			$	81,842,236

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2020		Dividend Income
Invesco Mortgage Capital, Inc. *	$	620,927	$	329,220	$	(989,877	)	$	2,527	$	37,203	$	-	$	33,450

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	71,455		$	5,075,072		$	(5,142,438	)		$	-		$	-			$	4,089		$	1,948
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			6,366,137			76,845,638			(83,211,775	)			-			-				-			118,140
Invesco Liquid Assets Portfolio, Institutional Class*			2,122,047			22,994,012			(25,114,900	)			-			(1,159	)			-			43,561
Invesco Private Government Fund			-			16,161,997			(7,417,196	)			-			-				8,744,801			4
Total		$	9,180,566		$	121,405,939		$	(121,876,186	)		$	2,527		$	36,044			$	8,748,890		$	197,103

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35

Statements of Assets and Liabilities

April 30, 2020

	Invesco S&P 500® Pure Growth ETF (RPG)			Invesco S&P 500® Pure Value ETF (RPV)			Invesco S&P 500® Top 50 ETF (XLG)
Assets:
Unaffiliated investments in securities, at value(a)	$	2,195,026,230		$	491,354,737		$	1,121,676,309
Affiliated investments in securities, at value		199,850			9,016,182			314,493
Receivable for:
Dividends		454,156			639,723			903,389
Securities lending		1,275			4,825			-
Investments sold		-						-
Fund shares sold		-			-			11,112,922
Foreign tax reclaims		-			-			-
Total assets		2,195,681,511			501,015,467			1,134,007,113
Liabilities:
Due to custodian		-			-			-
Payable for:
Investments purchased		-			-			11,103,610
Collateral upon return of securities loaned		-			4,332,789			-
Fund shares repurchased		-						-
Accrued unitary management fees		580,669			137,168			155,877
Total liabilities		580,669			4,469,957			11,259,487
Net Assets	$	2,195,100,842		$	496,545,510		$	1,122,747,626
Net assets consist of:
Shares of beneficial interest	$	2,587,774,993		$	1,008,554,274		$	938,386,148
Distributable earnings (loss)		(392,674,151	)		(512,008,764	)		184,361,478
Net Assets	$	2,195,100,842		$	496,545,510		$	1,122,747,626
Shares outstanding (unlimited amount authorized, $0.01 par value)		18,800,299			10,852,836			5,050,785
Net asset value.	$	116.76		$	45.75		$	222.29
Market price	$	116.76		$	45.86		$	222.49
Unaffiliated investments in securities, at cost	$	2,236,136,009		$	726,927,649		$	892,052,409
Affiliated investments in securities, at cost	$	199,850		$	13,777,091		$	314,493
(a)Includes securities on loan with an aggregate value of:	$	-		$	3,984,517		$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

Invesco S&P Midcap 400® Pure Growth ETF (RFG)			Invesco S&P MidCap 400® Pure Value ETF (RFV)			Invesco S&P SmallCap 600® Pure Growth ETF (RZG)			Invesco S&P SmallCap 600® Pure Value ETF (RZV)
$	270,683,077		$	56,132,768		$	96,620,247		$	81,814,396
	11,633,029			5,811,493			3,849,089			8,748,890
	25,967			46,057			15,305			40,914
	2,977			6,377			1,585			20,573
	6,445,836			2,611,094			-			401,844
	-			-			-			-
	-			-			-			1,306
	288,790,886			64,607,789			100,486,226			91,027,923
	-			-			4,669			-
	6,559,935			321,434			-			417,579
	11,552,242			5,759,341			3,849,089			8,744,801
	-			2,339,558			-			-
	71,610			15,131			24,848			23,307
	18,183,787			8,435,464			3,878,606			9,185,687
$	270,607,099		$	56,172,325		$	96,607,620		$	81,842,236
$	499,468,352		$	133,175,209		$	235,130,390		$	245,644,144
	(228,861,253	)		(77,002,884	)		(138,522,770	)		(163,801,908	)
$	270,607,099		$	56,172,325		$	96,607,620		$	81,842,236
	2,050,021			1,200,499			1,100,004			1,900,040
$	132.00		$	46.79		$	87.82		$	43.07
$	132.20		$	46.86		$	87.97		$	43.14
$	301,258,652		$	81,975,885		$	126,478,068		$	135,962,527
$	11,633,029		$	5,811,493		$	3,849,089		$	8,748,890
$	10,914,195		$	5,473,958		$	3,533,782		$	8,212,334

37

Statements of Operations

For the year ended April 30, 2020

	Invesco S&P 500® Pure Growth ETF (RPG)			Invesco S&P 500® Pure Value ETF (RPV)			Invesco S&P 500® Top 50 ETF (XLG)
Investment income:
Unaffiliated dividend income	$	31,245,213		$	25,108,978		$	16,615,200
Affiliated dividend income		30,472			767,687			10,378
Non-cash dividend income		-			-			-
Securities lending income		7,933			242,693			-
Total investment income		31,283,618			26,119,358			16,625,578
Expenses:
Unitary management fees		9,198,243			3,057,387			1,741,897
Proxy fees		25,880			11,620			11,077
Total expenses		9,224,123			3,069,007			1,752,974
Less: Waivers		(2,894	)		(1,397	)		(1,179	)
Net expenses		9,221,229			3,067,610			1,751,795
Net investment income		22,062,389			23,051,748			14,873,783
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		57,791,583			(43,326,786	)		(28,115,319	)
Affiliated investment securities		(2,728	)		(1,251,179	)		-
Unaffiliated in-kind redemptions		450,618,013			34,118,146			49,879,884
Affiliated in-kind redemptions		-			(751,906	)		-
Net realized gain (loss)		508,406,868			(11,211,725	)		21,764,565
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(556,024,813	)		(291,471,298	)		26,058,143
Affiliated investment securities		-			(6,636,163	)		-
Change in net unrealized appreciation (depreciation)		(556,024,813	)		(298,107,461	)		26,058,143
Net realized and unrealized gain (loss)		(47,617,945	)		(309,319,186	)		47,822,708
Net increase (decrease) in net assets resulting from operations	$	(25,555,556	)	$	(286,267,438	)	$	62,696,491

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco S&P Midcap 400® Pure Growth ETF (RFG)			Invesco S&P MidCap 400® Pure Value ETF (RFV)			Invesco S&P SmallCap 600® Pure Growth ETF (RZG)			Invesco S&P SmallCap 600® Pure Value ETF (RZV)
$	3,901,359		$	2,920,808		$	1,793,829		$	2,217,639
	4,388			1,571			1,140			35,398
	-			172,888			-			-
	32,783			309,013			129,457			265,965
	3,938,530			3,404,280			1,924,426			2,519,002
	1,359,377			457,180			646,367			590,967
	8,370			5,931			6,572			6,216
	1,367,747			463,111			652,939			597,183
	(443	)		(179	)		(106	)		(206	)
	1,367,304			462,932			652,833			596,977
	2,571,226			2,941,348			1,271,593			1,922,025
	(13,039,232	)		(12,260,621	)		(15,868,257	)		(14,923,139	)
	(695	)		(451	)		(46	)		34,323
	59,897,062			13,375,105			20,066,670			3,934,241
	-			-			-			1,721
	46,857,135			1,114,033			4,198,367			(10,952,854	)
	(102,375,117	)		(44,458,614	)		(51,340,751	)		(62,989,891	)
	-			-			-			2,527
	(102,375,117	)		(44,458,614	)		(51,340,751	)		(62,987,364	)
	(55,517,982	)		(43,344,581	)		(47,142,384	)		(73,940,218	)
$	(52,946,756	)	$	(40,403,233	)	$	(45,870,791	)	$	(72,018,193	)

39

Statements of Changes in Net Assets

For the years ended April 30, 2020 and 2019

	Invesco S&P 500® Pure Growth ETF (RPG)						Invesco S&P 500® Pure Value ETF (RPV)
	2020			2019			2020			2019
Operations:
Net investment income	$	22,062,389		$	12,837,091		$	23,051,748		$	20,984,434
Net realized gain (loss)		508,406,868			54,742,902			(11,211,725	)		(29,592,375	)
Change in net unrealized appreciation (depreciation)		(556,024,813	)		106,676,629			(298,107,461	)		19,944,418
Net increase (decrease) in net assets resulting from operations		(25,555,556	)		174,256,622			(286,267,438	)		11,336,477
Distributions to Shareholders from:
Distributable earnings		(24,373,256	)		(11,700,928	)		(23,326,934	)		(20,818,512	)
Shareholder Transactions:
Proceeds from shares sold		1,720,987,847			1,493,867,737			647,248,322			457,558,632
Value of shares repurchased		(2,318,116,881	)		(1,160,011,393	)		(769,991,908	)		(401,585,419	)
Net increase (decrease) in net assets resulting from share transactions		(597,129,034	)		333,856,344			(122,743,586	)		55,973,213
Net increase (decrease) in net assets		(647,057,846	)		496,412,038			(432,337,958	)		46,491,178
Net assets:
Beginning of year		2,842,158,688			2,345,746,650			928,883,468			882,392,290
End of year	$	2,195,100,842		$	2,842,158,688		$	496,545,510		$	928,883,468
Changes in Shares Outstanding:
Shares sold		13,700,000			13,900,000			9,850,000			7,450,000
Shares repurchased		(18,750,000	)		(11,550,000	)		(13,000,000	)		(6,750,000	)
Shares outstanding, beginning of year		23,850,299			21,500,299			14,002,836			13,302,836
Shares outstanding, end of year		18,800,299			23,850,299			10,852,836			14,002,836

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco S&P 500® Top 50 ETF (XLG)						Invesco S&P Midcap 400® Pure Growth ETF (RFG)
2020			2019			2020			2019
$	14,873,783		$	14,071,157		$	2,571,226		$	3,946,065
	21,764,565			52,901,819			46,857,135			(48,608,641	)
	26,058,143			35,383,349			(102,375,117	)		28,123,582
	62,696,491			102,356,325			(52,946,756	)		(16,538,994	)
	(14,734,785	)		(14,318,678	)		(2,521,613	)		(4,283,416	)
	343,486,855			211,912,221			231,363,005			201,430,427
	(107,604,864	)		(144,537,082	)		(398,850,342	)		(282,457,176	)
	235,881,991			67,375,139			(167,487,337	)		(81,026,749	)
	283,843,697			155,412,786			(222,955,706	)		(101,849,159	)
	838,903,929			683,491,143			493,562,805			595,411,964
$	1,122,747,626		$	838,903,929		$	270,607,099		$	493,562,805
	1,600,000			1,050,000			1,550,000			1,400,000
	(500,000	)		(750,000	)		(2,750,000	)		(2,000,000	)
	3,950,785			3,650,785			3,250,021			3,850,021
	5,050,785			3,950,785			2,050,021			3,250,021

41

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2020 and 2019

	Invesco S&P MidCap 400® Pure Value ETF (RFV)						Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
	2020			2019			2020			2019
Operations:
Net investment income	$	2,941,348		$	1,399,315		$	1,271,593		$	778,784
Net realized gain (loss)		1,114,033			(9,945,602	)		4,198,367			(4,070,544	)
Change in net unrealized appreciation (depreciation)		(44,458,614	)		20,989,667			(51,340,751	)		(4,396,199	)
Net increase (decrease) in net assets resulting from operations		(40,403,233	)		12,443,380			(45,870,791	)		(7,687,959	)
Distributions to Shareholders from:
Distributable earnings		(2,784,591	)		(1,390,448	)		(1,453,040	)		(1,100,625	)
Shareholder Transactions:
Proceeds from shares sold		113,981,282			61,713,395			99,308,906			241,193,771
Value of shares repurchased		(157,357,938	)		(31,919,256	)		(192,330,963	)		(258,630,704	)
Net increase (decrease) in net assets resulting from share transactions		(43,376,656	)		29,794,139			(93,022,057	)		(17,436,933	)
Net increase (decrease) in net assets		(86,564,480	)		40,847,071			(140,345,888	)		(26,225,517	)
Net assets:
Beginning of year		142,736,805			101,889,734			236,953,508			263,179,025
End of year	$	56,172,325		$	142,736,805		$	96,607,620		$	236,953,508
Changes in Shares Outstanding:
Shares sold		1,700,000			1,050,000			850,000			2,050,000
Shares repurchased		(2,550,000	)		(550,000	)		(1,800,000	)		(2,300,000	)
Shares outstanding, beginning of year		2,050,499			1,550,499			2,050,004			2,300,004
Shares outstanding, end of year		1,200,499			2,050,499			1,100,004			2,050,004

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Invesco S&P SmallCap 600® Pure Value ETF (RZV)
2020			2019
$	1,922,025		$	2,505,368
	(10,952,854	)		(28,457,993	)
	(62,987,364	)		21,265,769
	(72,018,193	)		(4,686,856	)
	(1,935,102	)		(2,712,991	)
	99,161,747			98,052,973
	(135,644,800	)		(62,999,201	)
	(36,483,053	)		35,053,772
	(110,436,348	)		27,653,925
	192,278,584			164,624,659
$	81,842,236		$	192,278,584
	1,450,000			1,550,000
	(2,400,000	)		(1,000,000	)
	2,850,040			2,300,040
	1,900,040			2,850,040

43

Financial Highlights

Invesco S&P 500^® Pure Growth ETF (RPG)

	Years Ended April 30, 2020				Year Ended April 30, 2019				Six Months Ended April  30, 2018				Years Ended October 31,
													2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	119.17			$	109.10			$	103.50			$	82.11			$	82.93			$	78.96
Net investment income(a)			1.00				0.60				0.25				0.47				0.59				0.52
Net realized and unrealized gain (loss) on investments			(2.28	)			10.04				5.55				21.52				(0.95	)			3.93
Total from investment operations			(1.28	)			10.64				5.80				21.99				(0.36	)			4.45
Distributions to shareholders from:
Net investment income			(1.13	)			(0.57	)			(0.20	)			(0.60	)			(0.46	)			(0.48	)
Net asset value at end of period		$	116.76			$	119.17			$	109.10			$	103.50			$	82.11			$	82.93
Market price at end of period(b)		$	116.76			$	119.19			$	109.20
Net Asset Value Total Return(c)			(1.02	)%			9.79	%			5.61	%			26.87	%			(0.42	)%			5.65	%
Market Price Total Return(c)			(1.03	)%			9.71	%			5.71	%
Ratios/Supplemental Data:
Net assets at end of period
(000’s omitted)		$	2,195,101			$	2,842,159			$	2,345,747			$	2,214,956			$	1,769,585			$	2,338,586
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income			0.84	%			0.53	%			0.47	%(d)			0.52	%			0.74	%			0.64	%
Portfolio turnover rate(e)			73	%			64	%			52	%			58	%			67	%			62	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44

Financial Highlights–(continued)

Invesco S&P 500^® Pure Value ETF (RPV)

	Years Ended April 30, 2020				Year Ended April 30, 2019				Six Months Ended April 30, 2018				Years Ended October 31,
													2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	66.34			$	66.33			$	62.43			$	52.33			$	51.45			$	54.14
Net investment income(a)			1.65				1.49				0.63				1.11				1.17				1.12
Net realized and unrealized gain (loss) on investments			(20.59	)			(0.01	)			3.84				10.05				0.81				(2.70	)
Total from investment operations			(18.94	)			1.48				4.47				11.16				1.98				(1.58	)
Distributions to shareholders from:
Net investment income			(1.65	)			(1.47	)			(0.57	)			(1.06	)			(1.10	)			(1.11	)
Net asset value at end of period		$	45.75			$	66.34			$	66.33			$	62.43			$	52.33			$	51.45
Market price at end of period(b)		$	45.86			$	66.36			$	66.38
Net Asset Value Total Return(c)			(28.82	)%			2.37	%			7.17	%			21.44	%			3.94	%			(2.94	)%
Market Price Total Return(c)			(28.67	)%			2.33	%			7.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	496,546			$	928,883			$	882,392			$	830,507			$	719,663			$	813,029
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income			2.64	%			2.29	%			1.94	%(d)			1.89	%			2.32	%			2.09	%
Portfolio turnover rate(e)			46	%			37	%			35	%			46	%			44	%			54	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45

Financial Highlights–(continued)

Invesco S&P 500^® Top 50 ETF (XLG)

	Years Ended April 30, 2020				Year Ended April 30, 2019				Six Months Ended April 30, 2018				Years Ended October 31,
													2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	212.34			$	187.22			$	183.08			$	150.05			$	145.93			$	140.87
Net investment income(a)			3.70				3.72				1.71				3.35				3.12				3.00
Net realized and unrealized gain on investments			9.96				25.18				4.18				32.95				4.09				5.09
Total from investment operations			13.66				28.90				5.89				36.30				7.21				8.09
Distributions to shareholders from:
Net investment income			(3.71	)			(3.78	)			(1.75	)			(3.27	)			(3.09	)			(3.03	)
Net asset value at end of period		$	222.29			$	212.34			$	187.22			$	183.08			$	150.05			$	145.93
Market price at end of period(b)		$	222.49			$	212.32			$	187.43
Net Asset Value Total Return(c)			6.61	%			15.64	%			3.20	%			24.40	%			4.99	%			5.87	%
Market Price Total Return(c)			6.73	%			15.50	%			3.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,122,748			$	838,904			$	683,491			$	686,711			$	577,802			$	496,264
Ratio to average net assets of:
Expenses			0.20	%			0.20	%			0.20	%(d)			0.20	%			0.20	%			0.20	%
Net investment income			1.71	%			1.89	%			1.81	%(d)			2.00	%			2.13	%			2.11	%
Portfolio turnover rate(e)			8	%			8	%			1	%			4	%			7	%			8	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46

Financial Highlights–(continued)

Invesco S&P Midcap 400^® Pure Growth ETF (RFG)

	Years Ended April 30, 2020				Year Ended April 30, 2019				Six Months Ended April 30, 2018				Years Ended October 31,
													2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	151.86			$	154.65			$	150.04			$	119.22			$	128.31			$	123.30
Net investment income(a)			0.95				1.07				0.22				0.90				0.59				0.70
Net realized and unrealized gain (loss) on investments			(19.90	)			(2.69	)			4.77				30.73				(9.10	)			5.10
Total from investment operations			(18.95	)			(1.62	)			4.99				31.63				(8.51	)			5.80
Distributions to shareholders from:
Net investment income			(0.91	)			(1.17	)			(0.38	)			(0.81	)			(0.58	)			(0.71	)
Return of capital			-				-				-				-				-				(0.08	)
Total distributions			(0.91	)			(1.17	)			(0.38	)			(0.81	)			(0.58	)			(0.79	)
Net asset value at end of period		$	132.00			$	151.86			$	154.65			$	150.04			$	119.22			$	128.31
Market price at end of period(b)		$	132.20			$	151.97			$	154.80
Net Asset Value Total Return(c)			(12.46	)%			(1.05	)%			3.32	%			26.59	%			(6.65	)%			4.71	%
Market Price Total Return(c)			(12.39	)%			(1.07	)%			3.45	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	270,607			$	493,563			$	595,412			$	585,170			$	518,620			$	769,872
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income			0.66	%			0.69	%			0.29	%(d)			0.66	%			0.48	%			0.54	%
Portfolio turnover rate(e)			94	%			86	%			70	%			81	%			78	%			102	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

47

Financial Highlights–(continued)

Invesco S&P Midcap 400^® Pure Value ETF (RFV)

	Years Ended April 30, 2020				Year Ended April 30, 2019				Six Months Ended April 30, 2018				Years Ended October 31,
													2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	69.61			$	65.71			$	65.44			$	53.46			$	50.79			$	52.71
Net investment income(a)			1.41				0.81				0.49				0.75				0.69				0.86
Net realized and unrealized gain (loss) on investments			(22.86	)			3.90				0.21				12.01				2.65				(1.96	)
Total from investment operations			(21.45	)			4.71				0.70				12.76				3.34				(1.10	)
Distributions to shareholders from:
Net investment income			(1.37	)			(0.81	)			(0.43	)			(0.78	)			(0.67	)			(0.82	)
Net asset value at end of period		$	46.79			$	69.61			$	65.71			$	65.44			$	53.46			$	50.79
Market price at end of period(b)		$	46.86			$	69.69			$	65.78
Net Asset Value Total Return(c)			(30.96	)%			7.25	%			1.05	%			23.93	%			6.65	%			(2.12	)%
Market Price Total Return(c)			(30.94	)%			7.25	%			1.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	56,172			$	142,737			$	101,890			$	108,015			$	165,753			$	104,142
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income			2.25	%			1.20	%			1.47	%(d)			1.21	%			1.36	%			1.62	%
Portfolio turnover rate(e)			61	%			57	%			44	%			76	%			47	%			59	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48

Financial Highlights–(continued)

Invesco S&P SmallCap 600^® Pure Growth ETF (RZG)

	Years Ended April 30, 2020				Year Ended April 30, 2019				Six Months Ended April 30, 2018				Years Ended October 31,
													2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	115.59			$	114.43			$	111.12			$	82.65			$	85.26			$	80.56
Net investment income(a)			0.74				0.32				0.36				0.46				0.79				0.47
Net realized and unrealized gain (loss) on investments			(27.63	)			1.32				3.33				28.43				(2.69	)			4.70
Total from investment operations			(26.89	)			1.64				3.69				28.89				(1.90	)			5.17
Distributions to shareholders from:
Net investment income			(0.88	)			(0.48	)			(0.38	)			(0.42	)			(0.71	)			(0.47	)
Net asset value at end of period		$	87.82			$	115.59			$	114.43			$	111.12			$	82.65			$	85.26
Market price at end of period(b)		$	87.97			$	115.58			$	114.61
Net Asset Value Total Return(c)			(23.30	)%			1.43	%			3.32	%			35.01	%			(2.20	)%			6.42	%
Market Price Total Return(c)			(23.16	)%			1.26	%			3.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	96,608			$	236,954			$	263,179			$	238,904			$	152,910			$	225,933
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income			0.69	%			0.26	%			0.64	%(d)			0.45	%			0.97	%			0.55	%
Portfolio turnover rate(e)			85	%			71	%			56	%			70	%			92	%			62	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

	Years Ended April 30, 2020				Year Ended April 30, 2019				Six Months Ended April 30, 2018				Years Ended October 31,
													2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	67.47			$	71.57			$	70.68			$	60.52			$	57.76			$	62.54
Net investment income(a)			0.68				0.99				0.46				0.62				0.47				0.71
Net realized and unrealized gain (loss) on investments			(24.39	)			(4.02	)			0.86				10.18				2.69				(4.79	)
Total from investment operations			(23.71	)			(3.03	)			1.32				10.80				3.16				(4.08	)
Distributions to shareholders from:
Net investment income			(0.69	)			(1.07	)			(0.43	)			(0.64	)			(0.40	)			(0.70	)
Net asset value at end of period		$	43.07			$	67.47			$	71.57			$	70.68			$	60.52			$	57.76
Market price at end of period(b)		$	43.14			$	67.53			$	71.64
Net Asset Value Total Return(c)			(35.31	)%			(4.27	)%			1.87	%			17.88	%			5.50	%			(6.60	)%
Market Price Total Return(c)			(35.27	)%			(4.28	)%			1.76	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	81,842			$	192,279			$	164,625			$	236,795			$	193,665			$	150,190
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income			1.14	%			1.38	%			1.28	%(d)			0.91	%			0.83	%			1.15	%
Portfolio turnover rate(e)			70	%			52	%			48	%			68	%			51	%			52	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2020

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco S&P 500® Pure Growth ETF (RPG)	“S&P 500® Pure Growth ETF”
Invesco S&P 500® Pure Value ETF (RPV)	“S&P 500® Pure Value ETF”
Invesco S&P 500® Top 50 ETF (XLG)	“S&P 500® Top 50 ETF”
Invesco S&P Midcap 400® Pure Growth ETF (RFG)	“S&P Midcap 400® Pure Growth ETF”
Invesco S&P Midcap 400® Pure Value ETF (RFV)	“S&P Midcap 400® Pure Value ETF”
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)	“S&P SmallCap 600® Pure Growth ETF”
Invesco S&P SmallCap 600® Pure Value ETF (RZV)	“S&P SmallCap 600® Pure Value ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each of the Funds is to replicate as closely as possible, before fees and expenses, the daily performance of its respective index listed below (each, an Underlying Index):

Fund	Underlying Index
S&P 500® Pure Growth ETF	S&P 500® Pure Growth Index
S&P 500® Pure Value ETF	S&P 500® Pure Value Index
S&P 500® Top 50 ETF	S&P 500® Top 50 Index
S&P Midcap 400® Pure Growth ETF	S&P MidCap 400® Pure Growth Index
S&P Midcap 400® Pure Value ETF	S&P MidCap 400® Pure Value Index
S&P SmallCap 600® Pure Growth ETF	S&P SmallCap 600® Pure Growth Index
S&P SmallCap 600® Pure Value ETF	S&P SmallCap 600® Pure Value Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each 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 each 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 each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished

52

trading market for Shares, and Shares may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting.

Equity Risk. 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 each 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. 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.

Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Market Risk. Securities in the Underlying Index 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 Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Each 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which 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. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Value Risk. For certain Funds, “value” securities are subject to the risk that the 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 a Fund’s investments will vary and at times may be lower or higher than that of other types of investments.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net

53

of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates

54

and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:

	Unitary Management Fees (as a % of average daily net  assets)
S&P 500® Pure Growth ETF		0.35	%
S&P 500® Pure Value ETF		0.35	%
S&P 500® Top 50 ETF		0.20	%
S&P Midcap 400® Pure Growth ETF		0.35	%
S&P Midcap 400® Pure Value ETF		0.35	%
S&P SmallCap 600® Pure Growth ETF		0.35	%
S&P SmallCap 600® Pure Value ETF		0.35	%

Through April 6, 2020, the Adviser agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expense of each Fund (excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the Fund’s Unitary Management Fee (the “Expense Cap’’). For each Fund, the Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap.

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Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

S&P 500® Pure Growth ETF	$	2,894
S&P 500® Pure Value ETF		1,397
S&P 500® Top 50 ETF		1,179
S&P Midcap 400® Pure Growth ETF		443
S&P Midcap 400® Pure Value ETF		179
S&P SmallCap 600® Pure Growth ETF		106
S&P SmallCap 600® Pure Value ETF		206

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into licensing agreements on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended April 30, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)
S&P 500® Pure Value ETF		$	-		$	633,972		$	(1,502,554)
S&P Midcap 400® Pure Value ETF			-			1,282,596			381,424
S&P SmallCap 600® Pure Growth ETF			81,119			-			-
S&P SmallCap 600® Pure Value ETF			2,032,380			38,226			285

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

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Except for the Funds listed below, as of April 30, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
S&P 500® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	495,908,140		$	-		$	-		$	495,908,140
Money Market Funds			129,990			4,332,789			-			4,462,779
Total Investments		$	496,038,130		$	4,332,789		$	-		$	500,370,919
S&P Midcap 400® Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	270,683,077		$	-		$	-		$	270,683,077
Money Market Funds			80,787			11,552,242			-			11,633,029
Total Investments		$	270,763,864		$	11,552,242		$	-		$	282,316,106
S&P Midcap 400® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	56,132,768		$	-		$	-		$	56,132,768
Money Market Funds			52,152			5,759,341			-			5,811,493
Total Investments		$	56,184,920		$	5,759,341		$	-		$	61,944,261
S&P SmallCap 600® Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	96,620,247		$	-		$	-		$	96,620,247
Money Market Funds			-			3,849,089			-			3,849,089
Total Investments		$	96,620,247		$	3,849,089		$	-		$	100,469,336
S&P SmallCap 600® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	81,814,396		$	-		$	-		$	81,814,396
Money Market Funds			4,089			8,744,801			-			8,748,890
Total Investments		$	81,818,485		$	8,744,801		$	-		$	90,563,286

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2020 and 2019:

	2020		2019
	Ordinary Income		Ordinary Income
S&P 500® PureGrowthETF	$	24,373,256	$	11,700,928
S&P 500® Pure Value ETF		23,326,934		20,818,512
S&P 500® Top 50 ETF		14,734,785		14,318,678
S&P Midcap 400® Pure Growth ETF		2,521,613		4,283,416
S&P Midcap 400® Pure Value ETF		2,784,591		1,390,448
S&P SmallCap 600® Pure Growth ETF		1,453,040		1,100,625
S&P SmallCap 600® Pure Value ETF		1,935,102		2,712,991

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Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
S&P 500® Pure Growth ETF	$	-	$	(41,338,392	)	$	(351,335,759	)	$	2,587,774,993	$	2,195,100,842
S&P 500® Pure Value ETF		810,370		(242,728,459	)		(270,090,675	)		1,008,554,274		496,545,510
S&P 500® Top 50 ETF		1,046,373		228,555,632			(45,240,527	)		938,386,148		1,122,747,626
S&P Midcap 400® Pure Growth ETF		49,613		(31,792,218	)		(197,118,648	)		499,468,352		270,607,099
S&P Midcap 400® Pure Value ETF		214,579		(26,104,225	)		(51,113,238	)		133,175,209		56,172,325
S&P SmallCap 600® Pure Growth ETF		-		(30,024,100	)		(108,498,670	)		235,130,390		96,607,620
S&P SmallCap 600® Pure Value ETF		-		(55,075,957	)		(108,725,951	)		245,644,144		81,842,236

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of April 30, 2020:

	No expiration
	Short-Term		Long-Term		Total*
S&P 500® Pure Growth ETF	$	199,071,807	$	152,263,952	$	351,335,759
S&P 500® Pure Value ETF		95,690,627		174,400,048		270,090,675
S&P 500® Top 50 ETF		8,492,530		36,747,997		45,240,527
S&P Midcap 400® Pure Growth ETF		121,004,097		76,114,551		197,118,648
S&P Midcap 400® Pure Value ETF		26,796,753		24,316,485		51,113,238
S&P SmallCap 600® Pure Growth ETF		75,640,973		32,857,697		108,498,670
S&P SmallCap 600® Pure Value ETF		45,738,752		62,987,199		108,725,951

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
S&P 500® Pure Growth ETF	$	1,895,024,084	$	1,887,590,258
S&P 500® Pure Value ETF		391,103,242		385,543,254
S&P 500® Top 50 ETF		71,261,270		71,129,562
S&P Midcap 400® Pure Growth ETF		359,961,750		357,474,191
S&P Midcap 400® Pure Value ETF		79,903,685		76,908,778
S&P SmallCap 600® Pure Growth ETF		154,793,003		157,715,010
S&P SmallCap 600® Pure Value ETF		116,653,137		114,735,206

    For the fiscal year ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
S&P 500® Pure Growth ETF	$	1,705,784,721	$	2,309,831,926
S&P 500® Pure Value ETF		640,870,892		768,820,977
S&P 500® Top 50 ETF		342,939,277		107,184,093
S&P Midcap 400® Pure Growth ETF		231,219,370		399,180,716
S&P Midcap 400® Pure Value ETF		113,578,086		159,697,385
S&P SmallCap 600® Pure Growth ETF		99,234,219		189,300,055
S&P SmallCap 600® Pure Value ETF		98,835,943		137,040,020

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Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
S&P 500® Pure Growth ETF	$	198,521,695	$	(239,860,087	)	$	(41,338,392	)	$	2,236,564,472
S&P 500® Pure Value ETF		4,249,675		(246,978,134	)		(242,728,459	)		743,099,378
S&P 500® Top 50 ETF		264,922,961		(36,367,329	)		228,555,632			893,435,170
S&P Midcap 400® Pure Growth ETF		22,763,518		(54,555,736	)		(31,792,218	)		314,108,324
S&P Midcap 400® Pure Value ETF		1,170,238		(27,274,463	)		(26,104,225	)		88,048,486
S&P SmallCap 600® Pure Growth ETF		4,333,235		(34,357,335	)		(30,024,100	)		130,493,436
S&P SmallCap 600® Pure Value ETF		3,552,007		(58,627,964	)		(55,075,957	)		145,639,243

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
S&P 500® Pure Growth ETF		$	412,694		$	(449,720,967	)		$	449,308,273
S&P 500® Pure Value ETF			-			(29,331,147	)			29,331,147
S&P 500® Top 50 ETF			-			(49,814,539	)			49,814,539
S&P Midcap 400® Pure Growth ETF			-			(59,082,036	)			59,082,036
S&P Midcap 400® Pure Value ETF			-			(12,485,252	)			12,485,252
S&P SmallCap 600® Pure Growth ETF			181,447			(19,221,982	)			19,040,535
S&P SmallCap 600® Pure Value ETF			13,077			(2,224,492	)			2,211,415

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by the Funds only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

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Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

60

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco S&P 500® Pure Growth ETF, Invesco S&P 500® Pure Value ETF, Invesco S&P 500® Top 50 ETF, Invesco S&P Midcap 400® Pure Growth ETF, Invesco S&P Midcap 400® Pure Value ETF, Invesco S&P SmallCap 600® Pure Growth ETF and Invesco S&P SmallCap 600® Pure Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations for the year ended April 30, 2020, the statements of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the two years in the period ended April 30, 2020 and for the six months ended April 30, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2020, and each of the financial highlights for each of the two years in the period ended April 30, 2020 and for the six months ended April 30, 2018 in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Predecessor Fund
Invesco S&P 500® Pure Growth ETF	Guggenheim S&P 500® Pure Growth ETF
Invesco S&P 500® Pure Value ETF	Guggenheim S&P 500® Pure Value ETF
Invesco S&P 500® Top 50 ETF	Guggenheim S&P 500® Top 50 ETF
Invesco S&P MidCap 400® Pure Growth ETF	Guggenheim S&P MidCap 400® Pure Growth ETF
Invesco S&P MidCap 400® Pure Value ETF	Guggenheim S&P MidCap 400® Pure Value ETF
Invesco S&P SmallCap 600® Pure Growth ETF	Guggenheim S&P SmallCap 600® Pure Growth ETF
Invesco S&P SmallCap 600® Pure Value ETF	Guggenheim S&P SmallCap 600® Pure Value ETF

The financial statements of the Predecessor Funds listed in the table above as of and for the year ended October 31, 2017 and the financial highlights for each of the years ended on or prior to October 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated December 21, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 29, 2020

61

Report of Independent Registered Public Accounting Firm–(continued)

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

62

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value November 1, 2019			Ending Account Value April 30, 2020			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500® Pure Growth ETF (RPG)
Actual		$	1,000.00		$	985.10		0.35	%		$	1.73
Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76
Invesco S&P 500® Pure Value ETF (RPV)
Actual			1,000.00			711.90		0.35				1.49
Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76
Invesco S&P 500® Top 50 ETF (XLG)
Actual			1,000.00			1,025.60		0.20				1.01
Hypothetical (5% return before expenses)			1,000.00			1,023.87		0.20				1.01
Invesco S&P Midcap 400® PureGrowthETF(RFG)
Actual			1,000.00			918.50		0.35				1.67
Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76
Invesco S&P Midcap 400® Pure Value ETF (RFV)
Actual			1,000.00			726.60		0.34				1.46
Hypothetical (5% return before expenses)			1,000.00			1,023.17		0.34				1.71
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
Actual			1,000.00			816.40		0.35				1.58
Hypothetical (5% return before expenses)			1,000.00			1,023.12		0.35				1.76

63

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
Actual		$1,000.00		$ 663.10		0.35%		$1.45
Hypothetical (5% return before expenses)		1,000.00		1,023.12		0.35		1.76

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2020:

	Qualified Business Income*	Qualified Dividend Income*	Dividends-Received Deduction*
Invesco S&P 500® Pure Growth ETF	0%	100%	100%
Invesco S&P 500® Pure Value ETF	0%	100%	97%
Invesco S&P 500® Top 50 ETF	0%	100%	100%
Invesco S&P Midcap 400® Pure Growth ETF	0%	97%	96%
Invesco S&P Midcap 400® Pure Value ETF	0%	80%	80%
Invesco S&P SmallCap 600® Pure Growth ETF	13%	69%	69%
Invesco S&P SmallCap 600® Pure Value ETF	0%	93%	92%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

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Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	215	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	215	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

66

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	215	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

67

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	215	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

68

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	215	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	215	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

69

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	215	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

70

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	215	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	215	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

71

Trustees and Officers (continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	215	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

72

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary President and Principal Executive Officer	Since 2011 Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (May 2020-present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (June 2020-present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (June 2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

73

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

74

Approval of Investment Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 25 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond James SB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500^® Equal Weight Communications Services ETF

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF

Invesco S&P 500^® Equal Weight Consumer Staples ETF

Invesco S&P 500^® Equal Weight Energy ETF

Invesco S&P 500^® Equal Weight ETF

Invesco S&P 500^® Equal Weight Financials ETF

Invesco S&P 500^® Equal Weight Health Care ETF

Invesco S&P 500^® Equal Weight Industrials ETF

Invesco S&P 500^® Equal Weight Materials ETF

Invesco S&P 500^® Equal Weight Real Estate ETF

Invesco S&P 500^® Equal Weight Technology ETF

Invesco S&P 500^® Equal Weight Utilities ETF

Invesco S&P 500^® Pure Growth ETF

Invesco S&P 500^® Pure Value ETF

Invesco S&P 500^® Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with

75

Approval of Investment Advisory Contracts (continued)

the Adviser paying all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.35% of the Fund’s average daily net assets for each of Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF;

● 0.20% of the Fund’s average daily net assets for each of Invesco S&P 500^® Equal Weight ETF and Invesco S&P 500^® Top 50 ETF;

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF; and

● 0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median		Lower than Open-End Active Fund Peer Median
Invesco Dow Jones Industrial Average Dividend ETF		X		X		X
Invesco NASDAQ Internet ETF						X
Invesco Raymond James SB-1 Equity ETF						X
Invesco S&P 500 BuyWrite ETF		X		X		X
Invesco S&P 500® Equal Weight Communication Services ETF						X
Invesco S&P 500® Equal Weight Consumer Discretionary ETF		X				X
Invesco S&P 500® Equal Weight Consumer Staples ETF		X				X
Invesco S&P 500® Equal Weight Energy ETF		X				X
Invesco S&P 500® Equal Weight ETF		X		X		X
Invesco S&P 500® Equal Weight Financials ETF		X				X
Invesco S&P 500® Equal Weight Health Care ETF		X				X
Invesco S&P 500® Equal Weight Industrials ETF		X				X
Invesco S&P 500® Equal Weight Materials ETF		X				X
Invesco S&P 500® Equal Weight Real Estate ETF		X				X
Invesco S&P 500® Equal Weight Technology ETF		X				X
Invesco S&P 500® Equal Weight Utilities ETF		X		X		X
Invesco S&P 500® Pure Growth ETF		X		X		X
Invesco S&P 500® Pure Value ETF						X
Invesco S&P 500® Top 50 ETF		X		X		X
Invesco S&P MidCap 400® Equal Weight ETF						X
Invesco S&P MidCap 400® Pure Growth ETF						X
Invesco S&P MidCap 400® Pure Value ETF				X		X

76

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median		Lower than Open-End Active Fund Peer Median
Invesco S&P SmallCap 600® Equal Weight ETF					X
Invesco S&P SmallCap 600® Pure Growth ETF					X
Invesco S&P SmallCap 600® Pure Value ETF			X		X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

77

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-TRST1-AR-3 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2020

PYZ	Invesco DWA Basic Materials Momentum ETF
PEZ	Invesco DWA Consumer Cyclicals Momentum ETF
PSL	Invesco DWA Consumer Staples Momentum ETF
PXI	Invesco DWA Energy Momentum ETF
PFI	Invesco DWA Financial Momentum ETF
PTH	Invesco DWA Healthcare Momentum ETF
PRN	Invesco DWA Industrials Momentum ETF
PTF	Invesco DWA Technology Momentum ETF
PUI	Invesco DWA Utilities Momentum ETF
PNQI	Invesco NASDAQ Internet ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Liquidity Risk Management Program	33
Sector Portfolios
Schedules of Investments
Invesco DWA Basic Materials Momentum ETF (PYZ)	34
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)	36
Invesco DWA Consumer Staples Momentum ETF (PSL)	38
Invesco DWA Energy Momentum ETF (PXI)	40
Invesco DWA Financial Momentum ETF (PFI)	42
Invesco DWA Healthcare Momentum ETF (PTH)	44
Invesco DWA Industrials Momentum ETF (PRN)	46
Invesco DWA Technology Momentum ETF (PTF)	48
Invesco DWA Utilities Momentum ETF (PUI)	50
Invesco NASDAQ Internet ETF (PNQI)	52
Statements of Assets and Liabilities	54
Statements of Operations	56
Statements of Changes in Net Assets	58
Financial Highlights	62
Notes to Financial Statements	70
Report of Independent Registered Public Accounting Firm	81
Fund Expenses	82
Tax Information	84
Trustees and Officers	85
Approval of Investment Advisory Contracts	94

2

The Market Environment

Domestic Equity

Although the S&P 500 Index, considered representative of the US stock market, posted modest gains for the second quarter of 2019, US equities experienced increased volatility. After four consecutive months of rising stock prices, markets sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the US Federal Reserve (the “Fed”) cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. Cyclical sectors, where company performance tends to be closely linked to macroeconomic changes in the business cycle, were the hardest hit. At the close of the fiscal year in April, US unemployment numbers continued to climb, with over 30 million Americans seeking unemployment benefits since March 2020.³ In addition, the second gross domestic product estimate for the first quarter of 2020 saw the economy shrink by 5.0%, the sharpest drop since the 2008 financial crisis.²

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

³  Source: The Associated Press

Global Equity

Global equity markets faced volatility in the second and third quarters of 2019, hampered by ongoing US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK regarding its withdrawal from the European Union increased uncertainty for the UK and eurozone economies.

Much of 2019 showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019, as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold.

Third quarter macroeconomic and geopolitical issues mostly abated during the fourth quarter, providing a favorable backdrop for global equity returns. In response to third quarter economic weakness, central banks maintained accommodative policies, with the US Federal Reserve cutting interest rates in October 2019 and the European Central Bank restarting net purchases in its asset purchase program in November. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union.

Global equity markets started 2020 well, buoyed by positive economic data and the phase one signing of the US and China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while emerging equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy. At the close of the fiscal year, despite the continuing global spread of COVID-19, April saw both equity and credit markets stage a rebound from the severe market shock witnessed in March. In this environment, global equity markets declined for the fiscal year, with developed markets outperforming emerging markets.

3

PYZ	Manager’s Analysis
	Invesco DWA Basic Materials Momentum ETF (PYZ)

As an index fund, the Invesco DWA Basic Materials Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Basic Materials Technical Leaders^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the basic materials sector for inclusion in the Index. Companies in the basic materials sector are principally engaged in the business of producing raw materials, including paper or wood

products, chemicals, construction materials, and mining and metals.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (19.74)%. On a net asset value (“NAV”) basis,

the Fund returned (19.95)%. During the same time period, the Index returned (19.38)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as trading costs around the rebalances during the period.

During this same time period, the S&P 500^® Materials Index (the “Benchmark Index”) returned (7.18)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 28 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the materials sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the steel and specialty chemicals sub-industries and most underweight in the industrial gases and paper packaging sub-industries during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the security selection in the specialty chemicals sub-industry, the Fund being overweight and security selection in the steel sub-industry and the Fund being underweight the industrial gases sub-industry.

For the fiscal year ended April 30, 2020, the gold sub-industry contributed most significantly to the Fund’s return, followed by the industrial gases sub-industry. The specialty chemicals sub-industry detracted most significantly from the Fund’s return, followed by the steel sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Newmont Corp., a gold company (portfolio average weight of 3.17%), and Royal Gold, Inc., a gold company (portfolio average weight of 2.33%). Positions that detracted most significantly from the Fund’s return during this period included U.S. Silica Holdings, Inc., an oil & gas equipment & services company (no longer held at fiscal year-end), and DuPont de Nemours, Inc., a specialty chemicals company (no longer held at fiscal year-end).

4

Invesco DWA Basic Materials Momentum ETF (PYZ) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Specialty Chemicals	37.85
Fertilizers & Agricultural Chemicals	11.54
Commodity Chemicals	9.87
Steel	9.49
Gold	8.03
Industrial Gases	3.92
Paper Packaging	3.26
Diversified Metals & Mining	3.18
Specialized REITs	3.10
Sub-Industry Types Each Less Than 3%	9.73
Money Market Funds Plus Other Assets Less Liabilities	0.03
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
FMC Corp.	4.22
Ecolab, Inc.	4.10
Newmont Corp.	4.04
Royal Gold, Inc.	3.99
Air Products and Chemicals, Inc.	3.92
PPG Industries, Inc.	3.41
Avery Dennison Corp.	3.26
Corteva, Inc.	3.22
RPM International, Inc.	2.71
Celanese Corp.	2.62
Total	35.49

* Excluding money market fund holdings.

5

Invesco DWA Basic Materials Momentum ETF (PYZ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Basic Materials Technical LeadersTM Index		(19.38	)%		(6.45	)%		(18.14	)%		(0.64	)%		(3.16	)%		6.40	%		86.04	%		6.89	%		146.57	%
S&P 500® Materials Index		(7.18	)		1.46			4.43			2.85			15.11			7.04			97.39			5.97			119.35
Fund
NAV Return		(19.95	)		(7.08	)		(19.76	)		(1.31	)		(6.37	)		5.66			73.43			6.05			121.62
Market Price Return		(19.74	)		(7.00	)		(19.56	)		(1.24	)		(6.04	)		5.67			73.63			6.07			122.27

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.76% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Basic Materials Technical Leaders Index performance is comprised of the performance of the Dynamic Basic Materials Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

6

PEZ	Manager’s Analysis
	Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

As an index fund, the Invesco DWA Consumer Cyclicals Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Consumer Cyclicals Technical Leaders^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the consumer discretionary sector for inclusion in the Index. Companies in the consumer discretionary sector are principally engaged in the businesses of providing consumer goods and services that are cyclical in nature, including retail, automotive, leisure and recreation, media and home construction and furnishing.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (26.47)%. On a net asset value (“NAV”) basis,

the Fund returned (26.51)%. During the same time period, the Index returned (26.04)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Consumer Discretionary Index (the “Benchmark Index”) returned 1.75%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 63 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the consumer discretionary sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track the Index, which employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the diversified consumer services sub-industry and most underweight in the internet & direct marketing retail sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection in the specialty retail sub-industry and being underweight in the internet & direct marketing retail sub-industry.

For the fiscal year ended April 30, 2020, the media sub-industry contributed most significantly to the Fund’s return followed by the internet & direct marketing retail sub-industry. The specialty retail sub-industry detracted most significantly from the Fund’s return, followed by the hotels restaurants & leisure and household durables sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Cable One, Inc., a media company (portfolio average weight of 2.79%), and Chipotle Mexican Grill, Inc., a hotels, restaurant & leisure company (portfolio average weight of 0.30%). Positions that detracted most significantly from the Fund’s return during this period included Planet Fitness, Inc., Class A, a hotels, restaurant & leisure company (no longer held at fiscal year-end), and Boot Barn Holdings, Inc., a specialty retail company (no longer held at fiscal year-end).

7

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Restaurants	11.52
Internet & Direct Marketing Retail	11.15
Cable & Satellite	9.48
Automotive Retail	8.47
General Merchandise Stores	6.80
Hypermarkets & Super Centers	6.13
Interactive Home Entertainment	5.98
Specialty Stores	5.88
Leisure Products	4.89
Footwear	4.41
Home Improvement Retail	4.37
Computer & Electronics Retail	3.99
Homebuilding	3.70
Publishing	3.36
Movies & Entertainment	3.22
Sub-Industry Types Each Less Than 3%	6.64
Money Market Funds Plus Other Assets Less Liabilities	0.01
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
O’Reilly Automotive, Inc.	5.15
NIKE, Inc., Class B	4.41
Home Depot, Inc. (The)	4.37
Cable One, Inc.	4.11
Domino’s Pizza, Inc.	4.01
Best Buy Co., Inc.	3.99
Chipotle Mexican Grill, Inc.	3.93
Amazon.com, Inc.	3.80
Chewy, Inc., Class A	3.79
NVR, Inc.	3.70
Total	41.26

* Excluding money market fund holdings.

8

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Consumer Cyclicals Technical LeadersTM Index		(26.04	)%		(1.23	)%		(3.66	)%		(0.95	)%		(4.68	)%		7.09	%		98.31	%		4.95	%		92.45	%
S&P 500® Consumer Discretionary Index		1.75			11.58			38.93			11.46			72.01			15.02			305.18			10.90			306.32
Fund
NAV Return		(26.51	)		(1.71	)		(5.05	)		(1.50	)		(7.28	)		6.40			86.01			4.34			77.73
Market Price Return		(26.47	)		(1.70	)		(5.01	)		(1.48	)		(7.21	)		6.40			85.99			4.34			77.92

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.80% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Consumer Cyclicals Technical Leaders Index performance is comprised of the performance of the Dynamic Consumer Discretionary Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

9

PSL	Manager’s Analysis
	Invesco DWA Consumer Staples Momentum ETF (PSL)

As an index fund, the Invesco DWA Consumer Staples Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Consumer Staples Technical Leaders^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the consumer staples sector for inclusion in the Index. Companies in the consumer staples sector are principally engaged in the businesses of providing consumer goods and services that have non-cyclical characteristics, including tobacco, textiles, food and beverages, and non-discretionary retail goods and services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (15.63)%. On a net asset value (“NAV”) basis,

the Fund returned (15.61)%. During the same time period, the Index returned (15.06)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Consumer Staples Index (the “Benchmark Index”) returned 3.62%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 33 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the consumer staples sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component,whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the packaged foods & meats sub-industry and most underweight in the soft drinks sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection in the household products sub-industry and the underweight allocation to the hypermarkets & super centers sub-industries.

For the fiscal year ended April 30, 2020, the brewers sub-industry contributed most significantly to the Fund’s return, followed by the fertilizers & agricultural chemicals and environmental & facilities services sub-industries, respectively. The specialized consumer services sub-industry detracted most significantly from the Fund’s return, followed by the educational services and the food distributors sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Freshpet Inc., a packaged foods & meats company (portfolio average weight of 3.55%), and Boston Beer Co., Inc. Class A, a brewers company (portfolio average weight of 1.67%). Positions that detracted most significantly from the Fund’s return during this period included WW International, Inc., a specialized consumer services company (no longer held at fiscal year-end), and Lamb Weston Holdings, Inc., a packaged foods & meats company (no longer held at fiscal year-end).

10

Invesco DWA Consumer Staples Momentum ETF (PSL) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Packaged Foods & Meats	41.37
Household Products	13.51
Food Retail	7.87
Education Services	5.78
Environmental & Facilities Services	5.26
Brewers	4.70
Food Distributors	3.83
Distillers & Vintners	3.82
Personal Products	3.34
Health Care Services	3.23
Soft Drinks	3.02
Sub-Industry Types Each Less Than 3%	4.18
Money Market Funds Plus Other Assets Less Liabilities	0.09
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Rollins, Inc.	5.26
McCormick & Co., Inc.	4.82
Boston Beer Co., Inc. (The), Class A	4.70
Church & Dwight Co., Inc.	4.60
Freshpet, Inc.	4.04
Brown-Forman Corp., Class B	3.82
Estee Lauder Cos., Inc. (The), Class A	3.34
Clorox Co. (The)	3.32
Casey’s General Stores, Inc.	3.32
Procter & Gamble Co. (The)	3.27
Total	40.49

* Excluding money market fund holdings.

11

Invesco DWA Consumer Staples Momentum ETF (PSL) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Consumer Staples Technical LeadersTM Index		(15.06	)%		2.07	%		6.35	%		5.02	%		27.77	%		10.68	%		175.74	%		8.87	%		216.44	%
S&P 500® Consumer Staples Index		3.62			4.81			15.14			6.76			38.67			10.87			180.68			9.37			236.79
Fund
NAV Return		(15.61	)		1.45			4.41			4.37			23.82			9.97			158.64			8.16			189.39
Market Price Return		(15.63	)		1.43			4.36			4.35			23.75			9.96			158.54			8.15			189.19

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.71% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Consumer Staples Technical Leaders Index performance is comprised of the performance of the Dynamic Consumer Staples Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

12

PXI	Manager’s Analysis
	Invesco DWA Energy Momentum ETF (PXI)

As an index fund, the Invesco DWA Energy Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Energy Technical Leaders^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the energy sector for inclusion in the Index. Companies in the energy sector are principally engaged in the business of producing, distributing or servicing energy-related products, including oil and gas exploration and production, refining, oil services, pipeline, and solar, wind and other non-oil based energy.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (50.62)%. On a net asset value (“NAV”) basis, the Fund returned (50.75)%. During the same time period, the Index returned (50.59)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Energy Index (the “Benchmark Index”) returned (38.29)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 28 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the energy sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the oil & gas exploration & production sub-industry and most underweight in the integrated oil & gas sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection in the oil & gas exploration & production sub-industry and security selection and the Fund’s relative overweight allocation to the oil & gas equipment & services sub-industry.

For the fiscal year ended April 30, 2020, the integrated oil & gas sub-industry contributed most significantly to the Fund’s return. The oil & gas equipment & services sub-industry detracted most significantly from the Fund’s return, followed by the oil & gas exploration & production sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Apache Corp., an oil & gas exploration & production company (portfolio average weight of 0.20%), and Parsley Energy, Inc., Class A, an oil & gas exploration & production company (portfolio average weight of 0.70%). Positions that detracted most significantly from the Fund’s return during this period included PBF Energy Inc., Class A, an oil & gas refining & marketing company (no longer held at fiscal year-end), and Targa Resources Corp., an oil & gas storage & transportation company (portfolio average weight of 2.93%).

13

Invesco DWA Energy Momentum ETF (PXI) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Oil & Gas Exploration & Production	40.02
Oil & Gas Refining & Marketing	19.23
Oil & Gas Storage & Transportation	14.43
Oil & Gas Equipment & Services	11.48
Integrated Oil & Gas	8.72
Sub-Industry Types Each Less Than 3%	6.18
Money Market Funds Plus Other Assets Less Liabilities	(0.06)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Valero Energy Corp.	4.66
Phillips 66	3.99
Cheniere Energy, Inc.	3.89
Hess Corp.	3.86
HollyFrontier Corp.	3.78
Williams Cos., Inc. (The)	3.58
ConocoPhillips	3.57
Chevron Corp.	3.51
Apache Corp.	3.30
Exxon Mobil Corp.	2.96
Total	37.10

* Excluding money market fund holdings.

14

Invesco DWA Energy Momentum ETF (PXI) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Energy Technical LeadersTM Index		(50.59	)%		(23.50	)%		(55.23	)%		(19.39	)%		(65.97	)%		(4.76	)%		(38.61	)%		(2.26	)%		(26.68	)%
S&P 500® Energy Index		(38.29	)		(13.68	)		(35.68	)		(10.78	)		(43.48	)		(1.63	)		(15.19	)		(0.05	)		(0.66	)
Fund
NAV Return		(50.75	)		(23.88	)		(55.89	)		(19.81	)		(66.84	)		(5.33	)		(42.19	)		(2.83	)		(32.27	)
Market Price Return		(50.62	)		(23.80	)		(55.76	)		(19.77	)		(66.75	)		(5.31	)		(42.04	)		(2.81	)		(32.03	)

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.75% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Energy Technical Leaders Index performance is comprised of the performance of the Dynamic Energy Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

15

PFI	Manager’s Analysis
	Invesco DWA Financial Momentum ETF (PFI)

As an index fund, the Invesco DWA Financial Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Financials Technical Leaders^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the financials sector for inclusion in the Index. Companies in the financials sector are principally engaged in the business of providing financial services and products, including banking, investment services, insurance and real estate finance services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (8.31)%. On a net asset value (“NAV”) basis,

the Fund returned (8.33)%. During the same time period, the Index returned (7.83)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as trading costs around the rebalances during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Financials Index (the “Benchmark Index”) returned (16.71)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 70 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the financials sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization. More broadly, for the fiscal year, the Index weighting included small-, mid- and large-capitalization companies while the Benchmark Index was predominantly weighted to large-capitalization companies.

Relative to the Benchmark Index, the Fund was most overweight in the specialized REITs sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the diversified banks sub-industry and overweight in the financial exchanges & data sub-industry.

For the fiscal year ended April 30, 2020, the financial exchanges & data sub-industry contributed most significantly to the Fund’s return, followed by the specialized REITs sub-industry. The consumer finance sub-industry detracted most significantly from the Fund’s return, followed by the thrifts & mortgage finance and property & casualty insurance sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included MarketAxess Holdings Inc., a financial exchanges & data company (portfolio average weight of 3.33%), and American Tower Corp., a specialized REITs company (portfolio average weight of 3.40%). Positions that detracted most significantly from the Fund’s return during this period included NMI Holdings, Inc., Class A, a thrifts & mortgage finance company (no longer held at fiscal year-end), and Fidelity National Financial, Inc., a property & casualty insurance company (no longer held at fiscal year-end).

16

Invesco DWA Financial Momentum ETF (PFI) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financial Exchanges & Data	25.89
Specialized REITs	18.48
Property & Casualty Insurance	15.79
Industrial REITs	10.27
Data Processing & Outsourced Services	6.29
Insurance Brokers	5.88
Asset Management & Custody Banks	4.28
Regional Banks	3.55
Sub-Industry Types Each Less Than 3%	9.55
Money Market Funds Plus Other Assets Less Liabilities	0.02
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
MarketAxess Holdings, Inc.	8.74
American Tower Corp.	7.49
Progressive Corp. (The)	4.86
S&P Global, Inc.	3.50
MSCI, Inc.	3.47
Moody’s Corp.	3.47
Mastercard, Inc., Class A	3.31
Visa, Inc., Class A	2.98
Prologis, Inc.	2.54
Duke Realty Corp.	2.51
Total	42.87

* Excluding money market fund holdings.

17

Invesco DWA Financial Momentum ETF (PFI) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Financials Technical LeadersTM Index		(7.83	)%		3.40	%		10.56	%		2.95	%		15.65	%		7.92	%		114.36	%		3.91	%		68.25	%
S&P 500® Financials Index		(16.71	)		1.00			3.02			5.24			29.07			7.72			110.44			0.43			5.93
Fund
NAV Return		(8.33	)		2.78			8.59			2.30			12.05			7.20			100.36			3.16			52.49
Market Price Return		(8.31	)		2.78			8.59			2.29			11.98			7.20			100.35			3.16			52.46

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.79% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Financials Technical Leaders Index performance is comprised of the performance of the Dynamic Financial Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

18

PTH	Manager’s Analysis
	Invesco DWA Healthcare Momentum ETF (PTH)

As an index fund, the Invesco DWA Healthcare Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Healthcare Technical Leaders^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the health care sector for inclusion in the Index. Companies in the health care sector are principally engaged in the business of providing health care-related products and services, including biotechnology, pharmaceuticals, medical technology and supplies, and facilities.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 26.78%. On a net asset value (“NAV”) basis,

the Fund returned 26.39%. During the same time period, the Index returned 26.92%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Health Care Index (the “Benchmark Index”) returned 14.52%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 60 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the health care

sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the biotechnology sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the pharmaceuticals sub-industry.

For the fiscal year ended April 30, 2020, the pharmaceuticals sub-industry contributed most significantly to the Fund’s return, followed by the health care equipment and health care technology sub-industries, respectively. The health care services sub-industry detracted most significantly from the Fund’s return, followed by the insurance brokers sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Axsome Therapeutics, Inc., a pharmaceuticals company (portfolio average weight of 2.61%), and Teladoc Health, Inc., a health care technology company (portfolio average weight of 2.32%). Positions that detracted most significantly from the Fund’s return during this period included Align Technology, Inc., a biotechnology company (no longer held at fiscal year-end), and Reata Pharmaceuticals, Inc. Class A, a pharmaceuticals company (no longer held at fiscal year-end).

19

Invesco DWA Healthcare Momentum ETF (PTH) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Biotechnology	38.14
Pharmaceuticals	16.78
Life Sciences Tools & Services	10.31
Health Care Equipment	9.89
Health Care Supplies	8.35
Health Care Services	5.28
Health Care Technology	3.47
Insurance Brokers	3.33
Managed Health Care	3.19
Health Care Facilities	1.29
Money Market Funds Plus Other Assets Less Liabilities	(0.03)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Axsome Therapeutics, Inc.	5.48
West Pharmaceutical Services, Inc.	4.58
Masimo Corp.	4.32
Novavax, Inc.	3.74
Amedisys, Inc.	3.56
Thermo Fisher Scientific, Inc.	3.52
Teladoc Health, Inc.	3.47
eHealth, Inc.	3.33
UnitedHealth Group, Inc.	3.19
Moderna, Inc.	3.07
Total	38.26

* Excluding money market fund holdings.

20

Invesco DWA Healthcare Momentum ETF (PTH) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Healthcare Technical LeadersTM Index		26.92	%		21.94	%		81.33	%		11.92	%		75.58	%		15.27	%		314.18	%		11.53	%		338.85	%
S&P 500® Health Care Index		14.52			11.97			40.39			8.86			52.88			14.63			291.80			10.57			290.35
Fund
NAV Return		26.39			21.34			78.67			11.26			70.46			14.53			288.36			10.78			300.29
Market Price Return		26.78			21.42			79.01			11.31			70.87			14.56			289.18			10.79			300.98

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.69% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Healthcare Technical Leaders Index performance is comprised of the performance of the Dynamic Healthcare Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

21

PRN	Manager’s Analysis
	Invesco DWA Industrials Momentum ETF (PRN)

As an index fund, the Invesco DWA Industrials Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Industrials Technical Leaders^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the industrials sector for inclusion in the Index. Companies in the industrials sector are principally engaged in the business of providing industrial products and services, including engineering, heavy machinery, construction, electrical equipment, aerospace and defense and general manufacturing products and

services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (2.61)%. On a net asset value (“NAV”) basis,

the Fund returned (2.95)%. During the same time period, the Index returned (2.45)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund

incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Industrials Index (the “Benchmark Index”) returned (15.90)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 70 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the industrials

sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the information technology services sub-industry and most underweight in the industrial conglomerates sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to stock selection and the Fund being overweight in the aerospace & defense sub-industry, the Fund being overweight in the health care equipment & supplies sub-industry and the Fund being underweight in the airlines sub-industry.

For the fiscal year ended April 30, 2020, the trucking sub-industry contributed most significantly to the Fund’s return, followed by the research & consulting services and semiconductor equipment sub-industries, respectively. The industrial machinery sub-industry detracted most significantly from the Fund’s return, followed by the diversified support services and building products sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included Old Dominion Freight Line, Inc., a trucking company (portfolio average weight of 2.21%), and Danaher Corp., a health care equipment company (portfolio average weight of 3.51%). Positions that detracted most significantly from the Fund’s return during this period included Cintas Corp., a diversified support services company (no longer held at fiscal year-end), and Bloom Energy Corp., Class A , a heavy electrical equipment company (no longer held at fiscal year-end).

22

Invesco DWA Industrials Momentum ETF (PRN) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Aerospace & Defense	17.25
Industrial Machinery	7.55
IT Consulting & Other Services	7.04
Research & Consulting Services	6.62
Electrical Components & Equipment	6.19
Paper Packaging	5.78
Data Processing & Outsourced Services	5.61
Trucking	5.48
Environmental & Facilities Services	4.43
Building Products	4.36
Specialty Chemicals	3.85
Distributors	3.54
Health Care Equipment	3.38
Industrial Conglomerates	3.29
Diversified Support Services	3.15
Life Sciences Tools & Services	3.08
Sub-Industry Types Each Less Than 3%	9.39
Money Market Funds Plus Other Assets Less Liabilities	0.01
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Lockheed Martin Corp.	3.88
Sherwin-Williams Co. (The)	3.85
AMETEK, Inc.	3.75
Accenture PLC, Class A	3.57
TransDigm Group, Inc.	3.55
Pool Corp.	3.54
Booz Allen Hamilton Holding Corp.	3.47
Danaher Corp.	3.38
Roper Technologies, Inc.	3.29
Old Dominion Freight Line, Inc.	3.25
Total	35.53

* Excluding money market fund holdings.

23

Invesco DWA Industrials Momentum ETF (PRN) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Industrials Technical LeadersTM Index		(2.45	)%		6.69	%		21.44	%		6.76	%		38.72	%		10.92	%		181.96	%		8.25	%		192.63	%
S&P 500® Industrials Index		(15.90	)		0.40			1.21			4.71			25.86			9.05			137.84			6.44			133.00
Fund
NAV Return		(2.95	)		6.05			19.26			6.10			34.45			10.08			161.26			7.41			163.52
Market Price Return		(2.61	)		6.17			19.69			6.17			34.88			10.12			162.26			7.44			164.54

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.64% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Industrials Technical Leaders Index performance is comprised of the performance of the Dynamic Industrials Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

24

PTF	Manager’s Analysis
	Invesco DWA Technology Momentum ETF (PTF)

As an index fund, the Invesco DWA Technology Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Technology Technical Leaders^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the technology sector for inclusion in the Index. Companies in the technology sector are principally engaged in the business of providing technology-related products and services, including computer hardware and software, internet, electronics and semiconductors, and wireless communication technologies.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 6.65%. On a net asset value (“NAV”) basis, the

Fund returned 6.70%. During the same time period, the Index returned 7.33%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred, as well as trading costs around rebalances during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Information Technology Index (the “Benchmark Index”) returned 18.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 70 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the technology sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the software sub-industry and most underweight in the technology hardware storage & peripherals sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight in the technology hardware storage & peripherals sub-industry.

For the fiscal year ended April 30, 2020, the software sub-industry contributed most significantly to the Fund’s return, followed by the semiconductors, semiconductor equipment and health care technology sub-industries, respectively. The communications equipment sub-industry detracted most significantly from the Fund’s return, followed by the IT services and interactive media & services sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included RingCentral, Inc., Class A, an application software company (portfolio average weight of 5.28%), and Advanced Micro Devices, Inc., a semiconductors company (portfolio average weight of 2.27%). Positions that detracted most significantly from the Fund’s return during this period included EverQuote, Inc., Class A, an application software company (no longer held at fiscal year-end), and Perficient, Inc., an IT services company (no longer held at fiscal year-end).

25

Invesco DWA Technology Momentum ETF (PTF) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Application Software	33.95
Semiconductors	15.18
Systems Software	10.53
Internet Services & Infrastructure	8.16
IT Consulting & Other Services	7.15
Health Care Technology	5.41
Technology Hardware, Storage & Peripherals	5.10
Communications Equipment	4.06
Interactive Home Entertainment	3.97
Sub-Industry Types Each Less Than 3%	6.52
Money Market Funds Plus Other Assets Less Liabilities	(0.03)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Five9, Inc.	5.17
Apple, Inc.	5.10
RingCentral, Inc., Class A	4.29
Monolithic Power Systems, Inc.	4.28
NVIDIA Corp.	4.12
Coupa Software, Inc.	3.81
Veeva Systems, Inc., Class A	3.71
Okta, Inc.	3.58
Advanced Micro Devices, Inc.	3.45
Inphi Corp.	3.33
Total	40.84

* Excluding money market fund holdings.

26

Invesco DWA Technology Momentum ETF (PTF) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Technology Technical LeadersTM Index		7.33	%		19.94	%		72.54	%		14.39	%		95.86	%		13.47	%		253.71	%		9.33	%		234.83	%
S&P 500® Information Technology Index		18.07			21.79			80.66			19.56			144.31			17.09			384.56			13.43			451.77
Fund
NAV Return		6.70			19.24			69.53			13.76			90.52			12.73			231.33			8.61			206.17
Market Price Return		6.65			19.30			69.78			13.78			90.71			12.74			231.72			8.61			206.41

Fund Inception: October 12, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.72% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Technology Technical Leaders Index performance is comprised of the performance of the Dynamic Technology Sector Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

27

PUI	Manager’s Analysis
	Invesco DWA Utilities Momentum ETF (PUI)

As an index fund, the Invesco DWA Utilities Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Utilities Technical Leaders^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of at least 30 securities of companies in the consumer discretionary (or cyclicals) sector that have powerful relative strength or “momentum” characteristics. The Index Provider selects these securities from approximately 2,000 of the largest constituents by market capitalization within the NASDAQ US Benchmark Index. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on intermediate and long-term upward price movements of the security as compared to a representative benchmark and other eligible securities within the universe.

After giving each eligible security a momentum score, the Index Provider selects at least 30 securities with the highest momentum scores from the utilities sector for inclusion in the Index. Companies in the utilities sector are principally engaged in providing energy, water, natural gas or telecommunications services. These companies may include companies that generate and supply electricity, including electricity wholesalers; distribute natural gas to customers; provide water to customers, as well as deal with associated wastewater; and provide land line telephone services.

The total number of securities in the Index may vary depending on the capitalization characteristics of the securities that qualify for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (3.53)%. On a net asset value (“NAV”) basis, the Fund returned (3.84)%. During the same time period, the Index returned (3.29)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Utilities Index (the “Benchmark Index”) returned 0.83%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 28 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the utilities sector.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, of which market capitalization is one component, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the gas utilities sub-industry and most underweight in the electric utilities sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight and the Fund’s stock selection in the electric utilities sub-industry.

For the fiscal year ended April 30, 2020, the oil & gas exploration & production subindustry contributed most significantly to the Fund’s return. The electric utilities sub-industry detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020 included EQT Corp., an oil & gas exploration & production company (portfolio average weight of 0.24%), and NextEra Energy, Inc., an electric utilities company (portfolio average weight of 3.95%). Positions that detracted most significantly from the Fund’s return during this period included ONEOK, Inc., an oil & gas storage & transportation company (portfolio average weight of 3.26%), and Vistra Energy Corp., an independent power producers & energy company (no longer held at fiscal year-end).

28

Invesco DWA Utilities Momentum ETF (PUI) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Electric Utilities	44.45
Multi-Utilities	24.33
Water Utilities	11.81
Gas Utilities	8.63
Oil & Gas Exploration & Production	3.65
Sub-Industry Types Each Less Than 3%	7.01
Money Market Funds Plus Other Assets Less Liabilities	0.12
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
NextEra Energy, Inc.	4.56
WEC Energy Group, Inc.	4.39
Southern Co. (The)	4.21
Xcel Energy, Inc.	4.19
Atmos Energy Corp.	4.01
Entergy Corp.	4.01
American Water Works Co., Inc.	3.81
Eversource Energy	3.73
Alliant Energy Corp.	3.67
EQT Corp.	3.65
Total	40.23

* Excluding money market fund holdings.

29

Invesco DWA Utilities Momentum ETF (PUI) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended-Dorsey Wright® Utilities Technical LeadersTM Index		(3.29	)%		6.20	%		19.77	%		9.60	%		58.13	%		11.01	%		184.14	%		8.50	%		226.60	%
S&P 500® Utilities Index		0.83			7.08			22.78			9.06			54.32			10.65			175.22			8.41			222.67
Fund
NAV Return		(3.84	)		5.57			17.67			8.96			53.60			10.23			164.76			7.75			195.32
Market Price Return		(3.53	)		5.68			18.02			9.05			54.19			10.26			165.66			7.78			196.68

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.73% and the net annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended-Dorsey Wright^® Utilities Technical Leaders Index performance is comprised of the performance of the Dynamic Utilities Intellidex^SM Index, the Fund’s previous underlying index, from Fund inception through the conversion date, February 19, 2014, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

30

PNQI	Manager’s Analysis
	Invesco NASDAQ Internet ETF (PNQI)

As an index fund, the Invesco NASDAQ Internet ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ Internet Index^SM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc.^SM (the “Index Provider”) compiles the Index, which is designed to track the performance of the largest and most liquid U.S.-listed companies engaged in internet-related businesses that are listed on one of the New York Stock Exchange, NYSE American, Cboe Exchange or The Nasdaq Stock Market. Companies in the Index include internet software and services companies involved in internet-related services, including internet access providers, internet search engines, web hosting, website design, and e-commerce. The Fund employs a “full replication” methodology in seeking to track the Index, meaning that the Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 3.05%. On a net asset value (“NAV”) basis, the Fund returned 3.07%. During the same time period, the Index returned 3.68%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the NASDAQ-100^® Index (the “Benchmark Index”) returned 16.90%. The Benchmark Index is an unmanaged, modified market-capitalization weighted index based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that consists of companies engaged in internet-related businesses, whereas the Benchmark Index consists of approximately 100 of the largest non-financial companies listed on the NASDAQ Stock Market, which may include companies that are not engaged in internet related businesses.

Relative to the Benchmark Index, the Fund was most overweight in the interactive media & services retail sub-industry and most underweight in the semiconductors & semiconductors equipment sub-industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight and security selection in the software sub-industry.

For the fiscal year ended April 30, 2020, the entertainment sub-industry contributed most significantly to the Fund’s return, followed by the internet & direct marketing retail and IT services sub-industries, respectively. The interactive media & services sub-industry detracted most significantly from the Fund’s return, followed by the communications equipment and software sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Amazon.com, Inc., an internet & direct marketing retail company (portfolio average weight of 8.33%), and Netflix, Inc., an entertainment company (portfolio average weight of 8.07%). Positions that detracted most significantly from the Fund’s return during this period included Baidu, Inc., ADR (China), an interactive media & services company (portfolio average weight of 3.40%), and Twitter, Inc., an interactive media & services company (portfolio average weight of 2.98%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Internet & Direct Marketing Retail	31.55
Interactive Media & Services	23.45
Application Software	18.44
Internet Services & Infrastructure	9.38
Movies & Entertainment	7.23
Trucking	4.03
Sub-Industry Types Each Less Than 3%	5.92
Money Market Funds Plus Other Assets Less Liabilities	(0.00)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Amazon.com, Inc.	10.02
Facebook, Inc., Class A	8.12
Adobe, Inc.	7.82
Alphabet, Inc., Class C	7.69
Alibaba Group Holding Ltd., ADR	7.44
Netflix, Inc.	4.34
Shopify Inc, Class A	4.34
salesforce.com, inc.	3.62
Uber Technologies, Inc.	3.39
Booking Holdings, Inc.	3.33
Total	60.11

* Excluding money market fund holdings.

31

Invesco NASDAQ Internet ETF (PNQI) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ Internet IndexSM		3.68	%		14.64	%		50.65	%		15.87	%		108.85	%		18.66	%		453.56	%		17.11	%		553.48	%
NASDAQ-100® Index		16.90			18.52			66.51			16.65			115.95			17.58			404.93			15.09			431.33
Fund
NAV Return		3.07			13.99			48.13			15.23			103.17			18.04			424.94			16.49			513.28
Market Price Return		3.05			13.96			48.01			15.23			103.13			18.02			424.32			16.33			503.42

Fund Inception: June 12, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.62% includes the unitary management fee of 0.60% and acquired fund fees and expenses of 0.02%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

32

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

33

Invesco DWA Basic Materials Momentum ETF (PYZ)

April  30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Aluminum-1.32%
Kaiser Aluminum Corp.		6,490	$	468,773
Commodity Chemicals-9.87%
Cabot Corp.		15,311		518,890
Dow, Inc.		22,262		816,793
LyondellBasell Industries N.V., Class A		14,454		837,609
Olin Corp.		58,322		778,599
Westlake Chemical Corp.		13,038		566,501
				3,518,392
Copper-2.51%
Freeport-McMoRan, Inc.		101,454		895,839
Diversified Chemicals-2.43%
Eastman Chemical Co		14,326		866,866
Diversified Metals & Mining-3.18%
Compass Minerals International, Inc.		11,497		565,193
Materion Corp.		10,941		566,087
				1,131,280
Fertilizers & Agricultural Chemicals-11.54%
CF Industries Holdings, Inc.		25,108		690,470
Corteva, Inc.		43,772		1,146,389
FMC Corp.		16,380		1,505,322
Mosaic Co. (The)		66,937		770,445
				4,112,626
Gold-8.03%
Newmont Corp.		24,237		1,441,617
Royal Gold, Inc.		11,599		1,421,225
				2,862,842
Industrial Gases-3.92%
Air Products and Chemicals, Inc.		6,196		1,397,694
Life Sciences Tools & Services-2.02%
Avantor, Inc.(b)		42,813		719,686
Paper Packaging-3.26%
Avery Dennison Corp.		10,509		1,160,088
Paper Products-1.45%
Schweitzer-Mauduit International, Inc., Class A		16,063		517,550
Specialized REITs-3.10%
PotlatchDeltic Corp.		16,522		580,087
Rayonier, Inc.		21,757		522,821
				1,102,908
Specialty Chemicals-37.85%
Albemarle Corp.(c)		11,754		722,048
Balchem Corp.		6,555		584,968
Celanese Corp.		11,240		933,707
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Shares		Value
Specialty Chemicals-(continued)
Ecolab, Inc.		7,547	$	1,460,344
Ferro Corp.(b)		41,643		415,181
Ingevity Corp.(b)		14,293		742,093
Innospec, Inc.		7,128		516,923
International Flavors & Fragrances, Inc.(c)		6,299		825,358
Livent Corp.(b)		96,747		599,831
Minerals Technologies, Inc.		11,100		488,844
NewMarket Corp.		2,047		842,218
PolyOne Corp.		31,321		729,466
PPG Industries, Inc.		13,383		1,215,578
Quaker Chemical Corp.		5,355		814,603
RPM International, Inc.		14,520		964,273
Sensient Technologies Corp.		10,276		491,090
Stepan Co.		5,420		517,068
W.R. Grace & Co.		13,237		625,183
				13,488,776
Steel-9.49%
Carpenter Technology Corp.		20,501		454,507
Commercial Metals Co.		32,896		524,362
Reliance Steel & Aluminum Co.		8,686		778,092
Steel Dynamics, Inc.		32,747		794,770
United States Steel Corp.(c)		108,052		829,839
				3,381,570
Total Common Stocks & Other Equity Interests (Cost $35,805,275)				35,624,890
Money Market Funds-0.48%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $169,818)		169,818		169,818
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.45% (Cost $35,975,093)				35,794,708
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.37%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $2,269,357)		2,269,357		2,269,357
TOTAL INVESTMENTS IN SECURITIES-106.82% (Cost $38,244,450)				38,064,065
OTHER ASSETS LESS LIABILITIES-(6.82)%				(2,430,358	)
NET ASSETS-100.00%			$	35,633,707

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

Invesco DWA Basic Materials Momentum ETF (PYZ)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	236,202		$	2,985,224		$	(3,051,608	)		$	-		$	-			$	169,818		$	3,191
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			2,155,286			21,500,554			(23,655,840	)			-			-				-			21,848
Invesco Liquid Assets Portfolio, Institutional Class*			718,429			6,681,431			(7,399,751	)			-			(109	)			-			7,654
Invesco Private Government Fund			-			4,949,983			(2,680,626	)			-			-				2,269,357			1
Total		$	3,109,917		$	36,117,192		$	(36,787,825	)		$	-		$	(109	)		$	2,439,175		$	32,694

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Apparel Retail-1.82%
Buckle, Inc. (The)(b)		19,812	$	303,322
Auto Parts & Equipment-2.46%
Gentex Corp.		16,911		409,923
Automotive Retail-8.47%
Murphy USA, Inc.(c)		5,178		553,010
O’Reilly Automotive, Inc.(c)		2,221		858,061
				1,411,071
Cable & Satellite-9.48%
Cable One, Inc.		358		684,804
Comcast Corp., Class A		12,699		477,863
Liberty Broadband Corp., Class A(c)		3,470		416,470
				1,579,137
Computer & Electronics Retail-3.99%
Best Buy Co., Inc.		8,665		664,865
Drug Retail-2.36%
Rite Aid Corp.(c)		27,424		392,986
Footwear-4.41%
NIKE,Inc., Class B		8,432		735,102
General Merchandise Stores-6.80%
Dollar General Corp.		3,382		592,865
Target Corp.		4,911		538,933
				1,131,798
Home Improvement Retail-4.37%
Home Depot, Inc. (The)		3,311		727,857
Homebuilding-3.70%
NVR, Inc.(c)		199		616,900
Hypermarkets & Super Centers-6.13%
Costco Wholesale Corp.		1,719		520,857
Walmart, Inc.		4,116		500,300
				1,021,157
Interactive Home Entertainment-5.98%
Electronic Arts, Inc.(c)		4,472		510,971
Take-Two Interactive Software, Inc.(c)		4,003		484,563
				995,534
Internet & Direct Marketing Retail-11.15%
Amazon.com, Inc.(c)		256		633,344
Chewy, Inc., Class A(c)		14,578		630,353
PetMed Express, Inc.(b)		14,983		592,877
				1,856,574

	Shares		Value
Leisure Products-4.89%
Acushnet Holdings Corp.		14,479	$	396,725
Vista Outdoor, Inc.(c)		41,203		416,974
				813,699
Movies & Entertainment-3.22%
Netflix, Inc.(c)		1,279		536,988
Publishing-3.36%
New York Times Co. (The), Class A		17,193		559,116
Restaurants-11.52%
Chipotle Mexican Grill, Inc.(c)		745		654,520
Domino’s Pizza, Inc.		1,848		668,846
Papa John’s International, Inc.		8,289		596,145
				1,919,511
Specialty Stores-5.88%
Sportsman’s Warehouse Holdings, Inc.(c)		57,848		414,192
Tractor Supply Co.		5,575		565,472
				979,664
Total Common Stocks & Other Equity Interests (Cost $15,329,967)				16,655,204
Money Market Funds-0.93%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $153,870)		153,870		153,870
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.92% (Cost $15,483,837)				16,809,074
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.11%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $851,641)		851,641		851,641
TOTAL INVESTMENTS IN SECURITIES-106.03% (Cost $16,335,478)				17,660,715
OTHER ASSETS LESS LIABILITIES-(6.03)%				(1,004,017	)
NET ASSETS-100.00%			$	16,656,698

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			Gain			April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	173,843		$	523,517		$	(543,490	)		$	-		$	-		$	153,870		$	2,593
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			2,356,522			30,164,227			(32,520,749	)			-			-			-			23,482
Invesco Liquid Assets Portfolio, Institutional Class*			785,512			8,819,985			(9,605,543	)			-			46			-			8,447
Invesco Private Government Fund			-			2,072,872			(1,221,231	)			-			-			851,641			1
Total		$	3,315,877		$	41,580,601		$	(43,891,013	)		$	-		$	46		$	1,005,511		$	34,523

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37

Invesco DWA Consumer Staples Momentum ETF (PSL)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Agricultural Products-1.35%
Fresh Del Monte Produce, Inc.		51,721	$	1,474,566
Brewers-4.70%
Boston Beer Co., Inc. (The), Class A(b)		11,022		5,141,873
Distillers & Vintners-3.82%
Brown-Forman Corp., Class B		67,244		4,182,577
Education Services-5.78%
Bright Horizons Family Solutions, Inc.(b)		25,996		3,027,234
Strategic Education, Inc.		20,739		3,303,723
				6,330,957
Environmental & Facilities Services-5.26%
Rollins, Inc.		143,991		5,759,640
Fertilizers & Agricultural Chemicals-2.83%
Scotts Miracle-Gro Co. (The)		24,992		3,099,758
Food Distributors-3.83%
SpartanNash Co.		113,824		1,952,082
United Natural Foods, Inc.(b)(c)		211,235		2,247,540
				4,199,622
Food Retail-7.87%
Casey’s General Stores, Inc.		24,014		3,635,960
Grocery Outlet Holding Corp.(b)		62,390		2,075,715
Kroger Co. (The)		91,888		2,904,580
				8,616,255
Health Care Services-3.23%
Chemed Corp.		8,499		3,540,428
Household Products-13.51%
Church & Dwight Co., Inc.		71,982		5,038,020
Clorox Co. (The)		19,528		3,640,800
Procter & Gamble Co. (The)		30,401		3,583,366
WD-40 Co.		14,556		2,536,820
				14,799,006
Packaged Foods & Meats-41.37%
Campbell Soup Co.		60,855		3,041,533
Conagra Brands, Inc.		95,483		3,192,951
Flowers Foods, Inc.		103,534		2,306,738
Freshpet, Inc.(b)		58,718		4,427,924
Hain Celestial Group, Inc. (The)(b)		84,844		2,192,369

	Shares		Value
Packaged Foods & Meats-(continued)
Hershey Co. (The)		25,861	$	3,424,772
Hormel Foods Corp.		69,948		3,277,064
JM Smucker Co. (The)		24,895		2,860,684
John B. Sanfilippo & Son, Inc.		31,753		2,607,874
Kellogg Co.		46,727		3,060,618
Lancaster Colony Corp.		18,679		2,514,754
McCormick & Co., Inc.		33,686		5,283,312
Mondelez International, Inc., Class A		55,252		2,842,163
Sanderson Farms, Inc.		19,297		2,627,094
Tootsie Roll Industries, Inc.(c)		46,975		1,650,232
				45,310,082
Personal Products-3.34%
Estee Lauder Cos., Inc. (The), Class A		20,712		3,653,597
Soft Drinks-3.02%
PepsiCo, Inc.		25,007		3,308,176
Total Common Stocks & Other Equity Interests (Cost $102,766,238)				109,416,537
Money Market Funds-0.28%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $305,656)		305,656		305,656
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.19% (Cost $103,071,894)				109,722,193
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.36%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $3,678,757)		3,678,757		3,678,757
TOTAL INVESTMENTS IN SECURITIES-103.55% (Cost $106,750,651)				113,400,950
OTHER ASSETS LESS LIABILITIES-(3.55)%				(3,888,313	)
NET ASSETS-100.00%			$	109,512,637

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco DWA Consumer Staples Momentum ETF (PSL)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	281,289		$	2,414,968		$	(2,390,601	)		$	-		$	-			$	305,656		$	4,499
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			3,238,341			49,250,470			(52,488,811	)			-			-				-			22,914
Invesco Liquid Assets Portfolio, Institutional Class*			1,079,447			10,921,966			(12,001,237	)			-			(176	)			-			8,105
Invesco Private Government Fund			-			7,534,609			(3,855,852	)			-			-				3,678,757			2
Total		$	4,599,077		$	70,122,013		$	(70,736,501	)		$	-		$	(176	)		$	3,984,413		$	35,520

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39

Invesco DWA Energy Momentum ETF (PXI)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.06%
Coal & Consumable Fuels-2.83%
Arch Coal, Inc., Class A		6,348	$	185,298
CONSOL Energy, Inc.(b)(c)		40,813		309,771
				495,069
Integrated Oil & Gas-8.72%
Chevron Corp.		6,678		614,376
Exxon Mobil Corp.		11,118		516,653
Occidental Petroleum Corp.		23,658		392,723
				1,523,752
Oil & Gas Drilling-1.52%
Helmerich & Payne, Inc.		13,427		265,452
Oil & Gas Equipment & Services-11.48%
Cactus, Inc., Class A		14,968		266,131
Core Laboratories N.V.		20,575		403,476
Dril-Quip, Inc.(b)		9,692		321,096
Halliburton Co.		43,978		461,769
National Oilwell Varco, Inc.		20,335		257,034
Schlumberger Ltd.		17,662		297,075
				2,006,581
Oil & Gas Exploration & Production-40.02%
Apache Corp.		44,104		576,880
Cabot Oil & Gas Corp.		21,796		471,229
Cimarex Energy Co.		17,418		442,766
CNX Resources Corp.(b)		40,905		433,593
Concho Resources, Inc.		6,415		363,859
ConocoPhillips		14,816		623,754
Continental Resources, Inc.(c)		30,133		493,880
Devon Energy Corp.		36,982		461,166
Diamondback Energy, Inc.		11,719		510,245
EOG Resources, Inc.		6,975		331,382
Hess Corp.		13,884		675,318
Noble Energy, Inc.		44,778		439,272
Parsley Energy, Inc., Class A		45,474		429,729
PDC Energy, Inc.(b)		30,005		389,765
Pioneer Natural Resources Co.		3,941		351,971
				6,994,809
Oil & Gas Refining & Marketing-19.23%
CVR Energy, Inc.(c)		18,555		442,537

	Shares		Value
Oil & Gas Refining & Marketing-(continued)
Delek US Holdings, Inc.		15,938	$	372,152
HollyFrontier Corp.		20,004		660,932
Phillips 66		9,521		696,652
Renewable Energy Group, Inc.(b)		15,053		373,465
Valero Energy Corp.		12,864		814,934
				3,360,672
Oil & Gas Storage & Transportation-14.43%
Cheniere Energy, Inc.(b)		14,547		679,199
Equitrans Midstream Corp.(c)		40,654		340,680
Kinder Morgan, Inc.		33,368		508,195
Targa Resources Corp.		28,347		367,377
Williams Cos., Inc. (The)		32,321		626,058
				2,521,509
Steel-1.83%
Warrior Met Coal, Inc.		25,545		320,590
Total Common Stocks & Other Equity Interests (Cost $22,094,702)				17,488,434
Money Market Funds-0.85%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $149,226)		149,226		149,226
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.91% (Cost $22,243,928)				17,637,660
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.12%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $1,420,063)		1,420,063		1,420,063
TOTAL INVESTMENTS IN SECURITIES-109.03% (Cost $23,663,991)				19,057,723
OTHER ASSETS LESS LIABILITIES-(9.03)%				(1,578,845	)
NET ASSETS-100.00%			$	17,478,878

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain			Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)			April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	173,555		$	2,332,296		$	(2,356,625	)		$	-		$	-		$	149,226		$	2,678

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco DWA Energy Momentum ETF (PXI)–(continued)

April 30, 2020

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		$	1,381,049		$	25,841,411		$	(27,222,460	)		$	-		$	-			$	-		$	27,889
Invesco Liquid Assets Portfolio, Institutional Class*			460,350			7,911,185			(8,371,409	)			-			(126	)			-			10,231
Invesco Private Government Fund			-			3,211,547			(1,791,484	)			-			-				1,420,063			1
Total		$	2,014,954		$	39,296,439		$	(39,741,978	)		$	-		$	(126	)		$	1,569,289		$	40,799

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Invesco DWA Financial Momentum ETF (PFI)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Aerospace & Defense-2.38%
Virgin Galactic Holdings, Inc.(b)(c)		38,825	$	684,097
Application Software-1.75%
Envestnet, Inc.(b)		8,020		501,410
Asset Management & Custody Banks-4.28%
Ares Management Corp., Class A		17,228		577,999
Blackstone Group, Inc. (The), Class A		12,427		649,187
				1,227,186
Data Processing & Outsourced Services-6.29%
Mastercard, Inc., Class A		3,458		950,846
Visa, Inc., Class A		4,779		854,103
				1,804,949
Financial Exchanges & Data-25.89%
CME Group, Inc., Class A		3,364		599,499
Intercontinental Exchange, Inc.		6,796		607,902
MarketAxess Holdings, Inc.		5,514		2,508,925
Moody’s Corp.		4,077		994,380
MSCI, Inc.		3,043		995,061
Nasdaq, Inc.		6,533		716,474
S&P Global, Inc.		3,434		1,005,750
				7,427,991
Industrial REITs-10.27%
Americold Realty Trust		17,540		536,549
Duke Realty Corp.		20,738		719,609
Prologis, Inc.		8,171		729,098
Rexford Industrial Realty, Inc.		11,734		477,808
Terreno Realty Corp.		8,810		482,964
				2,946,028
Insurance Brokers-5.88%
Arthur J. Gallagher & Co.		6,971		547,224
Brown & Brown, Inc.		14,964		537,357
Marsh & McLennan Cos., Inc.		6,183		601,791
				1,686,372
Investment Banking & Brokerage-1.72%
Houlihan Lokey, Inc.		8,301		492,913
Multi-Sector Holdings-1.51%
Cannae Holdings, Inc.(b)		13,778		434,696
Office REITs-2.19%
Alexandria Real Estate Equities, Inc.		4,001		628,517
Property & Casualty Insurance-15.79%
AMERISAFE, Inc.		6,992		445,181
Investment Abbreviations:
REIT-Real Estate Investment Trust

	Shares		Value
Property & Casualty Insurance-(continued)
Erie Indemnity Co., Class A		3,833	$	682,504
Kemper Corp.		7,278		489,227
Kinsale Capital Group, Inc.		5,426		589,372
Palomar Holdings, Inc.(b)		9,522		557,037
Progressive Corp. (The)		18,033		1,393,951
RLI Corp.		5,149		375,002
				4,532,274
Regional Banks-3.55%
First Financial Bankshares, Inc.		16,551		460,946
ServisFirst Bancshares, Inc.		15,741		559,120
				1,020,066
Specialized REITs-18.48%
American Tower Corp.		9,027		2,148,426
CoreSite Realty Corp.		5,701		690,904
Crown Castle International Corp.		4,401		701,652
Digital Realty Trust, Inc.		4,526		676,592
QTS Realty Trust, Inc., Class A		8,846		553,140
Safehold, Inc.		9,199		531,334
				5,302,048
Total Common Stocks & Other Equity Interests (Cost $26,679,560)				28,688,547
Money Market Funds-0.56%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $161,230)		161,230		161,230
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral fromsecurities on loan)-100.54% (Cost $2G6,840,790)				28,849,777
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.45%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $703,151)		703,151		703,151
TOTAL INVESTMENTS IN SECURITIES-102.99% (Cost $27,543,941)				29,552,928
OTHER ASSETS LESS LIABILITIES-(2.99)%				(858,330	)
NET ASSETS-100.00%			$	28,694,598

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Invesco DWA Financial Momentum ETF (PFI)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	126,694		$	2,224,523		$	(2,189,987	)		$	-		$	-			$	161,230		$	2,406
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			619,301			20,455,164			(21,074,465	)			-			-				-			20,243
Invesco Liquid Assets Portfolio, Institutional Class*			206,434			6,284,072			(6,490,481	)			-			(25	)			-			7,320
Invesco Private Government Fund			-			1,378,175			(675,024	)			-			-				703,151			-
Total		$	952,429		$	30,341,934		$	(30,429,957	)		$	-		$	(25	)		$	864,381		$	29,969

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43

Invesco DWA Healthcare Momentum ETF (PTH)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Biotechnology-38.14%
ACADIA Pharmaceuticals, Inc.(b)		153,239	$	7,402,976
Acceleron Pharma, Inc.(b)		60,876		5,511,104
Adverum Biotechnologies, Inc.(b)		394,693		4,677,112
Akebia Therapeutics, Inc.(b)		420,949		3,409,687
Alector, Inc.(b)		127,111		3,142,184
Amgen, Inc.		21,207		5,073,139
Applied Therapeutics, Inc.(b)		109,534		3,915,841
ChemoCentryx, Inc.(b)		140,541		7,450,078
Dicerna Pharmaceuticals, Inc.(b)		178,110		3,508,767
Eidos Therapeutics, Inc.(b)(c)		78,673		3,653,574
Emergent BioSolutions, Inc.(b)		63,439		4,691,314
Fate Therapeutics, Inc.(b)		138,854		3,801,823
Iovance Biotherapeutics, Inc.(b)		157,280		5,056,552
Moderna, Inc.(b)(c)		177,110		8,145,289
Momenta Pharmaceuticals, Inc.(b)		146,034		4,629,278
Novavax, Inc.(b)		547,486		9,925,921
Regeneron Pharmaceuticals, Inc.(b)		8,714		4,582,518
Seattle Genetics, Inc.(b)		51,019		7,001,337
Vertex Pharmaceuticals, Inc.(b)		22,621		5,682,395
				101,260,889
Health Care Equipment-9.89%
Edwards Lifesciences Corp.(b)		35,320		7,682,100
Masimo Corp.(b)		53,627		11,471,352
Penumbra, Inc.(b)		40,066		7,104,503
				26,257,955
Health Care Facilities-1.29%
Ensign Group, Inc. (The)		91,274		3,414,560
Health Care Services-5.28%
Amedisys, Inc.(b)		51,334		9,453,669
LHC Group, Inc.(b)		35,028		4,553,290
				14,006,959
Health Care Supplies-8.35%
Atrion Corp.		4,065		2,568,389
Quidel Corp.(b)		53,417		7,424,963
West Pharmaceutical Services, Inc.		64,265		12,162,794
				22,156,146
Health Care Technology-3.47%
Teladoc Health, Inc.(b)		56,033		9,222,472
Insurance Brokers-3.33%
eHealth, Inc.(b)		82,786		8,833,266

	Shares		Value
Life Sciences Tools & Services-10.31%
Bio-Rad Laboratories, Inc., Class A(b)		13,816	$	6,080,422
NeoGenomics, Inc.(b)		160,959		4,400,619
Repligen Corp.(b)		64,969		7,546,149
Thermo Fisher Scientific, Inc.		27,876		9,329,540
				27,356,730
Managed Health Care-3.19%
UnitedHealth Group, Inc.		28,986		8,477,535
Pharmaceuticals-16.78%
Arvinas, Inc.(b)		98,179		5,154,398
Axsome Therapeutics, Inc.(b)(c)		153,105		14,549,568
Eli Lilly and Co.		33,035		5,108,533
Horizon Therapeutics PLC(b)		129,834		4,679,217
Kala Pharmaceuticals, Inc.(b)(c)		359,167		3,577,303
Provention Bio, Inc.(b)		453,271		5,185,420
Zoetis, Inc.		48,665		6,292,871
				44,547,310
Total Common Stocks & Other Equity Interests (Cost $229,649,414)				265,533,822
Money Market Funds-0.10%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $272,671)		272,671		272,671
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $229,922,085)				265,806,493
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.61%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $4,282,803)		4,282,803		4,282,803
TOTAL INVESTMENTS IN SECURITIES-101.74% (Cost $234,204,888)				270,089,296
OTHER ASSETS LESS LIABILITIES-(1.74)%				(4,626,040	)
NET ASSETS-100.00%			$	265,463,256

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44

Invesco DWA Healthcare Momentum ETF (PTH)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	416,454		$	4,584,916		$	(4,728,699	)		$	-		$	-			$	272,671		$	6,913
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			4,233,037			132,890,585			(137,123,622	)			-			-				-			89,580
Invesco Liquid Assets Portfolio, Institutional Class*			1,411,017			39,492,172			(40,901,925	)			-			(1,264	)			-			33,580
Invesco Private Government Fund			-			6,611,928			(2,329,125	)			-			-				4,282,803			2
Total		$	6,060,508		$	183,579,601		$	(185,083,371	)		$	-		$	(1,264	)		$	4,555,474		$	130,075

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45

Invesco DWA Industrials Momentum ETF (PRN)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Aerospace & Defense-17.25%
Aerojet Rocketdyne Holdings, Inc.(b)		23,226	$	955,517
Axon Enterprise, Inc.(b)		21,441		1,558,975
Lockheed Martin Corp.		5,823		2,265,496
Northrop Grumman Corp.		4,731		1,564,400
Teledyne Technologies, Inc.(b)		5,101		1,661,243
TransDigm Group, Inc.		5,711		2,073,550
				10,079,181
Agricultural & Farm Machinery-2.06%
Toro Co. (The)		18,834		1,201,797
Alternative Carriers-2.30%
Bandwidth, Inc., Class A(b)(c)		16,493		1,345,169
Building Products-4.36%
A.O. Smith Corp.		40,589		1,720,162
AAON, Inc.		17,391		828,507
				2,548,669
Data Processing & Outsourced Services-5.61%
Fidelity National Information Services, Inc.		11,013		1,452,505
Fiserv, Inc.(b)		17,703		1,824,471
				3,276,976
Distributors-3.54%
Pool Corp.		9,773		2,068,553
Diversified Support Services-3.15%
Copart, Inc.(b)		22,978		1,840,768
Electrical Components & Equipment-6.19%
AMETEK, Inc.		26,115		2,190,265
Generac Holdings, Inc.(b)		14,618		1,424,378
				3,614,643
Electronic Equipment & Instruments-2.60%
Keysight Technologies, Inc.(b)		15,693		1,518,612
Environmental & Facilities Services-4.43%
Casella Waste Systems, Inc., Class A(b)		33,709		1,563,424
Tetra Tech, Inc.		13,640		1,026,819
				2,590,243
Health Care Equipment-3.38%
Danaher Corp.		12,089		1,976,068
Industrial Conglomerates-3.29%
Roper Technologies, Inc.		5,630		1,919,999
Industrial Machinery-7.55%
Graco, Inc.		30,150		1,346,499
IDEX Corp.		9,789		1,503,884
Illinois Tool Works, Inc.		9,621		1,563,413
				4,413,796
IT Consulting & Other Services-7.04%
Accenture PLC, Class A		11,257		2,084,684
Booz Allen Hamilton Holding Corp.		27,592		2,026,356
				4,111,040

	Shares		Value
Life Sciences Tools & Services-3.08%
Mettler-Toledo International, Inc.(b)		2,498	$	1,798,410
Paper Packaging-5.78%
Graphic Packaging Holding Co.		135,392		1,807,483
Packaging Corp. of America		16,221		1,567,760
				3,375,243
Research & Consulting Services-6.62%
CoStar Group, Inc.(b)		2,403		1,557,769
Exponent, Inc.		15,102		1,062,123
FTI Consulting, Inc.(b)		9,794		1,247,364
				3,867,256
Semiconductor Equipment-2.43%
ACM Research, Inc., Class A(b)(c)		35,557		1,419,791
Specialty Chemicals-3.85%
Sherwin-Williams Co. (The)		4,199		2,252,218
Trucking-5.48%
Old Dominion Freight Line, Inc.		13,062		1,897,778
Saia, Inc.(b)		14,114		1,305,827
				3,203,605
Total Common Stocks & Other Equity Interests (Cost $54,275,310)				58,422,037
Money Market Funds-0.29%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $172,342)		172,342		172,342
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.28% (Cost $54,447,652)				58,594,379
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.11%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $1,233,832)		1,233,832		1,233,832
TOTAL INVESTMENTS IN SECURITIES-102.39% (Cost $55,681,484)				59,828,211
OTHER ASSETS LESS LIABILITIES-(2.39)%				(1,397,428	)
NET ASSETS-100.00%			$	58,430,783

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46

Invesco DWA Industrials Momentum ETF (PRN)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	172,752		$	6,201,861		$	(6,202,271	)		$	-		$	-			$	172,342		$	3,780
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			2,208,499			25,089,438			(27,297,937	)			-			-				-			17,506
Invesco Liquid Assets Portfolio, Institutional Class*			736,166			7,771,773			(8,507,664	)			-			(275	)			-			6,452
Invesco Private Government Fund			-			2,464,414			(1,230,582	)			-			-				1,233,832			1
Total		$	3,117,417		$	41,527,486		$	(43,238,454	)		$	-		$	(275	)		$	1,406,174		$	27,739

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

47

Invesco DWA Technology Momentum ETF (PTF)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Alternative Carriers-1.72%
Cogent Communications Holdings, Inc.		32,252	$	2,703,685
Application Software-33.95%
Adobe, Inc.(b)		13,862		4,902,158
AppFolio, Inc., Class A(b)		35,164		3,863,117
Autodesk, Inc.(b)		20,287		3,796,306
Coupa Software, Inc.(b)		33,970		5,981,777
DocuSign, Inc.(b)		36,400		3,812,900
Everbridge, Inc.(b)		39,282		4,375,229
Five9, Inc.(b)		87,657		8,123,174
Pegasystems, Inc.		38,809		3,245,209
RingCentral, Inc., Class A(b)		29,489		6,739,121
Slack Technologies, Inc., Class A(b)(c)		111,909		2,986,851
Workiva, Inc.(b)		60,976		2,338,430
Zoom Video Communications, Inc., Class A(b)		23,497		3,176,090
				53,340,362
Communications Equipment-4.06%
Infinera Corp.(b)		494,787		3,050,362
Lumentum Holdings, Inc.(b)		41,225		3,335,515
				6,385,877
Data Processing & Outsourced Services-2.78%
Jack Henry & Associates, Inc.		26,697		4,366,294
Health Care Technology-5.41%
Simulations Plus, Inc.(c)		69,991		2,663,158
Veeva Systems, Inc., Class A(b)		30,553		5,829,512
				8,492,670
Interactive Home Entertainment-3.97%
Glu Mobile, Inc.(b)		357,671		2,789,834
Zynga, Inc., Class A(b)		456,691		3,443,450
				6,233,284
Internet Services & Infrastructure-8.16%
Limelight Networks, Inc.(b)		427,809		2,168,992
Okta, Inc.(b)		37,206		5,629,268
Twilio, Inc., Class A(b)		44,738		5,024,077
				12,822,337
IT Consulting & Other Services-7.15%
EPAM Systems, Inc.(b)		20,676		4,567,122
Leidos Holdings, Inc.		39,980		3,950,424
Unisys Corp.(b)		215,933		2,718,596
				11,236,142

	Shares		Value
Semiconductor Equipment-2.02%
Entegris, Inc.		58,425	$	3,168,388
Semiconductors-15.18%
Advanced Micro Devices, Inc.(b)		103,338		5,413,878
Inphi Corp.(b)		54,171		5,229,668
Monolithic Power Systems, Inc.		33,672		6,731,369
NVIDIA Corp.		22,138		6,470,495
				23,845,410
Systems Software-10.53%
Fortinet, Inc.(b)		34,942		3,764,651
Microsoft Corp.		23,656		4,239,392
ServiceNow, Inc.(b)		13,914		4,891,327
Zscaler, Inc.(b)		54,352		3,645,932
				16,541,302
Technology Hardware, Storage & Peripherals-5.10%
Apple, Inc.		27,274		8,013,101
Total Common Stocks & Other Equity Interests (Cost $133,832,406)				157,148,852
Money Market Funds-0.19%
InvesCo.Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $289,745)		289,745		289,745
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.22% (Cost $134,122,151)				157,438,597
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.99%
InvesCo.Private Government Fund, 0.01%(d)(f)(g) (Cost $1,553,493)		1,553,493		1,553,493
TOTAL INVESTMENTS IN SECURITIES-101.21% (Cost $135,675,644)				158,992,090
OTHER ASSETS LESS LIABILITIES-(1.21)%				(1,895,769	)
NET ASSETS-100.00%.			$	157,096,321

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48

Invesco DWA Technology Momentum ETF (PTF)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	266,670		$	2,593,074		$	(2,569,999	)		$	-		$	-			$	289,745		$	4,302
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			727,805			145,006,938			(145,734,743	)			-			-				-			90,596
Invesco Liquid Assets Portfolio, Institutional Class*			242,608			45,417,175			(45,659,316	)			-			(467	)			-			33,262
Invesco Private Government Fund			-			2,461,066			(907,573	)			-			-				1,553,493			1
Total		$	1,237,083		$	195,478,253		$	(194,871,631	)		$	-		$	(467	)		$	1,843,238		$	128,161

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

49

Invesco DWA Utilities Momentum ETF (PUI)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Electric Utilities-44.45%
Alliant Energy Corp.		61,589	$	2,990,146
American Electric Power Co., Inc.		27,614		2,295,000
Duke Energy Corp.		29,593		2,505,343
Entergy Corp.		34,191		3,265,582
Evergy, Inc.		31,779		1,856,847
Eversource Energy		37,727		3,044,569
Hawaiian Electric Industries, Inc.		26,126		1,031,193
IDACORP, Inc.		12,819		1,176,528
MGE Energy, Inc.		18,528		1,198,021
NextEra Energy, Inc.		16,074		3,715,023
NRG Energy, Inc.		61,434		2,059,882
Pinnacle West Capital Corp.		20,504		1,578,603
PNM Resources, Inc.		32,542		1,317,626
Portland General Electric Co.		28,898		1,352,137
Southern Co. (The)		60,573		3,436,306
Xcel Energy, Inc.		53,736		3,415,460
				36,238,266
Gas Utilities-8.63%
Atmos Energy Corp.		32,033		3,266,405
Chesapeake Utilities Corp.		14,382		1,263,890
ONE Gas, Inc.		17,845		1,422,425
Spire, Inc.		14,860		1,084,186
				7,036,906
Independent Power Producers & Energy Traders-1.18%
Clearway Energy, Inc., Class A		51,625		965,387
Multi-Utilities-24.33%
Ameren Corp.		29,905		2,175,589
Avista Corp.		34,829		1,499,040
CMS Energy Corp.		48,981		2,796,325
Consolidated Edison, Inc.		29,453		2,320,897
DTE Energy Co.		16,292		1,690,132
NiSource, Inc.		91,683		2,302,160
NorthWestern Corp.		18,631		1,074,822
Sempra Energy		19,356		2,397,241
WEC Energy Group, Inc.		39,502		3,576,906
				19,833,112
Oil & Gas Exploration & Production-3.65%
EQT Corp.(b)		204,084		2,977,586

	Shares		Value
Oil & Gas Storage & Transportation-2.14%
ONEOK, Inc.		58,137	$	1,740,040
Renewable Electricity-1.76%
Ormat Technologies, Inc.		23,040		1,437,926
Water Utilities-11.81%
American States Water Co.		20,318		1,612,640
American Water Works Co., Inc.		25,509		3,104,190
California Water Service Group		27,747		1,246,395
Essential Utilities, Inc.		67,741		2,830,896
SJW Group		13,971		831,694
				9,625,815
Wireless Telecommunication Services-1.93%
Shenandoah Telecommunications Co.		29,456		1,576,191
Total Common Stocks & Other Equity Interests (Cost $85,453,419)				81,431,229
Money Market Funds-0.35%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $288,419)		288,419		288,419
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.23% (Cost $85,741,838)				81,719,648
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.27%
Invesco Private Government Fund, 0.01%(c)(e)(f) (Cost $2,663,288)		2,663,288		2,663,288
TOTAL INVESTMENTS IN SECURITIES-103.50% (Cost $88,405,126)				84,382,936
OTHER ASSETS LESS LIABILITIES-(3.50)%				(2,856,948	)
NET ASSETS-100.00%			$	81,525,988

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

										Change in
	Value			Purchases			Proceeds			Unrealized			Realized			Value			Dividend
	April 30, 2019			at Cost			from Sales			Appreciation			Gain			April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	348,733		$	8,610,978		$  (8,671,292	)		$	-		$	-		$	288,419		$	4,707

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

50

Invesco DWA Utilities Momentum ETF (PUI)–(continued)

April 30, 2020

											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			Gain			April 30, 2020			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		$	-		$	10,009,918		$	(10,009,918	)		$	-		$	-		$	-		$	1,500
Invesco Liquid Assets Portfolio, Institutional Class*			-			3,336,639			(3,336,639	)			-			-			-			550
Invesco Private Government Fund			-			2,663,288			-				-			-			2,663,288			1
Total		$	348,733		$	24,620,823		$	(22,017,849	)		$	-		$	-		$	2,951,707		$	6,758

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(e)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

51

Invesco NASDAQ Internet ETF (PNQI)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Advertising-0.04%
Criteo S.A., ADR (France)(b)		22,690	$	225,311
Application Software-18.44%
2U, Inc.(b)		23,392		555,560
Adobe, Inc.(b)		123,385		43,633,871
Alarm.com Holdings, Inc.(b)		17,937		802,322
Anaplan, Inc.(b)		49,120		2,007,043
Benefitfocus, Inc.(b)		12,036		130,350
Box,Inc.,ClassA(b)		55,008		887,829
Cornerstone OnDemand, Inc.(b)		22,529		756,073
Coupa Software, Inc.(b)		23,463		4,131,600
DocuSign, Inc.(b)		65,612		6,872,857
Dropbox, Inc., Class A(b)		94,906		1,994,924
eGain Corp.(b)		11,273		93,566
Envestnet, Inc.(b)		19,449		1,215,952
Five9, Inc.(b)		22,641		2,098,142
j2 Global, Inc.		17,915		1,444,666
LivePerson, Inc.(b)		24,338		582,652
New Relic, Inc.(b)		21,783		1,169,529
Open Text Corp. (Canada)		99,545		3,777,733
Paylocity Holding Corp.(b)		19,708		2,257,157
Pluralsight, Inc., Class A(b)		38,351		630,490
PROS Holdings, Inc.(b)		15,811		543,740
salesforce.com, inc.(b)		124,882		20,224,640
SPS Commerce, Inc.(b)		12,826		711,971
SVMK, Inc.(b)		50,190		787,983
Zoom Video Communications, Inc., Class A(b)		41,099		5,555,352
				102,866,002
Automotive Retail-0.27%
Carvana Co.(b)		18,584		1,488,764
Commercial Printing-0.12%
Cimpress PLC (Ireland)(b)(c)		9,634		701,259
Data Processing & Outsourced Services-0.11%
NIC, Inc.		24,638		596,979
Education Services-0.34%
Chegg, Inc.(b)		44,811		1,915,670
Health Care Technology-0.79%
Teladoc Health, Inc.(b)		26,840		4,417,596
Interactive Home Entertainment-2.56%
NetEase, Inc., ADR (China)		26,698		9,209,742
Sea Ltd., ADR (Taiwan)(b)		90,854		5,049,665
				14,259,407
Interactive Media & Services-23.45%
Alphabet, Inc., Class C(b)		31,795		42,880,645
Autohome, Inc., ADR (China)		21,447		1,761,871
Baidu, Inc., ADR (China)(b)		101,150		10,209,070
Cars.com, Inc.(b)		24,562		127,231
Eventbrite, Inc., Class A(b)(c)		21,106		192,487
Facebook, Inc., Class A(b)		221,254		45,292,906
JOYY, Inc., ADR (China)(b)		18,853		1,149,279
Match Group, Inc.(b)(c)		26,790		2,061,759
Momo, Inc., ADR (China)		58,327		1,404,514
SINA Corp. (China)(b)		25,570		863,499
Snap, Inc., Class A(b)		425,871		7,499,588
Sogou, Inc., ADR (China)(b)(c)		34,886		124,194

	Shares		Value
Interactive Media & Services-(continued)
Sohu.com Ltd., ADR (China)(b)		14,717	$	123,476
TripAdvisor, Inc.		45,324		905,120
Twitter, Inc.(b)		286,227		8,208,990
Weibo Corp., ADR (China)(b)(c)		27,421		1,029,110
Yandex N.V., Class A (Russia)(b)		107,613		4,065,619
Yelp, Inc.(b)		26,411		590,286
Zillow Group, Inc., Class C(b)		53,053		2,332,210
				130,821,854
Internet & Direct Marketing Retail-31.55%
1-800-Flowers.com, Inc., Class A(b)		13,157		252,483
Alibaba Group Holding Ltd., ADR (China)(b)		204,732		41,493,034
Amazon.com, Inc.(b)		22,606		55,927,244
Baozun, Inc., ADR (China)(b)(c)		17,483		556,659
Booking Holdings, Inc.(b)		12,545		18,573,751
Chewy, Inc., Class A(b)		19,659		850,055
eBay, Inc.		291,324		11,603,435
Etsy, Inc.(b)		43,368		2,813,282
Expedia Group, Inc.		49,434		3,508,825
Grubhub, Inc.(b)		33,764		1,613,581
JD.com, Inc., ADR (China)(b)		339,356		14,626,244
Lands’ End, Inc.(b)(c)		11,900		101,269
MakeMyTrip Ltd. (India)(b)		22,912		338,181
MercadoLibre, Inc. (Argentina)(b)		18,189		10,613,463
Overstock.com, Inc.(b)		14,256		179,911
PetMed Express, Inc.(c)		7,418		293,530
Shutterstock, Inc.		13,053		496,014
Stamps.com, Inc.(b)		6,277		993,461
Stitch Fix, Inc., Class A(b)(c)		20,345		326,537
Trip.com Group Ltd., ADR (China)(b)		192,263		4,952,695
Vipshop Holdings Ltd., ADR (China)(b)		178,674		2,846,277
Wayfair, Inc., Class A(b)(c)		24,692		3,062,796
				176,022,727
Internet Services & Infrastructure-9.38%
Akamai Technologies, Inc.(b)		59,523		5,815,992
Brightcove, Inc.(b)		14,322		111,712
Endurance International Group Holdings, Inc.(b)		54,296		139,269
GoDaddy, Inc., Class A(b)		63,803		4,429,842
Okta, Inc.(b)		41,337		6,254,288
Shopify Inc, Class A (Canada)(b)		38,279		24,203,429
VeriSign, Inc.(b)		42,598		8,923,855
Wix.com Ltd. (Israel)(b)		18,818		2,461,583
				52,339,970
Movies & Entertainment-7.23%
iQIYI, Inc., ADR (China)(b)		109,641		1,860,608
Netflix, Inc.(b)		57,676		24,215,268
Roku, Inc.(b)		33,443		4,054,295
Spotify Technology S.A.(b)		67,439		10,221,729
				40,351,900
Real Estate Services-0.13%
Redfin Corp.(b)		34,235		723,386
Research & Consulting Services-1.56%
CoStar Group, Inc.(b)		13,406		8,690,574

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

52

Invesco NASDAQ Internet ETF (PNQI)–(continued)

April 30, 2020

	Shares		Value
Trucking-4.03%
Lyft,Inc.,Class A(b)		109,495	$	3,594,721
Uber Technologies, Inc.(b)		624,613		18,907,035
				22,501,756
Total Common Stocks & Other Equity Interests (Cost $493,512,674)				557,923,155
Money Market Funds-0.11%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $592,971)		592,971		592,971
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $494,105,645)				558,516,126
Investment Abbreviations:
ADR -American Depositary Receipt

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.71%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $9,544,481)		9,544,481	$	9,544,481
TOTAL INVESTMENTS IN SECURITIES-101.82% (Cost $503,650,126)				568,060,607
OTHER ASSETS LESS LIABILITIES-(1.82)%				(10,163,465	)
NET ASSETS-100.00%.			$	557,897,142

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	April 30, 2019			at Cost			from Sales				Appreciation			(Loss)				April 30, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	44,687		$	3,997,284		$	(3,449,000	)		$	-		$	-			$	592,971		$	2,902
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			5,209,761			139,796,221			(145,005,982	)			-			-				-			183,090
Invesco Liquid Assets Portfolio, Institutional Class*			1,736,588			40,813,949			(42,549,842	)			-			(695	)			-			66,917
Invesco Private Government Fund			-			21,969,854			(12,425,373	)			-			-				9,544,481			6
Total		$	6,991,036		$	206,577,308		$	(203,430,197	)		$	-		$	(695	)		$	10,137,452		$	252,915

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

This Fund has holdings greater than 10% of net assets in the following country:

China 16.53%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

53

Statements of Assets and Liabilities

April 30, 2020

	Invesco DWA Basic Materials Momentum ETF (PYZ)			Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)			Invesco DWA Consumer Staples Momentum ETF (PSL)			Invesco DWA Energy Momentum ETF (PXI)
Assets:
Unaffiliated investments in securities, at value(a)	$	35,624,890		$	16,655,204		$	109,416,537		$	17,488,434
Affiliated investments in securities, at value		2,439,175			1,005,511			3,984,413			1,569,289
Receivable for:
Dividends		21,801			1,240			97,365			4,269
Securities lending		2,977			507			631			1,906
Investments sold		-			-			-			1,520,725
Fund shares sold		-			-			-			-
Foreign tax reclaims		-			-			-			-
Total assets		38,088,843			17,662,462			113,498,946			20,584,623
Liabilities:
Due to custodian		-			-			-			-
Payable for:
Investments purchased.		-			-			-			-
Collateral upon return of securities loaned		2,269,357			851,641			3,678,757			1,420,063
Fund shares repurchased		-			-			-			1,519,902
Accrued unitary management fees		-			-			-			-
Accrued advisory fees		18,573			10,345			39,694			13,811
Accrued trustees’ and officer’s fees		36,310			34,177			37,880			39,853
Accrued expenses		130,896			109,601			229,978			112,116
Total liabilities		2,455,136			1,005,764			3,986,309			3,105,745
Net Assets	$	35,633,707		$	16,656,698		$	109,512,637		$	17,478,878
Net assets consist of:
Shares of beneficial interest	$	88,616,490		$	79,725,278		$	189,996,985		$	205,705,925
Distributable earnings (loss)		(52,982,783	)		(63,068,580	)		(80,484,348	)		(188,227,047	)
Net Assets	$	35,633,707		$	16,656,698		$	109,512,637		$	17,478,878
Shares outstanding (unlimited amount authorized, $0.01 par value)		750,000			400,000			1,800,000			1,150,000
Net asset value	$	47.51		$	41.64		$	60.84		$	15.20
Market price.	$	47.63		$	41.67		$	60.81		$	15.24
Unaffiliated investments in securities, at cost	$	35,805,275		$	15,329,967		$	102,766,238		$	22,094,702
Affiliated investments in securities, at cost	$	2,439,175		$	1,005,511		$	3,984,413		$	1,569,289
(a) Includes securities on loan with an aggregate value of:	$	2,139,465		$	806,539		$	3,478,075		$	1,448,041

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

54

Invesco DWA Financial Momentum ETF (PFI)				Invesco DWA Healthcare Momentum ETF (PTH)				Invesco DWA Industrials Momentum ETF (PRN)				Invesco DWA Technology Momentum ETF (PTF)				Invesco DWA Utilities Momentum ETF (PUI)				Invesco NASDAQ Internet ETF (PNQI)
	$	28,688,547			$	265,533,822			$	58,422,037			$	157,148,852			$	81,431,229			$	557,923,155
		864,381				4,555,474				1,406,174				1,843,238				2,951,707				10,137,452
		4,930				17,522				24,825				9,185				125,534				49
		2,842				10,921				631				589				-				24,423
		-				-				-				3,832,467				-				166,068,139
		-				5,024,690				-				-				-				229,867
		-				-				-				10,778				-				-
		29,560,700				275,142,429				59,853,667				162,845,109				84,508,470				734,383,085
		-				-				-				-				321				-
		-				5,025,762				-				-				-				164,744,713
		703,151				4,282,803				1,233,832				1,553,493				2,663,288				9,544,481
		-				-				-				3,831,617				-				1,943,941
		-				-				-				-				-				252,808
		19,371				77,533				33,490				61,922				33,867				-
		33,102				40,911				37,518				38,147				36,089				-
		110,478				252,164				118,044				263,609				248,917				-
		866,102				9,679,173				1,422,884				5,748,788				2,982,482				176,485,943
	$	28,694,598			$	265,463,256			$	58,430,783			$	157,096,321			$	81,525,988			$	557,897,142
	$	52,652,177			$	392,108,133			$	115,040,421			$	238,808,654			$	109,470,409			$	569,889,861
		(23,957,579	)			(126,644,877	)			(56,609,638	)			(81,712,333	)			(27,944,421	)			(11,992,719	)
	$	28,694,598			$	265,463,256			$	58,430,783			$	157,096,321			$	81,525,988			$	557,897,142
		900,000				2,700,000				950,000				2,050,000				2,700,000				3,800,000
	$	31.88			$	98.32			$	61.51			$	76.63			$	30.19			$	146.82
	$	31.86			$	98.49			$	61.72			$	76.69			$	30.29			$	146.75
	$	26,679,560			$	229,649,414			$	54,275,310			$	133,832,406			$	85,453,419			$	493,512,674
	$	864,381			$	4,555,474			$	1,406,174			$	1,843,238			$	2,951,707			$	10,137,452
	$	660,785			$	3,955,462			$	1,250,525			$	1,426,389			$	2,679,818			$	8,746,721

55

Statements of Operations

For the year ended April 30, 2020

	Invesco DWA Basic Materials Momentum ETF (PYZ)				Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)				Invesco DWA Consumer Staples Momentum ETF (PSL)				Invesco DWA Energy Momentum ETF (PXI)
Investment income:
Unaffiliated dividend income		$	1,023,662			$	272,506			$	1,963,036			$	1,050,831
Affiliated dividend income			3,191				2,593				4,499				2,678
Securities lending income			8,220				7,457				12,160				129,825
Foreign withholding tax.			-				-				-				-
Total investment income			1,035,073				282,556				1,979,695				1,183,334
Expenses:
Unitary management fees			-				-				-				-
Advisory fees			257,605				193,238				786,832				164,715
Sub-licensing fees			77,286				57,972				236,061				49,419
Accounting & administration fees			16,959				16,245				29,495				17,532
Professional fees			23,456				23,254				24,198				23,471
Custodian & transfer agent fees			3,456				2,765				5,201				1,638
Trustees’ and officer’s fees.			867				847				2,151				(236	)
Proxy fees			5,378				5,306				6,145				5,258
Other expenses			19,888				17,546				25,535				21,169
Total expenses			404,895				317,173				1,115,618				282,966
Less: Waivers			(90,722	)			(80,603	)			(165,742	)			(80,340	)
Net expenses			314,173				236,570				949,876				202,626
Net investment income (loss)			720,900				45,986				1,029,819				980,708
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(11,113,336	)			(8,220,080	)			(29,580,429	)			(20,689,049	)
Affiliated investment securities			(109	)			46				(176	)			(126	)
In-kind redemptions.			2,826,495				5,647,472				15,792,966				(388,585	)
Net realized gain (loss)			(8,286,950	)			(2,572,562	)			(13,787,639	)			(21,077,760	)
Change in net unrealized appreciation (depreciation) on investment securities			(2,497,221	)			(2,986,109	)			(11,659,638	)			(476,005	)
Net realized and unrealized gain (loss)			(10,784,171	)			(5,558,671	)			(25,447,277	)			(21,553,765	)
Net increase (decrease) in net assets resulting from operations		$	(10,063,271	)		$	(5,512,685	)		$	(24,417,458	)		$	(20,573,057	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

56

Invesco DWA Financial Momentum ETF (PFI)				Invesco DWA Healthcare Momentum ETF (PTH)				Invesco DWA Industrials Momentum ETF (PRN)				Invesco DWA Technology Momentum ETF (PTF)				Invesco DWA Utilities Momentum ETF (PUI)				Invesco NASDAQ Internet ETF (PNQI)
	$	1,024,049			$	185,770			$	999,315			$	763,658			$	4,946,615			$	1,299,946
		2,406				6,913				3,780				4,302				4,707				2,902
		29,664				195,950				48,528				145,906				123				184,647
		(1,623	)			-				-				-				-				-
		1,054,496				388,633				1,051,623				913,866				4,951,445				1,487,495
		-				-				-				-				-				3,214,787
		262,884				750,068				494,582				1,046,000				978,463				-
		48,908				225,032				50,229				313,810				293,556				-
		13,119				30,560				18,795				21,864				33,157				-
		23,096				24,834				23,737				24,166				23,970				-
		2,620				19,262				(479	)			2,745				(2,831	)			-
		1,703				1,555				1,471				2,952				3,264				-
		5,380				5,966				5,720				6,440				6,477				9,093
		16,950				32,569				19,500				21,771				19,558				-
		374,660				1,089,846				613,555				1,439,748				1,355,614				3,223,880
		(54,088	)			(184,543	)			(14,746	)			(178,584	)			(175,520	)			(297	)
		320,572				905,303				598,809				1,261,164				1,180,094				3,223,583
		733,924				(516,670	)			452,814				(347,298	)			3,771,351				(1,736,088	)
		(10,410,180	)			(16,570,287	)			(7,174,528	)			(30,680,521	)			(10,685,317	)			(39,062,974	)
		(25	)			(1,264	)			(275	)			(467	)			-				(695	)
		9,994,525				34,336,653				18,831,139				43,096,875				19,997,620				92,716,449
		(415,680	)			17,765,102				11,656,336				12,415,887				9,312,303				53,652,780
		(1,606,880	)			24,509,239				(13,483,106	)			(12,245,288	)			(15,685,336	)			(30,843,383	)
		(2,022,560	)			42,274,341				(1,826,770	)			170,599				(6,373,033	)			22,809,397
	$	(1,288,636	)		$	41,757,671			$	(1,373,956	)		$	(176,699	)		$	(2,601,682	)		$	21,073,309

57

Statements of Changes in Net Assets

For the years ended April 30, 2020 and 2019

	Invesco DWA Basic Materials Momentum ETF (PYZ)								Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
	2020				2019				2020				2019
Operations:
Net investment income (loss)		$	720,900			$	952,729			$	45,986			$	80,585
Net realized gain (loss)			(8,286,950	)			(2,625,577	)			(2,572,562	)			1,411,723
Change in net unrealized appreciation (depreciation)			(2,497,221	)			(7,328,753	)			(2,986,109	)			341,267
Net increase (decrease) in net assets resulting from operations			(10,063,271	)			(9,001,601	)			(5,512,685	)			1,833,575
Distributions to Shareholders from:
Distributable earnings			(922,655	)			(888,902	)			(44,757	)			(158,244	)
Shareholder Transactions:
Proceeds from shares sold			6,273,425				27,240,965				48,677,958				52,623,503
Value of shares repurchased			(23,171,365	)			(53,946,537	)			(57,734,457	)			(78,491,892	)
Net increase (decrease) in net assets resulting from share transactions			(16,897,940	)			(26,705,572	)			(9,056,499	)			(25,868,389	)
Net increase (decrease) in net assets			(27,883,866	)			(36,596,075	)			(14,613,941	)			(24,193,058	)
Net assets:
Beginning of year			63,517,573				100,113,648				31,270,639				55,463,697
End of year		$	35,633,707			$	63,517,573			$	16,656,698			$	31,270,639
Changes in Shares Outstanding:
Shares sold			100,000				400,000				900,000				950,000
Shares repurchased			(400,000	)			(850,000	)			(1,050,000	)			(1,500,000	)
Shares outstanding, beginning of year			1,050,000				1,500,000				550,000				1,100,000
Shares outstanding, end of year			750,000				1,050,000				400,000				550,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

58

Invesco DWA Consumer Staples Momentum ETF (PSL)								Invesco DWA Energy Momentum ETF (PXI)								Invesco DWA Financial Momentum ETF (PFI)								Invesco DWA Healthcare Momentum ETF (PTH)
2020				2019				2020				2019				2020				2019				2020				2019
	$	1,029,819			$	960,078			$	980,708			$	625,338			$	733,924			$	472,205			$	(516,670	)		$	(936,116	)
		(13,787,639	)			(54,146	)			(21,077,760	)			(4,349,965	)			(415,680	)			2,242,954				17,765,102				(11,160,441	)
		(11,659,638	)			7,172,036				(476,005	)			(18,412,376	)			(1,606,880	)			(3,476,945	)			24,509,239				(10,003,951	)
		(24,417,458	)			8,077,968				(20,573,057	)			(22,137,003	)			(1,288,636	)			(761,786	)			41,757,671				(22,100,508	)
		(1,105,634	)			(896,392	)			(1,050,173	)			(813,322	)			(892,090	)			(535,745	)			-				-
		108,258,688				184,250,972				3,286,289				109,650,071				108,423,505				17,180,080				234,444,240				366,642,626
		(147,623,607	)			(108,009,337	)			(15,310,870	)			(124,310,912	)			(102,409,410	)			(61,351,116	)			(174,089,839	)			(336,483,387	)
		(39,364,919	)			76,241,635				(12,024,581	)			(14,660,841	)			6,014,095				(44,171,036	)			60,354,401				30,159,239
		(64,888,011	)			83,423,211				(33,647,811	)			(37,611,166	)			3,833,369				(45,468,567	)			102,112,072				8,058,731
		174,400,648				90,977,437				51,126,689				88,737,855				24,861,229				70,329,796				163,351,184				155,292,453
	$	109,512,637			$	174,400,648			$	17,478,878			$	51,126,689			$	28,694,598			$	24,861,229			$	265,463,256			$	163,351,184
		1,500,000				2,600,000				150,000				2,550,000				2,950,000				500,000				2,600,000				4,100,000
		(2,100,000	)			(1,550,000	)			(600,000	)			(3,050,000	)			(2,750,000	)			(1,800,000	)			(2,000,000	)			(4,000,000	)
		2,400,000				1,350,000				1,600,000				2,100,000				700,000				2,000,000				2,100,000				2,000,000
		1,800,000				2,400,000				1,150,000				1,600,000				900,000				700,000				2,700,000				2,100,000

59

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2020 and 2019

	Invesco DWA Industrials Momentum ETF (PRN)								Invesco DWA Technology Momentum ETF (PTF)
	2020				2019				2020				2019
Operations:
Net investment income (loss)		$	452,814			$	301,854			$	(347,298	)		$	(206,032	)
Net realized gain.			11,656,336				295,631				12,415,887				16,289,164
Change in net unrealized appreciation (depreciation)			(13,483,106	)			7,878,282				(12,245,288	)			15,847,728
Net increase (decrease) in net assets resulting from operations			(1,373,956	)			8,475,767				(176,699	)			31,930,860
Distributions to Shareholders from:
Distributable earnings			(450,794	)			(271,559	)			-				(94,036	)
Shareholder Transactions:
Proceeds from shares sold			73,067,101				70,906,996				287,657,581				155,387,556
Value of shares repurchased			(114,650,691	)			(84,325,128	)			(306,350,144	)			(129,255,146	)
Net increase (decrease) in net assets resulting from share transactions			(41,583,590	)			(13,418,132	)			(18,692,563	)			26,132,410
Net increase (decrease) in net assets			(43,408,340	)			(5,213,924	)			(18,869,262	)			57,969,234
Net assets:
Beginning of year			101,839,123				107,053,047				175,965,583				117,996,349
End of year		$	58,430,783			$	101,839,123			$	157,096,321			$	175,965,583
Changes in Shares Outstanding:
Shares sold			1,100,000				1,150,000				3,850,000				2,400,000
Shares repurchased			(1,750,000	)			(1,400,000	)			(4,250,000	)			(2,050,000	)
Shares outstanding, beginning of year			1,600,000				1,850,000				2,450,000				2,100,000
Shares outstanding, end of year.			950,000				1,600,000				2,050,000				2,450,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

60

Invesco DWA Utilities Momentum ETF (PUI)								Invesco NASDAQ Internet ETF (PNQI)
2020				2019				2020				2019
	$	3,771,351			$	2,156,924			$	(1,736,088	)		$	(2,031,013	)
		9,312,303				6,490,296				53,652,780				58,622,369
		(15,685,336	)			10,841,628				(30,843,383	)			(8,326,753	)
		(2,601,682	)			19,488,848				21,073,309				48,264,603
		(4,368,979	)			(1,488,891	)			-				-
		152,889,051				224,199,894				182,722,725				148,587,172
		(288,029,196	)			(63,293,016	)			(244,130,466	)			(199,155,415	)
		(135,140,145	)			160,906,878				(61,407,741	)			(50,568,243	)
		(142,110,806	)			178,906,835				(40,334,432	)			(2,303,640	)
		223,636,794				44,729,959				598,231,574				600,535,214
	$	81,525,988			$	223,636,794			$	557,897,142			$	598,231,574
		4,550,000				7,350,000				1,300,000				1,100,000
		(8,800,000	)			(2,050,000	)			(1,700,000	)			(1,550,000	)
		6,950,000				1,650,000				4,200,000				4,650,000
		2,700,000				6,950,000				3,800,000				4,200,000

61

Financial Highlights

Invesco DWA Basic Materials Momentum ETF (PYZ)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	60.49		$	66.74		$	61.38		$	54.35		$	53.85
Net investment income(a)		0.79			0.72			0.49			0.46			0.58
Net realized and unrealized gain (loss) on investments		(12.77	)		(6.30	)		5.27			7.14			0.59
Total from investment operations.		(11.98	)		(5.58	)		5.76			7.60			1.17
Distributions to shareholders from:
Net investment income		(1.00	)		(0.67	)		(0.40	)		(0.57	)		(0.67	)
Net asset value at end of year	$	47.51		$	60.49		$	66.74		$	61.38		$	54.35
Market price at end of year(b)	$	47.63		$	60.48		$	66.79		$	61.38		$	54.38
Net Asset Value Total Return(c)		(19.95	)%		(8.36	)%		9.40	%		14.04	%		2.32	%
Market Price Total Return(c)		(19.74	)%		(8.46	)%		9.48	%		13.98	%		2.47	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	35,634		$	63,518		$	100,114		$	101,269		$	168,497
Ratio to average net assets of:
Expenses, after Waivers		0.61	%(d)		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers.		0.79	%(d)		0.76	%		0.76	%		0.69	%		0.69	%
Net investment income		1.40	%(d)		1.12	%		0.75	%		0.79	%		1.17	%
Portfolio turnover rate(e)		90	%		89	%		75	%		132	%		96	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	56.86		$	50.42		$	44.36		$	42.26		$	45.93
Net investment income(a)		0.06			0.08			0.25			0.15			0.17
Net realized and unrealized gain (loss) on investments.		(15.17	)		6.53			6.03			2.30			(3.71	)
Total from investment operations		(15.11	)		6.61			6.28			2.45			(3.54	)
Distributions to shareholders from:
Net investment income		(0.11	)		(0.17	)		(0.22	)		(0.35	)		(0.13	)
Net asset value at end of year	$	41.64		$	56.86		$	50.42		$	44.36		$	42.26
Market price at end of year(b)	$	41.67		$	56.87		$	50.48		$	44.37		$	42.25
Net Asset Value Total Return(c)		(26.51	)%		13.15	%		14.20	%		5.85	%		(7.73	)%
Market Price Total Return(c)		(26.47	)%		13.03	%		14.31	%		5.90	%		(7.76	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	16,657		$	31,271		$	55,464		$	28,837		$	92,964
Ratio to average net assets of:
Expenses, after Waivers		0.61	%(d)		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.82	%(d)		0.80	%		0.90	%		0.86	%		0.71	%
Net investment income		0.12	%(d)		0.15	%		0.52	%		0.35	%		0.39	%
Portfolio turnover rate(e)		176	%		136	%		185	%		117	%		139	%

^(a) Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

62

Financial Highlights–(continued)

Invesco DWA Consumer Staples Momentum ETF (PSL)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	72.67		$	67.39		$	59.38		$	56.05		$	51.43
Net investment income(a)		0.46			0.45			0.41			0.76			0.43
Net realized and unrealized gain (loss) on investments		(11.78	)		5.25			7.90			3.69			4.54
Total from investment operations.		(11.32	)		5.70			8.31			4.45			4.97
Distributions to shareholders from:
Net investment income		(0.51	)		(0.42	)		(0.30	)		(1.12	)		(0.35	)
Net asset value at end of year	$	60.84		$	72.67		$	67.39		$	59.38		$	56.05
Market price at end of year(b)	$	60.81		$	72.65		$	67.61		$	59.38		$	56.05
Net Asset Value Total Return(c)		(15.61	)%		8.50	%		14.03	%		8.12	%		9.67	%
Market Price Total Return(c)		(15.63	)%		8.12	%		14.40	%		8.12	%		9.67	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	109,513		$	174,401		$	90,977		$	77,191		$	297,070
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers.		0.71	%		0.71	%		0.79	%		0.71	%		0.69	%
Net investment income		0.65	%		0.64	%		0.65	%		1.33	%		0.76	%
Portfolio turnover rate(d)		119	%		118	%		80	%		106	%		113	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

63

Financial Highlights–(continued)

Invesco DWA Energy Momentum ETF (PXI)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year.	$	31.95		$	42.26		$	36.36		$	37.97		$	49.51
Net investment income(a)		0.74	(b)		0.28			0.41			0 .14			0.51
Net realized and unrealized gain (loss) on investments		(16.70	)		(10.24	)		5.80			(1.50	)		(11.39	)
Total from investment operations		(15.96	)		(9.96	)		6.21			(1.36	)		(10.88	)
Distributions to shareholders from:
Net investment income.		(0.79	)		(0.35	)		(0.31	)		(0.19	)		(0.66	)
Return of capital		-			-			-			(0.06	)		-
Total distributions		(0.79	)		(0.35	)		(0.31	)		(0.25	)		(0.66	)
Net asset value at end of year	$	15.20		$	31.95		$	42.26		$	36.36		$	37.97
Market price at end of year(c)	$	15.24		$	31.95		$	42.32		$	36.35		$	37.95
Net Asset Value Total Return(d)		(50.75	)%		(23.63	)%		17.28	%		(3.62	)%		(22.01	)%
Market Price Total Return(d)		(50.62	)%		(23.74	)%		17.47	%		(3.60	)%		(22.05	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	17,479		$	51,127		$	88,738		$	112,731		$	125,286
Ratio to average net assets of:
Expenses, after Waivers		0.62	%(e)		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.86	%(e)		0.75	%		0.78	%		0.72	%		0.76	%
Net investment income.		2.98	%(b)(e)		0.72	%		1.15	%		0.34	%		1.32	%
Portfolio turnover rate(f)		92	%		113	%		95	%		116	%		119	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.58 and 2.35%, respectively.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

64

Financial Highlights–(continued)

Invesco DWA Financial Momentum ETF (PFI)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	35.52		$	35.16		$	30.66		$	29.42		$	30.76
Net investment income(a)		0.52			0.41			0.35			0.47			0.42
Net realized and unrealized gain (loss) on investments		(3.54	)		0.39			4.44			1.43			(1.37	)
Total from investment operations		(3.02	)		0.80			4.79			1.90			(0.95	)
Distributions to shareholders from:
Net investment income		(0.62	)		(0.44	)		(0.29	)		(0.66	)		(0.39	)
Net asset value at end of year	$	31.88		$	35.52		$	35.16		$	30.66		$	29.42
Market price at end of year(b)	$	31.86		$	35.49		$	35.22		$	30.64		$	29.43
Net Asset Value Total Return(c)		(8.33	)%		2.44	%		15.64	%		6.51	%		(3.11	)%
Market Price Total Return(c)		(8.31	)%		2.18	%		15.91	%		6.41	%		(3.08	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	28,695		$	24,861		$	70,330		$	85,857		$	29,418
Ratio to average net assets of:
Expenses, after Waivers		0.61	%(d)		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.71	%(d)		0.79	%		0.75	%		0.77	%		0.84	%
Net investment income		1.40	%(d)		1.22	%		1.04	%		1.53	%		1.38	%
Portfolio turnover rate(e)		158	%		132	%		105	%		204	%		119	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. (d) Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco DWA Healthcare Momentum ETF (PTH)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	77.79		$	77.65		$	55.03		$	44.31		$	57.68
Net investment income (loss)(a)		(0.30	)		(0.33	)		(0.21	)		(0.19	)		(0.27	)
Net realized and unrealized gain (loss) on investments		20.83			0.47			22.83			10.91			(13.10	)
Total from investment operations.		20.53			0.14			22.62			10.72			(13.37	)
Net asset value at end of year	$	98.32		$	77.79		$	77.65		$	55.03		$	44.31
Market price at end of year(b)	$	98.49		$	77.69		$	77.80		$	55.02		$	44.28
Net Asset Value Total Return(c)		26.39	%		0.18	%		41.11	%		24.19	%		(23.18	)%
Market Price Total Return(c)		26.78	%		(0.15	)%		41.40	%		24.26	%		(23.18	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	265,463		$	163,351		$	155,292		$	63,279		$	75,332
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers.		0.73	%		0.69	%		0.73	%		0.78	%		0.70	%
Net investment income (loss)		(0.34	)%		(0.39	)%		(0.31	)%		(0.39	)%		(0.48	)%
Portfolio turnover rate(d)		175	%		166	%		130	%		175	%		200	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

65

Financial Highlights–(continued)

Invesco DWA Industrials Momentum ETF (PRN)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	63.65		$	57.87		$	52.27		$	45.13		$	46.84
Net investment income(a)		0.30			0.17			0.23			0.29			0.22
Net realized and unrealized gain (loss) on investments		(2.16	)		5.76			5.73			7.14			(1.73	)
Total from investment operations.		(1.86	)		5.93			5.96			7.43			(1.51	)
Distributions to shareholders from:
Net investment income		(0.28	)		(0.15	)		(0.23	)		(0.29	)		(0.20	)
Return of capital		-			-			(0.13	)		-			-
Total distributions		(0.28	)		(0.15	)		(0.36	)		(0.29	)		(0.20	)
Net asset value at end of year	$	61.51		$	63.65		$	57.87		$	52.27		$	45.13
Market price at end of year(b)	$	61.72		$	63.64		$	57.91		$	52.26		$	45.13
Net Asset Value Total Return(c)		(2.95	)%		10.28	%		11.43	%		16.50	%		(3.24	)%
Market Price Total Return(c)		(2.61	)%		10.19	%		11.53	%		16.48	%		(3.26	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	58,431		$	101,839		$	107,053		$	130,669		$	42,876
Ratio to average net assets of:
Expenses, after Waivers		0.61	%(d)		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers.		0.62	%(d)		0.64	%		0.64	%		0.65	%		0.65	%
Net investment income		0.46	%(d)		0.29	%		0.39	%		0.59	%		0.48	%
Portfolio turnover rate(e)		111	%		104	%		106	%		122	%		122	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

66

Financial Highlights–(continued)

Invesco DWA Technology Momentum ETF (PTF)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	71.82		$	56.19		$	45.25		$	36.16		$	40.37
Net investment income (loss)(a)		(0.12	)		(0.09	)		0.04			0.07			(0.01	)
Net realized and unrealized gain (loss) on investments		4.93			15.76			10.92			9.12			(4.20	)
Total from investment operations		4.81			15.67			10.96			9.19			(4.21	)
Distributions to shareholders from:
Net investment income		-			(0.04	)		(0.02	)		(0.05	)		-
Return of capital.		-			-			-			(0.05	)		-
Total distributions.		-			(0.04	)		(0.02	)		(0.10	)		-
Net asset value at end of year	$	76.63		$	71.82		$	56.19		$	45.25		$	36.16
Market price at end of year(b)	$	76.69		$	71.91		$	56.21		$	45.22		$	36.16
Net Asset Value Total Return(c)		6.70	%		27.90	%		24.22	%		25.46	%		(10.43	)%
Market Price Total Return(c)		6.65	%		28.01	%		24.35	%		25.38	%		(10.41	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	157,096		$	175,966		$	117,996		$	131,217		$	182,623
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers		0.69	%		0.72	%		0.74	%		0.72	%		0.70	%
Net investment income (loss)		(0.17	)%		(0.15	)%		0.08	%		0.17	%		(0.03	)%
Portfolio turnover rate(d)		159	%		133	%		107	%		147	%		159	%

^(a) Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco DWA Utilities Momentum ETF (PUI)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	32.18		$	27.11		$	27.50		$	25.12		$	22.51
Net investment income(a)		0.65			0.63			0.65			0.65			0.64
Net realized and unrealized gain (loss) on investments		(1.87	)		4.98			(0.31	)		2.71			2.60
Total from investment operations.		(1.22	)		5.61			0.34			3.36			3.24
Distributions to shareholders from:
Net investment income		(0.77	)		(0.54	)		(0.73	)		(0.98	)		(0.63	)
Net asset value at end of year	$	30.19		$	32.18		$	27.11		$	27.50		$	25.12
Market price at end of year(b)	$	30.29		$	32.18		$	27.13		$	27.51		$	25.10
Net Asset Value Total Return(c)		(3.84	)%		20.98	%		1.16	%		13.65	%		14.86	%
Market Price Total Return(c)		(3.53	)%		20.89	%		1.19	%		13.78	%		14.81	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	81,526		$	223,637		$	44,730		$	137,476		$	200,953
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Expenses, prior to Waivers.		0.69	%		0.73	%		0.83	%		0.71	%		0.74	%
Net investment income		1.93	%		2.08	%		2.35	%		2.46	%		2.74	%
Portfolio turnover rate(d)		69	%		49	%		41	%		54	%		91	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco NASDAQ Internet ETF (PNQI)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	142.44		$	129.15		$	99.14		$	76.48		$	72.28
Net investment income (loss)(a)		(0.44	)		(0.44	)		(0.36	)		(0.22	)		(0.16	)
Net realized and unrealized gain on investments		4.82			13.73			30.40			22.88			4.36
Total from investment operations		4.38			13.29			30.04			22.66			4.20
Distributions to shareholders from:
Net investment income		-			-			(0.03	)		-			-
Net asset value at end of year	$	146.82		$	142.44		$	129.15		$	99.14		$	76.48
Market price at end of year(b)	$	146.75		$	142.41		$	129.29		$	99.17		$	76.44
Net Asset Value Total Return(c)		3.07	%		10.29	%		30.30	%		29.63	%		5.81	%
Market Price Total Return(c)		3.05	%		10.15	%		30.40	%		29.73	%		5.79	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	557,897		$	598,232		$	600,535		$	351,939		$	279,152
Ratio to average net assets of:
Expenses		0.60	%(d)		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income (loss)		(0.32	)%		(0.34	)%		(0.31	)%		(0.26	)%		(0.21	)%
Portfolio turnover rate(e)		41	%		20	%		20	%		14	%		27	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2020

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco DWA Basic Materials Momentum ETF (PYZ)	“DWA Basic Materials Momentum ETF”
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)	“DWA Consumer Cyclicals Momentum ETF”
Invesco DWA Consumer Staples Momentum ETF (PSL)	“DWA Consumer Staples Momentum ETF”
Invesco DWA Energy Momentum ETF (PXI)	“DWA Energy Momentum ETF”
Invesco DWA Financial Momentum ETF (PFI)	“DWA Financial Momentum ETF”
Invesco DWA Healthcare Momentum ETF (PTH)	“DWA Healthcare Momentum ETF”
Invesco DWA Industrials Momentum ETF (PRN)	“DWA Industrials Momentum ETF”
Invesco DWA Technology Momentum ETF (PTF)	“DWA Technology Momentum ETF”
Invesco DWA Utilities Momentum ETF (PUI)	“DWA Utilities Momentum ETF”
Invesco NASDAQ Internet ETF (PNQI)	“NASDAQ Internet ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
DWA Basic Materials Momentum ETF	Dorsey Wright® Basic Materials Technical Leaders Index
DWA Consumer Cyclicals Momentum ETF	Dorsey Wright® Consumer Cyclicals Technical Leaders Index
DWA Consumer Staples Momentum ETF	Dorsey Wright® Consumer Staples Technical Leaders Index
DWA Energy Momentum ETF	Dorsey Wright® Energy Technical Leaders Index
DWA Financial Momentum ETF	Dorsey Wright® Financials Technical Leaders Index
DWA Healthcare Momentum ETF	Dorsey Wright® Healthcare Technical Leaders Index
DWA Industrials Momentum ETF	Dorsey Wright® Industrials Technical Leaders Index
DWA Technology Momentum ETF	Dorsey Wright® Technology Technical Leaders Index
DWA Utilities Momentum ETF	Dorsey Wright® Utilities Technical Leaders Index
NASDAQ Internet ETF	NASDAQ Internet IndexSM

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

A.  Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed

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options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each 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 each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an

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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 each Fund and no other AP is able to step forward to create or redeem Creation Units, 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 each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. 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 each 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. 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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Market Risk. Securities in the Underlying Index 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 Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, 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 have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously 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 a Fund may suffer.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because NASDAQ Internet ETF 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which involves greater risk than customarily is associated with investing in larger, more established companies. These

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companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

C.  Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Fund may periodically participate in litigation related to each Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D.  Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E.  Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F.  Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G.  Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Each Fund (except for NASDAQ Internet ETF) is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation

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expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses.

NASDAQ Internet ETF has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expnses, acquired fund fees and expenses, if any, and other extraordinary expenses.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H.  Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I.  Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J.  Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for NASDAQ Internet ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, NASDAQ Internet ETF accrues daily and pays monthly to the Adviser, as compensation for its services, an annual unitary management fee of 0.60% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of NASDAQ Internet ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except NASDAQ Internet ETF), pursuant to which the Adviser has contractually agreed to waive

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fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except NASDAQ Internet ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2022. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees.

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

DWA Basic Materials Momentum ETF	$	90,722
DWA Consumer Cyclicals Momentum ETF		80,603
DWA Consumer Staples Momentum ETF		165,742
DWA Energy Momentum ETF		80,340
DWA Financial Momentum ETF		54,088
DWA Healthcare Momentum ETF		184,543
DWA Industrials Momentum ETF		14,746
DWA Technology Momentum ETF		178,584
DWA Utilities Momentum ETF		175,520
NASDAQ Internet ETF		297

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2020 are as follows:

	Total Potential
	Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/21		4/30/22		4/30/23
DWA Basic Materials Momentum ETF	$	382,419	$	159,542	$	132,491	$	90,386
DWA Consumer Cyclicals Momentum ETF		307,587		119,724		107,540		80,323
DWA Consumer Staples Momentum ETF		466,266		140,107		160,906		165,253
DWA Energy Momentum ETF		373,260		160,735		132,479		80,046
DWA Financial Momentum ETF		242,088		112,796		75,482		53,810
DWA Healthcare Momentum ETF		582,704		174,653		224,272		183,779
DWA Industrials Momentum ETF		105,345		51,599		39,388		14,358
DWA Technology Momentum ETF		512,441		173,020		161,341		178,080
DWA Utilities Momentum ETF		451,438		140,725		135,751		174,962

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Fund are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

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The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
DWA Basic Materials Momentum ETF	Dorsey Wright & Associates, LLC
DWA Consumer Cyclicals Momentum ETF	Dorsey Wright & Associates, LLC
DWA Consumer Staples Momentum ETF	Dorsey Wright & Associates, LLC
DWA Energy Momentum ETF	Dorsey Wright & Associates, LLC
DWA Financial Momentum ETF	Dorsey Wright & Associates, LLC
DWA Healthcare Momentum ETF	Dorsey Wright & Associates, LLC
DWA Industrials Momentum ETF	Dorsey Wright & Associates, LLC
DWA Technology Momentum ETF	Dorsey Wright & Associates, LLC
DWA Utilities Momentum ETF	Dorsey Wright & Associates, LLC
NASDAQ Internet ETF	Nasdaq, Inc.

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for NASDAQ Internet ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended April 30, 2020, the following Fund engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gains
NASDAQ Internet ETF	$	-	$	91,833	$	1,445

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent

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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
DWA Basic Materials Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	35,624,890		$	-		$	-		$	35,624,890
Money Market Funds			169,818			2,269,357			-			2,439,175
Total Investments		$	35,794,708		$	2,269,357		$	-		$	38,064,065
DWA Consumer Cyclicals Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	16,655,204		$	-		$	-		$	16,655,204
Money Market Funds			153,870			851,641			-			1,005,511
Total Investments		$	16,809,074		$	851,641		$	-		$	17,660,715
DWA Consumer Staples Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	109,416,537		$	-		$	-		$	109,416,537
Money Market Funds			305,656			3,678,757			-			3,984,413
Total Investments		$	109,722,193		$	3,678,757		$	-		$	113,400,950
DWA Energy Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	17,488,434		$	-		$	-		$	17,488,434
Money Market Funds			149,226			1,420,063			-			1,569,289
Total Investments		$	17,637,660		$	1,420,063		$	-		$	19,057,723
DWA Financial Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	28,688,547		$	-		$	-		$	28,688,547
Money Market Funds			161,230			703,151			-			864,381
Total Investments		$	28,849,777		$	703,151		$	-		$	29,552,928
DWA Healthcare Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	265,533,822		$	-		$	-		$	265,533,822
Money Market Funds			272,671			4,282,803			-			4,555,474
Total Investments		$	265,806,493		$	4,282,803		$	-		$	270,089,296
DWA Industrials Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	58,422,037		$	-		$	-		$	58,422,037
Money Market Funds			172,342			1,233,832			-			1,406,174
Total Investments		$	58,594,379		$	1,233,832		$	-		$	59,828,211
DWA Technology Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	157,148,852		$	-		$	-		$	157,148,852
Money Market Funds			289,745			1,553,493			-			1,843,238
Total Investments		$	157,438,597		$	1,553,493		$	-		$	158,992,090
DWA Utilities Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	81,431,229		$	-		$	-		$	81,431,229
Money Market Funds			288,419			2,663,288			-			2,951,707
Total Investments		$	81,719,648		$	2,663,288		$	-		$	84,382,936
NASDAQ Internet ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	557,923,155		$	-		$	-		$	557,923,155
Money Market Funds			592,971			9,544,481			-			10,137,452
Total Investments		$	558,516,126		$	9,544,481		$	-		$	568,060,607

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NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2020 and 2019:

	2020		2019
	Ordinary Income		Ordinary Income
DWA Basic Materials Momentum ETF	$	922,655	$	888,902
DWA Consumer Cyclicals Momentum ETF		44,757		158,244
DWA Consumer Staples Momentum ETF		1,105,634		896,392
DWA Energy Momentum ETF		1,050,173		813,322
DWA Financial Momentum ETF		892,090		535,745
DWA Healthcare Momentum ETF		-		-
DWA Industrials Momentum ETF		450,794		271,559
DWA Technology Momentum ETF		-		94,036
DWA Utilities Momentum ETF		4,368,979		1,488,891
NASDAQ Internet ETF		-		-

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
DWA Basic Materials Momentum ETF	$	16,543	$	(29,141	)	$	(360,800	)	$	(52,609,385	)	$	88,616,490	$	35,633,707
DWA Consumer Cyclicals Momentum ETF		-		(27,319	)		1,304,894			(64,346,155	)		79,725,278		16,656,698
DWA Consumer Staples Momentum ETF		132,080		(29,865	)		6,562,445			(87,149,008	)		189,996,985		109,512,637
DWA Energy Momentum ETF		-		(32,635	)		(4,756,544	)		(183,437,868	)		205,705,925		17,478,878
DWA Financial Momentum ETF		-		(25,984	)		2,006,142			(25,937,737	)		52,652,177		28,694,598
DWA Healthcare Momentum ETF		-		(33,083	)		35,680,383			(162,292,177	)		392,108,133		265,463,256
DWA Industrials Momentum ETF		30,519		(29,821	)		4,098,742			(60,709,078	)		115,040,421		58,430,783
DWA Technology Momentum ETF		-		(29,483	)		23,175,877			(104,858,727	)		238,808,654		157,096,321
DWA Utilities Momentum ETF		208,483		(27,719	)		(4,179,806	)		(23,945,379	)		109,470,409		81,525,988
NASDAQ Internet ETF		-		-			41,689,649			(53,682,368	)		569,889,861		557,897,142

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of April 30, 2020:

	No expiration
	Short-Term		Long-Term		Total*
DWA Basic Materials Momentum ETF	$	40,712,372	$	11,897,013	$	52,609,385
DWA Consumer Cyclicals Momentum ETF		64,126,198		219,957		64,346,155
DWA Consumer Staples Momentum ETF		81,848,846		5,300,162		87,149,008
DWA Energy Momentum ETF		158,172,894		25,264,974		183,437,868
DWA Financial Momentum ETF		25,558,167		379,570		25,937,737
DWA Healthcare Momentum ETF		162,292,177		-		162,292,177
DWA Industrials Momentum ETF		60,709,078		-		60,709,078
DWA Technology Momentum ETF		104,858,727		-		104,858,727
DWA Utilities Momentum ETF		21,507,669		2,437,710		23,945,379
NASDAQ Internet ETF		10,263,402		43,418,966		53,682,368

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

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NOTE 7–Investment Transactions

For the fiscal year ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
DWA Basic Materials Momentum ETF	$	46,359,729	$	46,602,068
DWA Consumer Cyclicals Momentum ETF		65,794,969		65,755,779
DWA Consumer Staples Momentum ETF		191,447,060		191,116,197
DWA Energy Momentum ETF		30,202,419		30,366,429
DWA Financial Momentum ETF		80,570,711		80,169,251
DWA Healthcare Momentum ETF		286,603,590		285,132,095
DWA Industrials Momentum ETF		113,760,575		111,596,700
DWA Technology Momentum ETF		346,455,742		342,706,200
DWA Utilities Momentum ETF		135,895,593		134,980,103
NASDAQ Internet ETF		221,970,852		222,535,113

For the fiscal year ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of		Value of
	Securities		Securities
	Received		Delivered
DWA Basic Materials Momentum ETF	$	6,274,500	$	23,130,063
DWA Consumer Cyclicals Momentum ETF		48,679,163		57,748,520
DWA Consumer Staples Momentum ETF		108,326,285		148,199,185
DWA Energy Momentum ETF		3,213,039		15,084,487
DWA Financial Momentum ETF		107,164,252		101,590,243
DWA Healthcare Momentum ETF		234,490,949		175,936,714
DWA Industrials Momentum ETF		73,062,483		116,739,633
DWA Technology Momentum ETF		287,798,464		310,484,764
DWA Utilities Momentum ETF		152,867,717		289,285,948
NASDAQ Internet ETF		181,877,219		244,375,947

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
DWA Basic Materials Momentum ETF	$	4,139,460	$	(4,500,260	)	$	(360,800	)	$	38,424,865
DWA Consumer Cyclicals Momentum ETF		1,743,007		(438,113	)		1,304,894			16,355,821
DWA Consumer Staples Momentum ETF		8,337,283		(1,774,838	)		6,562,445			106,838,505
DWA Energy Momentum ETF		2,854,174		(7,610,718	)		(4,756,544	)		23,814,267
DWA Financial Momentum ETF		2,567,491		(561,349	)		2,006,142			27,546,786
DWA Healthcare Momentum ETF		38,887,579		(3,207,196	)		35,680,383			234,408,913
DWA Industrials Momentum ETF		5,723,494		(1,624,752	)		4,098,742			55,729,469
DWA Technology Momentum ETF		24,630,244		(1,454,367	)		23,175,877			135,816,213
DWA Utilities Momentum ETF		3,061,977		(7,241,783	)		(4,179,806	)		88,562,742
NASDAQ Internet ETF		78,734,794		(37,045,145	)		41,689,649			526,370,958

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NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
DWA Basic Materials Momentum ETF	$	-	$	(2,649,057	)	$	2,649,057
DWA Consumer Cyclicals Momentum ETF		3,786		(5,638,871	)		5,635,085
DWA Consumer Staples Momentum ETF		-		(15,509,530	)		15,509,530
DWA Energy Momentum ETF		42,028		802,558			(844,586	)
DWA Financial Momentum ETF		47,060		(9,930,544	)		9,883,484
DWA Healthcare Momentum ETF		769,830		(34,104,537	)		33,334,707
DWA Industrials Momentum ETF		-		(18,623,920	)		18,623,920
DWA Technology Momentum ETF		477,986		(41,634,675	)		41,156,689
DWA Utilities Momentum ETF		-		(19,349,925	)		19,349,925
NASDAQ Internet ETF		2,403,718		(88,024,871	)		85,621,153

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for NASDAQ Internet ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected.

Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF, Invesco DWA Utilities Momentum ETF and Invesco NASDAQ Internet ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF, Invesco DWA Utilities Momentum ETF and Invesco NASDAQ Internet ETF (ten of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations for the year ended April 30, 2020, the statements of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020 , the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2020, and each of the financial highlights for each of the five years in the period ended April 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 29, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco NASDAQ Internet ETF), you incur advisory fees and other Fund expenses. As a shareholder of the Invesco NASDAQ Internet ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

In addition to the fees and expenses which the Invesco NASDAQ Internet ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly are included in the Portfolio total returns.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2019			April 30, 2020			Six-Month Period			Six-Month Period(1)
Invesco DWA Basic Materials Momentum ETF (PYZ)
Actual		$	1,000.00		$	822.50		0.59	%		$	2.67
Hypothetical (5% return before expenses)			1,000.00			1,021.93		0.59				2.97
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
Actual			1,000.00			777.30		0.58				2.56
Hypothetical (5% return before expenses)			1,000.00			1,021.98		0.58				2.92
Invesco DWA Consumer Staples Momentum ETF (PSL)
Actual			1,000.00			860.30		0.60				2.78
Hypothetical (5% return before expenses)			1,000.00			1,021.88		0.60				3.02

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Calculating your ongoing Fund expenses–(continued)

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2019			April 30, 2020			Six-Month Period			Six-Month Period(1)
Invesco DWA Energy Momentum ETF (PXI)
Actual		$	1,000.00		$	597.90		0.58	%		$	2.30
Hypothetical (5% return before expenses)			1,000.00			1,021.98		0.58				2.92
Invesco DWA Financial Momentum ETF (PFI)
Actual			1,000.00			854.50		0.59				2.72
Hypothetical (5% return before expenses)			1,000.00			1,021.93		0.59				2.97
Invesco DWA Healthcare Momentum ETF (PTH)
Actual			1,000.00			1,223.00		0.60				3.32
Hypothetical (5% return before expenses)			1,000.00			1,021.88		0.60				3.02
Invesco DWA Industrials Momentum ETF (PRN)
Actual			1,000.00			939.70		0.59				2.85
Hypothetical (5% return before expenses)			1,000.00			1,021.93		0.59				2.97
Invesco DWA Technology Momentum ETF (PTF)
Actual			1,000.00			1,072.10		0.60				3.09
Hypothetical (5% return before expenses)			1,000.00			1,021.88		0.60				3.02
Invesco DWA Utilities Momentum ETF (PUI)
Actual			1,000.00			883.70		0.60				2.81
Hypothetical (5% return before expenses)			1,000.00			1,021.88		0.60				3.02
Invesco NASDAQ Internet ETF (PNQI)
Actual			1,000.00			1,114.50		0.60				3.15
Hypothetical (5% return before expenses)			1,000.00			1,021.88		0.60				3.02

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

83

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2020:

	Qualified Business			Qualified Dividend			Dividends-Received
	Income*			Income*			Deduction*
Invesco DWA Basic Materials Momentum ETF		0	%		100	%		100	%
Invesco DWA Consumer Cyclicals Momentum ETF		0	%		100	%		100	%
Invesco DWA Consumer Staples Momentum ETF		0	%		100	%		100	%
Invesco DWA Energy Momentum ETF		0	%		99	%		100	%
Invesco DWA Financial Momentum ETF		29	%		71	%		75	%
Invesco DWA Healthcare Momentum ETF		0	%		0	%		0	%
Invesco DWA Industrials Momentum ETF		0	%		100	%		100	%
Invesco DWA Technology Momentum ETF		0	%		0	%		0	%
Invesco DWA Utilities Momentum ETF		0	%		100	%		100	%
Invesco NASDAQ Internet ETF		0	%		0	%		0	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

84

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	215	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	215	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

85

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	215	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

86

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	215	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

87

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	215	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	215	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

88

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	215	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

89

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	215	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	215	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

90

Trustees and Officers (continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	215	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

91

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary President and Principal Executive Officer	Since 2011 Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (May 2020-present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (June 2020-present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (June 2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

92

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

93

Approval of Investment Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 49 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco International Dividend Achievers^TM ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500^® Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each

94

Approval of Investment Advisory Contracts (continued)

applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF; Invesco S&P 100 Equal Weight ETF, Invesco S&P MidCap Quality ETF and Invesco S&P 500^® Quality ETF;

● 0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2022, as set forth below:

● 0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack Achievers^TM ETF, Invesco Cleantech^TM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF;

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF;

● 0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

● 0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

95

Approval of Investment Advisory Contracts (continued)

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500^® Quality ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF			X
Invesco DWA Basic Materials Momentum ETF			X
Invesco DWA Consumer Cyclicals Momentum ETF			X
Invesco DWA Consumer Staples Momentum ETF			X
Invesco DWA Energy Momentum ETF			X
Invesco DWA Financial Momentum ETF			X
Invesco DWA Healthcare Momentum ETF			X
Invesco DWA Industrials Momentum ETF			X
Invesco DWA Momentum ETF			X
Invesco DWA Technology Momentum ETF			X
Invesco DWA Utilities Momentum ETF			X
Invesco Dynamic Biotechnology & Genome ETF			X
Invesco Dynamic Building & Construction ETF			X
Invesco Dynamic Energy Exploration & Production ETF			X
Invesco Dynamic Food & Beverage ETF			X
Invesco Dynamic Large Cap Growth ETF			X
Invesco Dynamic Large Cap Value ETF			X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X
Invesco Dynamic Oil & Gas Services ETF		N/A	X
Invesco Dynamic Pharmaceuticals ETF			X
Invesco Dynamic Semiconductors ETF			X
Invesco Dynamic Software ETF			X

96

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco Financial Preferred ETF		N/A	X
Invesco FTSE RAFI US 1000 ETF			X
Invesco FTSE RAFI US 1500 Small-Mid ETF	X		X
Invesco Global Listed Private Equity ETF		N/A	X
Invesco Golden Dragon China ETF	X	N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF			X
Invesco International Dividend AchieversTM ETF	X		X
Invesco S&P 100 Equal Weight ETF			X
Invesco S&P 500 GARP ETF			X
Invesco S&P 500® Quality ETF	X		X
Invesco S&P 500 Value with Momentum ETF		X	X
Invesco S&P MidCap Momentum ETF	X		X
Invesco S&P MidCap Quality ETF			X
Invesco S&P MidCap Value with Momentum ETF	X	X	X
Invesco S&P SmallCap Momentum ETF			X
Invesco S&P SmallCap Value with Momentum ETF		X	X
Invesco S&P Spin-Off ETF			X
Invesco Water Resources ETF			X
Invesco WilderHill Clean Energy ETF			X
Invesco Zacks Mid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted those Funds for which sub-license fees are included in the Funds’ Expense Caps.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF			X
Invesco Buyback AchieversTM ETF			X
Invesco CleantechTM ETF			X
Invesco Dividend AchieversTM ETF		X	X
Invesco DWA Basic Materials Momentum ETF			X
Invesco DWA Consumer Cyclicals Momentum ETF			X
Invesco DWA Consumer Staples Momentum ETF			X
Invesco DWA Energy Momentum ETF			X
Invesco DWA Financial Momentum ETF			X
Invesco DWA Healthcare Momentum ETF			X
Invesco DWA Industrials Momentum ETF			X

97

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco DWA Momentum ETF		X	X
Invesco DWA Technology Momentum ETF			X
Invesco DWA Utilities Momentum ETF			X
Invesco Dynamic Biotechnology & Genome ETF			X
Invesco Dynamic Building & Construction ETF			X
Invesco Dynamic Energy Exploration & Production ETF			X
Invesco Dynamic Food & Beverage ETF			X
Invesco Dynamic Large Cap Growth ETF			X
Invesco Dynamic Large Cap Value ETF			X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X
Invesco Dynamic Oil & Gas Services ETF		N/A	X
Invesco Dynamic Pharmaceuticals ETF			X
Invesco Dynamic Semiconductors ETF			X
Invesco Dynamic Software ETF			X
Invesco Financial Preferred ETF		N/A	X
Invesco FTSE RAFI US 1000 ETF			X
Invesco FTSE RAFI US 1500 Small-Mid ETF			X
Invesco Global Listed Private Equity ETF		N/A	X
Invesco Golden Dragon China ETF		N/A	X
Invesco High Yield Equity Dividend AchieversTM ETF		X	X
Invesco International Dividend AchieversTM ETF			X
Invesco S&P 100 Equal Weight ETF			X
Invesco S&P 500 GARP ETF			X
Invesco S&P 500® Quality ETF	X	X	X
Invesco S&P 500 Value with Momentum ETF		X	X
Invesco S&P MidCap Momentum ETF	X		X
Invesco S&P MidCap Quality ETF			X
Invesco S&P MidCap Value with Momentum ETF		X	X
Invesco S&P SmallCap Momentum ETF			X
Invesco S&P SmallCap Value with Momentum ETF		X	X
Invesco S&P Spin-Off ETF			X
Invesco Water Resources ETF			X
Invesco WilderHill Clean Energy ETF			X
Invesco Zacks Mid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Leisure and Entertainment

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Approval of Investment Advisory Contracts (continued)

ETF, Invesco Dynamic Media ETF, Invesco Global Listed Private Equity ETF, Invesco S&P Spin-Off ETF, Invesco WilderHill Clean Energy ETF and Invesco Zacks Mid-Cap ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

99

Approval of Investment Advisory Contracts (continued)

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 25 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond James SB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500^® Equal Weight Communications Services ETF

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF

Invesco S&P 500^® Equal Weight Consumer Staples ETF

Invesco S&P 500^® Equal Weight Energy ETF

Invesco S&P 500^® Equal Weight ETF

Invesco S&P 500^® Equal Weight Financials ETF

Invesco S&P 500^® Equal Weight Health Care ETF

Invesco S&P 500^® Equal Weight Industrials ETF

Invesco S&P 500^® Equal Weight Materials ETF

Invesco S&P 500^® Equal Weight Real Estate ETF

Invesco S&P 500^® Equal Weight Technology ETF

Invesco S&P 500^® Equal Weight Utilities ETF

Invesco S&P 500^® Pure Growth ETF

Invesco S&P 500^® Pure Value ETF

Invesco S&P 500^® Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with

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Approval of Investment Advisory Contracts (continued)

the Adviser paying all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.35% of the Fund’s average daily net assets for each of Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF;

● 0.20% of the Fund’s average daily net assets for each of Invesco S&P 500^® Equal Weight ETF and Invesco S&P 500^® Top 50 ETF;

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF; and

● 0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median	Lower than Open-End Active Fund Peer Median
Invesco Dow Jones Industrial Average Dividend ETF	X	X	X
Invesco NASDAQ Internet ETF			X
Invesco Raymond James SB-1 Equity ETF			X
Invesco S&P 500 BuyWrite ETF	X	X	X
Invesco S&P 500® Equal Weight Communication Services ETF			X
Invesco S&P 500® Equal Weight Consumer Discretionary ETF	X		X
Invesco S&P 500® Equal Weight Consumer Staples ETF	X		X
Invesco S&P 500® Equal Weight Energy ETF	X		X
Invesco S&P 500® Equal Weight ETF	X	X	X
Invesco S&P 500® Equal Weight Financials ETF	X		X
Invesco S&P 500® Equal Weight Health Care ETF	X		X
Invesco S&P 500® Equal Weight Industrials ETF	X		X
Invesco S&P 500® Equal Weight Materials ETF	X		X
Invesco S&P 500® Equal Weight Real Estate ETF	X		X
Invesco S&P 500® Equal Weight Technology ETF	X		X
Invesco S&P 500® Equal Weight Utilities ETF	X	X	X
Invesco S&P 500® Pure Growth ETF	X	X	X
Invesco S&P 500® Pure Value ETF			X
Invesco S&P 500® Top 50 ETF	X	X	X
Invesco S&P MidCap 400® Equal Weight ETF			X
Invesco S&P MidCap 400® Pure Growth ETF			X
Invesco S&P MidCap 400® Pure Value ETF		X	X
Invesco S&P SmallCap 600® Equal Weight ETF			X
Invesco S&P SmallCap 600® Pure Growth ETF			X
Invesco S&P SmallCap 600® Pure Value ETF		X	X

101

Approval of Investment Advisory Contracts (continued)

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

102

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-3 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2020

PPA	Invesco Aerospace & Defense ETF
PZD	Invesco CleantechTM ETF
PDP	Invesco DWA Momentum ETF
PSP	Invesco Global Listed Private Equity ETF
PGJ	Invesco Golden Dragon China ETF
RYJ	Invesco Raymond James SB-1 Equity ETF
PBP	Invesco S&P 500 BuyWrite ETF
SPHQ	Invesco S&P 500® Quality ETF
CSD	Invesco S&P Spin-Off ETF
PHO	Invesco Water Resources ETF
PBW	Invesco WilderHill Clean Energy ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Liquidity Risk Management Program	29
Specialty Portfolios
Schedules of Investments
Invesco Aerospace & Defense ETF (PPA)	30
Invesco CleantechTM ETF (PZD)	32
Invesco DWA Momentum ETF (PDP)	34
Invesco Global Listed Private Equity ETF (PSP)	36
Invesco Golden Dragon China ETF (PGJ)	39
Invesco Raymond James SB-1 Equity ETF (RYJ)	41
Invesco S&P 500 BuyWrite ETF (PBP)	44
Invesco S&P 500® Quality ETF (SPHQ)	50
Invesco S&P Spin-Off ETF (CSD)	52
Invesco Water Resources ETF (PHO)	54
Invesco WilderHill Clean Energy ETF (PBW)	56
Statements of Assets and Liabilities	58
Statements of Operations	60
Statements of Changes in Net Assets	62
Financial Highlights	66
Notes to Financial Statements	75
Report of Independent Registered Public Accounting Firm	91
Fund Expenses	93
Tax Information	95
Trustees and Officers	96
Approval of Investment Advisory Contracts	105

2

The Market Environment

Domestic Equity

Although the S&P 500 Index, considered representative of the US stock market, posted modest gains for the second quarter of 2019, US equities experienced increased volatility. After four consecutive months of rising stock prices, markets sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the US Federal Reserve (the “Fed”) cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. Cyclical sectors, where company performance tends to be closely linked to macroeconomic changes in the business cycle, were the hardest hit. At the close of the fiscal year in April, US unemployment numbers continued to climb, with over 30 million Americans seeking unemployment benefits since March 2020.³ In addition, the second gross domestic product estimate for the first quarter of 2020 saw the economy shrink by 5.0%, the sharpest drop since the 2008 financial crisis.²

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

³  Source: The Associated Press

Global Equity

Global equity markets faced volatility in the second and third quarters of 2019, hampered by ongoing US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK regarding its withdrawal from the European Union increased uncertainty for the UK and eurozone economies.

Much of 2019 showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019, as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold.

Third quarter macroeconomic and geopolitical issues mostly abated during the fourth quarter, providing a favorable backdrop for global equity returns. In response to third quarter economic weakness, central banks maintained accommodative policies, with the US Federal Reserve cutting interest rates in October 2019 and the European Central Bank restarting net purchases in its asset purchase program in November. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union.

Global equity markets started 2020 well, buoyed by positive economic data and the phase one signing of the US and China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while emerging equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy. At the close of the fiscal year, despite the continuing global spread of COVID-19, April saw both equity and credit markets stage a rebound from the severe market shock witnessed in March. In this environment, global equity markets declined for the fiscal year, with developed markets outperforming emerging markets.

3

PPA	Manager’s Analysis
	Invesco Aerospace & Defense ETF (PPA)

As an index fund, the Invesco Aerospace & Defense ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the SPADE^® Defense Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, SPADE Indexes LLC (the “Index Provider”) compiles, maintains, and calculates the Index, which is composed of common stocks of companies that are engaged principally in the development, manufacture, operation and support of U.S. defense, military, homeland security and space operations. These may include, for example, companies that provide the following products or services: defense electronics, aircraft, naval vessels, missiles, spacecraft and launch vehicles, ground vehicles, communications, sensors, information technology and network centric warfare, unmanned vehicles, satellite-based services and ground-based equipment and electronics, products or services.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (11.48)%. On a net asset value (“NAV”) basis, the Fund returned (11.64)%. During the same time period, the Index returned (11.23)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Aerospace & Defense Index (the “Benchmark Index”) returned (22.29)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 30 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors due primarily to its exposure to the aerospace and defense industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that limits its constituents to companies that are involved in U.S. defense, military, homeland security and space operations, whereas the Benchmark Index includes companies that are involved in the commercial aerospace industry as well.

Relative to the Benchmark Index, the Fund was most overweight in the IT consulting & other services industry and most underweight in the aerospace & defense industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the overweight allocation to the IT consulting & other services industry.

For the fiscal year ended April 30, 2020, the IT consulting & other services industry was the only contributing industry to the Fund’s return. The aerospace & defense industry detracted most significantly from the Fund’s return, followed by the industrial conglomerates and industrial machine industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Lockheed Martin Corp., an IT consulting & other services company (portfolio average weight of 7.46%) and L3Harris Technologies Inc., an industrial conglomerates company (portfolio average weight of 5.11%). Positions that detracted most significantly from the Fund’s return during this period included Boeing Co., an aerospace & defense company (portfolio average weight of 6.45%) and Raytheon Co., an aerospace & defense company (portfolio average weight of 5.02%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Aerospace & Defense	66.11
IT Services	12.30
Industrial Conglomerates	7.30
Containers & Packaging	4.36
Construction & Engineering	3.02
Industry Types Each Less Than 3%	6.91
Money Market Funds Plus Other Assets Less Liabilities	0.00
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Raytheon Technologies Corp.	9.64
Lockheed Martin Corp.	8.12
Honeywell International, Inc.	7.30
Northrop Grumman Corp.	6.79
Boeing Co. (The)	5.93
General Dynamics Corp.	4.63
Ball Corp.	4.36
L3Harris Technologies, Inc.	4.15
TransDigm Group, Inc.	3.86
Leidos Holdings, Inc.	3.83
Total	58.61

* Excluding money market fund holdings.

4

Invesco Aerospace & Defense ETF (PPA) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
SPADE® Defense Index		(11.23	)%		8.08	%		26.24	%		10.58	%		65.36	%		13.06	%		241.22	%		11.13	%		362.56	%
S&P Composite 1500® Aerospace & Defense Index		(22.29	)		3.61			11.21			8.74			52.01			12.22			216.79			11.31			373.76
Fund
NAV Return		(11.64	)		7.49			24.21			9.94			60.65			12.36			220.84			10.44			322.52
Market Price Return		(11.48	)		7.54			24.36			10.00			61.03			12.39			221.44			10.46			323.59

Fund Inception: October 26, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.59%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

5

PZD	Manager’s Analysis
	Invesco CleantechTM ETF (PZD)

As an index fund, the Invesco Cleantech^TM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of The Cleantech Index^TM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities (including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”)) that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Cleantech Indices LLC (the “Index Provider”) identifies securities for inclusion in the Index, which is designed to track the performance of publicly traded clean technology (or “cleantech”) companies. The Index Provider considers a company to be a cleantech company when it derives at least 50% of its revenues or operating profits from cleantech businesses, which are defined as businesses that provide knowledge-based products or services that add economic value by reducing cost and raising productivity and/or product performance, while reducing the consumption of resources and the negative impact on the environment and public health. The Index focuses on companies that are leaders in the innovation and commercial deployment of cleantech products/services across a broad range of industries, including, but not limited to, clean energy, energy efficiency and transmission, clean water, advanced materials, eco-friendly agriculture and nutrition, transportation, manufacturing efficiency, recycling and pollution prevention/remediation.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (4.73)%. On a net asset value “NAV”) basis, the Fund returned (4.49)%. During the same time period, the Index returned (4.11)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace and because its performance comparison is a useful measure for investors of a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electrical equipment industry and most underweight in the IT services industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its overweight position in the machinery industry.

For the fiscal year ended April 30, 2020, the semiconductors & semiconductor equipment industry contributed most significantly to the Fund’s return, followed by the software and chemicals industries, respectively. The machinery industry was the largest detracting industry, followed by the aerospace & defense and electrical equipment industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included SolarEdge Technologies, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 2.42%), and Enphase Energy, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 30.24%). Positions that detracted most significantly from the Fund’s return during this period included Hexcel Corp., an aerospace & defense company (portfolio average weight of 2.59%) and SMA Solar Woodward, Inc., a machinery company (portfolio average weight of 2.58%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Electrical Equipment	19.79
Semiconductors & Semiconductor Equipment	14.19
Electronic Equipment, Instruments & Components	11.36
Machinery	10.07
Chemicals	6.95
Professional Services	6.49
Software	5.91
Building Products	5.34
Industrial Conglomerates	3.80
Auto Components	3.04
Industry Types Each Less Than 3%	13.10
Money Market Funds Plus Other Assets Less Liabilities	(0.04)

6

Invesco Cleantech^TM ETF (PZD) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Trimble, Inc.	3.84
Sensata Technologies Holding PLC	3.30
Enphase Energy, Inc.	3.26
Autodesk, Inc.	3.12
BorgWarner, Inc.	3.04
Schneider Electric SE	2.93
ABB Ltd.	2.90
Vestas Wind Systems A/S	2.88
Roper Technologies, Inc.	2.80
Intertek Group PLC	2.80
Total	30.87

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
The Cleantech Index™		(4.11	)%		6.19	%		19.75	%		8.43	%		49.86	%		7.12	%		98.94	%		5.49	%		105.99	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			7.95			181.16
Fund
NAV Return		(4.49	)		5.61			17.78			7.76			45.27			6.33			84.72			4.76			87.39
Market Price Return		(4.73	)		5.53			17.54			7.83			45.81			6.43			86.49			4.77			87.65

7

Invesco Cleantech^TM ETF (PZD) (continued)

Fund Inception: October 24, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.68%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

8

PDP	Manager’s Analysis
	Invesco DWA Momentum ETF (PDP)

As an index fund, the Invesco DWA Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (the “Index Provider”) compiles and maintains the Index, which is composed of approximately 100 securities from an eligible universe of approximately 1,000 securities of the largest constituents by market capitalization within the NASDAQ US Benchmark Index, a market capitalization-weighted index designed to track the performance of the U.S. equity market.

The Index Provider selects securities for the Index pursuant to a proprietary selection methodology that is designed to identify companies that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market over a set period, or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price as compared to that of a benchmark index.

The Index Provider uses a proprietary methodology to analyze the relative strength of each security within the universe of eligible securities and determine a “momentum” score. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum” style of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to a representative benchmark index.

After giving each eligible security a momentum score, the Index Provider selects approximately 100 securities with the highest momentum scores from the universe of eligible securities for inclusion in the Index. The Index Provider weights each security by its momentum score, with higher scoring securities representing a greater weight in the Index.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 3.65%. On a net asset value (“NAV”) basis, the Fund returned 3.53%. During the same time period, the Index returned 4.14%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 3000^® Growth Index (the “Benchmark Index”) returned 9.47%. The Benchmark Index

is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,696 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. growth equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the communication services sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection and underweight allocation to the consumer discretionary sector as well as its security selection and underweight allocation to the information technology sector.

For the fiscal year ended April 30, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and real estate sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Apple Inc., an information technology company (portfolio average weight of 2.68%) and RingCentral, Inc., Class A, an information technology company (portfolio average weight of 1.41%). Positions that detracted most significantly from the Fund’s return during this period included Mirati Therapeutics Inc., a health care company (no longer held at fiscal year-end) and O’Reilly Automotive, Inc., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	35.09
Industrials	17.59
Health Care	16.43
Consumer Discretionary	7.86
Real Estate	5.74
Consumer Staples	4.79
Materials	4.68
Financials	3.39
Sector Types Each Less Than 3%	4.42
Money Market Funds Plus Other Assets Less Liabilities	0.01

9

Invesco DWA Momentum ETF (PDP) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Apple, Inc.	3.04
American Tower Corp.	2.96
Mastercard, Inc., Class A	2.77
ANSYS, Inc.	2.47
West Pharmaceutical Services, Inc.	2.45
Amazon.com, Inc.	2.45
Domino’s Pizza, Inc.	2.39
Rollins, Inc.	2.29
Five9, Inc.	2.23
Ball Corp.	2.20
Total	25.25

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended - Dorsey Wright Technical Leaders Index		4.14	%		10.73	%		35.75	%		8.49	%		50.27	%		11.79	%		204.94	%		7.94	%		173.49	%
Russell 3000® Growth Index		9.47			14.88			51.63			12.76			82.28			14.10			273.83			10.49			271.92
Fund
NAV Return		3.53			10.06			33.31			7.81			45.63			11.47			196.25			7.70			165.55
Market Price Return		3.65			10.10			33.46			7.84			45.85			11.49			196.77			7.69			165.35

10

Invesco DWA Momentum ETF (PDP) (continued)

Fund Inception: March 1, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.62%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—Dorsey Wright^® Technical Leaders Index is comprised of price only returns from Fund inception through the conversion date, December 31, 2013, and total returns starting at the conversion date through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

11

PSP	Manager’s Analysis
	Invesco Global Listed Private Equity ETF (PSP)

As an index fund, the Invesco Global Listed Private Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Red Rocks Global Listed Private Equity Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities (including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”)) that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Red Rocks Capital LLC (the “Index Provider”) compiles and maintains the Index, which is composed of securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies, master limited partnerships and other vehicles that are listed on a nationally recognized exchange, all of whose principal businesses are to invest in, lend capital to, or provide services to privately held companies.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (15.92)%. On a net asset value (“NAV”) basis, the Fund returned (15.82)%. During the same time period, the Index returned (15.47)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as slippage around the reinvestment of dividends received from the underlying portfolio holdings and trading costs incurred around portfolio rebalances.

During the same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned (4.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 3,044 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the global equity markets.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the asset management & custody banks industry and most underweight in the diversified banks industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to its overweight allocation to the asset management & custody banks industry.

For the fiscal year ended April 30, 2020, the interactive media & services industry contributed most significantly to the Fund’s return, followed by the IT consulting & other services and integrated telecommunication services industries, respectively. The asset management & custody banks industry detracted most significantly from the Fund’s return, followed by the heavy electrical equipment and multi-sector holdings industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included IAC/InterActiveCorp., an interactive media & services company (portfolio average weight 4.93%) and Apollo Global Management Inc., Class A, an asset management & custody banks company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Melrose Industries PLC, a heavy electrical equipment company (portfolio average weight of 4.76%) and 3i Group PLC, an asset management & custody banks company (portfolio average weight of 5.13%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Capital Markets	55.28
Diversified Financial Services	18.02
Interactive Media & Services	5.71
Industrial Conglomerates	4.43
Electrical Equipment	3.46
Industry Types Each Less Than 3%	5.79
Money Market Funds Plus Other Assets Less Liabilities	7.31
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Partners Group Holding AG	5.88
IAC/InterActiveCorp.	5.71
3i Group PLC	5.35
KKR & Co., Inc., Class A	3.87
Blackstone Group, Inc. (The), Class A	3.81
Fosun International Ltd.	3.54
Kinnevik AB, Class B	3.50
Melrose Industries PLC	3.46
Onex Corp.	3.08
Carlyle Group, Inc. (The)	2.91
Total	41.11

* Excluding money market fund holdings.

12

Invesco Global Listed Private Equity ETF (PSP) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended - Red Rocks Global Listed Private Equity Index		(15.47	)%		(0.56	)%		(1.68	)%		2.16	%		11.27	%		7.38	%		103.87	%		0.82	%		11.70	%
MSCI All Country World Index (Net)		(4.96	)		4.46			14.00			4.37			23.82			6.94			95.65			4.69			85.75
Fund
NAV Return		(15.82	)		(1.28	)		(3.78	)		1.56			8.07			6.18			82.12			(1.09	)		(13.78	)
Market Price Return		(15.92	)		(1.34	)		(3.97	)		1.63			8.40			6.17			81.92			(1.09	)		(13.76	)

Fund Inception: October 24, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 1.80%, including acquired fund fees and expenses of 1.14%, and the net annual operating expense ratio was indicated as 1.78%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—Red Rocks Global Listed Private Equity Index is comprised of the Red Rocks Capital Listed Private Equity Index from Fund inception until September 30, 2009, followed by the performance of the Red Rocks Global Listed Private Equity Index from September 30, 2009 through April 30, 2020.

- Net returns reflect invested dividends net of withholding taxes.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

13

PGJ	Manager’s Analysis
	Invesco Golden Dragon China ETF (PGJ)

As an index fund, the Invesco Golden Dragon China ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ Golden Dragon China Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of U.S. exchange-listed companies that are headquartered or incorporated in the People’s Republic of China.

The Index is designed to seek to provide access to the unique economic opportunities taking place in China while still providing investors with the transparency offered with U.S. exchange listed securities. Securities in the Index may include common stocks, ordinary shares, American depository receipts (“ADRs”), shares of beneficial interest or limited partnership interests.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (3.83)%. On a net asset value (“NAV”) basis, the Fund returned (3.67)%. During the same time period, the Index returned (3.26)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the FTSE China 50 Index (the “Benchmark Index”) returned (7.95)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 50 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of equity exposure to Chinese companies.

The performance of the Fund differed from the Benchmark Index primarily because the Fund seeks to track an Index that has substantially different individual company components and sector weightings. Additionally, the Fund invests in Chinese companies, as defined by the Index methodology, listed on U.S. exchanges, whereas the Benchmark Index is composed of Chinese stocks listed on the Hong Kong stock exchange. A comparison to the Benchmark Index is still relevant as the Fund and Benchmark Index both represent exposure to Chinese companies.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight

allocation to and security selection in the consumer discretionary sector, as well as security selection in the industrials sector.

For the fiscal year ended April 30, 2020, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the industrials and health care sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the financials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Pinduoduo, Inc. Sponsored ADR, Class A, a consumer discretionary company (portfolio average weight of 3.80%) and JD.com, Inc. Sponsored ADR, Class A, a consumer discretionary company (portfolio average weight of 8.73%). Positions that detracted most significantly from the Fund’s return during this period included Trip.com Group Ltd. Sponsored ADR, a consumer discretionary company (portfolio average weight of 6.51%) and Baidu, Inc. Sponsored ADR, Class A, a communication services company (portfolio average weight of 7.50%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Consumer Discretionary	46.35
Communication Services	35.18
Industrials	6.01
Information Technology	5.40
Health Care	3.47
Sector Types Each Less Than 3%	3.25
Money Market Funds Plus Other Assets Less Liabilities	0.34
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
JD.com, Inc., ADR	9.08
NetEase, Inc., ADR	8.78
TAL Education Group, ADR	8.08
Alibaba Group Holding Ltd., ADR	7.91
Baidu, Inc., ADR	6.83
Pinduoduo, Inc., ADR	5.38
ZTO Express Cayman, Inc., ADR	4.77
New Oriental Education & Technology Group, Inc., ADR	4.05
Vipshop Holdings Ltd., ADR	3.93
Trip.com Group Ltd., ADR	3.44
Total	62.25

* Excluding money market fund holdings.

14

Invesco Golden Dragon China ETF (PGJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
NASDAQ Golden Dragon China Index		(3.26	)%		5.61	%		17.79	%		5.16	%		28.61	%		6.56	%		88.75	%		8.53	%		252.29	%
FTSE China 50 Index		(7.95	)		4.60			14.45			(1.62	)		(7.84	)		3.04			34.88			8.32			242.07
Fund
NAV Return		(3.67	)		5.16			16.30			4.75			26.13			6.18			82.20			8.05			229.29
Market Price Return		(3.83	)		5.13			16.18			4.76			26.19			6.17			81.96			8.02			228.08

Fund Inception: December 9, 2004

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.70%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

15

RYJ	Manager’s Analysis
	Invesco Raymond James SB-1 Equity ETF (RYJ)

As an index fund, the Invesco Raymond James SB-1 Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Raymond James SB-1 Equity Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Raymond James Research Services, LLC (the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of U.S.-listed equity securities that are rated Strong Buy 1 (“SB-1”) by an affiliate of the Index Provider (together, the affiliate and the Index Provider are referred to as “Raymond James”). SB-1 is Raymond James’ highest rating for a security and generally indicates Raymond James’ expectation that the security will achieve certain total return targets in the short-term. The Index includes equity securities of all market capitalizations, including common stocks, sponsored American depositary receipts (“ADRs”), real estate investment trusts (“REITs”), master limited partnerships (“MLPs”) and business development companies (“BDCs”) that are rated SB-1 by Raymond James. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (24.31)%. On a net asset value (“NAV”) basis, the Fund returned (24.40)%. During the same time period, the Index returned (23.79)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the S&P MidCap 400^® Index (the “Benchmark Index”) returned (14.94)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. mid-cap equity market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the materials sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection in the energy sector along with security selection in the financials sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology sector. The energy sector detracted most significantly to the Fund’s return, followed by the financials and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Chemocentryx, Inc., a health care company (portfolio average weight of 0.77%) and RingCentral, Inc., Class A, an information technology company (portfolio average weight of 0.71%). Positions that detracted most significantly from the Fund’s return during this period included Nine Energy Service, Inc., an energy company (no longer held at fiscal year-end) and Green Plains Partners LP, an energy company (portfolio average weight of 0.39%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	18.88
Industrials	16.78
Health Care	15.65
Financials	15.22
Consumer Discretionary	14.26
Energy	9.08
Real Estate	5.03
Communication Services	4.23
Materials	1.02
Money Market Funds Plus Other Assets Less Liabilities	(0.15)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Newpark Resources, Inc.	1.02
Mesa Air Group, Inc.	1.01
Kimbell Royalty Partners L.P.	0.95
Marathon Oil Corp.	0.88
Aaron’s, Inc.	0.88
Axos Financial, Inc.	0.88
Bed Bath & Beyond, Inc.	0.87
TCF Financial Corp.	0.86
Cactus, Inc., Class A	0.86
SkyWest, Inc.	0.86
Total	9.07

* Excluding money market fund holdings.

16

Invesco Raymond James SB-1 Equity ETF (RYJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized		Cumulative
Raymond James SB-1 Equity Index		(23.79	)%		(3.60	)%		(10.42	)%		0.28	%		1.39	%		7.55	%		107.07	%		N/A		N/A
S&P MidCap 400® Index		(14.94	)		(0.03	)		(0.10	)		3.58			19.20			8.86			133.72			7.30		167.10
Fund
NAV Return		(24.40	)		(4.27	)		(12.28	)		(0.42	)		(2.07	)		6.82			93.36			5.40		108.25
Market Price Return		(24.31	)		(4.22	)		(12.12	)		(0.42	)		(2.07	)		6.84			93.80			5.14		101.32

Guggenheim Raymond James SB-1 Equity ETF (the “Predecessor Fund”) Inception: May 19, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.82% includes the unitary management fee of 0.75% and acquired fund fees and expenses of 0.07%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

17

PBP	Manager’s Analysis
	Invesco S&P 500 BuyWrite ETF (PBP)

As an index fund, the Invesco S&P 500 BuyWrite ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the CBOE S&P 500 BuyWrite Index^SM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index and will write (sell) call options thereon. Strictly in accordance with its guidelines and mandated procedures, the Chicago Board Options Exchange, Incorporated (the “Index Provider”) compiles, calculates and maintains the Index, which is a total return benchmark index that is designed to track the performance of a hypothetical “buy-write” strategy on the S&P 500^® Index.

The Index is based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500^® Index “covered” call option, generally on the third Friday of each month. A “buy-write,” also called a covered call, generally is considered an investment strategy in which an investor buys a stock or basket of stocks, and sells call options that correspond to the stock or basket of stocks. In return for a premium, the Fund gives the right to the purchaser of the option written by the Fund to receive a cash payment equal to the difference between the value of the S&P 500^® Index and the exercise price, if the value on the expiration date is above the exercise price. In addition, covered call options partially hedge against a decline in the price of the securities on which they are written to the extent of the premium the Fund receives. The Fund will write options that are traded on national securities exchanges.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (13.85)%. On a net asset value (“NAV”) basis, the Fund returned (13.62)%. During the same time period, the Index returned (13.18)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a buy-write strategy on the S&P 500^® Index whereas the Benchmark Index selects and weights stocks based primarily on market capitalization and does not contain a covered call component.

The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the covered call feature of the Fund during the month of April 2020. The sale of call options during a period of rising markets, while providing benefit in the form of cash flow to the Fund, resulted in the call options being exercised, with the impact of the exercise being underperformance versus the Benchmark Index.

For the fiscal year ended April 30, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and consumer discretionary sectors, respectively. The Fund’s April 2020 covered call options detracted most significantly, followed by the financials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included the SPX 5/17/2019 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end) and the SPX 3/20/2020 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end) Positions that detracted most significantly from the Fund’s return during this period included the SPX 4/17/2020 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end) and the SPX 11/15/2019 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	26.69
Health Care	15.95
Communication Services	11.26
Financials	11.01
Consumer Discretionary	10.87
Industrials	8.23
Consumer Staples	7.66
Utilities	3.39
Energy	3.16
Real Estate	3.03
Materials	2.58
Other Assets Less Liabilities	(3.83)

18

Invesco S&P 500 BuyWrite ETF (PBP) (continued)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2020
Security
Microsoft Corp.	5.88
Apple, Inc.	5.28
Amazon.com, Inc.	4.43
Facebook, Inc., Class A	2.12
Alphabet, Inc., Class A	1.73
Alphabet, Inc., Class C	1.73
Johnson & Johnson	1.70
Berkshire Hathaway, Inc., Class B	1.58
Visa, Inc., Class A	1.32
JPMorgan Chase & Co.	1.29
Total	27.06

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
CBOE S&P 500 BuyWrite IndexSM		(13.18	)%		(1.17	)%		(3.47	)%		2.05	%		10.68	%		4.78	%		59.46	%		3.05	%		45.06	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.01			159.34
Fund
NAV Return		(13.62	)		(1.70	)		(5.02	)		1.40			7.21			4.03			48.39			2.29			32.26
Market Price Return		(13.85	)		(1.82	)		(5.36	)		1.34			6.88			3.99			47.93			2.26			31.87

19

Invesco S&P 500 BuyWrite ETF (PBP) (continued)

Fund Inception: December 20, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

20

SPHQ	Manager’s Analysis
	Invesco S&P 500® Quality ETF (SPHQ)

As an index fund, the Invesco S&P 500^® Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of a subset of securities from the S&P 500^® Index that have high “quality,” as determined by the Index Provider based on the following three fundamental measures: return on equity, accruals ratio and financial leverage ratio. Return-on-equity is calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share. Accruals ratio is computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years. Financial leverage is calculated as the company’s latest total debt divided by the company’s book value.

In selecting constituent securities for the Index, the Index Provider calculates the quality score of each security in the S&P 500^® Index and then selects the 100 stocks with the highest quality score for inclusion in the Index. The Index Provider weights each component stock of the Index by the total of its quality score multiplied by its market capitalization.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 3.03%. On a net asset value (“NAV”) basis, the Fund returned 3.03%. During the same time period, the Index returned 3.14%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that selects stocks based primarily upon quality scores as computed by the Index Provider, while the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the communication services sector during the fiscal year ended

April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and security selection in the financials sector, as well as the Fund’s overweight allocation to and security selection in the health care sector.

For the fiscal year ended April 30, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and consumer staples sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the energy and financials sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Apple Inc., an information technology company (portfolio average weight of 5.33%) and Intel Corp., an information technology company (portfolio average weight of 3.01%). Positions that detracted most significantly from the Fund’s return during this period included Cisco Systems, Inc., an information technology company (portfolio average weight of 4.12%) and Chevron Corp., an energy company (portfolio average weight of 3.18%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	36.37
Health Care	25.41
Consumer Staples	11.75
Industrials	9.55
Consumer Discretionary	7.34
Financials	4.95
Energy	3.90
Real Estate	0.69
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Apple, Inc.	5.78
Johnson & Johnson	5.67
Visa, Inc., Class A	5.23
Mastercard, Inc., Class A	5.05
Procter & Gamble Co. (The)	4.71
Intel Corp.	4.28
Cisco Systems, Inc.	3.94
Merck & Co., Inc.	3.91
Pfizer, Inc.	3.68
PepsiCo, Inc.	3.48
Total	45.73

* Excluding money market fund holdings.

21

Invesco S&P 500^® Quality ETF (SPHQ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
Blended - S&P 500® Quality Index		3.14	%		8.98	%		29.43	%		9.95	%		60.65	%		12.99	%		239.03	%		7.02	%		165.75	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.21			211.42
Fund
NAV Return		3.03			8.76			28.66			9.68			58.75			12.63			228.45			6.85			159.60
Market Price Return		3.03			8.76			28.65			9.70			58.85			12.63			228.52			6.82			158.47

Fund Inception: December 6, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.19% and the net annual operating expense ratio was indicated as 0.15%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P 500^® Quality Index is comprised of the performance of the Value Line Timeliness Select Index, the Fund’s underlying index from Fund inception through the conversion date, June 29, 2010, followed by the performance of the S&P 500^® High Quality Rankings Index, the Fund’s underlying index for the period June 29, 2010 through March 18, 2016, followed by the performance of the Index for the period March 18, 2016 through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

22

CSD	Manager’s Analysis
	Invesco S&P Spin-Off ETF (CSD)

As an index fund, the Invesco S&P Spin-Off ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P U.S. Spin-Off Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of U.S. companies that have been spun off from a parent company within the past four years. The Index is comprised of equity securities of U.S. companies added to the S&P U.S. BMI, a country sub-index of the S&P Global BMI, that have been spun off and have a float-adjusted market capitalization of at least $1 billion. The Index Provider defines a spin-off company as any company resulting from one of the following events: spin-off, carve-out or split-off.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (33.64)%. On a net asset value (“NAV”) basis, the Fund returned (33.72)%. During the same time period, the Index returned (33.30)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap^® Index (the “Benchmark Index”) returned (10.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the materials sector and most underweight in the health care sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight exposure to and security selection in the consumer discretionary sector along with its security selection in the materials sector.

For the fiscal year ended April 30, 2020, there were no sectors that contributed to the Fund’s return. The consumer discretionary

sector detracted most significantly from the Fund’s return, followed by the industrials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Carrier Global Corp., an industrials company (portfolio average weight of 0.28%) and Otis Worldwide Corp., an industrials company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return during this period included Park Hotels & Resorts, Inc., a real estate company (portfolio average weight of 3.69%) and Alcoa Corp., a materials company (portfolio average weight of 2.45%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Industrials	35.90
Materials	18.07
Consumer Discretionary	17.91
Real Estate	7.69
Consumer Staples	7.05
Information Technology	4.03
Financials	3.35
Sector Types Each Less Than 3%	5.93
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Carrier Global Corp.	8.24
Otis Worldwide Corp.	7.67
Lamb Weston Holdings, Inc.	7.05
Fortive Corp.	7.01
Dow, Inc.	7.00
Corteva, Inc.	6.67
IAA, Inc.	6.14
JBG SMITH Properties	4.78
Wyndham Hotels & Resorts, Inc.	4.28
frontdoor, Inc.	3.91
Total	62.75

* Excluding money market fund holdings.

23

Invesco S&P Spin-Off ETF (CSD) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended - S&P U.S. Spin-Off Index		(33.30	)%		(8.25	)%		(22.77	)%		(4.31	)%		(19.78	)%		6.56	%		88.86	%		4.24	%		74.22	%
Russell Midcap® Index		(10.00	)		3.46			10.75			4.81			26.48			9.83			155.41			7.01			147.40
Fund
NAV Return		(33.72	)		(8.82	)		(24.19	)		(4.79	)		(21.78	)		5.89			77.17			3.59			60.32
Market Price Return		(33.64	)		(8.81	)		(24.17	)		(4.76	)		(21.64	)		5.87			76.98			3.60			60.43

Guggenheim S&P Spin-Off ETF (the “Predecessor Fund”) Inception: December 15, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.62. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P U.S. Spin-Off Index performance is comprised of the performance of the Beacon Spin-Off Index, the Fund’s previous underlying index, prior to the conversion date, May 20, 2016, followed by the performance of the Index, starting from the conversion date through April 30, 2020.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

24

PHO	Manager’s Analysis
	Invesco Water Resources ETF (PHO)

As an index fund, the Invesco Water Resources ETF (the “Fund”) is passively managed and seeks to track the the investment results (before fees and expenses) of the NASDAQ OMX US Water Index^SM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) compiles the Index, which seeks to track the performance of U.S. exchange-listed companies that create products designed to conserve and purify water for homes, businesses and industries. The Index may include common stocks, ordinary shares, American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”), shares of beneficial interest and tracking stocks.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (0.01)%. On a net asset value (“NAV”) basis, the Fund returned (0.07)%. During the same time period, the Index returned 0.50%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the machinery industry and most underweight in the software industry during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the underweight allocation to the systems software industry and the security selection in the trading companies & distributors industry.

For the fiscal year ended April 30, 2020, the health care equipment & supplies industry contributed most significantly to the Fund’s return, followed by the electronic equipment instruments & components and commercial services & supplies industries, respectively. The trading companies & distributors

industry detracted most significantly from the Fund’s return, followed by the machinery and life science tools & services industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Danaher Corp., a health care equipment & supplies company (portfolio average weight of 8.19%) and Itron, Inc., an electronic equipment instruments & components company (portfolio average weight of 2.81%). Positions that detracted most significantly from the Fund’s return during this period included HD Supply Holdings, Inc., a trading companies & distributors company (portfolio average weight of 2.19%) and Waters Corp., a life science tools & company (portfolio average weight of 7.74%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Machinery	26.69
Water Utilities	19.93
Health Care Equipment & Supplies	9.40
Chemicals	8.91
Industrial Conglomerates	8.06
Life Sciences Tools & Services	7.97
Building Products	6.36
Electronic Equipment, Instruments & Components	4.23
Trading Companies & Distributors	3.24
Industry Types Each Less Than 3%	5.17
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Danaher Corp.	9.40
Ecolab, Inc.	8.91
American Water Works Co., Inc.	8.18
Roper Technologies, Inc.	8.06
Waters Corp.	7.97
A.O. Smith Corp.	4.45
IDEX Corp.	4.31
Essential Utilities, Inc.	4.04
Xylem, Inc.	3.86
Toro Co. (The)	3.71
Total	62.89

* Excluding money market fund holdings.

25

Invesco Water Resources ETF (PHO) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
Blended - NASDAQ OMX US Water IndexSM (Net)		0.50	%		10.00	%		33.11	%		7.67	%		44.73	%		8.05	%		116.96	%		7.47	%		182.30	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.21			211.42
Fund
NAV Return		(0.07	)		9.35			30.76			7.01			40.30			7.30			102.33			6.42			144.92
Market Price Return		(0.01	)		9.42			31.00			7.05			40.62			7.32			102.62			6.35			142.61

Fund Inception: December 6, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—NASDAQ OMX US Water Index^SM is comprised of the performance of the Palisades Water Index, from Fund inception through the conversion date, March 1, 2012, followed by the performance of the NASDAQ OMX US Water Index^SM starting at the conversion date and through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

26

PBW	Manager’s Analysis
	Invesco WilderHill Clean Energy ETF (PBW)

As an index fund, the Invesco WilderHill Clean Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill Clean Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, WilderShares (the “Index Provider”) compiles and maintains the Index, which is composed of stocks of publicly traded companies in the United States that are engaged in the business of the advancement of cleaner energy and conservation. Stocks are included in the Index based on the Index Provider’s evaluation that such companies will substantially benefit from a societal transition toward the use of cleaner energy and conservation.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 15.16%. On a net asset value (“NAV”) basis, the Fund returned 15.13%. During the same time period, the Index returned 13.59%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to income received from the securities lending program in which the Fund participates, partially offset by fees and operating expenses that the Fund incurred during the period.

During this same time period, the NASDAQ Composite Index (Price Only) (the “Benchmark Index”) returned 9.81%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,704 securities. The Benchmark Index performance is price only, and does not reflect dividends paid by the holdings in the Benchmark Index. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the equity market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductor & semiconductor equipment industry and most underweight in the interactive media & services industry during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the overweight allocation to and the security selection in the semiconductor & semiconductor equipment industry.

For the fiscal year ended April 30, 2020, the semiconductor & semiconductor equipment industry contributed most significantly to the Fund’s return, followed by the electrical equipment and automobiles industries, respectively. The chemicals industry detracted most significantly from the Fund’s return, followed by the aerospace & defense and auto components industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Enphase Energy, Inc. an electrical components & equipment company (portfolio average weight of 3.40%) and Tesla Inc., an automobiles company (portfolio average weight of 3.13%). Positions that detracted most significantly from the Fund’s return during this period included Hexcel Corp., an aerospace & defense company (portfolio average weight of 2.50%) and TPI Composites, Inc., an electrical equipment company (portfolio average weight of 2.41%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Semiconductors & Semiconductor Equipment	27.75
Electrical Equipment	19.24
Chemicals	10.33
Independent Power and Renewable Electricity Producers	9.40
Construction & Engineering	8.77
Automobiles	6.50
Machinery	4.27
Professional Services	3.10
Auto Components	3.09
Industry Types Each Less Than 3%	7.51
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Tesla, Inc.	3.51
MYR Group, Inc.	3.24
Willdan Group, Inc.	3.10
Enphase Energy, Inc.	3.08
Bloom Energy Corp., Class A	3.06
NIO, Inc., ADR	2.99
Itron, Inc.	2.93
Quanta Services, Inc.	2.89
Vivint Solar, Inc.	2.84
Livent Corp.	2.78
Total	30.42

* Excluding money market fund holdings.

27

Invesco WilderHill Clean Energy ETF (PBW) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
WilderHill Clean Energy Index		13.59	%		16.18	%		56.83	%		2.73	%		14.39	%		(3.66	)%		(31.15	)%		(5.37	)%		(56.68	)%
NASDAQ Composite Index (Price Only)		9.81			13.70			46.99			12.46			79.90			13.70			261.19			10.13			331.88
Fund
NAV Return		15.13			17.20			61.00			3.96			21.44			(2.60	)		(23.12	)		(4.47	)		(50.03	)
Market Price Return		15.16			17.23			61.11			3.98			21.52			(2.58	)		(23.00	)		(4.47	)		(49.97	)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.71% and the net annual operating expense ratio was indicated as 0.70%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay

on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Returns of the Benchmark Index are price only, and do not reflect dividends paid by the holdings in the Benchmark Index.

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

28

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

29

Invesco Aerospace & Defense ETF (PPA)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Aerospace & Defense-66.11%
AAR Corp.		67,919	$	1,329,854
Aerojet Rocketdyne Holdings, Inc.(b)		149,355		6,144,465
AeroVironment, Inc.(b)		46,751		2,817,215
Axon Enterprise, Inc.(b)		76,683		5,575,621
Boeing Co. (The)		297,837		42,000,974
BWX Technologies, Inc.		185,490		9,842,099
CAE, Inc. (Canada)		518,249		8,582,203
Cubic Corp.		60,872		2,325,919
Curtiss-Wright Corp.		83,327		8,636,844
Ducommun, Inc.(b)		22,594		638,055
Elbit Systems Ltd. (Israel)(c)		86,010		11,694,780
General Dynamics Corp.		251,196		32,811,221
HEICO Corp.		261,809		22,934,468
Hexcel Corp.		163,216		5,645,641
Huntington Ingalls Industries, Inc.		79,351		15,188,575
Kratos Defense & Security Solutions, Inc.(b)		208,190		3,127,014
L3Harris Technologies, Inc.		151,993		29,441,044
Lockheed Martin Corp.		147,888		57,537,305
Maxar Technologies, Inc.		116,946		1,474,689
Mercury Systems, Inc.(b)		105,910		9,442,936
Moog, Inc., Class A		67,736		3,351,577
Northrop Grumman Corp.		145,592		48,142,907
Parsons Corp.(b)		196,545		7,350,783
Raytheon Technologies Corp.		1,054,495		68,341,821
Teledyne Technologies, Inc.(b)		71,155		23,173,049
Textron, Inc.		443,487		11,690,317
TransDigm Group, Inc.		75,273		27,330,121
Triumph Group, Inc.		97,399		685,689
Vectrus, Inc.(b)		22,497		1,170,069
				468,427,255
Communications Equipment-0.83%
Comtech Telecommunications Corp.		47,331		876,097
ViaSat, Inc.(b)		118,220		5,012,528
				5,888,625
Construction & Engineering-3.02%
Jacobs Engineering Group, Inc.		258,740		21,410,735
Containers & Packaging-4.36%
Ball Corp.		470,609		30,867,244
Diversified Telecommunication Services-0.82%
Iridium Communications, Inc.(b)		256,994		5,783,650
Electronic Equipment, Instruments & Components-1.96%
FLIR Systems, Inc.		261,480		11,348,232
OSI Systems, Inc.(b)		35,205		2,548,138
				13,896,370

	Shares		Value
Industrial Conglomerates-7.30%
Honeywell International, Inc.		364,645	$	51,743,126
IT Services-12.30%
Booz Allen Hamilton Holding Corp.		272,621		20,021,286
CACI International, Inc., Class A(b)		48,429		12,114,030
KBR, Inc.		276,882		5,609,629
Leidos Holdings, Inc.		274,420		27,115,440
ManTech International Corp., Class A(c)		78,445		5,848,859
Perspecta, Inc.		318,427		6,868,471
Science Applications International Corp.		117,143		9,565,898
				87,143,613
Machinery-2.30%
Oshkosh Corp.		132,735		8,963,594
Woodward, Inc.		120,889		7,321,038
				16,284,632
Software-0.70%
FireEye, Inc.(b)		428,391		4,930,780
Trading Companies & Distributors-0.30%
Kaman Corp.		54,351		2,106,645
Total Common Stocks & Other Equity Interests (Cost $738,605,028)				708,482,675
Money Market Funds-0.12%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $851,218)		851,218		851,218
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $739,456,246)				709,333,893
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.20%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $8,526,942)		8,526,942		8,526,942
TOTAL INVESTMENTS IN SECURITIES-101.32% (Cost $747,983,188)				717,860,835
OTHER ASSETS LESS LIABILITIES-(1.32)%				(9,339,744	)
NET ASSETS-100.00%			$	708,521,091

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30

Invesco Aerospace & Defense ETF (PPA)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	537,146		$	31,354,481		$	(31,040,409	)		$-		$	-			$	851,218		$	18,702
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			5,459,377			36,371,229			(41,830,606	)		-			-				-			57,611
Invesco Liquid Assets Portfolio, Institutional Class*			1,819,792			11,005,891			(12,825,203	)		-			(480	)			-			20,598
Invesco Private Government Fund			-			10,602,901			(2,075,959	)		-			-				8,526,942			3
Total		$	7,816,315		$	89,334,502		$	(87,772,177	)		$-		$	(480	)		$	9,378,160		$	96,914

^*  At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31

Invesco Cleantech^TM ETF (PZD)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Aerospace & Defense-1.85%
Hexcel Corp.		119,528	$	4,134,474
Auto Components-3.04%
BorgWarner, Inc.		238,282		6,807,717
Building Products-5.34%
Johnson Controls International PLC		201,114		5,854,428
Kingspan Group PLC (Ireland)		119,874		6,105,356
				11,959,784
Chemicals-6.95%
Gurit Holding AG, BR (Switzerland)		1,257		1,786,877
Novozymes A/S, Class B (Denmark)(b)		121,323		5,942,656
PQ Group Holdings, Inc.(c)		154,818		1,814,467
Umicore S.A. (Belgium)		139,602		6,026,027
				15,570,027
Commercial Services & Supplies-2.56%
TOMRA Systems ASA (Norway)(b)		171,989		5,728,731
Communications Equipment-0.74%
Digi International, Inc.(c)		147,003		1,668,484
Construction & Engineering-0.66%
Ameresco, Inc., Class A(c)		82,334		1,486,952
Electrical Equipment-19.79%
ABB Ltd. (Switzerland)		342,368		6,500,434
EnerSys		77,408		4,519,853
Schneider Electric SE (France)(b)		71,706		6,554,913
Sensata Technologies Holding PLC(c)		203,431		7,400,820
Siemens Gamesa Renewable Energy S.A. (Spain)		384,881		5,720,570
Sunrun, Inc.(c)		185,861		2,607,630
TPI Composites, Inc.(c)		131,993		2,313,837
Vestas Wind Systems A/S (Denmark)		75,080		6,462,217
XP Power Ltd. (Singapore)		56,288		2,257,765
				44,338,039
Electronic Equipment, Instruments & Components-11.36%
Badger Meter, Inc.		58,063		3,427,459
Hollysys Automation Technologies Ltd. (China)		132,805		1,904,424
Horiba Ltd. (Japan)		69,690		3,753,817
Itron, Inc.(c)		69,731		4,868,618
Opus Group AB (Sweden)		1,200,445		822,239
Trimble, Inc.(c)		248,279		8,597,902
Vaisala OYJ, Class A (Finland)		65,673		2,086,017
				25,460,476
Equity REITs-1.73%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		138,622		3,880,030
Independent Power and Renewable Electricity Producers-2.87%
Ormat Technologies, Inc.		56,017		3,496,021
Scatec Solar ASA (Norway)(d)		200,406		2,935,626
				6,431,647

	Shares		Value
Industrial Conglomerates-3.80%
Raven Industries, Inc.		99,768	$	2,221,833
Roper Technologies, Inc.		18,426		6,283,819
				8,505,652
Life Sciences Tools & Services-2.69%
Eurofins Scientific SE (Luxembourg)		10,907		6,032,950
Machinery-10.07%
Donaldson Co., Inc.		131,652		5,770,307
Kadant, Inc.		29,561		2,485,784
Kornit Digital Ltd. (Israel)(c)		73,982		2,454,353
Lindsay Corp.		21,671		1,950,390
Woodward, Inc.		67,392		4,081,260
Xylem, Inc.		80,826		5,811,389
				22,553,483
Professional Services-6.49%
Intertek Group PLC (United Kingdom)		104,743		6,275,588
Ricardo PLC (United Kingdom)		271,681		1,333,045
SGS S.A. (Switzerland)		2,471		5,594,089
Willdan Group, Inc.(c)		53,181		1,348,670
				14,551,392
Semiconductors & Semiconductor Equipment-14.19%
Advanced Energy Industries, Inc.(c)		83,265		4,629,534
Cree, Inc.(c)		118,903		5,128,286
Enphase Energy, Inc.(b)(c)		156,050		7,307,822
Power Integrations, Inc.		42,839		4,384,572
Semtech Corp.(c)		96,608		4,370,546
SolarEdge Technologies, Inc.(c)		53,555		5,976,202
				31,796,962
Software-5.91%
ANSYS, Inc.(c)		23,879		6,252,239
Autodesk, Inc.(c)		37,324		6,984,440
				13,236,679
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $195,881,739)				224,143,479
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.04%
Invesco Private Government Fund, 0.01%(e)(f)(g) (Cost $15,784,549)		15,784,549		15,784,549
TOTAL INVESTMENTS IN SECURITIES-107.08% (Cost $211,666,288)				239,928,028
OTHER ASSETS LESS LIABILITIES-(7.08)%				(15,869,483	)
NET ASSETS-100.00%			$	224,058,545

Investment Abbreviations:

BR -Bearer Shares

REIT-Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32

Invesco Cleantech^TM ETF (PZD)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Non-income producing security.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2020 represented 1.31% of the Fund’s Net Assets.

^(e)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

^(g)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco India ETF *		$	800,368		$	254,254			$ (1,042,809	)		$	(7,198	)		$	(4,615	)		$	-		$	-
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*			74,602			7,947,756			(8,022,358	)			-				-				-			2,067
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			8,996,556			67,093,660			(76,090,216	)			-				-				-			120,919
Invesco Liquid Assets Portfolio, Institutional Class*			2,998,852			18,995,628			(21,994,106	)			-				(374	)			-			43,821
Invesco Private Government Fund			-			24,422,656			(8,638,107	)			-				-				15,784,549			7
Total		$	12,870,378		$	118,713,954		$	(115,787,596	)		$	(7,198	)		$	(4,989	)		$	15,784,549		$	166,814

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33

Invesco DWA Momentum ETF (PDP)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-1.86%
Cable One, Inc.		4,132	$	7,903,938
Charter Communications, Inc., Class A(b)		19,020		9,419,275
T-Mobile US, Inc.(b)		75,438		6,623,456
				23,946,669
Consumer Discretionary-7.86%
Amazon.com, Inc.(b)		12,791		31,644,934
Domino’s Pizza, Inc.		85,065		30,787,575
Home Depot, Inc. (The)		38,009		8,355,519
NIKE,Inc.,ClassB		246,167		21,460,839
Pool Corp.		43,592		9,226,683
				101,475,550
Consumer Staples-4.79%
Brown-Forman Corp., Class B		180,700		11,239,540
Church & Dwight Co., Inc.		328,043		22,959,730
Costco Wholesale Corp.		26,738		8,101,614
Estee Lauder Cos., Inc. (The), Class A		45,620		8,047,368
Hormel Foods Corp.		245,330		11,493,710
				61,841,962
Financials-3.39%
First Financial Bankshares, Inc.		453,315		12,624,823
Moody’s Corp.		35,544		8,669,181
MSCI, Inc.		42,571		13,920,717
S&P Global, Inc.		29,385		8,606,279
				43,821,000
Health Care-16.43%
ACADIA Pharmaceuticals, Inc.(b)		153,583		7,419,595
Acceleron Pharma, Inc.(b)		73,107		6,618,377
Amedisys, Inc.(b)		88,811		16,355,434
Becton, Dickinson and Co.		34,615		8,741,326
Chemed Corp.		17,712		7,378,288
Cooper Cos., Inc. (The)		41,534		11,907,798
Danaher Corp.		111,400		18,209,444
Edwards Lifesciences Corp.(b)		37,898		8,242,815
Haemonetics Corp.(b)		60,158		6,844,777
LHC Group, Inc.(b)		45,101		5,862,679
Masimo Corp.(b)		59,060		12,633,524
Mettler-Toledo International, Inc.(b)		20,887		15,037,387
Penumbra, Inc.(b)		42,378		7,514,467
Repligen Corp.(b)		60,080		6,978,292
Seattle Genetics, Inc.(b)		52,720		7,234,765
Teladoc Health, Inc.(b)		38,005		6,255,243
Thermo Fisher Scientific, Inc.		20,459		6,847,218
UnitedHealth Group, Inc.		29,494		8,626,110
Veeva Systems, Inc., Class A(b)		61,130		11,663,604
West Pharmaceutical Services, Inc.		167,358		31,674,175
				212,045,318
Industrials-17.59%
A.O. Smith Corp.		171,759		7,279,146
Axon Enterprise, Inc.(b)		87,600		6,369,396
Copart, Inc.(b)		282,190		22,606,241
CoStar Group, Inc.(b)		24,255		15,723,546
Equifax, Inc.		50,615		7,030,423
FTI Consulting, Inc.(b)		51,361		6,541,337
Lockheed Martin Corp.		52,178		20,300,373

	Shares		Value
Industrials-(continued)
Mercury Systems, Inc.(b)		123,357	$	10,998,510
Northrop Grumman Corp.		44,268		14,638,100
Old Dominion Freight Line, Inc.		150,086		21,805,995
Rollins, Inc.		740,313		29,612,520
Roper Technologies, Inc.		75,585		25,776,753
Teledyne Technologies, Inc.(b)		55,881		18,198,765
Toro Co. (The)		103,395		6,597,635
TransDigm Group, Inc.		37,379		13,571,567
				227,050,307
Information Technology-35.09%
Accenture PLC, Class A		37,679		6,977,774
Adobe, Inc.(b)		29,165		10,313,911
Advanced Micro Devices, Inc.(b)		162,235		8,499,492
ANSYS, Inc.(b)		121,687		31,861,307
Apple, Inc.		133,637		39,262,551
Autodesk, Inc.(b)		38,731		7,247,732
Booz Allen Hamilton Holding Corp.		103,029		7,566,450
Cadence Design Systems, Inc.(b)		207,668		16,848,105
Coupa Software, Inc.(b)		62,880		11,072,539
Entegris, Inc.		171,167		9,282,386
EPAM Systems, Inc.(b)		38,737		8,556,616
Fiserv, Inc.(b)		181,438		18,699,000
Five9, Inc.(b)		310,747		28,796,924
Fortinet, Inc.(b)		60,368		6,504,048
Global Payments, Inc.		48,901		8,118,544
Jack Henry & Associates, Inc.		55,166		9,022,399
Keysight Technologies, Inc.(b)		63,996		6,192,893
Mastercard, Inc., Class A		129,978		35,740,051
Microsoft Corp.		39,047		6,997,613
MongoDB, Inc.(b)		59,764		9,689,537
Monolithic Power Systems, Inc.		68,760		13,745,812
Motorola Solutions, Inc.		42,401		6,097,688
NVIDIA Corp.		75,265		21,998,454
Okta, Inc.(b)		65,647		9,932,391
Pegasystems, Inc.		91,755		7,672,553
Proofpoint, Inc.(b)		53,126		6,467,028
RingCentral, Inc., Class A(b)		96,615		22,079,426
salesforce.com, inc.(b)		37,407		6,058,064
ServiceNow, Inc.(b)		35,909		12,623,450
Synopsys, Inc.(b)		50,503		7,935,031
Twilio,Inc., ClassA(b)		71,697		8,051,573
Tyler Technologies, Inc.(b)		41,250		13,228,463
VeriSign, Inc.(b)		36,568		7,660,630
Visa, Inc., Class A		58,326		10,424,023
Zendesk, Inc.(b)		93,521		7,189,894
Zoom Video Communications, Inc., Class A(b)		33,809		4,569,963
				452,984,315
Materials-4.68%
Air Products and Chemicals, Inc.		35,265		7,955,079
Ball Corp.		432,309		28,355,147
Sherwin-Williams Co. (The)		44,959		24,114,659
				60,424,885
Real Estate-5.74%
American Tower Corp.		160,455		38,188,290
CoreSite Realty Corp.		62,337		7,554,621

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34

Invesco DWA Momentum ETF (PDP)–(continued)

April 30, 2020

	Shares		Value
Real Estate-(continued)
Crown Castle International Corp.		51,800	$	8,258,474
First Industrial Realty Trust, Inc.		197,781		7,470,188
SBA Communications Corp., Class A		43,565		12,630,365
				74,101,938
Utilities-2.56%
Atmos Energy Corp.		68,362		6,970,873
CMS Energy Corp.		137,472		7,848,277
Essential Utilities, Inc.		184,013		7,689,903
NextEra Energy, Inc.		45,307		10,471,354
				32,980,407
Total Common Stocks & Other Equity Interests (Cost $1,075,221,430)				1,290,672,351

	Shares		Value
Money Market Funds-0.10%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $1,285,524)		1,285,524	$	1,285,524
TOTAL INVESTMENTS IN SECURITIES-100.09% (Cost $1,076,506,954)				1,291,957,875
OTHER ASSETS LESS LIABILITIES-(0.09)%				(1,189,703	)
NET ASSETS-100.00%			$	1,290,768,172

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	973,358		$	20,498,761		$	(20,186,595	)		$	-		$	-			$	1,285,524		$	23,780
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			4,835,006			205,769,156			(210,604,162	)			-			-				-			109,750
Invesco Liquid Assets Portfolio, Institutional Class*			1,611,687			59,178,217			(60,786,355	)			-			(3,549	)			-			39,759
Total		$	7,420,051		$	285,446,134		$	(291,577,112	)		$	-		$	(3,549	)		$	1,285,524		$	173,289

* At April 30, 2020, this security was no longer held.

^(d) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35

Invesco Global Listed Private Equity ETF (PSP)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-92.69%
Capital Markets-55.28%
3i Group PLC (United Kingdom)		765,047	$	7,565,541
Alaris Royalty Corp. (Canada)		78,587		573,723
Apollo Investment Corp.(b)		82,474		726,596
Ares Capital Corp.		193,998		2,490,934
AURELIUS Equity Opportunities SE & Co. KGaA (Germany)		58,808		1,030,598
Bain Capital Specialty Finance, Inc.(c)		67,393		684,713
BlackRock Capital Investment Corp.		93,301		274,305
BlackRock TCP Capital Corp.		94,057		815,474
Blackstone Group, Inc. (The), Class A		103,203		5,391,325
Brait SE (South Africa)(c)		2,199,092		472,987
Bure Equity AB (Sweden)		66,022		1,216,721
CapMan OYJ, Class B (Finland)		304,981		615,980
Carlyle Group, Inc. (The)(b)		175,908		4,123,284
Deutsche Beteiligungs AG (Germany)		35,681		1,207,615
FS KKR Capital Corp.		326,894		1,124,515
Georgia Capital PLC (Georgia)(c)		45,637		241,770
Gimv N.V. (Belgium)		35,236		1,933,559
Gladstone Investment Corp.(b)(c)		107,941		1,199,225
Goldman Sachs BDC, Inc.(b)		43,050		690,092
Golub Capital BDC, Inc.(b)		99,927		1,025,251
Hamilton Lane, Inc., Class A		54,417		3,528,942
HBM Healthcare Investments AG, Class A (Switzerland)		7,495		1,685,142
Hercules Capital, Inc.(b)		90,820		931,813
Intermediate Capital Group PLC (United Kingdom)		250,003		3,557,051
IP Group PLC (United Kingdom)(c)		2,054,252		1,438,078
Jafco Co. Ltd. (Japan)		46,045		1,502,754
KKR & Co., Inc., Class A		217,297		5,478,057
Main Street Capital Corp.(b)		45,708		1,192,065
Merian Chrysalis Investment Co. Ltd. (Guernsey)(c)		815,660		1,000,026
New Mountain Finance Corp.		98,523		753,701
Oaktree Specialty Lending Corp.		169,009		677,726
Owl Rock Capital Corp.(b)		200,673		2,588,682
Oxford Square Capital Corp.(b)(c)		88,036		235,056
Partners Group Holding AG (Switzerland)		10,575		8,325,012
Princess Private Equity Holding Ltd. (Guernsey)(b)		105,765		1,077,353
Prospect Capital Corp.(b)		228,357		991,069
Ratos AB, Class B (Sweden)(c)		577,211		1,378,139
Schroder UK Public Private (United Kingdom)(c)		1,225,554		347,817
Solar Capital Ltd.		67,367		1,014,547
Syncona Ltd. (United Kingdom)		795,607		2,057,256
Tamburi Investment Partners S.p.A. (Italy)		195,879		1,265,823
TCG BDC, Inc.		101,456		800,488
TPG Specialty Lending, Inc.(b)		58,220		958,301
VinaCapital Vietnam Opportunity Fund Ltd. (Guernsey)		225,462		793,439
Vostok New Ventures Ltd., SDR (Sweden)(c)		179,463		1,102,443
Zeder Investments Ltd. (South Africa)		1,502,794		159,567
				78,244,555

	Shares		Value
Diversified Financial Services-18.02%
Apax Global Alpha Ltd. (Guernsey)(d)		801,344	$	1,295,814
Cannae Holdings, Inc.(c)		92,911		2,931,342
Compass Diversified Holdings		118,256		2,375,763
Eurazeo SE (France)		69,396		3,318,572
HgCapital Trust PLC (United Kingdom)		660,294		1,873,940
Kinnevik AB, Class B (Sweden)		239,765		4,958,691
NB Private Equity Partners Ltd. (Guernsey)		86,667		972,925
Onex Corp. (Canada)		94,430		4,362,021
Wendel SE (France)		39,938		3,412,039
				25,501,107
Diversified Telecommunication Services-1.67%
ATN International, Inc.		37,975		2,359,007
Electrical Equipment-3.46%
Melrose Industries PLC (United Kingdom)		3,891,744		4,898,054
Food Products-1.11%
Schouw & Co. A/S (Denmark)		21,923		1,572,447
Industrial Conglomerates-4.43%
Fosun International Ltd. (China)		3,960,071		5,016,272
Italmobiliare S.p.A. (Italy)		41,810		1,250,190
				6,266,462
Interactive Media & Services-5.71%
IAC/InterActiveCorp.(c)		36,175		8,084,389
Internet & Direct Marketing Retail-1.68%
Rocket Internet SE (Germany)(c)(d)		113,214		2,384,583
IT Services-1.33%
Digital Garage, Inc. (Japan)		51,505		1,878,426
Total Common Stocks & Other Equity Interests (Cost $149,484,740)				131,189,030
Money Market Funds-5.88%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(e)(f) (Cost $8,316,298)		8,316,298		8,316,298
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.57% (Cost $157,801,038)				139,505,328
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.09%
Invesco Private Government Fund, 0.01%(e)(g)(h) (Cost $17,116,620)		17,116,620		17,116,620
TOTAL INVESTMENTS IN SECURITIES-110.66% (Cost $174,917,658)				156,621,948
OTHER ASSETS LESS LIABILITIES-(10.66)%				(15,088,437	)
NET ASSETS-100.00%			$	141,533,511

Investment Abbreviations:

SDR-Swedish Depository Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36

Invesco Global Listed Private Equity ETF (PSP)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Non-income producing security.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $3,680,397, which represented 2.60% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	25,144,739		$	48,698,459		$	(65,526,900	)		$	-		$	-		$	8,316,298		$	280,877
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			19,183,307			102,811,793			(121,995,100	)			-			-			-			155,886
Invesco Liquid Assets Portfolio, Institutional Class*			6,394,458			27,972,385			(34,367,023	)			-			180			-			55,834
Invesco Private Government Fund			-			34,970,010			(17,853,390	)			-			-			17,116,620			9
Total		$	50,722,504		$	214,452,647		$	(239,742,413	)		$	-		$	180		$	25,432,918		$	492,606

* At April 30, 2020, this security was no longer held.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(g)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(h)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

This Fund has holdings greater than 10% of net assets in the following country:
United Kingdom	15.36	%

Open Over-The-Counter Total Return Swap Agreements(a)

Counterparty

Pay/ Receive

Reference Entity

Rate

Payment Frequency

Maturity Date

Notional Value(b)

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

Citibank, N.A.

Receive

Brookfield Business Partners LP

1-Month CDOR plus 65 basis points

Monthly

October-2021

CAD 5,296,955

$-

$

85,046

$

85,046

Citibank, N.A.

Receive

The Blackstone Group LP

1-Month LIBOR plus 65 basis points

Monthly

October-2021

$

2,312,899

-

37,901

37,901

Citibank, N.A.

Receive

KKR & Co. LP

1-Month LIBOR plus 65 basis points

Monthly

October-2021

1,997,102

-

19,698

19,698

Subtotal – Appreciation

-

142,645

142,645

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37

Invesco Global Listed Private Equity ETF (PSP)–(continued)

April 30, 2020

Open Over-The-Counter Total Return Swap Agreements(a) —(continued)

Counterparty

Pay/ Receive

Reference Entity

Rate

Payment Frequency

Maturity Date

Notional Value(b)

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

Morgan Stanley Capital Services LLC

Receive

Riverstone Energy Ltd.

1-Month LIBOR plus 85 basis points

Monthly

August-2020

GBP 292,096

$–

$

(353

)

$

(353

)

Subtotal – Depreciation

–

(353

)

(353

)

Total Over-The-Counter Total Return Swap Agreements

$–

$

142,292

$

142,292

Abbreviations:

CAD -Canadian Dollar

CDOR -Canadian Dealer Offered Rate

GBP -British Pound Sterling

LIBOR -London Interbank Offered Rate

^(a)  The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(b)  Notional Value is denominated in U.S. Dollars unless otherwise noted.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38

Invesco Golden Dragon China ETF (PGJ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.66%(b)
Communication Services-35.18%
58.com, Inc., ADR(c)		87,543	$	4,547,859
Autohome, Inc., ADR		47,848		3,930,713
Baidu, Inc., ADR(c)		109,192		11,020,749
Bilibili, Inc., ADR(c)(d)		131,591		3,604,278
Bitauto Holdings Ltd., ADR(c)		27,046		328,879
China Mobile Ltd., ADR		84,330		3,370,670
China Telecom Corp. Ltd., ADR		4,167		140,011
China Unicom Hong Kong Ltd., ADR		29,476		188,941
DouYu International Holdings Ltd., ADR(c)		55,270		419,499
Fang Holdings Ltd., ADR(c)		52,387		54,482
iQIYI, Inc., ADR(c)(d)		244,606		4,150,964
JOYY, Inc., ADR(c)		42,061		2,564,039
Luokung Technology Corp.(c)		172,305		91,322
Momo, Inc., ADR		130,126		3,133,434
NetEase, Inc., ADR		41,106		14,179,926
Qutoutiao, Inc., ADR(c)(d)		78,625		193,418
SINA Corp.(c)		57,046		1,926,443
Sohu.com Ltd., ADR(c)		32,834		275,477
So-Young International, Inc., ADR(c)(d)		36,609		379,635
Weibo Corp., ADR(c)(d)		61,175		2,295,898
				56,796,637
Consumer Discretionary-46.35%
500.com Ltd., ADR(c)(d)		27,537		119,511
Alibaba Group Holding Ltd., ADR(c)		62,985		12,765,170
Baozun, Inc., ADR(c)(d)		39,005		1,241,919
Bright Scholar Education Holdings Ltd., ADR(c)		21,423		144,605
China Distance Education Holdings Ltd., ADR		18,160		140,922
China XD Plastics Co. Ltd.(c)		54,910		53,806
Hailiang Education Group, Inc., ADR(c)		2,432		115,788
Huazhu Group Ltd., ADR		122,704		4,418,571
JD.com, Inc., ADR(c)		340,193		14,662,318
Kandi Technologies Group, Inc.(c)(d)		43,322		154,226
Luckin Coffee, Inc., ADR(c)(e)		32,024		140,585
New Oriental Education & Technology Group, Inc., ADR(c)		51,219		6,538,618
Niu Technologies, ADR(c)(d)		24,366		206,136
Pinduoduo, Inc., ADR(c)(d)		183,075		8,685,078
RISE Education Cayman Ltd., ADR(c)		18,685		84,830
TAL Education Group, ADR(c)		240,868		13,052,637
Trip.com Group Ltd., ADR(c)		215,758		5,557,926
Uxin Ltd., ADR(c)(d)		149,886		241,316
Viomi Technology Co. Ltd., ADR(c)(d)		26,543		160,320
Vipshop Holdings Ltd., ADR(c)		398,613		6,349,905
				74,834,187
Consumer Staples-0.12%
111, Inc., ADR(c)		17,669		134,285
Happiness Biotech Group Ltd.(c)		20,505		59,054
				193,339
Energy-1.13%
China Petroleum & Chemical Corp., ADR		12,599		625,918
CNOOC Ltd., ADR		8,807		989,643

	Shares		Value
Energy-(continued)
PetroChina Co. Ltd., ADR		5,823	$	208,638
Sino Clean Energy, Inc., Rts., expiring 07/31/2049(c)(e)		26,179		0
				1,824,199
Financials-1.95%
360 Finance, Inc., ADR(c)		79,671		717,039
China Life Insurance Co. Ltd., ADR		20,790		218,919
Fanhua, Inc., ADR(d)		25,886		490,022
LexinFintech Holdings Ltd., ADR(c)(d)		84,426		711,711
Noah Holdings Ltd., ADR(c)		26,543		736,833
Qudian, Inc., ADR(c)(d)		156,967		271,553
				3,146,077
Health Care-3.47%
China Biologic Products Holdings, Inc.(c)		31,534		3,287,104
Zai Lab Ltd., ADR(c)		36,910		2,314,995
				5,602,099
Industrials-6.01%
51job, Inc., ADR(c)		32,350		1,939,059
China Index Holdings Ltd., ADR(c)		52,387		58,673
ZTO Express Cayman, Inc., ADR		258,931		7,705,787
				9,703,519
Information Technology-5.40%
21Vianet Group, Inc., ADR(c)		61,349		918,395
Canadian Solar, Inc. (Canada)(c)		48,749		869,682
Cheetah Mobile, Inc., ADR		33,201		68,062
Daqo New Energy Corp., ADR(c)		8,262		430,698
GDS Holdings Ltd., ADR(c)(d)		85,664		4,910,260
Hollysys Automation Technologies Ltd.		49,651		711,995
Huami Corp., ADR(c)		19,419		245,068
JinkoSolar Holding Co. Ltd., ADR(c)		28,134		445,080
Xunlei Ltd., ADR(c)		32,825		120,140
				8,719,380
Real Estate-0.05%
Xinyuan Real Estate Co. Ltd., ADR		30,513		79,334
Total Common Stocks & Other Equity Interests (Cost $158,531,726)				160,898,771
Money Market Funds-0.24%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(f)(g) (Cost $388,819)		388,819		388,819
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $158,920,545)				161,287,590

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39

Invesco Golden Dragon China ETF (PGJ)–(continued)

April 30, 2020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.72%
Invesco Private Government Fund, 0.01%(f)(h)(i) (Cost $12,462,351)		12,462,351	$	12,462,351
TOTAL INVESTMENTS IN SECURITIES-107.62% (Cost $171,382,896)				173,749,941
OTHER ASSETS LESS LIABILITIES-(7.62)%				(12,300,156	)
NET ASSETS-100.00%			$	161,449,785

Investment Abbreviations:

ADR-American Depositary Receipt

Rts.-Rights

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

^(c) Non-income producing security.

^(d)  All or a portion of this security was out on loan at April 30, 2020.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	219,325		$	3,417,799		$	(3,248,305	)		$	-		$	-		$	388,819		$	5,631
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			13,993,774			146,719,011			(160,712,785	)			-			-			-			247,321
Invesco Liquid Assets Portfolio, Institutional Class*			4,664,591			39,795,037			(44,459,848	)			-			220			-			89,848
Invesco Private Government Fund			-			26,457,241			(13,994,890	)			-			-			12,462,351			7
Total		$	18,877,690		$	216,389,088		$	(222,415,828	)		$	-		$	220		$	12,851,170		$	342,807

* At April 30, 2020, this security was no longer held.

^(g)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(h)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

⁽ⁱ⁾  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco Raymond James SB-1 Equity ETF (RYJ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.15%
Communication Services-4.23%
Altice USA, Inc., Class A(b)		25,991	$	674,986
DISH Network Corp., Class A(b)		29,464		737,042
Facebook, Inc., Class A(b)		3,617		740,436
ORBCOMM, Inc.(b)		279,409		737,640
Telephone & Data Systems, Inc.		36,331		712,814
United States Cellular Corp.(b)		21,691		690,425
				4,293,343
Consumer Discretionary-14.26%
Aaron’s, Inc.		27,917		890,832
Alibaba Group Holding Ltd., ADR (China)(b)		3,141		636,587
Bed Bath & Beyond, Inc.(c)		143,349		887,330
Best Buy Co., Inc.		9,559		733,462
Darden Restaurants, Inc.		9,655		712,443
Dollar General Corp.		3,681		645,279
Everi Holdings, Inc.(b)		171,274		847,806
Floor & Decor Holdings, Inc., Class A(b)		19,085		809,204
KB Home		32,072		841,569
lululemon athletica, inc.(b)		3,109		694,800
M.D.C. Holdings, Inc.		28,349		829,208
Polaris, Inc.		11,127		789,238
Rent-A-Center, Inc.		39,819		792,597
Sonos, Inc.(b)		74,509		761,482
Target Corp.		6,172		677,315
Tempur Sealy International, Inc.(b)		15,859		852,421
Texas Roadhouse, Inc.		14,254		671,221
Tractor Supply Co.		6,910		700,881
Under Armour, Inc., Class A(b)		68,760		716,479
				14,490,154
Energy-9.08%
Cactus, Inc., Class A		49,246		875,594
Energy Transfer L.P.		101,760		854,784
Enterprise Products Partners L.P.		40,504		711,250
Enviva Partners L.P.		20,561		711,822
Green Plains Partners L.P.		146,210		779,299
Halliburton Co.		80,122		841,281
Kimbell Royalty Partners L.P.		121,437		961,781
Marathon Oil Corp.		145,564		890,852
Newpark Resources, Inc.(b)		678,819		1,038,593
Occidental Petroleum Corp.(c)		50,645		840,707
Williams Cos., Inc. (The)		37,339		723,257
				9,229,220
Financials-15.22%
Allstate Corp. (The)		6,466		657,722
Ares Commercial Real Estate Corp.		97,401		754,858
Argo Group International Holdings Ltd.		20,271		716,783
Arthur J. Gallagher & Co.		8,499		667,172
Axos Financial, Inc.(b)		38,584		889,361
Bancorp, Inc. (The)(b)		112,144		781,644
Business First Bancshares, Inc.		42,336		591,857
ConnectOne Bancorp, Inc.		49,209		735,182
FedNat Holding Co.		59,034		715,492
First Mid Bancshares, Inc.		27,811		742,554
Kemper Corp.		9,868		663,327
Ladder Capital Corp.		95,015		755,369
Meta Financial Group, Inc.		38,539		709,888

	Shares		Value
Financials-(continued)
OceanFirst Financial Corp.		45,571	$	767,871
Old Republic International Corp.		43,268		690,125
Progressive Corp. (The)		7,994		617,936
Signature Bank		7,670		822,071
TCF Financial Corp.		29,583		878,319
Webster Financial Corp.		28,521		805,718
Wintrust Financial Corp.		18,606		779,591
Zions Bancorporation N.A.		22,817		721,245
				15,464,085
Health Care-15.65%
Antares Pharma, Inc.(b)		246,046		797,189
Apellis Pharmaceuticals, Inc.(b)		18,195		623,543
Blueprint Medicines Corp.(b)		9,400		553,002
Boston Scientific Corp.(b)		18,580		696,378
CareDx, Inc.(b)		28,362		719,827
Change Healthcare, Inc.(b)		65,417		761,454
ChemoCentryx, Inc.(b)		13,560		718,816
Cigna Corp.		3,611		706,962
CVS Health Corp.		10,926		672,495
Flexion Therapeutics, Inc.(b)(c)		72,145		767,623
G1 Therapeutics, Inc.(b)		51,116		671,153
Health Catalyst, Inc.(b)		25,849		689,393
HealthEquity, Inc.(b)		13,515		760,489
Intercept Pharmaceuticals, Inc.(b)		8,174		669,614
Jounce Therapeutics, Inc.(b)		143,349		702,410
NGM Biopharmaceuticals, Inc.(b)		41,084		750,194
Ocular Therapeutix, Inc.(b)(c)		137,663		792,939
Sol-Gel Technologies Ltd. (Israel)(b)(c)		53,790		443,767
Teleflex, Inc.		1,974		662,080
UnitedHealth Group, Inc.		2,380		696,079
Viking Therapeutics, Inc.(b)(c)		114,879		661,703
Voyager Therapeutics, Inc.(b)		60,943		658,794
Zimmer Biomet Holdings, Inc.		6,035		722,389
				15,898,293
Industrials-16.78%
Alaska Air Group, Inc.		23,952		778,919
Allison Transmission Holdings, Inc.		20,321		738,465
Ameresco, Inc., Class A(b)		38,472		694,804
Casella Waste Systems, Inc., Class A(b)		15,331		711,052
Construction Partners, Inc.(b)(c)		40,429		741,063
Copa Holdings S.A., Class A (Panama)		13,173		582,378
Cubic Corp.		19,613		749,413
Evoqua Water Technologies Corp.(b)		43,354		695,832
Foundation Building Materials, Inc.(b)		70,828		828,688
GMS, Inc.(b)		46,833		860,790
Kansas City Southern		5,098		665,544
Masco Corp.		16,800		689,472
Mesa Air Group, Inc.(b)		225,053		1,022,866
PACCAR, Inc.		9,970		690,223
Ryanair Holdings PLC, ADR (Ireland)(b)		11,877		753,833
SkyWest, Inc.		28,192		872,542
Southwest Airlines Co.		22,195		693,594
TPI Composites, Inc.(b)		42,107		738,136
Union Pacific Corp.		4,483		716,339
United Parcel Service, Inc., Class B		6,756		639,523
Wabash National Corp.		91,457		749,947

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)

April 30, 2020

	Shares		Value
Industrials-(continued)
Waste Connections, Inc.		7,668	$	658,758
WESCO International, Inc.(b)		30,055		777,523
				17,049,704
Information Technology-18.88%
Alarm.com Holdings, Inc.(b)		15,024		672,024
Avnet, Inc.		24,541		736,721
Cerence, Inc.(b)		36,033		762,458
EchoStar Corp., Class A(b)		22,009		694,384
Envestnet, Inc.(b)		11,902		744,113
Fidelity National Information Services, Inc.		5,381		709,700
FLIR Systems, Inc.		16,551		718,313
GDS Holdings Ltd., ADR (China)(b)(c)		10,932		626,622
IPG Photonics Corp.(b)		5,660		732,008
Jabil, Inc.		27,521		782,697
Microchip Technology, Inc.		8,344		732,019
Micron Technology, Inc.(b)		15,017		719,164
Microsoft Corp.		3,800		680,998
MiX Telematics Ltd., ADR (South Africa)		76,232		705,908
New Relic, Inc.(b)		13,504		725,030
NIC, Inc.		26,366		638,848
nLight, Inc.(b)		47,337		746,031
Nokia OYJ, ADR (Finland)		195,090		698,422
ON Semiconductor Corp.(b)		46,733		749,831
QUALCOMM, Inc.		8,830		694,656
Rapid7, Inc.(b)		14,351		653,688
RingCentral, Inc., Class A(b)		2,701		617,260
salesforce.com, inc.(b)		4,278		692,822
ServiceNow, Inc.(b)		2,201		773,740
SS&C Technologies Holdings, Inc.		12,914		712,336
Switch, Inc., Class A		38,226		656,341
SYNNEX Corp.		9,170		802,925
				19,179,059
Materials-1.02%
Scotts Miracle-Gro Co. (The)		5,487		680,553
Tecnoglass, Inc.		88,790		358,711
				1,039,264

	Shares		Value
Real Estate-5.03%
Agree Realty Corp.		10,778	$	701,756
American Homes 4 Rent, Class A		28,180		680,265
Invitation Homes, Inc.		29,864		706,284
Landmark Infrastructure Partners L.P.		65,352		736,517
Ventas, Inc.		23,711		767,051
Welltower, Inc.		14,888		762,712
Weyerhaeuser Co.		34,669		758,211
				5,112,796
Total Common Stocks & Other Equity Interests (Cost $103,786,801)				101,755,918
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $14,023)		14,023		14,023
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.16% (Cost $103,800,824)				101,769,941
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.31%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $3,363,800)		3,363,800		3,363,800
TOTAL INVESTMENTS IN SECURITIES-103.47% (Cost $107,164,624)				105,133,741
OTHER ASSETS LESS LIABILITIES-(3.47)%				(3,530,057	)
NET ASSETS-100.00%			$	101,603,684

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	106,382		$	4,579,569		$	(4,671,928	)		$	-		$	-		$	14,023		$	2,500

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		$	5,540,732		$	57,919,260		$	(63,459,992	)		$	-		$	-		$	-		$	79,589
Invesco Liquid Assets Portfolio, Institutional Class*			1,847,338			15,539,931			(17,387,391	)			-			122			-			28,847
Invesco Private Government Fund			-			7,149,624			(3,785,824	)			-			-			3,363,800			2
Total		$	7,494,452		$	85,188,384		$	(89,305,135	)		$	-		$	122		$	3,377,823		$	110,938

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43

Invesco S&P 500 BuyWrite ETF (PBP)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-103.83%(b)
Communication Services-11.26%
Activision Blizzard, Inc.		6,370	$	405,960
Alphabet, Inc., Class A(c)		2,484		3,345,203
Alphabet, Inc., Class C(c)		2,478		3,341,979
AT&T, Inc.		60,563		1,845,355
CenturyLink, Inc.		8,136		86,404
Charter Communications, Inc., Class A(c)		1,301		644,294
Comcast Corp., Class A		37,637		1,416,280
Discovery, Inc., Class A(c)		1,312		29,415
Discovery, Inc., Class C(c)		2,782		56,781
DISH Network Corp., Class A(c)		2,124		53,132
Electronic Arts, Inc.(c)		2,421		276,623
Facebook, Inc., Class A(c)		19,950		4,083,965
Fox Corp., Class A		2,939		76,032
Fox Corp., Class B		1,346		34,404
Interpublic Group of Cos., Inc. (The)		3,216		54,608
Live Nation Entertainment, Inc.(c)		1,168		52,408
Netflix, Inc.(c)		3,632		1,524,895
News Corp., Class A		3,223		31,940
News Corp., Class B		1,011		10,332
Omnicom Group, Inc.		1,804		102,882
Take-Two Interactive Software, Inc.(c)		938		113,545
T-Mobile US, Inc.(c)		3,155		277,009
Twitter, Inc.(c)		6,436		184,584
Verizon Communications, Inc.		34,288		1,969,846
ViacomCBS, Inc., Class B		4,480		77,325
Walt Disney Co. (The)		14,944		1,616,194
				21,711,395
Consumer Discretionary-10.87%
Advance Auto Parts, Inc.		575		69,523
Amazon.com, Inc.(c)		3,454		8,545,196
Aptiv PLC(c)		2,118		147,307
AutoZone, Inc.(c)		198		202,023
Best Buy Co., Inc.		1,890		145,020
Booking Holdings, Inc.(c)		349		516,719
BorgWarner, Inc.		1,714		48,969
Capri Holdings Ltd.(c)		1,258		19,184
CarMax, Inc.(c)		1,363		100,385
Carnival Corp.		3,857		61,326
Chipotle Mexican Grill, Inc.(c)		212		186,253
D.R. Horton, Inc.		2,781		131,319
Darden Restaurants, Inc.		1,017		75,044
Dollar General Corp.		2,112		370,234
Dollar Tree, Inc.(c)		1,962		156,312
eBay, Inc.		6,340		252,522
Expedia Group, Inc.		1,157		82,124
Ford Motor Co.		32,284		164,326
Gap, Inc. (The)		1,764		14,324
Garmin Ltd.		1,197		97,148
General Motors Co.(c)		10,423		232,329
Genuine Parts Co.		1,203		95,374
H&R Block, Inc.		1,618		26,940
Hanesbrands, Inc.		3,000		29,820
Harley-Davidson, Inc.		1,279		27,921
Hasbro, Inc.		1,056		76,254
Hilton Worldwide Holdings, Inc.		2,341		177,237
Home Depot, Inc. (The)		9,044		1,988,142

	Shares		Value
Consumer Discretionary-(continued)
Kohl’s Corp.		1,298	$	23,961
L Brands, Inc.		1,926		22,900
Las Vegas Sands Corp.		2,803		134,600
Leggett & Platt, Inc.		1,092		38,362
Lennar Corp., Class A		2,322		116,263
LKQ Corp.(c)		2,543		66,499
Lowe’s Cos., Inc.		6,356		665,791
Marriott International, Inc., Class A		2,248		204,433
McDonald’s Corp.		6,244		1,171,125
MGM Resorts International		4,269		71,847
Mohawk Industries, Inc.(c)		492		43,158
Newell Brands, Inc.		3,158		43,833
NIKE, Inc., Class B		10,331		900,657
Nordstrom, Inc.		887		16,658
Norwegian Cruise Line Holdings Ltd.(c)		1,764		28,930
NVR, Inc.(c)		28		86,800
O’Reilly Automotive, Inc.(c)		628		242,621
PulteGroup, Inc.		2,113		59,734
PVH Corp.		616		30,326
Ralph Lauren Corp.		413		30,471
Ross Stores, Inc.		3,000		274,080
Royal Caribbean Cruises Ltd.		1,423		66,554
Starbucks Corp.		9,791		751,263
Tapestry, Inc.		2,287		34,031
Target Corp.		4,201		461,018
Tiffany & Co.		896		113,344
TJX Cos., Inc. (The)		10,053		493,100
Tractor Supply Co.		980		99,401
Ulta Beauty, Inc.(c)		473		103,076
Under Armour, Inc., Class A(c)		1,560		16,255
Under Armour, Inc., Class C(c)		1,612		14,943
VF Corp.		2,715		157,741
Whirlpool Corp.		523		58,440
Wynn Resorts Ltd.		802		68,595
Yum! Brands, Inc.		2,506		216,594
				20,966,679
Consumer Staples-7.66%
Altria Group, Inc.		15,487		607,865
Archer-Daniels-Midland Co.		4,615		171,401
Brown-Forman Corp., Class B		1,511		93,984
Campbell Soup Co.		1,399		69,922
Church & Dwight Co., Inc.		2,034		142,360
Clorox Co. (The)		1,041		194,084
Coca-Cola Co. (The)		31,970		1,467,103
Colgate-Palmolive Co.		7,105		499,268
Conagra Brands, Inc.		4,034		134,897
Constellation Brands, Inc., Class A		1,388		228,590
Costco Wholesale Corp.		3,665		1,110,495
Coty,Inc.,Class A		2,450		13,352
Estee Lauder Cos., Inc. (The), Class A		1,844		325,282
General Mills, Inc.		5,012		300,169
Hershey Co. (The)		1,231		163,021
Hormel Foods Corp.		2,304		107,942
JM Smucker Co. (The)		945		108,590
Kellogg Co.		2,063		135,126
Kimberly-Clark Corp.		2,842		393,560
Kraft Heinz Co. (The)		5,162		156,563

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2020

	Shares		Value
Consumer Staples-(continued)
Kroger Co. (The)		6,649	$	210,175
Lamb Weston Holdings, Inc.		1,210		74,246
McCormick & Co., Inc.		1,025		160,761
Molson Coors Beverage Co., Class B		1,557		63,853
Mondelez International, Inc., Class A		11,936		613,988
Monster Beverage Corp.(c)		3,164		195,567
PepsiCo, Inc.		11,561		1,529,405
Philip Morris International, Inc.		12,897		962,116
Procter & Gamble Co. (The)		20,676		2,437,080
Sysco Corp.		4,229		237,966
Tyson Foods, Inc., Class A		2,447		152,179
Walgreens Boots Alliance, Inc.		6,214		269,004
Walmart, Inc.		11,761		1,429,550
				14,759,464
Energy-3.16%
Apache Corp.		3,118		40,783
Baker Hughes Co., Class A		5,386		75,135
Cabot Oil & Gas Corp.		3,381		73,097
Chevron Corp.		15,676		1,442,192
Concho Resources, Inc.		1,667		94,552
ConocoPhillips		9,097		382,984
Devon Energy Corp.		3,209		40,016
Diamondback Energy, Inc.		1,336		58,169
EOG Resources, Inc.		4,823		229,141
Exxon Mobil Corp.		35,080		1,630,168
Halliburton Co.		7,279		76,430
Helmerich & Payne, Inc.		900		17,793
Hess Corp.		2,149		104,527
HollyFrontier Corp.		1,232		40,705
Kinder Morgan, Inc.		16,149		245,949
Marathon Oil Corp.		6,633		40,594
Marathon Petroleum Corp.		5,382		172,655
National Oilwell Varco, Inc.		3,197		40,410
Noble Energy, Inc.		3,965		38,897
Occidental Petroleum Corp.		7,408		122,973
ONEOK, Inc.		3,423		102,450
Phillips 66		3,685		269,631
Pioneer Natural Resources Co.		1,373		122,623
Schlumberger Ltd.		11,477		193,043
TechnipFMC PLC (United Kingdom)		3,486		31,060
Valero Energy Corp.		3,403		215,580
Williams Cos., Inc. (The)		10,048		194,630
				6,096,187
Financials-11.01%
Aflac, Inc.		6,087		226,680
Allstate Corp. (The)		2,686		273,220
American Express Co.		5,562		507,533
American International Group, Inc.		7,214		183,452
Ameriprise Financial, Inc.		1,051		120,802
Aon PLC		1,942		335,325
Arthur J. Gallagher & Co.		1,546		121,361
Assurant, Inc.		503		53,439
Bank of America Corp.		67,118		1,614,188
Bank of New York Mellon Corp. (The)		6,956		261,128
Berkshire Hathaway, Inc., Class B(c)		16,216		3,038,230
BlackRock, Inc.		976		489,991
Capital One Financial Corp.		3,860		249,974
Cboe Global Markets, Inc.		919		91,330
Charles Schwab Corp. (The)		9,478		357,510

	Shares		Value
Financials-(continued)
Chubb Ltd.		3,758	$	405,902
Cincinnati Financial Corp.		1,260		82,908
Citigroup, Inc.		18,100		878,936
Citizens Financial Group, Inc.		3,603		80,671
CME Group, Inc., Class A		2,970		529,284
Comerica, Inc.		1,194		41,623
Discover Financial Services		2,599		111,679
E*TRADE Financial Corp.		1,871		75,981
Everest Re Group Ltd.		331		57,306
Fifth Third Bancorp		5,885		109,991
First Republic Bank		1,396		145,589
Franklin Resources, Inc.		2,311		43,539
Globe Life, Inc.		827		68,095
Goldman Sachs Group, Inc. (The)		2,641		484,412
Hartford Financial Services Group, Inc. (The)		2,990		113,590
Huntington Bancshares, Inc.		8,563		79,122
Intercontinental Exchange, Inc.		4,617		412,991
Invesco Ltd.(d)		3,086		26,601
JPMorgan Chase & Co.		26,004		2,490,143
KeyCorp.		8,166		95,134
Lincoln National Corp.		1,643		58,277
Loews Corp.		2,123		73,583
M&T Bank Corp.		1,095		122,728
MarketAxess Holdings, Inc.		313		142,418
Marsh & McLennan Cos., Inc.		4,184		407,229
MetLife, Inc.		6,479		233,762
Moody’s Corp.		1,346		328,289
Morgan Stanley		9,657		380,776
MSCI, Inc.		702		229,554
Nasdaq, Inc.		951		104,296
Northern Trust Corp.		1,757		139,084
People’s United Financial, Inc.		3,683		46,737
PNC Financial Services Group, Inc. (The)		3,631		387,319
Principal Financial Group, Inc.		2,142		77,990
Progressive Corp. (The)		4,847		374,673
Prudential Financial, Inc.		3,332		207,817
Raymond James Financial, Inc.		1,024		67,502
Regions Financial Corp.		7,998		85,979
S&P Global, Inc.		2,026		593,375
State Street Corp.		3,015		190,066
SVB Financial Group(c)		427		82,484
Synchrony Financial		4,679		92,597
T. Rowe Price Group, Inc.		1,938		224,091
Travelers Cos., Inc. (The)		2,141		216,691
Truist Financial Corp.		11,117		414,886
U.S. Bancorp		11,782		430,043
Unum Group.		1,712		29,874
W.R. Berkley Corp.		1,202		64,908
Wells Fargo & Co.		31,908		926,927
Willis Towers Watson PLC		1,066		190,057
Zions Bancorporation N.A.		1,412		44,633
				21,226,305
Health Care-15.95%
Abbott Laboratories		14,651		1,349,211
AbbVie, Inc.		12,259		1,007,690
ABIOMED, Inc.(c)		376		71,910
Agilent Technologies, Inc.		2,567		196,786
Alexion Pharmaceuticals, Inc.(c)		1,833		196,992
Align Technology, Inc.(c)		595		127,836

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2020

	Shares		Value
Health Care-(continued)
Allergan PLC		2,721	$	509,752
AmerisourceBergen Corp.		1,247		111,806
Amgen, Inc.		4,925		1,178,158
Anthem, Inc.		2,104		590,656
Baxter International, Inc.		4,232		375,717
Becton, Dickinson and Co.		2,241		565,920
Biogen, Inc.(c)		1,497		444,354
Boston Scientific Corp.(c)		11,556		433,119
Bristol-Myers Squibb Co.		19,434		1,181,782
Cardinal Health, Inc.		2,425		119,989
Centene Corp.(c)		4,840		322,247
Cerner Corp.		2,604		180,692
Cigna Corp.		3,097		606,331
Cooper Cos., Inc. (The)		411		117,834
CVS Health Corp.		10,787		663,940
Danaher Corp.		5,300		866,338
DaVita, Inc.(c)		742		58,625
DENTSPLY SIRONA, Inc.		1,842		78,174
Edwards Lifesciences Corp.(c)		1,730		376,275
Eli Lilly and Co.		7,005		1,083,253
Gilead Sciences, Inc.		10,488		880,992
HCA Healthcare, Inc.		2,193		240,967
Henry Schein, Inc.(c)		1,218		66,454
Hologic, Inc.(c)		2,222		111,322
Humana, Inc.		1,098		419,238
IDEXX Laboratories, Inc.(c)		711		197,374
Illumina, Inc.(c)		1,220		389,217
Incyte Corp.(c)		1,483		144,830
Intuitive Surgical, Inc.(c)		957		488,912
IQVIA Holdings, Inc.(c)		1,497		213,457
Johnson & Johnson		21,821		3,274,023
Laboratory Corp. of America Holdings(c)		806		132,547
McKesson Corp.		1,339		189,134
Medtronic PLC		11,111		1,084,767
Merck & Co., Inc.		21,109		1,674,788
Mettler-Toledo International, Inc.(c)		203		146,148
Mylan N.V.(c)		4,278		71,742
PerkinElmer, Inc.		921		83,378
Perrigo Co. PLC		1,128		60,122
Pfizer, Inc.		45,882		1,760,034
Quest Diagnostics, Inc.		1,117		122,993
Regeneron Pharmaceuticals, Inc.(c)		662		348,133
ResMed, Inc.		1,191		184,986
STERIS PLC		703		100,177
Stryker Corp.		2,670		497,768
Teleflex, Inc.		385		129,129
Thermo Fisher Scientific, Inc.		3,324		1,112,476
UnitedHealth Group, Inc.		7,856		2,297,644
Universal Health Services, Inc., Class B		666		70,390
Varian Medical Systems, Inc.(c)		753		86,128
Vertex Pharmaceuticals, Inc.(c)		2,134		536,061
Waters Corp.(c)		533		99,671
Zimmer Biomet Holdings, Inc.		1,706		204,208
Zoetis, Inc.		3,949		510,645
				30,745,242
Industrials-8.23%
3M Co.		4,769		724,506
A.O. Smith Corp.		1,136		48,144
Alaska Air Group, Inc.		1,022		33,235

	Shares		Value
Industrials-(continued)
Allegion PLC		769	$	77,315
American Airlines Group, Inc.		3,233		38,828
AMETEK, Inc.		1,897		159,101
Boeing Co. (The)		4,432		625,001
C.H. Robinson Worldwide, Inc.		1,121		79,479
Carrier Global Corp.(c)		6,725		119,100
Caterpillar, Inc.		4,583		533,370
Cintas Corp.		695		154,172
Copart, Inc.(c)		1,697		135,947
CSX Corp.		6,447		426,985
Cummins, Inc.		1,270		207,645
Deere & Co.		2,611		378,752
Delta Air Lines, Inc.		4,773		123,668
Dover Corp.		1,203		112,661
Eaton Corp. PLC		3,428		286,238
Emerson Electric Co.		5,051		288,058
Equifax, Inc.		1,005		139,594
Expeditors International of Washington, Inc.		1,410		100,963
Fastenal Co.		4,756		172,262
FedEx Corp.		1,990		252,272
Flowserve Corp.		1,086		30,593
Fortive Corp.		2,449		156,736
Fortune Brands Home & Security, Inc.		1,153		55,575
General Dynamics Corp.		1,943		253,795
General Electric Co.		72,408		492,374
Honeywell International, Inc.		5,924		840,616
Howmet Aerospace, Inc.		3,213		41,994
Huntington Ingalls Industries, Inc.		340		65,079
IDEX Corp.		631		96,941
IHS Markit Ltd.		3,324		223,705
Illinois Tool Works, Inc.		2,425		394,062
Ingersoll Rand, Inc.(c)		2,871		83,480
J.B. Hunt Transport Services, Inc.		707		71,492
Jacobs Engineering Group, Inc.		1,123		92,928
Johnson Controls International PLC		6,395		186,158
Kansas City Southern		822		107,312
L3Harris Technologies, Inc.		1,831		354,665
Lockheed Martin Corp.		2,056		799,907
Masco Corp.		2,356		96,690
Nielsen Holdings PLC		2,949		43,439
Norfolk Southern Corp.		2,163		370,089
Northrop Grumman Corp.		1,301		430,202
Old Dominion Freight Line, Inc.		796		115,651
Otis Worldwide Corp.(c)		3,363		171,210
PACCAR, Inc.		2,868		198,552
Parker-Hannifin Corp.		1,065		168,398
Pentair PLC		1,392		48,149
Quanta Services, Inc.		1,179		42,868
Raytheon Technologies Corp.		12,169		788,673
Republic Services, Inc.		1,747		136,860
Robert Half International, Inc.		973		45,994
Rockwell Automation, Inc.		957		181,332
Rollins, Inc.		1,167		46,680
Roper Technologies, Inc.		862		293,968
Snap-on, Inc.		454		59,152
Southwest Airlines Co.		3,928		122,750
Stanley Black & Decker, Inc.		1,261		138,962
Textron, Inc.		1,894		49,926
Trane Technologies PLC		1,987		173,704
TransDigm Group, Inc.		413		149,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2020

	Shares		Value
Industrials-(continued)
Union Pacific Corp.		5,755	$	919,591
United Airlines Holdings, Inc.(c)		1,803		53,333
United Parcel Service, Inc., Class B		5,809		549,880
United Rentals, Inc.(c)		624		80,184
Verisk Analytics, Inc.		1,358		207,543
W.W. Grainger, Inc.		363		100,036
Wabtec Corp.		1,511		85,251
Waste Management, Inc.		3,237		323,765
Xylem, Inc.		1,494		107,419
				15,864,911
Information Technology-26.69%
Accenture PLC, Class A		5,266		975,211
Adobe, Inc.(c)		4,012		1,418,804
Advanced Micro Devices, Inc.(c)		9,697		508,026
Akamai Technologies, Inc.(c)		1,340		130,931
Alliance Data Systems Corp.		341		17,074
Amphenol Corp., Class A		2,457		216,855
Analog Devices, Inc.		3,053		334,609
ANSYS, Inc.(c)		709		185,637
Apple, Inc.		34,627		10,173,413
Applied Materials, Inc.		7,660		380,549
Arista Networks, Inc.(c)		449		98,466
Autodesk, Inc.(c)		1,823		341,138
Automatic Data Processing, Inc.		3,586		526,030
Broadcom, Inc.		3,289		893,358
Broadridge Financial Solutions, Inc.		950		110,200
Cadence Design Systems, Inc.(c)		2,328		188,871
CDW Corp.		1,190		131,852
Cisco Systems, Inc.		35,170		1,490,505
Citrix Systems, Inc.		953		138,195
Cognizant Technology Solutions Corp., Class A		4,541		263,469
Corning, Inc.		6,377		140,358
DXC Technology Co.		2,124		38,508
F5 Networks, Inc.(c)		504		70,187
Fidelity National Information Services, Inc.		5,095		671,980
Fiserv, Inc.(c)		4,734		487,886
FleetCor Technologies, Inc.(c)		719		173,459
FLIR Systems, Inc.		1,112		48,261
Fortinet, Inc.(c)		1,176		126,702
Gartner, Inc.(c)		740		87,919
Global Payments, Inc.		2,491		413,556
Hewlett Packard Enterprise Co.		10,730		107,944
HP, Inc.		12,287		190,571
Intel Corp.		36,064		2,163,119
International Business Machines Corp.		7,342		921,861
Intuit, Inc.		2,159		582,520
IPG Photonics Corp.(c)		294		38,023
Jack Henry & Associates, Inc.		638		104,345
Juniper Networks, Inc.		2,776		59,962
Keysight Technologies, Inc.(c)		1,555		150,477
KLA Corp.		1,309		214,794
Lam Research Corp.		1,202		306,847
Leidos Holdings, Inc.		1,104		109,086
Mastercard, Inc., Class A		7,359		2,023,504
Maxim Integrated Products, Inc.		2,242		123,265
Microchip Technology, Inc.		1,982		173,881
Micron Technology, Inc.(c)		9,180		439,630
Microsoft Corp.		63,245		11,334,136
Motorola Solutions, Inc.		1,419		204,066

	Shares		Value
Information Technology-(continued)
NetApp, Inc.		1,894	$	82,900
NortonLifeLock, Inc.		4,755		101,139
NVIDIA Corp.		5,074		1,483,029
Oracle Corp.		17,960		951,341
Paychex, Inc.		2,641		180,961
Paycom Software, Inc.(c)		407		106,235
PayPal Holdings, Inc.(c)		9,734		1,197,282
Qorvo, Inc.(c)		962		94,305
QUALCOMM, Inc.		9,467		744,769
salesforce.com, inc.(c)		7,353		1,190,818
Seagate Technology PLC		1,918		95,804
ServiceNow, Inc.(c)		1,563		549,457
Skyworks Solutions, Inc.		1,411		146,575
Synopsys, Inc.(c)		1,247		195,929
TE Connectivity Ltd.		2,774		203,778
Texas Instruments, Inc.		7,750		899,542
VeriSign, Inc.(c)		856		179,323
Visa, Inc., Class A		14,192		2,536,394
Western Digital Corp.		2,465		113,587
Western Union Co. (The)		3,477		66,306
Xerox Holdings Corp.		1,541		28,185
Xilinx, Inc.		2,084		182,142
Zebra Technologies Corp., Class A(c)		446		102,428
				51,462,269
Materials-2.58%
Air Products and Chemicals, Inc.		1,826		411,909
Albemarle Corp.		878		53,936
Amcor PLC		13,432		120,485
Avery Dennison Corp.		691		76,279
Ball Corp.		2,712		177,880
Celanese Corp.		1,003		83,319
CF Industries Holdings, Inc.		1,802		49,555
Corteva, Inc.		6,204		162,483
Dow, Inc.		6,148		225,570
DuPont de Nemours, Inc.		6,142		288,797
Eastman Chemical Co.		1,127		68,195
Ecolab, Inc.		2,078		402,093
FMC Corp.		1,075		98,793
Freeport-McMoRan, Inc.		12,028		106,207
International Flavors & Fragrances, Inc.		884		115,831
International Paper Co.		3,251		111,347
Linde PLC (United Kingdom)		4,454		819,491
LyondellBasell Industries N.V., Class A		2,130		123,433
Martin Marietta Materials, Inc.		518		98,539
Mosaic Co. (The)		2,898		33,356
Newmont Corp.		6,798		404,345
Nucor Corp.		2,513		103,510
Packaging Corp. of America		786		75,967
PPG Industries, Inc.		1,961		178,118
Sealed Air Corp.		1,282		36,652
Sherwin-Williams Co. (The)		680		364,732
Vulcan Materials Co.		1,098		124,041
Westrock Co.		2,140		68,887
				4,983,750
Real Estate-3.03%
Alexandria Real Estate Equities, Inc.		1,017		159,761
American Tower Corp.		3,674		874,412
Apartment Investment & Management Co., Class A		1,235		46,522

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

47

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2020

	Shares		Value
Real Estate-(continued)
AvalonBay Communities, Inc.		1,157	$	188,533
Boston Properties, Inc.		1,191		115,741
CBRE Group, Inc., Class A(c)		2,776		119,174
Crown Castle International Corp.		3,447		549,555
Digital Realty Trust, Inc.		2,180		325,888
Duke Realty Corp.		3,047		105,731
Equinix, Inc.		707		477,366
Equity Residential		2,894		188,284
Essex Property Trust, Inc.		547		133,523
Extra Space Storage, Inc.		1,074		94,770
Federal Realty Investment Trust		583		48,546
Healthpeak Properties, Inc.		4,105		107,305
Host Hotels & Resorts, Inc.		5,946		73,195
Iron Mountain, Inc.		2,381		57,573
Kimco Realty Corp.		3,502		38,207
Mid-America Apartment Communities, Inc.		945		105,764
Prologis, Inc.		6,122		546,266
Public Storage		1,246		231,071
Realty Income Corp.		2,841		156,028
Regency Centers Corp.		1,388		60,947
SBA Communications Corp., Class A		933		270,495
Simon Property Group, Inc.		2,546		169,996
SL Green Realty Corp.		675		35,809
UDR, Inc.		2,430		91,052
Ventas, Inc.		3,091		99,994
Vornado Realty Trust		1,314		57,579
Welltower, Inc.		3,364		172,338
Weyerhaeuser Co.		6,177		135,091
				5,836,516
Utilities-3.39%
AES Corp. (The)		5,504		72,928
Alliant Energy Corp.		1,993		96,760

	Shares		Value
Utilities-(continued)
Ameren Corp.		2,039	$	148,337
American Electric Power Co., Inc.		4,097		340,502
American Water Works Co., Inc.		1,500		182,535
Atmos Energy Corp.		988		100,746
CenterPoint Energy, Inc.		4,164		70,913
CMS Energy Corp.		2,354		134,390
Consolidated Edison, Inc.		2,754		217,015
Dominion Energy, Inc.		6,825		526,412
DTE Energy Co.		1,592		165,154
Duke Energy Corp.		6,043		511,600
Edison International		2,972		174,486
Entergy Corp.		1,649		157,496
Evergy, Inc.		1,891		110,491
Eversource Energy		2,684		216,599
Exelon Corp.		8,058		298,791
FirstEnergy Corp.		4,479		184,848
NextEra Energy, Inc.		4,052		936,498
NiSource, Inc.		3,098		77,791
NRG Energy, Inc.		2,085		69,910
Pinnacle West Capital Corp.		932		71,755
PPL Corp.		6,366		161,824
Public Service Enterprise Group, Inc.		4,193		212,627
Sempra Energy		2,338		289,561
Southern Co. (The)		8,694		493,211
WEC Energy Group, Inc.		2,615		236,788
Xcel Energy, Inc.		4,349		276,423
				6,536,391
TOTAL INVESTMENTS IN SECURITIES-103.83% (Cost $165,975,390)				200,189,109
OTHER ASSETS LESS LIABILITIES-(3.83)%				(7,376,214	)
NET ASSETS-100.00%			$	192,812,895

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) A portion of the securities in the Fund are subject to covered call options written.

^(c) Non-income producing security.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2020		Dividend Income
Invesco Ltd.		$116,221		$       26,711		$       (61,243)			$(9,674)		$(45,414)		$26,601		$5,786
Investments in Affiliated Money
Market Funds:
Invesco Premier U.S. Government
Money Portfolio, Institutional Class*		-		17,536,813		(17,536,813	)		-		-		-		3,683
Total		$116,221		$17,563,524		$(17,598,056)			$(9,674)		$(45,414)		$26,601		$9,469

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48

Invesco S&P 500 BuyWrite ETF (PBP)–(continued)

April 30, 2020

Open Exchange-Traded Index Options Written

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Premiums Received

Notional Value*

Value

Unrealized Appreciation (Depreciation)

Equity Risk

S&P 500 Index

Call

05/15/2020

686

$2,845

$(6,979,665)

$195,167,000

$(7,377,930)

$(398,265)

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

49

Invesco S&P 500^® Quality ETF (SPHQ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Consumer Discretionary-7.34%
Best Buy Co., Inc.		91,462	$	7,017,879
Booking Holdings, Inc.(b)		16,665		24,673,699
eBay, Inc.		249,569		9,940,333
Garmin Ltd.		43,454		3,526,727
NIKE, Inc., Class B		446,463		38,922,644
NVR, Inc.(b)		974		3,019,400
PulteGroup, Inc.		71,213		2,013,192
Ross Stores, Inc.		112,624		10,289,329
TJX Cos., Inc. (The)		365,421		17,923,900
Ulta Beauty, Inc.(b)		16,937		3,690,911
Under Armour, Inc., Class A(b)		49,389		514,633
VF Corp.		91,807		5,333,987
Whirlpool Corp.		17,915		2,001,822
				128,868,456
Consumer Staples-11.75%
Costco Wholesale Corp.		121,301		36,754,203
Estee Lauder Cos., Inc. (The), Class A		77,614		13,691,110
Hormel Foods Corp.		84,992		3,981,875
Monster Beverage Corp.(b)		132,730		8,204,041
PepsiCo, Inc.		461,673		61,074,721
Procter & Gamble Co. (The)		701,669		82,705,725
				206,411,675
Energy-3.90%
Cabot Oil & Gas Corp.		138,908		3,003,191
Chevron Corp.		529,567		48,720,164
ConocoPhillips		338,913		14,268,237
Devon Energy Corp.		148,240		1,848,553
Helmerich & Payne, Inc.		30,327		599,565
				68,439,710
Financials-4.95%
Aflac, Inc.		219,031		8,156,714
Ameriprise Financial, Inc.		43,467		4,996,097
Bank of New York Mellon Corp. (The)		256,055		9,612,305
Charles Schwab Corp. (The)		464,058		17,504,268
Cincinnati Financial Corp.		46,759		3,076,742
E*TRADE Financial Corp.		87,575		3,556,421
Everest Re Group Ltd.		11,919		2,063,536
Globe Life, Inc.		29,873		2,459,743
Hartford Financial Services Group, Inc. (The)		105,237		3,997,954
Huntington Bancshares, Inc.		307,296		2,839,415
Lincoln National Corp.		62,526		2,217,797
MarketAxess Holdings, Inc.		12,329		5,609,818
Nasdaq, Inc.		33,234		3,644,773
Principal Financial Group, Inc.		83,285		3,032,407
Raymond James Financial, Inc.		36,132		2,381,821
SVB Financial Group(b)		15,539		3,001,669
T. Rowe Price Group, Inc.		67,147		7,764,208
Unum Group		62,860		1,096,907
				87,012,595
Health Care-25.41%
Alexion Pharmaceuticals, Inc.(b)		69,106		7,426,822
Align Technology, Inc.(b)		27,218		5,847,787
AmerisourceBergen Corp.		51,359		4,604,848
Amgen, Inc.		235,029		56,223,637

	Shares		Value
Health Care-(continued)
Biogen, Inc.(b)		57,077	$	16,942,166
DENTSPLY SIRONA, Inc.		72,642		3,082,926
Edwards Lifesciences Corp.(b)		69,527		15,122,123
Eli Lilly and Co.		313,502		48,479,949
Gilead Sciences, Inc.		443,653		37,266,852
IDEXX Laboratories, Inc.(b)		31,210		8,663,896
Johnson & Johnson		663,123		99,494,975
Merck & Co., Inc.		865,811		68,693,445
Mettler-Toledo International, Inc.(b)		8,121		5,846,633
Pfizer, Inc.		1,683,488		64,578,600
Waters Corp.(b)		21,560		4,031,720
				446,306,379
Industrials-9.55%
3M Co.		159,955		24,300,364
A.O. Smith Corp.		45,422		1,924,984
C.H. Robinson Worldwide, Inc.		40,893		2,899,314
Cummins, Inc.		45,452		7,431,402
Dover Corp.		49,099		4,598,121
Eaton Corp. PLC		118,444		9,890,074
Emerson Electric Co.		175,279		9,996,161
Expeditors International of Washington, Inc.		47,030		3,367,583
Fastenal Co.		158,698		5,748,042
Honeywell International, Inc.		225,768		32,036,479
Illinois Tool Works, Inc.		94,203		15,307,988
Jacobs Engineering Group, Inc.		45,526		3,767,277
Johnson Controls International PLC		311,126		9,056,878
L3Harris Technologies, Inc.		64,563		12,505,853
Pentair PLC		64,299		2,224,102
Robert Half International, Inc.		38,612		1,825,189
Rockwell Automation, Inc.		44,915		8,510,494
Snap-on, Inc.		15,042		1,959,822
Southwest Airlines Co.		157,392		4,918,500
Textron, Inc.		67,103		1,768,835
W.W. Grainger, Inc.		13,082		3,605,138
				167,642,600
Information Technology-36.37%
Apple, Inc.		345,248		101,433,863
Cisco Systems, Inc.		1,632,921		69,203,192
Citrix Systems, Inc.		50,022		7,253,690
Fortinet, Inc.(b)		64,395		6,937,917
Intel Corp.		1,252,903		75,149,122
Intuit, Inc.		78,695		21,232,698
Jack Henry & Associates, Inc.		23,361		3,820,692
Juniper Networks, Inc.		101,175		2,185,380
Mastercard, Inc., Class A		322,297		88,622,006
Maxim Integrated Products, Inc.		117,489		6,459,545
NetApp, Inc.		136,312		5,966,376
Oracle Corp.		757,454		40,122,338
PayPal Holdings, Inc.(b)		481,596		59,236,308
Qorvo, Inc.(b)		30,712		3,010,697
Seagate Technology PLC		89,843		4,487,658
Skyworks Solutions, Inc.		48,603		5,048,880
TE Connectivity Ltd.		98,325		7,222,955
Texas Instruments, Inc.		340,462		39,517,424
Visa, Inc., Class A		513,628		91,795,596
				638,706,337

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

50

Invesco S&P 500^® Quality ETF (SPHQ)–(continued)

April 30, 2020

	Shares		Value
Real Estate-0.69%
Healthpeak Properties, Inc.		143,248	$	3,744,503
Public Storage		45,088		8,361,569
				12,106,072
Total Common Stocks & Other Equity Interests (Cost $1,672,725,714)				1,755,493,824
Money Market Funds-0.09%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d)
(Cost $1,594,867)		1,594,867		1,594,867
TOTAL INVESTMENTS IN SECURITIES-100.05% (Cost $1,674,320,581)				1,757,088,691
OTHER ASSETS LESS LIABILITIES-(0.05)%				(878,515	)
NET ASSETS-100.00%			$	1,756,210,176

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$1,596,170		$  78,019,814		$  (78,021,117	)	$-		$       -			$1,594,867		$18,518
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		-		23,284,663		(23,284,663	)	-		-			-		6,140
Invesco Liquid Assets Portfolio, Institutional Class*		-		7,430,502		(7,430,271	)	-		(231	)		-		2,304
Total		$1,596,170		$108,734,979		$(108,736,051	)	$-		$(231	)		$1,594,867		$26,962

^* At April 30, 2020, this security was no longer held.

^(d) The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

51

Invesco S&P Spin-Off ETF (CSD)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-0.41%
Cars.com, Inc.(b)		46,500	$	240,870
Consumer Discretionary-17.91%
Adient PLC(b)		60,630		908,237
Delphi Technologies PLC(b)		59,950		598,900
frontdoor, Inc.(b)		58,969		2,282,690
Garrett Motion, Inc. (Switzerland)(b)		52,117		284,038
Hilton Grand Vacations, Inc.(b)		59,531		1,226,339
Kontoor Brands, Inc.		32,523		631,271
Penn National Gaming, Inc.(b)(c)		75,890		1,352,360
Veoneer, Inc. (Sweden)(b)(c)		69,831		682,947
Wyndham Hotels & Resorts, Inc.		66,284		2,499,570
				10,466,352
Consumer Staples-7.05%
Lamb Weston Holdings, Inc.		67,188		4,122,656
Energy-2.94%
Apergy Corp.(b)		53,951		496,889
Equitrans Midstream Corp.(c)		143,733		1,204,482
KLX Energy Services Holdings, Inc.(b)		14,633		19,023
				1,720,394
Financials-3.35%
Brighthouse Financial, Inc.(b)		76,104		1,956,634
Health Care-2.58%
Covetrus, Inc.(b)(c)		67,943		807,842
Varex Imaging Corp.(b)		26,726		698,351
				1,506,193
Industrials-35.90%
Arcosa, Inc.		33,704		1,256,148
Carrier Global Corp.(b)		272,096		4,818,820
Fortive Corp.		63,986		4,095,104
Hertz Global Holdings, Inc.(b)(c)		70,283		283,943
IAA, Inc.(b)		92,993		3,589,530
nVent Electric PLC		108,389		2,021,455
Otis Worldwide Corp.(b)		88,004		4,480,283
Resideo Technologies, Inc.(b)		85,544		438,841
				20,984,124
Information Technology-4.03%
Conduent, Inc.(b)		114,847		289,414
Perspecta, Inc.		95,775		2,065,867
				2,355,281

	Shares		Value
Materials-18.07%
Alcoa Corp.(b)		129,242	$	1,053,322
Corteva, Inc.		148,947		3,900,922
Dow, Inc.		111,529		4,091,999
Ingevity Corp.(b)		29,131		1,512,482
				10,558,725
Real Estate-7.69%
CorePoint Lodging, Inc.		27,149		118,098
JBG SMITH Properties		82,210		2,791,029
Park Hotels & Resorts, Inc.		166,735		1,585,650
				4,494,777
Total Common Stocks & Other Equity Interests (Cost $88,415,987)				58,406,006
Money Market Funds-0.48%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $283,239)		283,239		283,239
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.41% (Cost $88,699,226)				58,689,245
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.77%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $3,370,710)		3,370,710		3,370,710
TOTAL INVESTMENTS IN SECURITIES-106.18% (Cost $92,069,936)				62,059,955
OTHER ASSETS LESS LIABILITIES-(6.18)%				(3,612,875	)
NET ASSETS-100.00%			$	58,447,080

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

52

Invesco S&P Spin-Off ETF (CSD)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	303,919		$	7,922,655		$	(7,943,335	)		$	-		$	-			$	283,239		$	4,403
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			1,228,487			51,676,266			(52,904,753	)			-			-				-			39,233
Invesco Liquid Assets Portfolio, Institutional Class*			309,300			13,889,808			(14,198,816	)			-			(292	)			-			13,969
Invesco Private Government Fund			-			7,289,594			(3,918,884	)			-			-				3,370,710			2
Total		$	1,841,706		$	80,778,323		$	(78,965,788	)		$	-		$	(292	)		$	3,653,949		$	57,607

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

53

Invesco Water Resources ETF (PHO)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Building Products-6.36%
A.O. Smith Corp.		1,042,023	$	44,160,935
Advanced Drainage Systems, Inc.		466,203		18,899,869
				63,060,804
Chemicals-8.91%
Ecolab, Inc.		456,769		88,384,801
Commercial Services & Supplies-2.98%
Tetra Tech, Inc.		392,697		29,562,230
Construction & Engineering-2.19%
Aegion Corp.(b)		133,949		2,149,882
Valmont Industries, Inc.		166,747		19,549,418
				21,699,300
Electronic Equipment, Instruments & Components-4.23%
Badger Meter, Inc.		257,372		15,192,669
Itron, Inc.(b)		383,164		26,752,511
				41,945,180
Health Care Equipment & Supplies-9.40%
Danaher Corp.		570,093		93,187,402
Industrial Conglomerates-8.06%
Roper Technologies, Inc.		234,359		79,923,450
Life Sciences Tools & Services-7.97%
Waters Corp.(b)		422,926		79,087,162
Machinery-26.69%
Energy Recovery, Inc.(b)(c)		225,123		1,832,501
Evoqua Water Technologies Corp.(b)		1,000,880		16,064,124
Franklin Electric Co., Inc.		277,544		14,099,235
Gorman-Rupp Co. (The)		72,505		2,138,898
IDEX Corp.		278,459		42,779,656
Lindsay Corp.		117,651		10,588,590
Mueller Industries, Inc.		298,102		7,720,842
Mueller Water Products, Inc., Class A		1,256,711		11,926,187
Pentair PLC		1,046,256		36,189,995
Rexnord Corp.		1,121,851		30,592,877
Toro Co. (The)		576,957		36,815,626
Watts Water Technologies, Inc., Class A		190,252		15,676,765
Xylem, Inc.		532,868		38,313,209
				264,738,505

	Shares		Value
Trading Companies & Distributors-3.24%
HD Supply Holdings, Inc.(b)		1,083,956	$	32,171,814
Water Utilities-19.93%
American States Water Co.		356,243		28,275,007
American Water Works Co., Inc.		666,538		81,111,009
Artesian Resources Corp., Class A		18,756		647,645
California Water Service Group		368,783		16,565,732
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil)		2,033,943		15,580,003
Consolidated Water Co. Ltd. (Cayman Islands)		80,885		1,214,893
Essential Utilities, Inc.		958,196		40,043,011
Middlesex Water Co.		88,483		5,335,525
SJW Group		150,170		8,939,620
				197,712,445
Total Common Stocks & Other Equity Interests (Cost $838,672,731)				991,473,093
Money Market Funds-0.11%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $1,084,687)		1,084,687		1,084,687
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $839,757,418)				992,557,780
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.01%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $117,953)		117,953		117,953
TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $839,875,371)				992,675,733
OTHER ASSETS LESS LIABILITIES-(0.08)%				(830,122	)
NET ASSETS-100.00%.			$	991,845,611

Investment Abbreviations:

ADR-American Depositary Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

54

Invesco Water Resources ETF (PHO)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	1,003,803		$	17,379,889		$	(17,299,005	)		$-		$	-			$	1,084,687		$	17,352
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			1,588,060			99,062,539			(100,650,599	)		-			-				-			49,887
Invesco Liquid Assets Portfolio, Institutional Class*			529,354			32,570,089			(33,097,231	)		-			(2,212	)			-			19,302
Invesco Private Government Fund			-			229,167			(111,214	)		-			-				117,953			-
Total		$	3,121,217		$	149,241,684		$	(151,158,049	)		$-		$	(2,212	)		$	1,202,640		$	86,541

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

55

Invesco WilderHill Clean Energy ETF (PBW)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Aerospace & Defense-1.88%
Hexcel Corp.		134,300	$	4,645,437
Auto Components-3.09%
Gentherm, Inc.(b)		163,083		6,105,828
Workhorse Group, Inc.(b)(c)		526,842		1,543,647
				7,649,475
Automobiles-6.50%
NIO, Inc., ADR (China)(b)(c)		2,173,761		7,412,525
Tesla, Inc.(b)		11,127		8,699,979
				16,112,504
Chemicals-10.33%
Air Products and Chemicals, Inc.		28,227		6,367,447
Albemarle Corp.(c)		99,948		6,139,805
Livent Corp.(b)		1,110,989		6,888,132
Sociedad Quimica y Minera de Chile S.A., ADR (Chile)		272,354		6,209,671
				25,605,055
Construction & Engineering-8.77%
Ameresco, Inc., Class A(b)		361,888		6,535,697
MYR Group, Inc.(b)		267,905		8,037,150
Quanta Services, Inc.		197,301		7,173,865
				21,746,712
Electrical Equipment-19.24%
American Superconductor Corp.(b)		198,899		1,143,669
Ballard Power Systems, Inc. (Canada)(b)(c)		636,590		6,467,754
Bloom Energy Corp., Class A(b)(c)		988,244		7,579,832
FuelCell Energy, Inc.(b)(c)		3,340,091		6,746,984
Plug Power, Inc.(b)(c)		1,374,309		5,751,483
Sunrun, Inc.(b)		462,413		6,487,654
TPI Composites, Inc.(b)		370,153		6,488,782
Vivint Solar, Inc.(b)(c)		1,109,063		7,031,460
				47,697,618
Electronic Equipment, Instruments & Components-2.93%
Itron, Inc.(b)		104,076		7,266,586
Independent Power and Renewable Electricity Producers-9.40%
Atlantica Yield PLC (Spain)		256,085		6,130,675
Ormat Technologies, Inc.		80,621		5,031,556
Sunnova Energy International, Inc.(b)		471,330		5,938,758
TerraForm Power, Inc., Class A		358,312		6,205,964
				23,306,953
Machinery-4.27%
ESCO Technologies, Inc.		66,041		5,038,928
Woodward, Inc.		91,485		5,540,332
				10,579,260

	Shares		Value
Oil, Gas & Consumable Fuels-2.70%
Renewable Energy Group, Inc.(b)		269,539	$	6,687,263
Professional Services-3.10%
Willdan Group, Inc.(b)		303,202		7,689,203
Semiconductors & Semiconductor Equipment-27.75%
Advanced Energy Industries, Inc.(b)		113,708		6,322,165
Canadian Solar, Inc. (Canada)(b)		349,210		6,229,906
Cree, Inc.(b)		137,681		5,938,182
Daqo New Energy Corp., ADR (China)(b)		90,388		4,711,926
Enphase Energy, Inc.(b)		162,956		7,631,229
First Solar, Inc.(b)		155,082		6,825,159
JinkoSolar Holding Co. Ltd., ADR (China)(b)(c)		328,092		5,190,415
SolarEdge Technologies, Inc.(b)		58,702		6,550,556
SunPower Corp.(b)(c)		810,637		5,958,182
Universal Display Corp.		44,782		6,722,674
Veeco Instruments, Inc.(b)		614,034		6,711,392
				68,791,786
Total Common Stocks & Other Equity Interests (Cost $240,309,901)				247,777,852
Money Market Funds-0.14%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $341,342)		341,342		341,342
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $240,651,243)				248,119,194
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-19.74%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $48,947,742)		48,947,742		48,947,742
TOTAL INVESTMENTS IN SECURITIES-119.84% (Cost $289,598,985)				297,066,936
OTHER ASSETS LESS LIABILITIES-(19.84)%				(49,190,740	)
NET ASSETS-100.00%.			$	247,876,196

Investment Abbreviations:

ADR-American Depositary Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

56

Invesco WilderHill Clean Energy ETF (PBW)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change  in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	287,282		$	8,017,479		$	(7,963,419	)		$	-		$	-			$	341,342		$	4,251
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			26,703,238			221,967,799			(248,671,037	)			-			-				-			506,268
Invesco Liquid Assets Portfolio, Institutional Class*			8,901,079			62,306,042			(71,204,140	)			-			(2,981	)			-			186,380
Invesco Private Government Fund			-			90,007,702			(41,059,960	)			-			-				48,947,742			24
Total		$	35,891,599		$	382,299,022		$	(368,898,556	)		$	-		$	(2,981	)		$	49,289,084		$	696,923

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

57

Statements of Assets and Liabilities

April 30, 2020

	Invesco Aerospace & Defense ETF (PPA)			Invesco CleantechTM ETF (PZD)		Invesco DWA Momentum ETF (PDP)			Invesco Global Listed Private Equity ETF (PSP)			Invesco Golden Dragon China ETF (PGJ)
Assets:
Unaffiliated investments in securities, at value(a)	$	708,482,675		$	224,143,479	$	1,290,672,351		$	131,189,030		$	160,898,771
Affiliated investments in securities, at value		9,378,160			15,784,549		1,285,524			25,432,918			12,851,170
Other investments:
Unrealized appreciation on swap agreements – OTC		-			-		-			142,645			-
Cash		-			-		-			36,226			-
Foreign currencies, at value		-			3,445		-			742,758			-
Receivable for:
Dividends		280,219			7,027		285,480			207,982			3,161
Securities lending		407			3,119		261			22,368			15,803
Investments sold		-			42,764		-			745,428			9,033,701
Fund shares sold		8,081,990			2,194,192		3,057,409			83			-
Expenses absorbed		-			-		-			-			-
Foreign tax reclaims		-			419,342		-			507,137			-
Total assets		726,223,451			242,597,917		1,295,301,025			159,026,575			182,802,606
Liabilities:
Other investments:
Unrealized depreciation on swap agreements – OTC		-			-		-			353			-
Open written options, at value		-			-		-			-			-
Due to custodian		-			206,094		186			-			-
Payable for:
Investments purchased		8,081,622			2,194,100		3,057,860			3,720			8,459,573
Collateral upon return of securities loaned		8,526,942			15,784,549		-			17,116,620			12,462,351
Open swap agreements - OTC		-			-		-			288			-
Expenses recaptured		-			-		-			-			-
Accrued unitary management fees		-			-		-			-			-
Accrued advisory fees		277,990			83,364		501,551			53,938			74,762
Accrued trustees’ and officer’s fees		60,486			41,653		120,589			58,670			60,597
Accrued expenses		755,320			229,612		852,667			259,475			295,538
Total liabilities		17,702,360			18,539,372		4,532,853			17,493,064			21,352,821
Net Assets	$	708,521,091		$	224,058,545	$	1,290,768,172		$	141,533,511		$	161,449,785
Net assets consist of:
Shares of beneficial interest	$	772,220,300		$	223,442,734	$	1,589,301,636		$	257,062,717		$	380,150,886
Distributable earnings (loss)		(63,699,209	)		615,811		(298,533,464	)		(115,529,206	)		(218,701,101	)
Net Assets	$	708,521,091		$	224,058,545	$	1,290,768,172		$	141,533,511		$	161,449,785
Shares outstanding (unlimited amount authorized, $0.01 par value)		13,150,000			5,250,000		21,300,000			15,200,000			4,000,000
Net asset value	$	53.88		$	42.68	$	60.60		$	9.31		$	40.36
Market price	$	53.98		$	42.74	$	60.68		$	9.32		$	40.32
Unaffiliated investments in securities, at cost	$	738,605,028		$	195,881,739	$	1,075,221,430		$	149,484,740		$	158,531,726
Affiliated investments in securities, at cost	$	9,378,160		$	15,784,549	$	1,285,524		$	25,432,918		$	12,851,170
Foreign currencies, at cost	$	-		$	3,404	$	-		$	740,598		$	-
Premium received on written options	$	-		$	-	$	-		$	-		$	-
(a) Includes securities on loan with an aggregate value of:	$	7,529,002		$	14,819,055	$	-		$	10,436,871		$	11,978,456

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

58

Invesco Raymond James SB-1 Equity ETF (RYJ)			Invesco S&P 500 BuyWrite ETF  (PBP)			Invesco S&P 500® Quality ETF (SPHQ)			Invesco S&P Spin-Off ETF (CSD)			Invesco Water Resources ETF (PHO)			Invesco WilderHill Clean Energy ETF (PBW)
$	101,755,918		$	200,162,508		$	1,755,493,824		$	58,406,006		$	991,473,093		$	247,777,852
	3,377,823			26,601			1,594,867			3,653,949			1,202,640			49,289,084
	-			-			-			-			-			-
	-			-			42,766			-			-			-
	-			-			-			-			-			-
	12,609			186,750			962,890			19,580			402,318			81,062
	2,172			-			-			706			31			159,756
	5,622,004			-			-			-			43,071,625			-
	-			-			8,515,551			-			-			6,525,719
	-			-			149,892			-			-			-
	2,419			-			-			-			-			-
	110,772,945			200,375,859			1,766,759,790			62,080,241			1,036,149,707			303,833,473
	-			-			-			-			-			-
	-			7,377,930			-			-			-			-
	-			109,574			-			-			-			-
	5,750,171			-			9,412,910			-			42,917,417			6,504,100
	3,363,800			-			-			3,370,710			117,953			48,947,742
	-			-			-			-			-			-
	-			-			-			-			-			48,669
	55,290			75,460			-			-			-			-
	-			-			-			24,125			386,511			88,268
	-			-			78,316			11,245			146,566			74,442
	-			-			1,058,388			227,081			735,649			294,056
	9,169,261			7,562,964			10,549,614			3,633,161			44,304,096			55,957,277
$	101,603,684		$	192,812,895		$	1,756,210,176		$	58,447,080		$	991,845,611		$	247,876,196
$	185,742,221		$	238,148,920		$	1,867,981,246		$	233,872,475		$	1,126,241,623		$	701,503,256
	(84,138,537	)		(45,336,025	)		(111,771,070	)		(175,425,395	)		(134,396,012	)		(453,627,060	)
$	101,603,684		$	192,812,895		$	1,756,210,176		$	58,447,080		$	991,845,611		$	247,876,196
	2,972,822			11,050,000			52,250,000			1,700,000			28,800,000			7,768,273
$	34.18		$	17.45		$	33.61		$	34.38		$	34.44		$	31.91
$	34.22		$	17.40		$	33.62		$	34.41		$	34.49		$	31.93
$	103,786,801		$	165,879,909		$	1,672,725,714		$	88,415,987		$	838,672,731		$	240,309,901
$	3,377,823		$	95,481		$	1,594,867		$	3,653,949		$	1,202,640		$	49,289,084
$	-		$	-		$	-		$	-		$	-		$	-
$	-		$	6,979,665		$	-		$	-		$	-		$	-
$	3,127,643		$	-		$	-		$	3,172,939		$	109,712		$	44,932,721

59

Statements of Operations

For the year ended April 30, 2020

	Invesco Aerospace & Defense ETF (PPA)			Invesco CleantechTM ETF (PZD)			Invesco DWA Momentum ETF (PDP)			Invesco Global Listed Private Equity ETF (PSP)			Invesco Golden Dragon China ETF (PGJ)
Investment income:
Unaffiliated dividend income	$	18,386,936		$	2,445,728		$	14,671,179		$	6,951,819		$	1,576,819
Affiliated dividend income		18,702			2,067			23,780			280,877			5,631
Non-cash dividend income		-			-			-			3,328,387			-
Securities lending income		16,119			94,327			79,054			237,485			505,731
Foreign withholding tax		(39,494	)		(191,062	)		-			(489,455	)		(46,992	)
Total investment income		18,382,263			2,351,060			14,774,013			10,309,113			2,041,189
Expenses:
Unitary management fees		-			-			-			-			-
Advisory fees		5,075,824			1,012,819			7,906,611			1,009,464			922,054
Sub-licensing fees		609,097			151,928			1,581,323			201,900			184,417
Accounting & administration fees		76,144			25,543			108,598			35,375			24,932
Custodian & transfer agent fees		40,904			13,326			8,687			(5,104	)		106,753
Trustees’ and officer’s fees		9,982			1,814			5,317			(2,242	)		(3,162	)
Recapture (Note 3)		-			39,193			-			-			-
Proxy fees		12,315			6,302			16,381			6,558			6,362
Other expenses		135,612			63,639			151,103			61,008			59,129
Total expenses		5,959,878			1,314,564			9,778,020			1,306,959			1,300,485
Less: Waivers		(1,972	)		(204	)		(2,677	)		(28,285	)		(4,370	)
Net expenses		5,957,906			1,314,360			9,775,343			1,278,674			1,296,115
Net investment income		12,424,357			1,036,700			4,998,670			9,030,439			745,074
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(31,533,921	)		6,688,907			(100,441,885	)		(16,111,495	)		(13,649,070	)
Affiliated investment securities		(480	)		(4,989	)		(3,549	)		180			220
Unaffiliated in-kind redemptions		103,926,922			1,426,574			203,332,941			12,848,226			16,377,138
Affiliated in-kind redemptions		-			-			-			-			-
Short Sales		-			-			2,028			-			-
Foreign currencies		-			(4,871	)		-			(102,466	)		-
Swap agreements		-			-			-			335,324			-
Written options		-			-			-			-			-
Net realized gain (loss)		72,392,521			8,105,621			102,889,535			(3,030,231	)		2,728,288
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(228,085,289	)		(23,547,861	)		(110,567,407	)		(38,367,044	)		(13,412,002	)
Affiliated investment securities		-			(7,198	)		-			-			-
Foreign currencies		-			9,688			-			22,066			-
Swap agreements		-			-			-			176,626			-
Written options		-			-			-			-			-
Change in net unrealized appreciation (depreciation)		(228,085,289	)		(23,545,371	)		(110,567,407	)		(38,168,352	)		(13,412,002	)
Net realized and unrealized gain (loss)		(155,692,768	)		(15,439,750	)		(7,677,872	)		(41,198,583	)		(10,683,714	)
Net increase (decrease) in net assets resulting from operations	$	(143,268,411	)	$	(14,403,050	)	$	(2,679,202	)	$	(32,168,144	)	$	(9,938,640	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

60

Invesco Raymond James SB-1 Equity ETF (RYJ)			Invesco S&P 500 BuyWrite ETF (PBP)			Invesco S&P 500® Quality ETF (SPHQ)			Invesco S&P Spin-Off ETF (CSD)			Invesco Water Resources ETF (PHO)			Invesco WilderHill Clean Energy ETF (PBW)
$	2,213,798		$	5,782,948		$	30,628,295		$	2,005,732		$	10,187,251		$	516,464
	2,500			9,469			18,518			4,403			17,352			4,251
	-			-			-			-			-			-
	60,807			-			1,247			10,587			151,036			4,226,089
	(4,603	)		-			-			-			-			(81,611	)
	2,272,502			5,792,417			30,648,060			2,020,722			10,355,639			4,665,193
	1,109,093			1,384,298			-			-			-			-
	-			-			2,368,012			534,765			5,082,781			1,024,140
	-			-			704,411			53,589			762,441			204,829
	-			-			111,302			15,886			80,362			22,297
	-			-			(15,410	)		(11,398	)		8,789			(5,369	)
	-			-			14,674			9,785			(11,628	)		(7,208	)
	-			-			-			-			-			134,588
	6,158			7,350			16,158			5,926			12,117			6,166
	-			-			127,792			57,330			146,118			62,401
	1,115,251			1,391,648			3,326,939			665,883			6,080,980			1,441,844
	(308	)		(517	)		(945,302	)		(480	)		(2,140	)		(490	)
	1,114,943			1,391,131			2,381,637			665,403			6,078,840			1,441,354
	1,157,559			4,401,286			28,266,423			1,355,319			4,276,799			3,223,839
	(32,186,775	)		(3,128,913	)		(44,994,363	)		(14,367,824	)		5,661,853			(17,635,084	)
	122			(39,763	)		(231	)		(292	)		(2,212	)		(2,981	)
	12,971,544			39,846,413			228,948,613			16,169,791			93,576,266			40,390,591
	-			(5,651	)		-			-			-			-
	-			(43,260	)		-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			(38,953,539	)		-			-			-			-
	(19,215,109	)		(2,324,713	)		183,954,019			1,801,675			99,235,907			22,752,526
	(19,794,893	)		(35,773,782	)		(133,533,362	)		(40,945,084	)		(116,797,908	)		(14,178,311	)
	-			(9,674	)		-			-			-			-
	-			-			-			-			-			-
	-			-			-			-			-			-
	-			2,147,587			-			-			-			-
	(19,794,893	)		(33,635,869	)		(133,533,362	)		(40,945,084	)		(116,797,908	)		(14,178,311	)
	(39,010,002	)		(35,960,582	)		50,420,657			(39,143,409	)		(17,562,001	)		8,574,215
	$(37,852,443)		$	(31,559,296	)	$	78,687,080		$	(37,788,090	)	$	(13,285,202	)	$	11,798,054

61

Statements of Changes in Net Assets

For the years ended April 30, 2020 and 2019

	Invesco Aerospace & Defense ETF (PPA)						Invesco CleantechTM ETF (PZD)
	Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended April 30, 2019
Operations:
Net investment income	$	12,424,357		$	8,066,369		$	1,036,700		$	762,695
Net realized gain (loss)		72,392,521			89,843,301			8,105,621			414,995
Change in net unrealized appreciation (depreciation)		(228,085,289	)		209,762			(23,545,371	)		10,915,621
Net increase (decrease) in net assets resulting from operations		(143,268,411	)		98,119,432			(14,403,050	)		12,093,311
Distributions to Shareholders from:
Distributable earnings		(13,331,485	)		(8,051,313	)		(1,440,705	)		(870,880	)
Shareholder Transactions:
Proceeds from shares sold		292,816,193			67,402,990			62,240,855			13,011,807
Value of shares repurchased		(365,941,060	)		(225,933,878	)		(2,459,244	)		(4,170,443	)
Net increase (decrease) in net assets resulting from share transactions		(73,124,867	)		(158,530,888	)		59,781,611			8,841,364
Net increase (decrease) in net assets		(229,724,763	)		(68,462,769	)		43,937,856			20,063,795
Net assets:
Beginning of year		938,245,854			1,006,708,623			180,120,689			160,056,894
End of year	$	708,521,091		$	938,245,854		$	224,058,545		$	180,120,689
Changes in Shares Outstanding:
Shares sold		4,350,000			1,150,000			1,300,000			300,000
Shares repurchased		(6,350,000	)		(4,100,000	)		(50,000	)		(100,000	)
Shares outstanding, beginning of year		15,150,000			18,100,000			4,000,000			3,800,000
Shares outstanding, end of year		13,150,000			15,150,000			5,250,000			4,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

62

Invesco DWA Momentum ETF (PDP)						Invesco Global Listed Private Equity ETF (PSP)						Invesco Golden Dragon China ETF (PGJ)
Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended April 30, 2019
$	4,998,670		$	2,910,983		$	9,030,439		$	6,637,957		$	745,074		$	573,064
	102,889,535			120,652,437			(3,030,231	)		7,163,396			2,728,288			11,901,350
	(110,567,407	)		28,031,961			(38,168,352	)		(9,969,568	)		(13,412,002	)		(33,512,069	)
	(2,679,202	)		151,595,381			(32,168,144	)		3,831,785			(9,938,640	)		(21,037,655	)
	(5,893,292	)		(2,302,714	)		(16,078,401	)		(8,142,823	)		(714,749	)		(536,515	)
	959,059,358			978,754,798			23,117,409			62,756,056			17,360,132			45,958,312
	(1,205,665,921	)		(1,104,009,298	)		(77,780,142	)		(59,054,014	)		(61,986,742	)		(78,862,572	)
	(246,606,563	)		(125,254,500	)		(54,662,733	)		3,702,042			(44,626,610	)		(32,904,260	)
	(255,179,057	)		24,038,167			(102,909,278	)		(608,996	)		(55,279,999	)		(54,478,430	)
	1,545,947,229			1,521,909,062			244,442,789			245,051,785			216,729,784			271,208,214
$	1,290,768,172		$	1,545,947,229		$	141,533,511		$	244,442,789		$	161,449,785		$	216,729,784
	15,400,000			18,100,000			2,000,000			5,350,000			450,000			950,000
	(20,400,000	)		(20,700,000	)		(7,000,000	)		(5,250,000	)		(1,600,000	)		(1,750,000	)
	26,300,000			28,900,000			20,200,000			20,100,000			5,150,000			5,950,000
	21,300,000			26,300,000			15,200,000			20,200,000			4,000,000			5,150,000

63

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2020 and 2019

	Invesco Raymond James SB-1 Equity ETF (RYJ)									Invesco S&P 500 BuyWrite ETF (PBP)
	Year Ended April 30, 2020			Eight Months Ended April 30, 2019(a)(b)			Year Ended August 31, 2018			Year Ended April 30, 2020			Year Ended April 30, 2019
Operations:
Net investment income	$	1,157,559		$	503,437		$	1,149,260		$	4,401,286		$	4,808,264
Net realized gain (loss)		(19,215,109	)		(1,160,241	)		24,357,786			(2,324,713	)		(5,540,829	)
Change in net unrealized appreciation (depreciation)		(19,794,893	)		(14,274,311	)		17,075,286			(33,635,869	)		7,900,477
Net increase (decrease) in net assets resulting from operations		(37,852,443	)		(14,931,115	)		42,582,332			(31,559,296	)		7,167,912
Distributions to Shareholders from:
Distributable earnings		(323,015	)		(2,047,360	)		-			(16,120,225	)		(8,385,502	)
Shareholder Transactions:
Proceeds from shares sold		24,336,099			28,666,826			81,954,730			34,567,631			94,564,629
Value of shares repurchased		(57,713,018	)		(39,092,608	)		(109,778,150	)		(114,852,886	)		(74,865,327	)
Net increase (decrease) in net assets resulting from share transactions		(33,376,919	)		(10,425,782	)		(27,823,420	)		(80,285,255	)		19,699,302
Net increase (decrease) in net assets		(71,552,377	)		(27,404,257	)		14,758,912			(127,964,776	)		18,481,712
Net assets:
Beginning of period		173,156,061			200,560,318			185,801,406			320,777,671			302,295,959
End of period	$	101,603,684		$	173,156,061		$	200,560,318		$	192,812,895		$	320,777,671
Changes in Shares Outstanding:
Shares sold		550,000			650,000			1,800,000			1,650,000			4,400,000
Shares repurchased		(1,400,000	)		(900,000	)		(2,450,000	)		(5,600,000	)		(3,600,000	)
Shares outstanding, beginning of period		3,822,822			4,072,822			4,722,822			15,000,000			14,200,000
Shares outstanding, end of period		2,972,822			3,822,822			4,072,822			11,050,000			15,000,000

^(a) For the period September 1, 2018 through April 30, 2019.

^(b) Effective April 30, 2019, Invesco Raymond James SB-1 Equity ETF changed fiscal year end to April 30.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

64

Invesco S&P 500® Quality ETF (SPHQ)						Invesco S&P Spin-Off ETF (CSD)						Invesco Water Resources ETF (PHO)						Invesco WilderHill Clean Energy ETF (PBW)
Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended April 30, 2019			Year Ended April 30, 2020			Year Ended April 30, 2019
$	28,266,423		$	22,305,465		$	1,355,319		$	1,523,383		$	4,276,799		$	4,294,743		$	3,223,839		$	1,769,176
	183,954,019			22,647,584			1,801,675			9,145,488			99,235,907			44,622,934			22,752,526			5,674,707
	(133,533,362	)		132,647,083			(40,945,084	)		(14,390,165	)		(116,797,908	)		75,770,242			(14,178,311	)		9,670,394
	78,687,080			177,600,132			(37,788,090	)		(3,721,294	)		(13,285,202	)		124,687,919			11,798,054			17,114,277
	(29,893,841	)		(21,455,885	)		(1,120,510	)		(1,410,652	)		(5,715,127	)		(3,503,105	)		(3,920,663	)		(1,768,255	)
	1,475,919,631			738,880,207			40,322,241			38,961,813			287,158,938			164,167,797			194,434,625			43,306,082
	(1,238,287,812	)		(752,396,827	)		(89,780,974	)		(89,549,926	)		(217,581,815	)		(165,631,704	)		(99,293,024	)		(30,057,580	)
	237,631,819			(13,516,620	)		(49,458,733	)		(50,588,113	)		69,577,123			(1,463,907	)		95,141,601			13,248,502
	286,425,058			142,627,627			(88,367,333	)		(55,720,059	)		50,576,794			119,720,907			103,018,992			28,594,524
	1,469,785,118			1,327,157,491			146,814,413			202,534,472			941,268,817			821,547,910			144,857,204			116,262,680
$	1,756,210,176		$	1,469,785,118		$	58,447,080		$	146,814,413		$	991,845,611		$	941,268,817		$	247,876,196		$	144,857,204
	44,000,000			24,350,000			850,000			750,000			7,750,000			5,000,000			5,850,000			1,600,000
	(35,900,000	)		(25,150,000	)		(1,950,000	)		(1,800,000	)		(6,100,000	)		(5,150,000	)		(3,200,000	)		(1,200,000	)
	44,150,000			44,950,000			2,800,000			3,850,000			27,150,000			27,300,000			5,118,273			4,718,273
	52,250,000			44,150,000			1,700,000			2,800,000			28,800,000			27,150,000			7,768,273			5,118,273

65

Financial Highlights

Invesco Aerospace & Defense ETF (PPA)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	61.93		$	55.62		$	44.81		$	36.43		$	35.73
Net investment income(a)		0.80			0.49			0.42			0.60			0.53	(b)
Net realized and unrealized gain (loss) on investments		(7.98	)		6.30			10.79			8.43			0.67
Total from investment operations		(7.18	)		6.79			11.21			9.03			1.20
Distributions to shareholders from:
Net investment income		(0.87	)		(0.48	)		(0.40	)		(0.65	)		(0.50	)
Net asset value at end of year	$	53.88		$	61.93		$	55.62		$	44.81		$	36.43
Market price at end of year(c)	$	53.98		$	61.94		$	55.66		$	44.84		$	36.42
Net Asset Value Total Return(d)		(11.64	)%		12.33	%		25.13	%		25.06	%		3.43	%
Market Price Total Return(d)		(11.48	)%		12.27	%		25.14	%		25.18	%		3.46	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	708,521		$	938,246		$	1,006,709		$	569,149		$	298,735
Ratio to average net assets of:
Expenses, after Waivers		0.59	%		0.59	%		0.60	%		0.61	%		0.64	%
Expenses, prior to Waivers		0.59	%		0.59	%		0.60	%		0.61	%		0.64	%
Net investment income		1.22	%		0.86	%		0.80	%		1.47	%		1.50	%(b)
Portfolio turnover rate(e)		18	%		15	%		7	%		10	%		16	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.33 and 0.93%, respectively.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

66

Financial Highlights–(continued)

Invesco Cleantech^TM ETF (PZD)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	45.03		$	42.12		$	37.06		$	30.41		$	30.60
Net investment income(a)		0.23			0.19			0.25			0.59	(b)		0.22
Net realized and unrealized gain (loss) on investments		(2.25	)		2.95			5.18			6.41			(0.18	)
Total from investment operations		(2.02	)		3.14			5.43			7.00			0.04
Distributions to shareholders from:
Net investment income		(0.33	)		(0.23	)		(0.37	)		(0.35	)		(0.23	)
Net asset value at end of year	$	42.68		$	45.03		$	42.12		$	37.06		$	30.41
Market price at end of year(c)	$	42.74		$	45.21		$	42.26		$	37.19		$	30.29
Net Asset Value Total Return(d)		(4.49	)%		7.48	%		14.74	%		23.21	%		0.15	%
Market Price Total Return(d)		(4.73	)%		7.55	%		14.72	%		24.13	%		(0.05	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	224,059		$	180,121		$	160,057		$	92,639		$	71,466
Ratio to average net assets of:
Expenses, after Waivers		0.65	%		0.68	%		0.67	%		0.68	%		0.67	%
Expenses, prior to Waivers		0.65	%		0.68	%		0.68	%		0.73	%		0.73	%
Net investment income		0.51	%		0.47	%		0.61	%		1.81	%(b)		0.76	%
Portfolio turnover rate(e)		75	%		21	%		17	%		24	%		25	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.39 and 1.20%, respectively.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

67

Financial Highlights–(continued)

Invesco DWA Momentum ETF (PDP)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	58.78		$	52.66		$	45.86		$	40.51		$	42.44
Net investment income(a)		0.19			0.11			0.13			0.28			0.12
Net realized and unrealized gain (loss) on investments		1.86			6.10			6.81			5.41			(1.94	)
Total from investment operations		2.05			6.21			6.94			5.69			(1.82	)
Distributions to shareholders from:
Net investment income		(0.23	)		(0.09	)		(0.13	)		(0.34	)		(0.11	)
Return of capital		-			-			(0.01	)		-			-
Total distributions		(0.23	)		(0.09	)		(0.14	)		(0.34	)		(0.11	)
Net asset value at end of year	$	60.60		$	58.78		$	52.66		$	45.86		$	40.51
Market price at end of year(b)	$	60.68		$	58.79		$	52.72		$	45.87		$	40.50
Net Asset Value Total Return(c)		3.53	%		11.81	%		15.17	%		14.12	%		(4.29	)%
Market Price Total Return(c)		3.65	%		11.70	%		15.28	%		14.17	%		(4.29	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,290,768		$	1,545,947		$	1,521,909		$	1,417,070		$	1,438,022
Ratio to average net assets of:
Expenses, after Waivers		0.62	%		0.62	%		0.63	%		0.63	%		0.64	%
Expenses, prior to Waivers		0.62	%		0.62	%		0.63	%		0.63	%		0.64	%
Net investment income		0.32	%		0.20	%		0.26	%		0.65	%		0.29	%
Portfolio turnover rate(d)		82	%		82	%		68	%		68	%		100	%

^(a)  Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

68

Financial Highlights–(continued)

Invesco Global Listed Private Equity ETF (PSP)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	12.10		$	12.19		$	12.25		$	10.45		$	11.95
Net investment income(a)		0.52	(b)		0.32			0.40	(c)		0.41			0.60	(d)
Net realized and unrealized gain (loss) on investments		(2.36	)		(0.03	)		0.99			1.85			(1.53	)
Total from investment operations		(1.84	)		0.29			1.39			2.26			(0.93	)
Distributions to shareholders from:
Net investment income		(0.95	)		(0.38	)		(1.40	)		(0.46	)		(0.57	)
Return of capital		-			-			(0.05	)		-			-
Total distributions		(0.95	)		(0.38	)		(1.45	)		(0.46	)		(0.57	)
Net asset value at end of year	$	9.31		$	12.10		$	12.19		$	12.25		$	10.45
Market price at end of year(e)	$	9.32		$	12.13		$	12.21		$	12.29		$	10.39
Net Asset Value Total Return(f)		(15.82	)%		2.28	%		11.76	%		22.21	%		(8.09	)%
Market Price Total Return(f)		(15.92	)%		2.36	%		11.57	%		23.32	%		(8.47	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	141,534		$	244,443		$	245,052		$	286,143		$	325,925
Ratio to average net assets of:
Expenses, after Waivers(g)		0.63	%		0.64	%		0.64	%		0.66	%		0.64	%
Expenses, prior to Waivers(g)		0.65	%		0.66	%		0.65	%		0.67	%		0.66	%
Net investment income		4.47	%(b)		2.79	%		3.16	%(c)		3.77	%		5.51	%(d)
Portfolio turnover rate(h)		50	%		64	%		44	%		39	%		35	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.33 and 2.82%, respectively.

^(c)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.30 and 2.37%, respectively.

^(d)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.34 and 3.12%, respectively.

^(e)  The mean between the last bid and ask prices.

^(f)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(g)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

69

Financial Highlights–(continued)

Invesco Golden Dragon China ETF (PGJ)

	Years Ended April 30,
	2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of year		$	42.08			$	45.58			$	35.69			$	30.51			$	33.67
Net investment income(a)			0.16				0.11				0.31				0.19				0.06
Net realized and unrealized gain (loss) on investments			(1.72	)			(3.51	)			10.50				5.54				(3.10	)
Total from investment operations			(1.56	)			(3.40	)			10.81				5.73				(3.04	)
Distributions to shareholders from:
Net investment income			(0.16	)			(0.10	)			(0.92	)			(0.55	)			(0.09	)
Return of capital			-				-				-				-				(0.03	)
Total distributions.			(0.16	)			(0.10	)			(0.92	)			(0.55	)			(0.12	)
Net asset value at end of year		$	40.36			$	42.08			$	45.58			$	35.69			$	30.51
Market price at end of year(b)		$	40.32			$	42.11			$	45.58			$	35.69			$	30.49
Net Asset Value Total Return(c)			(3.67	)%			(7.46	)%			30.46	%			19.23	%			(9.04	)%
Market Price Total Return(c)			(3.83	)%			(7.39	)%			30.46	%			19.31	%			(8.97	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	161,450			$	216,730			$	271,208			$	153,460			$	163,248
Ratio to average net assets of:
Expenses, after Waivers			0.70	%(d)			0.70	%			0.70	%			0.70	%			0.70	%
Expenses, prior to Waivers			0.71	%(d)			0.70	%			0.70	%			0.73	%			0.70	%
Net investment income			0.40	%(d)			0.27	%			0.70	%			0.61	%			0.18	%
Portfolio turnover rate(e)			30	%			36	%			25	%			30	%			47	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

70

Financial Highlights–(continued)

Invesco Raymond James SB-1 Equity ETF (RYJ)

	Years Ended April 30, 2020				Eight Months Ended April 30, 2019				Years Ended August 31,
									2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	45.30			$	49.24			$	39.34			$	35.99			$	34.24			$	35.26
Net investment income(a)			0.33				0.13				0.27				0.12				0.29				0.21
Net realized and unrealized gain (loss) on investments			(11.35	)			(3.55	)			9.63				3.82				1.76				(1.14	)
Total from investment operations			(11.02	)			(3.42	)			9.90				3.94				2.05				(0.93	)
Distributions to shareholders from:
Net investment income			(0.10	)			(0.52	)			-				(0.52	)			(0.30	)			(0.09	)
Return of capital			-				-				-				(0.07	)			-				-
Total distributions			(0.10	)			(0.52	)			-				(0.59	)			(0.30	)			(0.09	)
Net asset value at end of period		$	34.18			$	45.30			$	49.24			$	39.34			$	35.99			$	34.24
Market price at end of period		$	34.22	(b)		$	45.30	(b)		$	49.19	(b)		$	39.32			$	36.01			$	34.19
Net Asset Value Total Return(c)			(24.40	)%			(6.60	)%			25.16	%			11.00	%			6.08	%			(2.64	)%
Market Price Total Return(c)			(24.31	)%			(6.51	)%			25.10	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	101,604			$	173,156			$	200,560			$	185,801			$	180,784			$	240,495
Ratio to average net assets of:
Expenses, after Waivers			0.75	%			0.75	%(d)(e)			0.71	%			0.75	%			0.75	%			0.75	%
Expenses, prior to Waivers			0.75	%			0.75	%(d)(e)			0.71	%			0.75	%			0.75	%			0.75	%
Net investment income			0.78	%			0.44	%(d)			0.60	%			0.30	%			0.87	%			0.59	%
Portfolio turnover rate(f)			114	%			65	%			82	%			90	%			118	%			95	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(f) Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

71

Financial Highlights–(continued)

Invesco S&P 500 BuyWrite ETF (PBP)

	Years Ended April 30,
	2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of year		$	21.39			$	21.29			$	22.21			$	20.33			$	21.22
Net investment income(a)			0.33				0.32				0.28				0.29				0.30
Net realized and unrealized gain (loss) on investments			(3.05	)			0.32				1.16				2.10				(0.11	)
Total from investment operations			(2.72	)			0.64				1.44				2.39				0.19
Distributions to shareholders from:
Net investment income			(0.36	)			(0.31	)			(1.09	)			(0.33	)			(0.34	)
Net realized gains			(0.86	)			(0.23	)			(1.27	)			(0.18	)			(0.74	)
Total distributions			(1.22	)			(0.54	)			(2.36	)			(0.51	)			(1.08	)
Net asset value at end of year		$	17.45			$	21.39			$	21.29			$	22.21			$	20.33
Market price at end of year(b)		$	17.40			$	21.39			$	21.33			$	22.23			$	20.29
Net Asset Value Total Return(c)			(13.62	)%			3.16	%			6.59	%			11.86	%			0.90	%
Market Price Total Return(c)			(13.85	)%			2.97	%			6.68	%			12.18	%			0.67	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	192,813			$	320,778			$	302,296			$	327,596			$	297,895
Ratio to average net assets of:
Expenses			0.49	%			0.53	%			0.75	%			0.75	%			0.75	%
Net investment income			1.56	%			1.47	%			1.25	%			1.37	%			1.47	%
Portfolio turnover rate(d)			19	%			15	%			16	%			24	%			43	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco S&P 500^® Quality ETF (SPHQ)

	Years Ended April 30,
	2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of year		$	33.29			$	29.53			$	27.62			$	24.70			$	23.25
Net investment income(a)			0.61				0.51				0.57				0.54				0.45
Net realized and unrealized gain on investments			0.35				3.75				1.89				2.84				1.46
Total from investment operations			0.96				4.26				2.46				3.38				1.91
Distributions to shareholders from:
Net investment income			(0.64	)			(0.50	)			(0.55	)			(0.46	)			(0.46	)
Net asset value at end of year		$	33.61			$	33.29			$	29.53			$	27.62			$	24.70
Market price at end of year(b)		$	33.62			$	33.30			$	29.55			$	27.63			$	24.70
Net Asset Value Total Return(c)			3.03	%			14.63	%			8.94	%			13.84	%			8.39	%
Market Price Total Return(c)			3.03	%			14.59	%			8.98	%			13.88	%			8.43	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	1,756,210			$	1,469,785			$	1,327,157			$	1,222,223			$	899,078
Ratio to average net assets of:
Expenses, after Waivers			0.15	%			0.19	%			0.29	%			0.29	%			0.29	%
Expenses, prior to Waivers			0.21	%			0.26	%			0.37	%			0.38	%			0.38	%
Net investment income			1.79	%			1.67	%			1.95	%			2.10	%			1.92	%
Portfolio turnover rate(d)			56	%			73	%			60	%			49	%			102	%

^(a)  Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

72

Financial Highlights–(continued)

Invesco S&P Spin-Off ETF (CSD)

	Years Ended April 30,				Year Ended April 30,				Eight Months Ended April 30,				Years Ended August 31,
	2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	52.43			$	52.61			$	49.42			$	42.42			$	40.90			$	46.47
Net investment income(a)			0.58				0.43				0.04				0.39				0.61				0.72
Net realized and unrealized gain (loss) on investments			(18.08	)			(0.19	)			3.46				7.31				1.91				(5.55	)
Total from investment operations			(17.50	)			0.24				3.50				7.70				2.52				(4.83	)
Distributions to shareholders from:
Net investment income			(0.55	)			(0.42	)			(0.20	)			(0.70	)			(1.00	)			(0.74	)
Return of capital			-				-				(0.11	)			-				-				-
Total distributions			(0.55	)			(0.42	)			(0.31	)			(0.70	)			(1.00	)			(0.74	)
Net asset value at end of period		$	34.38			$	52.43			$	52.61			$	49.42			$	42.42			$	40.90
Market price at end of period		$	34.41	(b)		$	52.41	(b)		$	52.55	(b)		$	49.34			$	42.42			$	40.85
Net Asset Value Total Return(c)			(33.72	)%			0.71	%			7.10	%			18.39	%			6.42	%			(10.54	)%
Market Price Total Return(c)			(33.64	)%			0.78	%			7.15	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	58,447			$	146,814			$	202,534			$	195,208			$	216,319			$	413,092
Ratio to average net assets of:
Expenses, after Waivers			0.62	%			0.62	%			0.64	%(d)			0.64	%			0.65	%			0.65	%
Expenses, prior to Waivers			0.62	%			0.62	%			0.65	%(d)			0.64	%			0.71	%			0.71	%
Net investment income			1.27	%			0.84	%			0.12	%(d)			0.86	%			1.54	%			1.57	%
Portfolio turnover rate(e)			55	%			49	%			24	%			44	%			116	%			56	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

73

Financial Highlights–(continued)

Invesco Water Resources ETF (PHO)

	Years Ended April 30,
	2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of year		$	34.67			$	30.09			$	26.71			$	22.99			$	25.19
Net investment income(a)			0.15				0.16				0.09				0.16				0.13
Net realized and unrealized gain (loss) on investments			(0.18	)			4.55				3.39				3.68				(2.17	)
Total from investment operations			(0.03	)			4.71				3.48				3.84				(2.04	)
Distributions to shareholders from:
Net investment income			(0.20	)			(0.13	)			(0.10	)			(0.12	)			(0.16	)
Net asset value at end of year		$	34.44			$	34.67			$	30.09			$	26.71			$	22.99
Market price at end of year(b)		$	34.49			$	34.70			$	30.09			$	26.70			$	22.98
Net Asset Value Total Return(c)			(0.07	)%			15.74	%			13.07	%			16.73	%			(8.09	)%
Market Price Total Return(c)			(0.01	)%			15.84	%			13.11	%			16.74	%			(8.06	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	991,846			$	941,269			$	821,548			$	797,147			$	680,463
Ratio to average net assets of:
Expenses, after Waivers			0.60	%			0.60	%			0.62	%			0.62	%			0.61	%
Expenses, prior to Waivers			0.60	%			0.60	%			0.62	%			0.62	%			0.61	%
Net investment income			0.42	%			0.51	%			0.31	%			0.64	%			0.58	%
Portfolio turnover rate(d)			26	%			31	%			23	%			44	%			89	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco WilderHill Clean Energy ETF (PBW)

	Years Ended April 30,
	2020				2019				2018				2017(a)				2016(a)
Per Share Operating Performance:
Net asset value at beginning of year		$	28.30			$	24.64			$	20.85			$	20.55			$	28.80
Net investment income(b)			0.49				0.39				0.31				0.30				0.55
Net realized and unrealized gain (loss) on investments			3.73				3.66				3.78				0.40				(8.30	)
Total from investment operations			4.22				4.05				4.09				0.70				(7.75	)
Distributions to shareholders from:
Net investment income			(0.61	)			(0.39	)			(0.30	)			(0.40	)			(0.50	)
Net asset value at end of year		$	31.91			$	28.30			$	24.64			$	20.85			$	20.55
Market price at end of year(c)		$	31.93			$	28.31			$	24.66			$	20.85			$	20.55
Net Asset Value Total Return(d)			15.13	%			16.76	%			19.78	%			3.60	%			(27.19	)%
Market Price Total Return(d)			15.16	%			16.70	%			19.87	%			3.60	%			(27.19	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	247,876			$	144,857			$	116,263			$	103,177			$	101,255
Ratio to average net assets of:
Expenses, after Waivers			0.70	%			0.70	%			0.70	%			0.70	%			0.70	%
Expenses, prior to Waivers			0.70	%			0.71	%			0.77	%			0.76	%			0.76	%
Net investment income			1.57	%			1.56	%			1.30	%			1.59	%			2.37	%
Portfolio turnover rate(e)			40	%			40	%			43	%			59	%			60	%

^(a)  Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on October 20, 2017.

^(b)  Based on average shares outstanding.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

74

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2020

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco Aerospace & Defense ETF (PPA)	“Aerospace & Defense ETF”
Invesco CleantechTM ETF (PZD)	“CleantechTM ETF”
Invesco DWA Momentum ETF (PDP)	“DWA Momentum ETF”
Invesco Global Listed Private Equity ETF (PSP)	“Global Listed Private Equity ETF”
Invesco Golden Dragon China ETF (PGJ)	“Golden Dragon China ETF”
Invesco Raymond James SB-1 Equity ETF (RYJ)	“Raymond James SB-1 Equity ETF”
Invesco S&P 500 BuyWrite ETF (PBP)	“S&P 500 BuyWrite ETF”
Invesco S&P 500® Quality ETF (SPHQ)	“S&P 500® Quality ETF”
Invesco S&P Spin-Off ETF (CSD)	“S&P Spin-Off ETF”
Invesco Water Resources ETF (PHO)	“Water Resources ETF”
Invesco WilderHill Clean Energy ETF (PBW)	“WilderHill Clean Energy ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of DWA Momentum ETF, Golden Dragon China ETF and Water Resources ETF, which are listed and traded on The Nasdaq Stock Market.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
Aerospace & Defense ETF	SPADE® Defense Index
CleantechTM ETF	The Cleantech IndexTM
DWA Momentum ETF	Dorsey Wright® Technical Leaders Index
Global Listed Private Equity ETF	Red Rocks Global Listed Private Equity Index
Golden Dragon China ETF	NASDAQ Golden Dragon China Index
Raymond James SB-1 Equity ETF	Raymond James SB-1 Equity index
S&P 500 BuyWrite ETF	CBOE S&P 500 BuyWrite IndexSM
S&P 500® Quality ETF	S&P 500® Quality Index
S&P Spin-Off ETF	S&P U.S. Spin-Off Index
Water Resources ETF	NASDAQ OMX US Water IndexSM
WilderHill Clean Energy ETF	WilderHill Clean Energy Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

75

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent

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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each 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 each 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 each Fund and no other AP is able to step forward to create or redeem Creation Units, 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 each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a 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 a 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 Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, 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. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political 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. 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.

Equity Risk. 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 each 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. 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.

Foreign Investment Risk. For certain Funds, 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

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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 comparable to those applicable to domestic issuers. Foreign securities also are subject to risk 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. If a 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.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Market Risk. Securities in the Underlying Index 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 Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Micro-Capitalization Securities Risk. For certain Funds, micro-capitalization stocks involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations.

Momentum Investing Risk. For certain Funds, 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 have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously 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 a Fund may suffer.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Aerospace & Defense ETF, Golden Dragon China ETF, Raymond James SB-1 Equity ETF, S&P Spin-Off ETF and Water Resources ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

REIT Risk. REITs are securities that invest substantially all of their assets in real estate, trade like stocks and may qualify for special tax considerations. In addition to the risks pertaining to real estate investments more generally, such as declining property values or rising interest rates, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. Further, failure of a company to qualify as a REIT under federal tax law may have

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adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and a REIT’s shareholders will incur a proportionate share of those expenses.

Risk of Investing in Listed Private Equity Companies. For certain Funds, there are certain risks inherent in investing in listed private equity companies, which encompass business development companies (“BDCs”), and other financial institutions or vehicles whose principal business is to invest in and lend capital to, or provide services to privately held companies. The 1940 Act imposes certain restraints upon the operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies or thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt investments that mature in one year or less. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. With investments in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Additionally, a BDC may incur indebtedness only in amounts such that the BDC’s asset coverage equals at least 200% after such incurrence. These limitations on asset mix and leverage may prohibit the way that the BDC raises capital. BDCs generally invest in less mature private companies, which involve greater risk than well-established, publicly-traded companies.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which 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. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund (except Raymond James SB-1 Equity ETF and S&P Spin-Off ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Raymond James SB-1 Equity ETF and S&P Spin-Off ETF declare and pay dividends from net investment income, if any, to shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

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F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Each Fund (except for S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF) is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees acquired fund fees and expenses, if any, and extraordinary expenses.

S&P 500 BuyWrite ETF and Raymond James SB-1 Equity ETF have agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral

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may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

K. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.

L. Call Options Purchased and Written - Certain Funds may write call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

M. Swap Agreements - Certain Funds may enter into various swap transactions, including interest rate, total return, index, currency exchange rate and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain, among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index and currency exchange rate swap agreements are two- party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined

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investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statements of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statements of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statements of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of the Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Statements of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate, the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA master agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of the Funds, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to an Investment Advisory Agreement, each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets. S&P 500^® Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.15% of the Fund’s average daily net assets.

Pursuant to another Investment Advisory Agreement, Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF accrue daily and pay monthly to the Adviser an annual unitary management fee of 0.75% and 0.49%, respectively, of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund (except Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each Fund (except for Raymond James SB-1 Equity ETF, S&P 500 BuyWrite ETF and S&P 500^® Quality ETF) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2022. The Expense Cap (including sub-licensing fees) for S&P 500^® Quality ETF is 0.15% of the Fund’s average daily net assets per year through at least August 31, 2022. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for Aerospace & Defense ETF, Cleantech^TM ETF, DWA Momentum ETF, Global Listed Private Equity ETF, Water Resources ETF and WilderHill Clean Energy ETF.

82

Through April 6, 2020, the Adviser agreed to reimburse S&P Spin-Off ETF in the amount equal to the licensing fees that the Fund paid that caused the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.64%. Through May 18, 2020, the Adviser also agreed to waive a portion of the unitary management fee for Raymond James SB-1 Equity ETF to prevent the expenses (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes, and litigation expenses and other extraordinary expenses) from exceeding 0.75%.

Additionally, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Aerospace & Defense ETF	$	1,972
CleantechTM ETF		204
DWA Momentum ETF		2,677
Global Listed Private Equity ETF		28,285
Golden Dragon China ETF		4,370
Raymond James SB-1 Equity ETF		308
S&P 500 BuyWrite ETF		517
S&P 500® Quality ETF		945,302
S&P Spin-Off ETF		480
Water Resources ETF		2,140
WilderHill Clean Energy ETF		490

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule at April 30, 2020 are as follows:

	Total Potential Recapture Amounts
			Potential Recapture Amounts Expiring
			4/30/21		4/30/22		4/30/23
Golden Dragon China ETF	$	3,715	$	-	$	-	$	3,715
S&P 500® Quality ETF		2,849,474		1,062,417		843,964		943,093
WilderHill Clean Energy ETF		8,676		-		8,676		-

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
Aerospace & Defense ETF	SPADE Indexes
CleantechTM ETF	Cleantech Indices LLC
DWA Momentum ETF	Dorsey Wright & Associates, LLC
Global Listed Private Equity ETF	Red Rocks Capital, LLC
Golden Dragon China ETF	Nasdaq, Inc.
Raymond James SB-1 Equity ETF	Raymond James Research Services, LLC
S&P 500 BuyWrite ETF	S&P Dow Jones Indices LLC
S&P 500® Quality ETF	S&P Dow Jones Indices LLC
S&P Spin-Off ETF	S&P Dow Jones Indices LLC
Water Resources ETF	Nasdaq, Inc.
WilderHill Clean Energy ETF	WilderHill

83

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds (except for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF) are required to pay the sub-licensing fees that are shown on the Statements of Operations. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended April 30, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gains (Losses)
Raymond James SB-1 Equity ETF		$331,981		$    268,830		$    46,929
S&P 500 BuyWrite ETF		1,870		2,352		(16,232)
Water Resources ETF		276,880		1,454,253		(187,307)
WilderHill Clean Energy ETF		38,226		—		—

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Funds listed below, as of April 30, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value on options held in S&P 500 BuyWrite ETF was based on Level 1 inputs. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Aerospace & Defense ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	708,482,675	$	-	$	-	$	708,482,675
Money Market Funds		851,218		8,526,942		-		9,378,160
Total Investments	$	709,333,893	$	8,526,942	$	-	$	717,860,835
CleantechTM ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	224,143,479	$	-	$	-	$	224,143,479
Money Market Funds		-		15,784,549		-		15,784,549
Total Investments	$	224,143,479	$	15,784,549	$	-	$	239,928,028

84

	Level 1		Level 2			Level 3		Total
Global Listed Private Equity ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	131,189,030	$	-		$	-	$	131,189,030
Money Market Funds		8,316,298		17,116,620			-		25,432,918
Total Investments in Securities		139,505,328		17,116,620			-		156,621,948
Other Investments - Assets*
Swap Agreements		-		142,645			-		142,645
Other Investments - Liabilities*
Swap Agreements		-		(353	)		-		(353	)
Total Other Investments		-		142,292			-		142,292
Total Investments	$	139,505,328	$	17,258,912		$	-	$	156,764,240
Golden Dragon China ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	160,758,186	$	-		$	140,585	$	160,898,771
Money Market Funds		388,819		12,462,351			-		12,851,170
Total Investments	$	161,147,005	$	12,462,351		$	140,585	$	173,749,941
Raymond James SB-1 Equity ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	101,755,918	$	-		$	-	$	101,755,918
Money Market Funds		14,023		3,363,800			-		3,377,823
Total Investments	$	101,769,941	$	3,363,800		$	-	$	105,133,741
S&P Spin-Off ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	58,406,006	$	-		$	-	$	58,406,006
Money Market Funds		283,239		3,370,710			-		3,653,949
Total Investments	$	58,689,245	$	3,370,710		$	-	$	62,059,955
Water Resources ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	991,473,093	$	-		$	-	$	991,473,093
Money Market Funds		1,084,687		117,953			-		1,202,640
Total Investments	$	992,557,780	$	117,953		$	-	$	992,675,733
WilderHill Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	247,777,852	$	-		$	-	$	247,777,852
Money Market Funds		341,342		48,947,742			-		49,289,084
Total Investments	$	248,119,194	$	48,947,742		$	-	$	297,066,936

* Unrealized appreciation (depreciation).

NOTE 6–Derivative Investments

The Funds may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

85

Value of Derivative Investments at Period-End

The table below summarizes the value of each Fund’s derivative investments, detailed by primary risk exposure, held as of April 30, 2020:

	Value
	Global Listed Private Equity ETF			S&P 500 BuyWrite ETF
Derivative Assets	Equity Risk			Equity Risk
Unrealized appreciation on swap agreements–OTC		$	142,645		$	-
Derivatives not subject to master netting agreements			-			-
Total Derivative Assets subject to master netting agreements		$	142,645		$	-

	Value
	Global Listed Private Equity ETF				S&P 500 BuyWrite ETF
Derivative Liabilities	Equity Risk				Equity Risk
Unrealized depreciation on swap agreements–OTC		$	(353	)		$	-
Options written, at value - Exchange-Traded			-				(7,377,930	)
Total Derivative Liabilities			(353	)			(7,377,930	)
Derivatives not subject to master netting agreements			-				7,377,930
Total Derivative Liabilities subject to master netting agreements		$	(353	)		$	-

Offsetting Assets and Liabilities

The table below reflects the Funds’ exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of April 30, 2020:

Global Listed Private Equity ETF

	Financial Derivative Assets			Financial Derivative Liabilities								Collateral (Received)/Pledged
Counterparty	Swap Agreements			Swap Agreements				Net Value of Derivatives				Non-Cash			Cash			Net Amount
Citibank, N.A.		$	142,645		$	–			$	142,645			$	–		$	–		$	142,645
Morgan Stanley Capital Services LLC			–			(353	)			(353	)			–			–			(353	)
Total		$	142,645		$	(353	)		$	142,292			$	–		$	–		$	142,292

Effect of Derivative Investments for the Fiscal Year Ended April 30, 2020

The table below summarizes each Fund’s gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statements of Operations
	Global Listed Private Equity ETF			S&P 500 BuyWrite ETF
	Equity Risk
Realized Gain (Loss):
Options written		$	-		$	(38,953,539	)
Swap agreements			335,324			-
Change in Net Unrealized Appreciation:
Options written			-			2,147,587
Swap agreements			176,626			-
Total		$	511,950		$	(36,805,952	)

The table below summarizes the average notional value of derivatives held during the period.

	Average Notional Value
	Global Listed Private Equity ETF			S&P 500 BuyWrite ETF
Options written		$	-		$	284,876,000
Swap agreements			13,764,372			-

86

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2020 and 2019:

	2020				2019
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
Aerospace & Defense ETF	$	13,331,485	$	-	$	8,051,313	$	-
CleantechTM ETF		1,440,705		-		870,880		-
DWA Momentum ETF		5,893,292		-		2,302,714		-
Global Listed Private Equity ETF		16,078,401		-		8,142,823		-
Golden Dragon China ETF		714,749		-		536,515		-
S&P 500 BuyWrite ETF		14,734,438		1,385,787		5,929,392		2,456,110
S&P 500® Quality ETF		29,893,841		-		21,455,885		-
S&P Spin-Off ETF		1,120,510		-		1,410,652		-
Water Resources ETF		5,715,127		-		3,503,105		-
WilderHill Clean Energy ETF		3,920,663		-		1,768,255		-

Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended April 30, 2020, Period September 1, 2018 to April 30, 2019 and Year Ended August 31, 2018:

	April 30, 2020		2019				2018
	Ordinary Income		Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
Raymond James SB-1 Equity ETF	$	323,015	$	2,047,360	$	-	$	-	$	-

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Net Unrealized Appreciation (Depreciation)- Foreign Currencies			Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral			Post-October Capital Losses Deferrals			Shares of Beneficial Interest		Total Net Assets
Aerospace & Defense ETF	$	-	$	(43,258	)	$	(44,329,895	)	$	-		$	(19,326,056	)	$	-		$	-		$	772,220,300	$	708,521,091
CleantechTM ETF		129,256		(33,035	)		24,830,559			316			(24,311,285	)		-			-			223,442,734	$	224,058,545
DWA Momentum ETF		-		(96,788	)		209,964,778			-			(508,401,454	)		-			-			1,589,301,636	$	1,290,768,172
Global Listed Private Equity ETF		-		(49,085	)		(27,100,501	)		(29,723	)		(88,349,897	)		-			-			257,062,717	$	141,533,511
Golden Dragon China ETF		-		(51,823	)		(6,981,086	)		-			(211,668,192	)		-			-			380,150,886	$	161,449,785
Raymond James SB-1 Equity ETF		-		(1,264,079	)		(12,127,842	)		-			(69,916,533	)		(830,083	)		-			185,742,221	$	101,603,684
S&P 500 BuyWrite ETF		-		-			-			-			-			-			(45,336,025	)		238,148,920	$	192,812,895
S&P 500® Quality ETF		1,702,562		(54,770	)		68,878,776			-			(182,297,638	)		-			-			1,867,981,246	$	1,756,210,176

87

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Net Unrealized Appreciation (Depreciation)- Foreign Currencies		Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral		Post-October Capital Losses Deferrals		Shares of Beneficial Interest		Total Net Assets
S&P Spin-Off ETF	$	351,740	$	(4,294	)	$	(32,896,123	)	$	-	$	(142,876,718	)	$	-	$	-	$	233,872,475	$	58,447,080
Water Resources ETF		198,750		(128,044	)		146,289,311			-		(280,756,029	)		-		-		1,126,241,623	$	991,845,611
WilderHill Clean Energy ETF		-		(65,750	)		(2,270,876	)		-		(451,290,434	)		-		-		701,503,256	$	247,876,196

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of April 30, 2020:

	No expiration
	Short-Term		Long-Term		Total*
Aerospace & Defense ETF	$	7,123,148	$	12,202,908	$	19,326,056
CleantechTM ETF		3,002,621		21,308,664		24,311,285
DWA Momentum ETF		508,401,454		-		508,401,454
Global Listed Private Equity ETF		25,624,015		62,725,882		88,349,897
Golden Dragon China ETF		31,157,117		180,511,075		211,668,192
Raymond James SB-1 Equity ETF		43,492,521		26,424,012		69,916,533
S&P 500 BuyWrite ETF		-		-		-
S&P 500® Quality ETF		89,347,247		92,950,391		182,297,638
S&P Spin-Off ETF		60,873,494		82,003,224		142,876,718
Water Resources ETF		157,018,603		123,737,426		280,756,029
WilderHill Clean Energy ETF		92,260,621		359,029,813		451,290,434

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

For the fiscal year ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Aerospace & Defense ETF	$	177,341,692	$	178,313,090
CleantechTM ETF		152,599,176		152,640,577
DWA Momentum ETF		1,318,841,960		1,317,147,801
Global Listed Private Equity ETF		103,797,683		92,231,577
Golden Dragon China ETF		54,404,041		54,916,605
Raymond James SB-1 Equity ETF		171,210,588		167,788,187
S&P 500 BuyWrite ETF		54,250,717		101,001,142
S&P 500® Quality ETF		913,706,073		875,143,509
S&P Spin-Off ETF		60,704,063		57,698,989
Water Resources ETF		257,437,649		257,853,908
WilderHill Clean Energy ETF		83,624,130		82,017,174

88

For the fiscal year ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
Aerospace & Defense ETF	$	292,709,193	$	364,794,847
CleantechTM ETF		62,173,335		2,459,373
DWA Momentum ETF		958,502,905		1,208,023,274
Global Listed Private Equity ETF		22,168,802		71,495,769
Golden Dragon China ETF		17,360,554		61,983,328
Raymond James SB-1 Equity ETF		24,247,345		59,205,572
S&P 500 BuyWrite ETF		35,435,732		116,380,665
S&P 500® Quality ETF		1,410,398,832		1,211,861,993
S&P Spin-Off ETF		40,301,620		92,441,795
Water Resources ETF		286,526,646		217,336,912
WilderHill Clean Energy ETF		193,112,899		99,142,189

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
Aerospace & Defense ETF	$	66,826,161	$	(111,156,056	)	$	(44,329,895	)	$	762,190,730
CleantechTM ETF		40,936,766		(16,106,207	)		24,830,559			215,097,469
DWA Momentum ETF		220,652,217		(10,687,439	)		209,964,778			1,081,993,097
Global Listed Private Equity ETF		12,781,737		(39,882,238	)		(27,100,501	)		183,864,741
Golden Dragon China ETF		29,557,445		(36,538,531	)		(6,981,086	)		180,731,027
Raymond James SB-1 Equity ETF		9,819,489		(21,947,331	)		(12,127,842	)		117,261,583
S&P 500 BuyWrite ETF		-		-			-			192,811,179
S&P 500® Quality ETF		165,289,867		(96,411,091	)		68,878,776			1,688,209,915
S&P Spin-Off ETF		1,602,389		(34,498,512	)		(32,896,123	)		94,956,078
Water Resources ETF		176,031,223		(29,741,912	)		146,289,311			846,386,422
WilderHill Clean Energy ETF		31,025,948		(33,296,824	)		(2,270,876	)		299,337,812

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, distributions, and partnerships, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Aerospace & Defense ETF	$	88,875		$	(100,218,257	)	$	100,129,382
CleantechTM ETF		18,794			(1,415,272	)		1,396,478
DWA Momentum ETF		292,040			(197,790,920	)		197,498,880
Global Listed Private Equity ETF		8,520,028			(8,078,754	)		(441,274	)
Golden Dragon China ETF		765,359			(12,458,249	)		11,692,890
Raymond James SB-1 Equity ETF		(148,454	)		(6,494,910	)		6,643,364
S&P 500 BuyWrite ETF		(251,346	)		251,346			-
S&P 500® Quality ETF		-			(215,018,506	)		215,018,506
S&P Spin-Off ETF		-			(13,769,927	)		13,769,927
Water Resources ETF		-			(91,777,723	)		91,777,723
WilderHill Clean Energy ETF		225,572			(37,243,061	)		37,017,489

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NOTE 10–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Raymond James SB-1 Equity ETF and S&P 500 BuyWrite ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 11–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

90

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Aerospace & Defense ETF, Invesco CleantechTM ETF, Invesco DWA Momentum ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco Raymond James SB-1 Equity ETF, Invesco S&P 500 BuyWrite ETF, Invesco S&P 500^® Quality ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF and Invesco WilderHill Clean Energy ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eleven of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations for the year ended April 30, 2020, the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Invesco Aerospace & Defense ETF ⁽¹⁾

Invesco CleantechTM ETF ⁽¹⁾

Invesco DWA Momentum ETF ⁽¹⁾

Invesco Global Listed Private Equity ETF ⁽¹⁾

Invesco Golden Dragon China ETF ⁽¹⁾

Invesco Raymond James SB-1 Equity ETF⁽²⁾

Invesco S&P 500 BuyWrite ETF ⁽¹⁾

Invesco S&P 500^® Quality ETF ⁽¹⁾

Invesco S&P Spin-Off ETF ⁽³⁾

Invesco Water Resources ETF ⁽¹⁾

Invesco WilderHill Clean Energy ETF ⁽¹⁾

(1) Statements of changes in net assets for each of the two years in the period ended April 30, 2020 and the financial highlights for each of the five years in the period ended April 30, 2020.

(2) Statements of changes in net assets and the financial highlights for the year ended April 30, 2020, for the eight months ended April 30, 2019 and for the year ended August 31, 2018.

(3) Statements of changes in net assets for each of the two years in the period ended April 30, 2020 and the financial highlights for each of the two years in the period ended April 30, 2020 and for the eight months ended April 30, 2018.

The financial statements of Invesco Raymond James SB-1 Equity ETF (Predecessor Fund Guggenheim Raymond James SB-1 Equity ETF) and Invesco S&P Spin-Off ETF (Predecessor Fund Guggenheim S&P Spin-Off ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 30, 2017, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

91

Report of Independent Registered Public Accounting Firm–(continued)

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 29, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

92

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust (excluding Invesco S&P 500 BuyWrite ETF and Invesco Raymond James SB-1 Equity ETF), you incur advisory fees and other Fund expenses. As a shareholder of Invesco S&P 500 BuyWrite ETF or Invesco Raymond James SB-1 Equity ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

In addition to the fees and expenses which the Invesco Global Listed Private Equity ETF and Invesco Raymond James SB-1 Equity ETF (the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in the Portfolios’ total returns.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco Aerospace & Defense ETF (PPA)
Actual		$1,000.00		$ 807.60		0.59	%		$2.65
Hypothetical (5% return before expenses)		1,000.00		1,021.93		0.59			2.97
Invesco CleantechTM ETF (PZD)
Actual		1,000.00		936.50		0.62			2.99
Hypothetical (5% return before expenses)		1,000.00		1,021.78		0.62			3.12
Invesco DWA Momentum ETF (PDP)
Actual		1,000.00		995.50		0.61			3.03
Hypothetical (5% return before expenses)		1,000.00		1,021.83		0.61			3.07

93

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco Global Listed Private Equity ETF (PSP)
Actual		$1,000.00		$ 812.00		0.60	%		$2.70
Hypothetical (5% return before expenses)		1,000.00		1,021.88		0.60			3.02
Invesco Golden Dragon China ETF (PGJ)
Actual		1,000.00		1,057.20		0.70			3.58
Hypothetical (5% return before expenses)		1,000.00		1,021.38		0.70			3.52
Invesco Raymond James SB-1 Equity ETF (RYJ)
Actual		1,000.00		796.30		0.75			3.35
Hypothetical (5% return before expenses)		1,000.00		1,021.13		0.75			3.77
Invesco S&P 500 BuyWrite ETF (PBP)
Actual		1,000.00		830.00		0.49			2.23
Hypothetical (5% return before expenses)		1,000.00		1,022.43		0.49			2.46
Invesco S&P 500® Quality ETF (SPHQ)
Actual		1,000.00		989.30		0.15			0.74
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.15			0.75
Invesco S&P Spin-Off ETF (CSD)
Actual		1,000.00		738.10		0.58			2.51
Hypothetical (5% return before expenses)		1,000.00		1,021.98		0.58			2.92
Invesco Water Resources ETF (PHO)
Actual		1,000.00		938.50		0.59			2.84
Hypothetical (5% return before expenses)		1,000.00		1,021.93		0.59			2.97
Invesco WilderHill Clean Energy ETF (PBW)
Actual		1,000.00		1,111.20		0.70			3.67
Hypothetical (5% return before expenses)		1,000.00		1,021.38		0.70			3.52

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

94

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2020:

	Qualified Dividend Income*	Dividends-Received Deduction*	Long Term Capital Gains
Invesco Aerospace & Defense ETF	100%	100%	$	-
Invesco CleantechTM ETF	100%	57%	$	-
Invesco DWA Momentum ETF	100%	100%	$	-
Invesco Global Listed Private Equity ETF	43%	6%	$	-
Invesco Golden Dragon China ETF	100%	0%	$	-
Invesco Raymond James SB-1 Equity ETF	100%	100%	$	-
Invesco S&P 500 BuyWrite ETF	0%	0%	$	1,385,787
Invesco S&P 500® Quality ETF	100%	100%	$	-
Invesco S&P Spin-Off ETF	100%	99%	$	-
Invesco Water Resources ETF	100%	100%	$	-
Invesco WilderHill Clean Energy ETF	6%	4%	$	-

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

	Foreign Source Income	Foreign Taxes       Paid
Invesco Global Listed Private Equity ETF	$0.4238	$0.0312

95

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	215	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	215	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

96

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	215	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

97

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	215	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

98

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	215	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	215	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

99

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	215	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

100

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	215	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	215	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

101

Trustees and Officers (continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	215	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

102

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary President and Principal Executive Officer	Since 2011 Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (May 2020-present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (June 2020-present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (June 2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

103

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

104

Approval of Investment Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 49 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco International Dividend Achievers^TM ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500^® Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy

ETF Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges.

105

Approval of Investment Advisory Contracts (continued)

The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF; Invesco S&P 100 Equal Weight ETF, Invesco S&P MidCap Quality ETF and Invesco S&P 500^® Quality ETF;

● 0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2022, as set forth below:

● 0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack Achievers^TM ETF, Invesco Cleantech^TM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF;

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF;

● 0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

106

Approval of Investment Advisory Contracts (continued)

● 0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500^® Quality ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF					X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X
Invesco DWA Energy Momentum ETF					X
Invesco DWA Financial Momentum ETF					X
Invesco DWA Healthcare Momentum ETF					X
Invesco DWA Industrials Momentum ETF					X
Invesco DWA Momentum ETF					X
Invesco DWA Technology Momentum ETF					X
Invesco DWA Utilities Momentum ETF					X
Invesco Dynamic Biotechnology & Genome ETF					X
Invesco Dynamic Building & Construction ETF					X
Invesco Dynamic Energy Exploration & Production ETF					X
Invesco Dynamic Food & Beverage ETF					X
Invesco Dynamic Large Cap Growth ETF					X
Invesco Dynamic Large Cap Value ETF					X
Invesco Dynamic Leisure and Entertainment ETF					X
Invesco Dynamic Market ETF					X
Invesco Dynamic Media ETF					X
Invesco Dynamic Networking ETF					X
Invesco Dynamic Oil & Gas Services ETF			N/A		X

107

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF		X				X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF		X		N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF						X
Invesco International Dividend AchieversTM ETF		X				X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X				X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF		X		X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted those Funds for which sub-license fees are included in the Funds’ Expense Caps.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF			X		X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X
Invesco DWA Consumer Staples Momentum ETF					X
Invesco DWA Energy Momentum ETF					X

108

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco DWA Financial Momentum ETF						X
Invesco DWA Healthcare Momentum ETF						X
Invesco DWA Industrials Momentum ETF						X
Invesco DWA Momentum ETF				X		X
Invesco DWA Technology Momentum ETF						X
Invesco DWA Utilities Momentum ETF						X
Invesco Dynamic Biotechnology & Genome ETF						X
Invesco Dynamic Building & Construction ETF						X
Invesco Dynamic Energy Exploration & Production ETF						X
Invesco Dynamic Food & Beverage ETF						X
Invesco Dynamic Large Cap Growth ETF						X
Invesco Dynamic Large Cap Value ETF						X
Invesco Dynamic Leisure and Entertainment ETF						X
Invesco Dynamic Market ETF						X
Invesco Dynamic Media ETF						X
Invesco Dynamic Networking ETF						X
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF						X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF				N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF				X		X
Invesco International Dividend AchieversTM ETF						X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X		X		X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF				X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

109

Approval of Investment Advisory Contracts (continued)

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Global Listed Private Equity ETF, Invesco S&P Spin-Off ETF, Invesco WilderHill Clean Energy ETF and Invesco Zacks Mid-Cap ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

110

Approval of Investment Advisory Contracts (continued)

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 25 series (each, a “Fund” and together, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF

Invesco NASDAQ Internet ETF

Invesco Raymond James SB-1 Equity ETF

Invesco S&P 500 BuyWrite ETF

Invesco S&P 500^® Equal Weight Communications Services ETF

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF

Invesco S&P 500^® Equal Weight Consumer Staples ETF

Invesco S&P 500^® Equal Weight Energy ETF

Invesco S&P 500^® Equal Weight ETF

Invesco S&P 500^® Equal Weight Financials ETF

Invesco S&P 500^® Equal Weight Health Care ETF

Invesco S&P 500^® Equal Weight Industrials ETF

Invesco S&P 500^® Equal Weight Materials ETF

Invesco S&P 500^® Equal Weight Real Estate ETF

Invesco S&P 500^® Equal Weight Technology ETF

Invesco S&P 500^® Equal Weight Utilities ETF

Invesco S&P 500^® Pure Growth ETF

Invesco S&P 500^® Pure Value ETF

Invesco S&P 500^® Top 50 ETF

Invesco S&P MidCap 400^® Equal Weight ETF

Invesco S&P MidCap 400^® Pure Growth ETF

Invesco S&P MidCap 400^® Pure Value ETF

Invesco S&P SmallCap 600^® Equal Weight ETF

Invesco S&P SmallCap 600^® Pure Growth ETF

Invesco S&P SmallCap 600^® Pure Value ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:

111

Approval of Investment Advisory Contracts (continued)

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.35% of the Fund’s average daily net assets for each of Invesco S&P 500^® Pure Growth ETF, Invesco S&P 500^® Pure Value ETF, Invesco S&P MidCap 400^® Pure Growth ETF, Invesco S&P MidCap 400^® Pure Value ETF, Invesco S&P SmallCap 600^® Pure Growth ETF and Invesco S&P SmallCap 600^® Pure Value ETF;

● 0.20% of the Fund’s average daily net assets for each of Invesco S&P 500^® Equal Weight ETF and Invesco S&P 500^® Top 50 ETF;

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend ETF; and

● 0.40% of the Fund’s average daily net assets for each other Fund.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median		Lower than Open-End Active Fund Peer Median
Invesco Dow Jones Industrial Average Dividend ETF		X		X		X
Invesco NASDAQ Internet ETF						X
Invesco Raymond James SB-1 Equity ETF						X
Invesco S&P 500 BuyWrite ETF		X		X		X
Invesco S&P 500® Equal Weight Communication Services ETF						X
Invesco S&P 500® Equal Weight Consumer Discretionary ETF		X				X
Invesco S&P 500® Equal Weight Consumer Staples ETF		X				X
Invesco S&P 500® Equal Weight Energy ETF		X				X
Invesco S&P 500® Equal Weight ETF		X		X		X
Invesco S&P 500® Equal Weight Financials ETF		X				X
Invesco S&P 500® Equal Weight Health Care ETF		X				X
Invesco S&P 500® Equal Weight Industrials ETF		X				X
Invesco S&P 500® Equal Weight Materials ETF		X				X
Invesco S&P 500® Equal Weight Real Estate ETF		X				X
Invesco S&P 500® Equal Weight Technology ETF		X				X
Invesco S&P 500® Equal Weight Utilities ETF		X		X		X
Invesco S&P 500® Pure Growth ETF		X		X		X
Invesco S&P 500® Pure Value ETF						X
Invesco S&P 500® Top 50 ETF		X		X		X
Invesco S&P MidCap 400® Equal Weight ETF						X
Invesco S&P MidCap 400® Pure Growth ETF						X
Invesco S&P MidCap 400® Pure Value ETF				X		X
Invesco S&P SmallCap 600® Equal Weight ETF						X
Invesco S&P SmallCap 600® Pure Growth ETF						X
Invesco S&P SmallCap 600® Pure Value ETF				X		X

112

Approval of Investment Advisory Contracts (continued)

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Raymond James SB-1 Equity ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

113

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-4 invesco.com/ETFs

Invesco Annual Report to Shareholders

April 30, 2020

PWB	Invesco Dynamic Large Cap Growth ETF
PWV	Invesco Dynamic Large Cap Value ETF
EQWL	Invesco S&P 100 Equal Weight ETF
SPGP	Invesco S&P 500 GARP ETF
SPVM	Invesco S&P 500 Value with Momentum ETF
XMMO	Invesco S&P MidCap Momentum ETF
XMHQ	Invesco S&P MidCap Quality ETF
XMVM	Invesco S&P MidCap Value with Momentum ETF
XSMO	Invesco S&P SmallCap Momentum ETF
XSVM	Invesco S&P SmallCap Value with Momentum ETF
CZA	Invesco Zacks Mid-Cap ETF
CVY	Invesco Zacks Multi-Asset Income ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

The Market Environment	3
Manager’s Analysis	4
Liquidity Risk Management Program	38
Style Portfolios
Schedules of Investments
Invesco Dynamic Large Cap Growth ETF (PWB)	39
Invesco Dynamic Large Cap Value ETF (PWV)	41
Invesco S&P 100 Equal Weight ETF (EQWL)	43
Invesco S&P 500 GARP ETF (SPGP)	45
Invesco S&P 500 Value with Momentum ETF (SPVM)	47
Invesco S&P MidCap Momentum ETF (XMMO)	49
Invesco S&P MidCap Quality ETF (XMHQ)	51
Invesco S&P MidCap Value with Momentum ETF (XMVM)	53
Invesco S&P SmallCap Momentum ETF (XSMO)	55
Invesco S&P SmallCap Value with Momentum ETF (XSVM)	58
Invesco Zacks Mid-Cap ETF (CZA)	61
Invesco Zacks Multi-Asset Income ETF (CVY)	64
Statements of Assets and Liabilities	68
Statements of Operations	70
Statements of Changes in Net Assets	72
Financial Highlights	77
Notes to Financial Statements	88
Report of Independent Registered Public Accounting Firm	100
Fund Expenses	102
Tax Information	104
Trustees and Officers	105
Approval of Investment Advisory Contracts	114

2

The Market Environment

Domestic Equity

Although the S&P 500 Index, considered representative of the US stock market, posted modest gains for the second quarter of 2019, US equities experienced increased volatility. After four consecutive months of rising stock prices, markets sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.

Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the US Federal Reserve (the “Fed”) cut interest rates by 0.25% in July and again in September 2019.¹ This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.

Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. The US economy rose higher than expected, at 2.1% during the third quarter of 2019.² During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak.¹ Investors were also encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. Cyclical sectors, where company performance tends to be closely linked to macroeconomic changes in the business cycle, were the hardest hit. At the close of the fiscal year in April, US unemployment numbers continued to climb, with over 30 million Americans seeking unemployment benefits since March 2020.³ In addition, the second gross domestic product estimate for the first quarter of 2020 saw the economy shrink by 5.0%, the sharpest drop since the 2008 financial crisis.²

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

³  Source: The Associated Press

3

PWB	Manager’s Analysis
	Invesco Dynamic Large Cap Growth ETF (PWB)

As an index fund, the Invesco Dynamic Large Cap Growth ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Growth Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Ice Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S growth stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest U.S. stocks (by market capitalization) traded on the New York Stock Exchange, NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned 0.91%. On a net asset value (“NAV”) basis, the Fund returned 0.92%. During the same time period, the Index returned 1.50%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell 1000^® Growth Index (the “Benchmark Index”) returned 10.84%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 550 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap growth market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the information technology sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection of companies in the information technology and consumer discretionary sectors.

For the fiscal year ended April 30, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and communication services

sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the consumer dictionary and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included NVIDIA Corp., an information technology company (portfolio average weight of 1.47%) and Microsoft Corp., an information technology company (portfolio average weight of 3.33%). Positions that detracted most significantly from the Fund’s return during this period included Coca-Cola Co., a consumer staples company (portfolio average weight of 0.49%) and TransDigm Group Inc., an industrials company (portfolio average weight of 0.16%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	33.82
Health Care	19.17
Consumer Discretionary	13.20
Communication Services	9.67
Industrials	7.61
Consumer Staples	7.59
Financials	4.53
Sector Types Each Less Than 3%	4.41
Money Market Funds Plus Other Assets Less Liabilities	0.00
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Abbott Laboratories	3.84
NVIDIA Corp.	3.82
Microsoft Corp.	3.74
Facebook, Inc., Class A	3.56
Apple, Inc.	3.55
Adobe, Inc.	3.46
Costco Wholesale Corp.	3.42
Alphabet, Inc., Class A	3.39
Visa, Inc., Class A	3.28
NIKE, Inc., Class B	3.26
Total	35.32

* Excluding money market fund holdings.

4

Invesco Dynamic Large Cap Growth ETF (PWB) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Large Cap Growth IntellidexSM Index		1.50	%		13.31	%		45.48	%		11.60	%		73.12	%		14.15	%		275.57	%		9.54	%		297.92	%
Russell 1000® Growth Index		10.84			15.69			54.83			13.34			87.00			14.41			284.27			10.41			348.75
Fund
NAV Return		0.92			12.65			42.97			10.94			68.06			13.45			253.19			8.84			261.21
Market Price Return		0.91			12.65			42.94			10.97			68.24			13.45			253.33			8.83			260.63

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

5

PWV	Manager’s Analysis
	Invesco Dynamic Large Cap Value ETF (PWV)

As an index fund, the Invesco Dynamic Large Cap Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dynamic Large Cap Value Intellidex^SM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of large-capitalization U.S. value stocks that the Index Provider includes principally on the basis of their capital appreciation potential. The Index Provider ranks the 2,000 largest U.S. stocks (by market capitalization) traded on the New York Stock Exchange , NYSE American and The Nasdaq Stock Market for investment potential using a proprietary Index Provider Intellidex model.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (7.04)%. On a net asset value (“NAV”) basis, the Fund returned (7.12)%. During the same time period, the Index returned (6.67)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses including trading expenses, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the Russell 1000^® Value Index (the “Benchmark Index”) returned (11.01)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 710 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large

cap value market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a modified equal weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the real estate sector during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the energy sector and overweight allocation to and stock selection in the health care sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return followed by the

information technology and consumer staples sectors, respectively. The financials sector detracted most significantly from the Fund’s return followed by the industrial and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Amgen Inc., a health care company (portfolio average weight of 2.61%) and Intel Corp., an information technology company (portfolio average weight of 3.50%). Positions that detracted most significantly from the Fund’s return during this period included Wells Fargo & Co., a financials company (portfolio average weight of 2.16%), and Citigroup Inc., a financials company (portfolio average weight of 3.12%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	25.88
Health Care	22.14
Information Technology	15.16
Communication Services	10.25
Utilities	8.44
Industrials	7.28
Consumer Staples	5.14
Sector Types Each Less Than 3%	5.67
Other Assets Less Liabilities	0.04
Top Ten Fund Holdings * (% of the Fund’s Net Assets) as of April 30, 2020
Security
Amgen, Inc.	4.28
Pfizer, Inc.	4.10
Johnson & Johnson	3.93
Intel Corp.	3.91
Cisco Systems, Inc.	3.86
Verizon Communications, Inc.	3.80
Merck & Co., Inc.	3.70
PepsiCo, Inc.	3.53
International Business Machines Corp.	3.44
Comcast Corp., Class A	3.34
Total	37.89

* Excluding money market fund holdings.

6

Invesco Dynamic Large Cap Value ETF (PWV) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dynamic Large Cap Value IntellidexSM Index		(6.67	)%		0.87	%		2.64	%		4.07	%		22.06	%		9.39	%		145.37	%		8.37	%		238.36	%
Russell 1000® Value Index		(11.01	)		1.42			4.33			3.90			21.11			8.54			126.97			5.96			140.54
Fund
NAV Return		(7.12	)		0.38			1.14			3.50			18.79			8.75			131.27			7.69			207.52
Market Price Return		(7.04	)		0.41			1.24			3.54			18.97			8.75			131.40			7.69			207.47

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes

that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.

7

EQWL	Manager’s Analysis
	Invesco S&P 100 Equal Weight ETF (EQWL)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Top 200 Equal Weight ETF to Invesco S&P 100 Equal Weight ETF (the “Fund”) and the underlying index changed from Russell Top 200^® Equal Weight Index (the “Previous Index”) to S&P 100^® Equal Weight Index (the “Index”). At that time, the Fund also changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, and through June 21, 2019, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is an equal-weighted version of the S&P 100^® Index. Unlike the S&P 100^® Index, which employs a market capitalization weighted methodology, the Index assigns each component security the same weight.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (3.46)%. On a net asset value (“NAV”) basis, the Fund returned (3.34)%. During the same time period, the Blended-S&P 100^® Equal Weight Index (a composite of the returns of the Previous Index through June 21, 2019, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (3.12)%. During the fiscal year, the Fund fully replicated the components of the Blended-Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Blended-Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 100^® Index (the “Benchmark Index”) returned 4.65%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weight methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the

Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the information technology sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The energy sector detracted most significantly from the Fund’s performance followed by financials and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included NVIDIA Corp., an information technology company (portfolio average weight of 1.06%) and Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 0.98%). Positions that detracted most significantly from the Fund’s return during this period included Occidental Petroleum Corp., an energy company (portfolio average weight of 0.84%) and Boeing Co., an industrial company (portfolio average weight of 0.81%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Health Care	15.54
Financials	15.31
Information Technology	14.19
Industrials	11.82
Consumer Staples	10.42
Consumer Discretionary	9.95
Communication Services	8.02
Energy	6.56
Utilities	3.77
Sector Types Each Less Than 3%	4.38
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
DuPont de Nemours, Inc.	1.21
Occidental Petroleum Corp.	1.20
ConocoPhillips	1.18
Simon Property Group, Inc.	1.17
Capital One Financial Corp.	1.17
Facebook, Inc., Class A	1.12
Emerson Electric Co.	1.11
Schlumberger Ltd.	1.08
PayPal Holdings, Inc.	1.08
Dow, Inc.	1.08
Total	11.40

* Excluding money market fund holdings.

8

Invesco S&P 100 Equal Weight ETF (EQWL) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P 100® Equal Weight Index		(3.12	)%		7.23	%		23.29	%		8.36	%		49.40	%		11.35	%		193.04	%		8.21	%		188.13	%
Russell 1000® Index		0.09			8.68			28.36			8.74			52.02			11.57			198.76			7.89			176.81
S&P 100® Index		4.65			10.55			35.10			10.25			62.91			11.97			209.75			8.00			180.61
Russell Top 200® Equal Weight Index		(4.62	)		6.67			21.38			7.82			45.68			N/A			N/A			N/A			N/A
Fund
NAV Return		(3.34	)		6.97			22.38			8.09			47.52			10.95			182.62			7.72			171.17
Market Price Return		(3.46	)		6.90			22.15			8.08			47.46			10.94			182.31			7.71			170.66

9

Invesco S&P 100 Equal Weight ETF (EQWL) (continued)

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.40% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index, Index and Benchmark Index returns do not

represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P 100^® Equal Weight Index is comprised of the performance of the Dynamic Large Cap Intellidex^SM Index, the Fund’s underlying index from Fund inception June 16, 2011, followed by the performance of the RAFI^® Fundamental Large Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Previous Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Fund.

- The Fund has elected to use the S&P 100^® Index to represent its broad-based index rather than the Russell 1000^® Index because the S&P 100^® Index more closely reflects the performance of the types of securities in which the Fund invests.

10

SPGP	Manager’s Analysis
	Invesco S&P 500 GARP ETF (SPGP)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Top 200 Pure Growth ETF to Invesco S&P 500 GARP ETF (the “Fund”) and the underlying index changed from Russell Top 200^® Pure Growth Index (the “Previous Index”) to S&P 500^® GARP Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXLG to SPGP and changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, and through June 21, 2019, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 75 growth stocks in the S&P 500^® Index that exhibit quality characteristics and have attractive valuation.

In selecting constituent securities for the Index, the Index Provider first identifies stocks that exhibit growth characteristics by calculating the growth score for each stock in the S&P 500^® Index. A stock’s growth score is the average of its: (i) three-year earnings per share (“EPS”) growth, calculated as a company’s three-year EPS compound annual growth rate and (ii) three-year sales per share (“SPS”) growth, calculated as a company’s three-year SPS compound annual growth rate. After adjusting for outliers, the stocks are ranked by growth score and the top 150 stocks remain eligible for inclusion in the Index.

The Index Provider then calculates a quality/value composite score for each of the remaining 150 stocks. A stock’s quality/value composite score is the average of its: (i) financial leverage ratio, calculated as a company’s latest total debt divided by its book value; (ii) return on equity, calculated as a company’s trailing 12-month EPS divided by its latest book value per share; and (iii) earnings-to-price ratio, calculated as a company’s trailing 12-month EPS divided by its price. In accordance with the Index methodology, the stocks are ranked by quality/value composite score and the top 75 stocks are included in the Index.

The Underlying Index components are weighted by growth score and no security will have a weight below 0.05% or above 5%. Additionally, each sector will be subject to a maximum weight of 40%.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (5.45)%. On a net asset value (“NAV”) basis, the Fund returned (5.56)%. During the same time period, the Blended-S&P 500^® GARP Index (a composite of the returns of the Previous Index through June 21, 2019, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (5.27)%. During the fiscal year, the Fund fully replicated the components of the Blended-Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Blended-Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an index that employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the communication services sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection in the consumer discretionary sector.

For the fiscal year ended April 30, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and consumer staples sectors, respectively. The financials sector detracted most significantly from the Fund’s performance followed by the consumer discretionary and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Micron Technology, Inc., an information technology company (no longer held at fiscal year-end) and Fortinet, Inc., an information technology company (portfolio average weight of 1.84%). Positions that detracted most significantly from the Fund’s return during this period included ViacomCBS Inc., Class B, a communication services company (portfolio average weight of 0.85%) and Ulta Beauty Inc., a consumer discretionary company (portfolio average weight of 1.32%).

11

Invesco S&P 500 GARP ETF (SPGP) (continued)

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	24.45
Financials	17.01
Industrials	14.96
Consumer Discretionary	14.57
Health Care	11.03
Energy	6.40
Communication Services	4.96
Materials	3.47
Sector Types Each Less Than 3%	3.08
Money Market Funds Plus Other Assets Less Liabilities	0.07

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Arista Networks, Inc.	3.00
Regeneron Pharmaceuticals, Inc.	2.70
Fortinet, Inc.	2.53
E*TRADE Financial Corp.	2.18
Alphabet, Inc., Class A	2.07
Quanta Services, Inc.	1.89
Lam Research Corp.	1.89
Ulta Beauty, Inc.	1.87
Visa, Inc., Class A	1.86
Progressive Corp. (The)	1.83
Total	21.82

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Blended—S&P 500® GARP Index		(5.27	)%		11.65	%		39.18	%		10.19	%		62.46	%		13.30	%		202.77	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			12.14			176.42
Russell 1000® Growth Index		10.84			15.69			54.83			13.34			87.00			14.88			242.31
Russell Top 200® Pure Growth Index		12.24			18.14			64.90			14.42			96.09			N/A			N/A
Fund
NAV Return		(5.56	)		11.27			37.76			9.80			59.56			12.88			192.89
Market Price Return		(5.45	)		11.29			37.82			9.82			59.77			12.90			193.42

12

SPGP Invesco S&P 500 GARP ETF (SPGP) (continued)

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.35%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index, Index and Benchmark Index returns do not represent Fund

returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P 500^® GARP Index performance is comprised of the performance of the RAFI^® Fundamental Large Growth Index from Fund inception May 22, 2015, followed by the performance of the Previous Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Fund.

- The Fund has elected to use the S&P 500^® Index to represent its broad-based index rather than the Russell 1000^® Growth Index because the S&P 500^® Index more closely reflects the performance of the types of securities in which the Fund invests.

13

SPVM	Manager’s Analysis
	Invesco S&P 500 Value with Momentum ETF (SPVM)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Top 200 Pure Value ETF to Invesco S&P 500 Value with Momentum ETF (the “Fund”) and the underlying index changed from Russell Top 200^® Pure Value Index (the “Previous Index”) to S&P 500^® High Momentum Value Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXLV to SPVM and changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index and, through June 21, 2019, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 100 stocks in the S&P 500^® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by evaluating each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

After ranking the constituent securities by value score, the Index Provider selects the 200 highest-ranking securities and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. After ranking the remaining constituent universe by momentum score, the 100 highest-ranking securities are included in the Index and weighted by value score.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (18.57)%. On a net asset value (“NAV”) basis, the Fund returned (18.74)%. During the same time period, the Blended-S&P 500^® High Momentum Value Index (a composite of the returns of the Previous Index through June 21, 2019, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (18.44)%. During the fiscal year, the Fund fully replicated the components of the Blended-Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Blended-Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight exposure to and stock selection in the financials sector.

For the fiscal year ended April 30, 2020, the consumer staples sector contributed most significantly to the Fund’s return, followed by the materials and health care sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by industrials and consumer discretionary, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Newmont Corp., a materials company (portfolio average weight of 0.52%) and Target Corp., a consumer discretionary company (portfolio average weight of 1.13%). Positions that detracted most significantly from the Fund’s return during this period included United Airlines Holdings, Inc., an industrials company (portfolio average weight of 1.17%) and Delta Air Lines, Inc., an industrials company (portfolio average weight of 1.05%).

14

Invesco S&P 500 Value with Momentum ETF (SPVM) (continued)

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	32.55
Consumer Discretionary	14.21
Industrials	13.15
Utilities	11.74
Information Technology	7.38
Communication Services	5.71
Energy	4.69
Consumer Staples	4.13
Sector Types Each Less Than 3%	6.34
Money Market Funds Plus Other Assets Less Liabilities	0.10

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Newmont Corp.	2.04
MetLife, Inc.	2.01
General Motors Co.	1.89
Prudential Financial, Inc.	1.80
Quanta Services, Inc.	1.74
Whirlpool Corp.	1.72
Lennar Corp., Class A	1.69
Micron Technology, Inc.	1.63
Allstate Corp. (The)	1.46
Valero Energy Corp.	1.45
Total	17.43

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Blended—S&P 500® High Momentum Value Index		(18.44	)%		(0.95	)%		(2.82	)%		3.69	%		19.85	%		8.44	%		105.19	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			12.14			176.42
Russell 1000® Value Index		(11.01	)		1.42			4.33			3.90			21.11			8.77			110.79
Russell Top 200® Pure Value Index		(15.06	)		0.40			1.21			4.37			23.86			N/A			N/A
Fund
NAV Return		(18.74	)		(1.33	)		(3.94	)		3.30			17.63			8.03			98.43
Market Price Return		(18.57	)		(1.29	)		(3.82	)		3.34			17.87			8.07			99.11

15

Invesco S&P 500 Value with Momentum ETF (SPVM) (continued)

Fund Inception: June 16, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index, Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P 500^® High Momentum Value Index performance is comprised of the performance of the RAFI^® Fundamental Large Value Index from Fund inception May 22, 2015, followed by the performance of the Previous Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Fund.

- The Fund has elected to use the S&P 500^® Index to represent its broad-based index rather than the Russell 1000^® Value Index because the S&P 500^® Index more closely reflects the performance of the types of securities in which the Fund invests.

16

XMMO	Manager’s Analysis
	Invesco S&P MidCap Momentum ETF (XMMO)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Midcap Pure Growth ETF to Invesco S&P MidCap Momentum ETF (the “Fund”) and the underlying index changed from Russell Midcap^® Pure Growth Index (the “Previous Index”) to S&P MidCap 400^® Momentum Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXMG to XMMO and changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index, and through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, and through June 21, 2019, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P MidCap 400^® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 80 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (7.32)%. On a net asset value (“NAV”) basis, the Fund returned (7.45)%. During the same time period, the Blended-S&P MidCap 400^® Momentum Index (a composite of the returns of the Previous Index through June 21, 2019, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (7.12)%. During the fiscal year, the Fund fully replicated the components of the Blended-Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Blended-Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400^® Index (the “Benchmark Index”) returned (14.94)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an index that employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the industrials sector during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight exposure to and stock selection in the health care sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the communication services and materials sectors, respectively. The real estate sector detracted most significantly from the Fund’s performance, followed by consumer discretionary and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Cable One, Inc., a communications services company (portfolio average weight of 2.12%) and Masimo Corp., a health care company (portfolio average weight of 1.99%). Positions that detracted most significantly from the Fund’s return during this period included National Retail Properties, Inc., a real estate company (no longer held at fiscal year-end) and Woodward, Inc., an industrials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Information Technology	19.68
Health Care	18.63
Industrials	18.08
Consumer Discretionary	13.84
Real Estate	11.5
Financials	7.33
Communication Services	4.08
Utilities	3.31
Sector Types Each Less Than 3%	3.52
Money Market Funds Plus Other Assets Less Liabilities	0.03

17

Invesco S&P MidCap Momentum ETF (XMMO) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Tyler Technologies, Inc.	4.41
West Pharmaceutical Services, Inc.	4.35
Teledyne Technologies, Inc.	3.67
Cable One, Inc.	3.39
Brown & Brown, Inc.	2.96
Fair Isaac Corp.	2.85
Domino’s Pizza, Inc.	2.84
Teradyne, Inc.	2.37
Pool Corp.	2.17
Generac Holdings, Inc.	2.15
Total	31.16

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P MidCap 400® Momentum Index		(7.12	)%		16.71	%		58.96	%		11.95	%		75.87	%		12.16	%		215.03	%		9.91	%		319.06	%
S&P MidCap 400® Index		(14.94	)		(0.03	)		(0.10	)		3.58			19.20			8.86			133.72			7.70			207.78
Russell Midcap® Growth Index		0.23			11.28			37.80			8.88			53.02			12.19			215.79			9.45			292.99
Russell Midcap® Pure Growth Index		11.06			23.87			90.08			16.02			110.17			N/A			N/A			N/A			N/A
Fund
NAV Return		(7.45	)		16.30			57.30			11.57			72.88			11.70			202.45			9.35			287.73
Market Price Return		(7.32	)		16.37			57.60			11.61			73.20			11.73			203.17			9.36			287.94

18

Invesco S&P MidCap Momentum ETF (XMMO) (continued)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index, Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index

and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P MidCap 400^® Momentum Index is comprised of the performance of the Dynamic Mid Cap Growth Intellidex^SM Index, the Fund’s underlying index from Fund inception through June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Previous Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Fund.

- The Fund has elected to use the S&P MidCap 400^® Index to represent its broad-based index rather than the Russell MidCap^® Growth Index because the S&P MidCap 400^® Index more closely reflects the performance of the types of securities in which the Fund invests.

19

XMHQ	Manager’s Analysis
	Invesco S&P MidCap Quality ETF (XMHQ)

Effective after the close of markets on June 21, 2020, the Fund’s name changed from Invesco Russell Midcap Equal Weight ETF to Invesco S&P MidCap Quality ETF (the “Fund”) and the underlying index changed from Russell Midcap^® Equal Weight Index (the “Previous Index”) to S&P MidCap 400^® Quality Index (the “Index”). At that time, the Fund also changed its ticker symbol from EQWM to XMHQ and changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, and through June 21, 2019, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) first calculates the quality score of each security in the S&P MidCap 400^® Index (the “Parent Index”). Each component stock’s quality score is based on a composite of the following three equally-weighted factors: (1) return-on-equity (calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share); (2) accruals ratio (computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years); and (3) financial leverage ratio (calculated as the company’s latest total debt divided by the company’s book value). Based on this criteria, the Index Provider selects the 80 stocks from the Parent Index with the highest quality score for inclusion in the Index.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (5.15)%. On a net asset value (“NAV”) basis, the Fund returned (5.52)%. During the same time period, the Blended-S&P MidCap 400^® Quality Index (a composite of the returns of the Previous Index through June 21, 2019, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (5.34)%. During the fiscal year, the Fund fully replicated the components of the Blended-Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Blended-Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400^® Index (the “Benchmark Index”) returned (14.94)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 securities. The Benchmark Index was selected for its recognition in the

marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that selects stocks based primarily upon quality scores as computed by the Index Provider, whereas the Benchmark Index selects and weighs stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the real estate sector during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the information technology sector, as well as the Fund’s security selection in the industrials sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and materials sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Teradyne, Inc., an information technology company (portfolio average weight of 3.08%) and West Pharmaceutical Services, Inc., a health care company (portfolio average weight of 1.04 %). Positions that detracted most significantly from the Fund’s return during this period included Reinsurance Group of America, Inc., a financials company (portfolio average weight of 2.00%) and Acuity Brands, Inc., an industrials company (portfolio average weight of 0.42%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Industrials	27.08
Information Technology	20.44
Financials	18.02
Health Care	15.81
Consumer Discretionary	9.88
Materials	4.73
Sector Types Each Less Than 3%	4.04
Money Market Funds Plus Other Assets Less Liabilities	0.00

20

Invesco S&P MidCap Quality ETF (XMHQ) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Molina Healthcare, Inc.	3.82
Teradyne, Inc.	3.76
FactSet Research Systems, Inc.	3.57
West Pharmaceutical Services, Inc.	3.54
Teledyne Technologies, Inc.	2.93
Masimo Corp.	2.77
Fair Isaac Corp.	2.66
Ciena Corp.	2.29
Cognex Corp.	2.24
Pool Corp.	2.21
Total	29.79

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P MidCap 400® Quality Index		(5.34	)%		4.25	%		13.29	%		4.91	%		27.06	%		9.24	%		141.95	%		6.45	%		131.28	%
Russell Midcap® Index		(10.00	)		3.46			10.75			4.81			26.48			9.83			155.41			7.09			150.67
S&P MidCap 400® Index		(14.94	)		(0.03	)		(0.10	)		3.58			19.20			8.86			133.72			7.08			150.21
Russell Midcap® Equal Weight Index		(13.48	)		1.17			3.55			2.98			15.82			N/A			N/A			N/A			N/A
Fund
NAV Return		(5.52	)		4.03			12.59			4.69			25.76			8.87			133.89			5.99			118.24
Market Price Return		(5.15	)		4.16			13.00			4.76			26.19			8.91			134.84			6.02			119.12

21

Invesco S&P MidCap Quality ETF (XMHQ) (continued)

Fund Inception: December 1, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.61% and the net annual operating expense ratio was indicated as 0.25%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index, Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P MidCap 400^® Quality Index is comprised of the performance of the Dynamic Mid Cap Intellidex^SM Index, the Fund’s underlying index from Fund inception June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Core Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Previous Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Fund.

- The Fund has elected to use the S&P MidCap 400^® Index to represent its broad-based index rather than the Russell MidCap^® Index because the S&P MidCap 400^® Index more closely reflects the performance of the types of securities in which the Fund invests.

22

XMVM	Manager’s Analysis
	Invesco S&P MidCap Value with Momentum ETF (XMVM)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell Midcap Pure Value ETF to Invesco S&P MidCap Value with Momentum ETF (the “Fund”) and the underlying index changed from Russell Midcap^® Pure Value Index (the “Previous Index”) to S&P MidCap 400^® High Momentum Value Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXMV to XMVM and changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index and, through June 21, 2019, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 80 stocks in the S&P MidCap 400^® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its company’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by averaging each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

The Index Provider selects the 160 securities with the highest-ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 160 remaining securities by momentum score and selects the 80 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (18.34)%. On a net asset value (“NAV”) basis, the Fund returned (18.59)%. During the same time period, the

Blended-S&P MidCap 400^® High Momentum Value Index (a composite of the returns of the Previous Index through June 21, 2019, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (18.47)%. During the fiscal year, the Fund fully replicated the components of the Blended-Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Blended-Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset due to income received from the securities lending program in which the Fund participates.

During this same time period, the S&P MidCap 400^® Index (the “Benchmark Index”) returned (14.94)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 400 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. midcap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an index that employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the consumer discretionary sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight exposure to the financials sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the utilities and information technology sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Tech Data Corp., an information technology company (portfolio average weight of 2.01%) and Tenet Healthcare Corp., a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Chesapeake Energy Corp., an energy company (no longer held at fiscal year-end) and Dillard’s, Inc., Class A, a consumer discretionary company (portfolio average weight of 1.17%).

23

Invesco S&P MidCap Value with Momentum ETF (XMVM) (continued)

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	34.28
Industrials	19.92
Consumer Discretionary	14.86
Information Technology	11.71
Materials	4.26
Health Care	3.74
Utilities	3.25
Sector Types Each Less Than 3%	7.98
Money Market Funds Plus Other Assets Less Liabilities	0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Genworth Financial, Inc., Class A	2.74
Tech Data Corp.	2.66
BJ’s Wholesale Club Holdings, Inc.	2.10
AutoNation, Inc.	2.10
Avnet, Inc.	2.01
Molina Healthcare, Inc.	2.01
ManpowerGroup, Inc.	1.91
Legg Mason, Inc.	1.83
Exelixis, Inc.	1.73
Dana, Inc.	1.73
Total	20.82

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P MidCap 400® High Momentum Value Index		(18.47	)%		(3.35	)%		(9.73	)%		1.44	%		7.41	%		7.83	%		112.49	%		6.08	%		144.62	%
S&P MidCap 400® Index		(14.94	)		(0.03	)		(0.10	)		3.58			19.20			8.86			133.72			7.70			207.78
Russell Midcap® Value Index		(16.74	)		(2.02	)		(5.94	)		1.99			10.35			8.09			117.79			6.76			169.59
Russell Midcap® Pure Value Index		(22.45	)		(4.95	)		(14.13	)		0.20			0.99			N/A			N/A			N/A			N/A
Fund
NAV Return		(18.59	)		(3.65	)		(10.56	)		1.12			5.71			7.41			104.37			5.52			125.80
Market Price Return		(18.34	)		(3.58	)		(10.35	)		1.18			6.04			7.44			105.00			5.53			126.07

24

Invesco S&P MidCap Value with Momentum ETF (XMVM) (continued)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.48% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index, Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P MidCap 400^® High Momentum Value Index is comprised of the performance of the Dynamic Mid Cap Value Intellidex^SM Index, the Fund’s underlying index from Fund inception June 16, 2011, followed by the performance of the RAFI^® Fundamental Mid Value Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Previous Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Fund.

- The Fund has elected to use the S&P MidCap 400^® Index to represent its broad-based index rather than the Russell MidCap^® Value Index because the S&P MidCap 400^® Index more closely reflects the performance of the types of securities in which the Fund invests.

25

XSMO	Manager’s Analysis
	Invesco S&P SmallCap Momentum ETF (XSMO)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell 2000 Pure Growth ETF to Invesco S&P SmallCap Momentum ETF (the “Fund”) and the underlying index changed from Russell 2000^® Pure Growth Index (the “Previous Index”) to S&P SmallCap 600^® Momentum Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXSG to XSMO and changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index and, through June 21, 2019, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P SmallCap 600^® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. Approximately 120 of the securities with the highest momentum score are included in the Index. The Index uses a modified market capitalization-weighted strategy and weights securities by multiplying each security’s market capitalization and momentum score.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (11.53)%. On a net asset value (“NAV”) basis, the Fund returned (11.70)%. During the same time period, the Blended-S&P SmallCap 600^® Momentum Index (a composite of the returns of the Previous Index through June 21, 2019, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (11.38)%. During the fiscal year, the Fund fully replicated the components of the Blended-Index; therefore, the Fund’s performance, on a NAV basis, differed from

the return of the Blended-Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (19.60)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. small

cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an index that employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the financials sector during the fiscal year ended April 30, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the industrials sectors.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the communication services and utilities sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the real estate and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Arrowhead Pharmaceuticals, Inc., a health care company (no longer held at fiscal year-end) and Wingstop, Inc., a consumer discretionary company (portfolio average weight of 1.68%). Positions that detracted most significantly from the Fund’s return during this period included Invesco Mortgage Capital Inc., a financials company (portfolio average weight of 0.50%) and Redwood Trust, Inc., a financials company (portfolio average weight of 0.58%).

26

Invesco S&P SmallCap Momentum ETF (XSMO) (continued)

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Industrials	20.35
Consumer Discretionary	19.97
Real Estate	14.73
Health Care	13.20
Information Technology	12.69
Financials	7.80
Communication Services	4.45
Utilities	3.96
Sector Types Each Less Than 3%	2.83
Money Market Funds Plus Other Assets Less Liabilities	0.02

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Cogent Communications Holdings, Inc.	3.15
Momenta Pharmaceuticals, Inc.	2.86
TopBuild Corp.	2.86
Exponent, Inc.	2.48
eHealth, Inc.	2.07
Simpson Manufacturing Co., Inc.	2.05
Kinsale Capital Group, Inc.	2.02
Avista Corp.	2.01
Wingstop, Inc.	1.85
AMN Healthcare Services, Inc.	1.80
Total	23.15

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P SmallCap 600® Momentum Index		(11.38	)%		5.29	%		16.74	%		5.92	%		33.33	%		9.66	%		151.51	%		6.11	%		145.60	%
Russell 2000® Growth Index		(9.22	)		4.21			13.17			5.19			28.79			9.96			158.35			7.78			211.46
S&P SmallCap 600® Index		(19.60	)		(1.79	)		(5.27	)		3.37			18.01			8.74			131.22			7.05			180.71
Russell 2000® Pure Growth Index		(8.61	)		6.38			20.39			6.57			37.48			N/A			N/A			N/A			N/A
Fund
NAV Return		(11.70	)		5.21			16.46			5.80			32.57			9.34			144.22			5.65			129.91
Market Price Return		(11.53	)		5.31			16.79			5.86			32.95			9.38			145.17			5.65			130.02

27

Invesco S&P SmallCap Momentum ETF (XSMO) (continued)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.42% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index, Index and Benchmark Index returns do not represent Fund

returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P SmallCap 600^® Momentum Index is comprised of the performance of the Dynamic Small Cap Growth Intellidex^SM Index, the Fund’s underlying index from Fund inception June 16, 2011, followed by the performance of the RAFI^® Fundamental Small Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Previous Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Fund.

- The Fund has elected to use the S&P SmallCap 600^® Index to represent its broad-based index rather than the Russell 2000^® Growth Index because the S&P SmallCap 600^® Index more closely reflects the performance of the types of securities in which the Fund invests.

28

XSVM	Manager’s Analysis
	Invesco S&P SmallCap Value with Momentum ETF (XSVM)

Effective after the close of markets on June 21, 2019, the Fund’s name changed from Invesco Russell 2000 Pure Value ETF to Invesco S&P SmallCap Value with Momentum ETF (the “Fund”) and the underlying index changed from Russell 2000^® Pure Value Index (the “Previous Index”) to S&P SmallCap 600^® High Momentum Value Index (the “Index”). At that time, the Fund also changed its ticker symbol from PXSV to XSVM and changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index and, through June 21, 2019, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to track the performance of approximately 120 stocks in the S&P SmallCap 600^® Index (the “Parent Index”) that have the highest “value” and “momentum” scores. In general, a value stock tends to trade at a lower price relative to its issuer’s fundamentals and thus may be considered undervalued by investors and momentum is the tendency of an investment to exhibit persistence in its relative performance. A “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by averaging each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price.

The Index Provider selects the 240 securities with the highest-ranking value scores and calculates a momentum score for each security. A security’s momentum score is based on upward price movements of the security as compared to other eligible securities within the remaining constituent universe. The Index Provider then ranks the 240 securities by momentum score and selects the 120 highest-ranking securities for inclusion in the Index. The component securities are weighted by value score.

The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index, and through June 21, 2019, in all of the securities comprising the Previous Index in proportion to their weightings in the Previous Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (22.51)%. On a net asset value (“NAV”) basis, the Fund returned (22.43)%. During the same time period, the

Blended-S&P SmallCap 600^® High Momentum Value Index (a composite of the returns of the Previous Index through June 21, 2019, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (22.13)%. During the fiscal year, the Fund fully replicated the components of the Blended-Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Blended-Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (19.60)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. small

cap market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an index that employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the health care sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the financials sector.

For the fiscal year ended April 30, 2020, the consumer staples sector contributed most significantly to the Fund’s return, followed by the information technology and utilities sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included SpartanNash Co., a consumer staples company (portfolio average weight 1.78%) and Vitamin Shoppe, Inc., a consumer staples company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Redwood Trust, Inc., a financials company (portfolio average weight 0.68%) and Invesco Mortgage Capital Inc., a consumer staples company (portfolio average weight of 0.25%).

29

Invesco S&P SmallCap Value with Momentum ETF (XSVM) (continued)

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	26.05
Consumer Discretionary	22.70
Industrials	17.69
Information Technology	10.16
Consumer Staples	7.44
Materials	5.22
Real Estate	4.48
Energy	3.00
Sector Types Each Less Than 3%	3.27
Money Market Funds Plus Other Assets Less Liabilities	(0.01)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
SpartanNash Co.	3.35
Office Depot, Inc.	2.76
Kelly Services, Inc., Class A	1.69
FGL Holdings	1.53
Seneca Foods Corp., Class A	1.51
Anixter International, Inc.	1.38
Sonic Automotive, Inc., Class A	1.34
Lannett Co., Inc.	1.32
Central Garden & Pet Co., Class A	1.31
Sanmina Corp.	1.28
Total	17.47

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P SmallCap 600® High Momentum Value Index		(22.13	)%		(5.46	)%		(15.49	)%		0.28	%		1.40	%		6.93	%		95.51	%		5.05	%		111.09	%
Russell 2000® Value Index		(23.84	)		(6.06	)		(17.09	)		0.30			1.53			5.30			67.61			4.65			99.26
S&P SmallCap 600® Index		(19.60	)		(1.79	)		(5.27	)		3.37			18.01			8.74			131.22			7.05			180.71
Russell 2000® Pure Value Index		(29.03	)		(8.33	)		(22.97	)		(1.86	)		(8.97	)		N/A			N/A			N/A			N/A
Fund
NAV Return		(22.43	)		(5.73	)		(16.24	)		0.01			0.04			6.59			89.24			4.55			96.18
Market Price Return		(22.51	)		(5.77	)		(16.32	)		(0.02	)		(0.10	)		6.59			89.25			4.53			95.70

30

Invesco S&P SmallCap Value with Momentum ETF (XSVM) (continued)

Fund Inception: March 3, 2005

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.44% and the net annual operating expense ratio was indicated as 0.39%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index, Index and Benchmark Index returns do not represent Fund

returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- The Blended—S&P SmallCap 600^® High Momentum Value Index is comprised of the performance of the Dynamic Small Cap Value Intellidex^SM Index, the Fund’s underlying index from Fund inception June 16, 2011, followed by the performance of the RAFI^® Fundamental Small Value Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Previous Index for the period May 23, 2015 through June 21, 2019, followed by the performance of the Index for the period June 22, 2019 through April 30, 2020.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Fund.

- The Fund has elected to use the S&P SmallCap 600^® Index to represent its broad-based index rather than the Russell 2000^® Value Index because the S&P SmallCap 600^® Index more closely reflects the performance of the types of securities in which the Fund invests.

31

CZA	Manager’s Analysis
	Invesco Zacks Mid-Cap ETF (CZA)

As an index fund, the Invesco Zacks Mid-Cap ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Mid-Cap Core Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of 100 securities that the Index Provider selects from a universe of mid-capitalization securities including common stocks, master limited partnerships (“MLPs”), ADRs, real estate investment trusts (“REITS”) and business development companies (“BDCs”). The depositary receipts included in the Index may be sponsored or unsponsored. The Index Provider seeks to identify companies with potentially superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including their high long-term earnings growth rate, price earnings ratio and short interest.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded.

The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (17.46)%. On a net asset value (“NAV”) basis, the Fund returned (17.51)%. During the same time period, the Index returned (16.94)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap^® Index (the “Benchmark Index”) returned (10.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. mid-cap equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the financials sector, along with its underweight allocation to and security selection in the information technology sector.

For the fiscal year ended April 30, 2020, the consumer discretionary sector was the only sector that contributed to the Fund’s return. The financials sector detracted most significantly from the Fund’s return, followed by the real estate and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Yum! Brands, Inc., a consumer discretionary company (portfolio average weight of 0.15%) and Zimmer Biomet Holdings, Inc., a health care company (portfolio average weight of 0.16%). Positions that detracted most significantly from the Fund’s return during this period included Ventas, Inc., a real estate company (no longer held at fiscal year-end) and Boston Properties, Inc., a real estate company (portfolio average weight of 0.89%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	17.84
Industrials	17.07
Information Technology	11.63
Materials	10.50
Consumer Discretionary	10.27
Health Care	9.68
Real Estate	9.63
Utilities	9.21
Sector Types Each Less Than 3%	4.07
Money Market Funds Plus Other Assets Less Liabilities	0.10

32

Invesco Zacks Mid-Cap ETF (CZA) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
State Street Corp.	2.21
Zimmer Biomet Holdings, Inc.	2.20
PACCAR, Inc.	2.17
Yum! Brands, Inc.	2.08
KLA Corp.	2.05
Xilinx, Inc.	2.04
Ball Corp.	1.96
Dollar Tree, Inc.	1.92
Corteva, Inc.	1.92
Trane Technologies PLC	1.90
Total	20.45

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Zacks Mid-Cap Core Index		(16.94	)%		1.14	%		3.46	%		4.66	%		25.60	%		10.21	%		164.45	%		8.38	%		186.55	%
Russell Midcap® Index		(10.00	)		3.46			10.75			4.81			26.48			9.83			155.41			6.87			138.34
Fund
NAV Return		(17.51	)		0.43			1.31			3.99			21.63			9.43			146.25			7.56			159.23
Market Price Return		(17.46	)		0.45			1.34			4.04			21.89			9.47			147.05			7.57			159.67

33

Invesco Zacks Mid-Cap ETF (CZA) (continued)

Guggenheim Mid-Cap Core ETF (Predecessor Fund) Inception: April 2, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.76%, including acquired fund fees and expenses of 0.06%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

34

CVY	Manager’s Analysis
	Invesco Zacks Multi-Asset Income ETF (CVY)

As an index fund, the Invesco Zacks Multi-Asset Income ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Zacks Multi-Asset Income Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities that comprise the Index, as well as American Depositary Receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (the “Index Provider”) compiles and maintains the Index, which is composed of securities that the Index Provider selects from a universe of domestic and international companies listed on major U.S. exchanges. The Index Provider seeks to identify companies with potentially high income and superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including dividend yield and risk adjusted return. The securities comprising the Index include stocks of large, medium and small-sized companies and may include U.S. listed common stocks paying dividends, ADRs, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), closed-end funds and traditional preferred stocks.

The Fund may invest directly in one or more underlying securities represented by depositary receipts included in the Underlying Index under the following limited circumstances: (a) when market conditions result in the underlying security providing improved liquidity relative to the depositary receipt; (b) when a depositary receipt is trading at a significantly different price than its underlying security; or (c) the timing of trade executions is improved due to the local market in which an underlying security is traded being open at different times than the market in which the security’s corresponding depositary receipt is traded.

The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended April 30, 2020, on a market price basis, the Fund returned (25.91)%. On a net asset value (“NAV”) basis, the Fund returned (25.93)%. During the same time period, the Index returned (25.51)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 505 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended April 30, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the financials sector, along with its overweight allocation to and security selection in the energy sector.

For the fiscal year ended April 30, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the utilities sector. The financials sector detracted most significantly from the Fund’s return, followed by the energy and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2020, included Cabot Oil & Gas Corp., an energy company (portfolio average weight of 0.29%) and HollyFrontier Corp., an energy company (portfolio average weight of 0.66%). Positions that detracted most significantly from the Fund’s return during this period included Delta Air Lines, Inc., an industrials company (portfolio average weight of 0.38%) and NexPoint Strategic Opportunities Fund, a financials company, (portfolio average weight of 0.82%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020
Financials	40.09
Energy	15.56
Closed-End Funds	10.04
Real Estate	8.58
Industrials	6.53
Materials	4.96
Consumer Discretionary	4.65
Information Technology	3.45
Sector Types Each Less Than 3%	5.86
Money Market Funds Plus Other Assets Less Liabilities	0.28

35

Invesco Zacks Multi-Asset Income ETF (CVY) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2020
Security
Cabot Oil & Gas Corp.	1.98
SVB Financial Group, Series A, Pfd., 5.25%,	1.41
Capital One Financial Corp., Series I, Pfd., 5.00%,	1.36
Cummins, Inc.	1.36
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%,	1.34
American Equity Investment Life Holding Co., Series A, Pfd., 5.95%,	1.32
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25%, 06/01/2022	1.30
CVS Health Corp.	1.28
Nucor Corp.	1.22
First Trust Intermediate Duration Preferred & Income Fund	1.21
Total	13.78

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Zacks Multi-Asset Income Index		(25.51	)%		(4.45	)%		(12.75	)%		(2.16	)%		(10.34	)%		3.86	%		45.98	%		2.72	%		44.01	%
S&P 500® Index		0.86			9.04			29.66			9.12			54.74			11.69			202.21			8.25			194.13
Fund
NAV Return		(25.93	)		(5.06	)		(14.42	)		(2.78	)		(13.14	)		3.12			35.92			1.91			29.41
Market Price Return		(25.91	)		(5.07	)		(14.44	)		(2.71	)		(12.84	)		3.11			35.78			1.92			29.52

36

Invesco Zacks Multi-Asset Income ETF (CVY) (continued)

Guggenheim Multi-Asset Income ETF (Predecessor Fund) Inception: September 21, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.97%, including acquired fund fees and expenses of 0.26%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund

Shares. Seeinvesco.com/ETFs to find the most recent month-end performance numbers.

Index and Benchmark Indexes performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Indexes returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Returns shown are blended returns of the Predecessor Fund and the Fund.

37

Liquidity Risk Management Program

The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

38

Invesco Dynamic Large Cap Growth ETF (PWB)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-9.67%
Alphabet, Inc., Class A(b)		15,440	$	20,793,048
Charter Communications, Inc., Class A(b)		17,063		8,450,109
Facebook, Inc., Class A(b)		106,915		21,886,570
Liberty Broadband Corp., Class C(b)		67,139		8,236,613
				59,366,340
Consumer Discretionary-13.20%
AutoZone, Inc.(b)		8,665		8,841,073
Booking Holdings, Inc.(b)		5,218		7,725,614
Dollar General Corp.		55,060		9,652,018
lululemon athletica, inc.(b)		39,315		8,786,116
McDonald’s Corp.		100,937		18,931,744
NIKE,Inc.,Class B		229,131		19,975,640
Ross Stores, Inc.		77,883		7,115,391
				81,027,596
Consumer Staples-7.59%
Brown-Forman Corp., Class B		139,475		8,675,345
Coca-Cola Co. (The)		369,360		16,949,930
Costco Wholesale Corp.		69,213		20,971,539
				46,596,814
Financials-4.53%
Moody’s Corp.		35,723		8,712,840
MSCI, Inc.		29,313		9,585,351
S&P Global, Inc.		32,447		9,503,077
				27,801,268
Health Care-19.17%
Abbott Laboratories		256,182		23,591,800
Baxter International, Inc.		102,992		9,143,630
Boston Scientific Corp.(b)		229,892		8,616,352
DexCom, Inc.(b)		30,825		10,332,540
Edwards Lifesciences Corp.(b)		40,734		8,859,645
Eli Lilly and Co.		67,184		10,389,334
Humana, Inc.		27,569		10,526,396
ResMed, Inc.		53,312		8,280,420
Thermo Fisher Scientific, Inc.		29,216		9,778,011
Vertex Pharmaceuticals, Inc.(b)		38,872		9,764,646
Zoetis, Inc.		65,087		8,416,400
				117,699,174
Industrials-7.61%
Cintas Corp.		32,338		7,173,539

	Shares		Value
Industrials-(continued)
IHS Markit Ltd.		121,681	$	8,189,131
L3Harris Technologies, Inc.		43,169		8,361,835
Northrop Grumman Corp.		26,288		8,692,653
TransDigm Group, Inc.		15,869		5,761,717
Verisk Analytics, Inc.		55,683		8,510,033
				46,688,908
Information Technology-33.82%
Accenture PLC, Class A		46,532		8,617,261
Adobe, Inc.(b)		60,107		21,256,239
Apple, Inc.		74,167		21,790,265
Applied Materials, Inc.		152,946		7,598,357
Automatic Data Processing, Inc.		55,348		8,118,998
Fiserv, Inc.(b)		80,316		8,277,367
Mastercard, Inc., Class A		70,983		19,518,195
Microsoft Corp.		128,242		22,982,249
Motorola Solutions, Inc.		51,636		7,425,773
NVIDIA Corp.		80,308		23,472,422
QUALCOMM, Inc.		114,268		8,989,464
salesforce.com, inc.(b)		117,847		19,085,322
Visa, Inc., Class A		112,687		20,139,421
Zoom Video Communications, Inc., Class A(b)		76,474		10,336,991
				207,608,324
Materials-1.42%
Air Products and Chemicals, Inc.		38,726		8,735,811
Utilities-2.99%
NextEra Energy, Inc.		79,283		18,323,887
Total Common Stocks & Other Equity Interests (Cost $567,287,682)				613,848,122
Money Market Funds-0.03%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $174,720)		174,720		174,720
TOTAL INVESTMENTS IN SECURITIES-100.03% (Cost $567,462,402)				614,022,842
OTHER ASSETS LESS LIABILITIES-(0.03)%				(169,610	)
NET ASSETS-100.00%			$	613,853,232

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39

Invesco Dynamic Large Cap Growth ETF (PWB)–(continued)

April 30, 2020

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market   Funds:
Invesco Premier U.S. Government Money   Portfolio, Institutional Class		$	-		$	9,802,177		$	(9,627,457	)		$	-		$	-			$	174,720		$	4,054
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency Portfolio,   Institutional Class*			-			22,915,875			(22,915,875	)			-			-				-			2,198
Invesco Liquid Assets Portfolio,   Institutional Class*			-			6,356,647			(6,355,506	)			-			(1,141	)			-			1,146
Total		$	-		$	39,074,699		$	(38,898,838	)		$	-		$	(1,141	)		$	174,720		$	7,398

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40

Invesco Dynamic Large Cap Value ETF (PWV)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-10.25%
AT&T, Inc.		691,960	$	21,084,021
Comcast Corp., Class A		602,236		22,662,141
Verizon Communications, Inc.		448,942		25,791,718
				69,537,880
Consumer Discretionary-2.91%
eBay, Inc.		301,690		12,016,313
Ford Motor Co.		1,516,779		7,720,405
				19,736,718
Consumer Staples-5.14%
Kimberly-Clark Corp.		78,884		10,923,856
PepsiCo, Inc.		181,298		23,983,913
				34,907,769
Energy-1.49%
Valero Energy Corp.		159,711		10,117,692
Financials-25.88%
Aflac, Inc.		238,113		8,867,328
Allstate Corp. (The)		96,184		9,783,837
Bank of America Corp.		848,967		20,417,656
Blackstone Group, Inc. (The), Class A		198,386		10,363,685
Capital One Financial Corp.		118,552		7,677,428
Charles Schwab Corp. (The)		252,238		9,514,417
Citigroup, Inc.		382,731		18,585,417
Goldman Sachs Group, Inc. (The)		51,506		9,447,231
JPMorgan Chase & Co.		203,770		19,513,015
MetLife, Inc.		240,867		8,690,481
Morgan Stanley		232,818		9,180,014
PNC Financial Services Group, Inc. (The)		80,931		8,632,910
Prudential Financial, Inc.		136,397		8,507,081
State Street Corp.		152,353		9,604,333
Wells Fargo & Co.		580,829		16,873,082
				175,657,915
Health Care-22.14%
Allergan PLC		55,800		10,453,572
Amgen, Inc.		121,453		29,053,987
Biogen, Inc.(b)		34,111		10,125,168
CVS Health Corp.		178,169		10,966,302

	Shares		Value
Health Care-(continued)
Johnson & Johnson		177,664	$	26,656,706
McKesson Corp.		71,572		10,109,545
Merck & Co., Inc.		316,597		25,118,806
Pfizer, Inc.		724,852		27,805,323
				150,289,409
Industrials-7.28%
Delta Air Lines, Inc.		219,397		5,684,576
Eaton Corp. PLC		113,394		9,468,399
FedEx Corp.		76,202		9,660,128
Honeywell International, Inc.		66,262		9,402,578
Johnson Controls International PLC		278,938		8,119,885
Southwest Airlines Co.		226,733		7,085,406
				49,420,972
Information Technology-15.16%
Cisco Systems, Inc.		617,381		26,164,607
HP, Inc.		483,191		7,494,292
Intel Corp.		442,766		26,557,105
International Business Machines Corp.		185,739		23,321,389
Micron Technology, Inc.(b)		209,013		10,009,632
TE Connectivity Ltd.		127,066		9,334,268
				102,881,293
Materials-1.27%
LyondellBasell Industries N.V., Class A		149,087		8,639,591
Utilities-8.44%
Dominion Energy, Inc.		130,067		10,032,068
Entergy Corp.		87,514		8,358,462
Eversource Energy		118,080		9,529,056
FirstEnergy Corp.		228,683		9,437,747
Southern Co. (The)		168,129		9,537,958
Xcel Energy, Inc.		162,999		10,360,217
				57,255,508
TOTAL INVESTMENTS IN SECURITIES-99.96%     (Cost $755,738,714)				678,444,747
OTHER ASSETS LESS LIABILITIES-0.04%				264,100
NET ASSETS-100.00%			$	678,708,847

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class*		$	1,227,488		$	38,696,811		$	(39,924,299	)		$	-		$	-		$	-		$	13,290

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41

Invesco Dynamic Large Cap Value ETF (PWV)–(continued)

April 30, 2020

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments Purchased with Cash Collateral from   Securities on Loan:
Invesco Government & Agency Portfolio,   Institutional Class*		$	-		$	23,918,619		$	(23,918,619	)		$	-		$	-			$	-		$	4,655
Invesco Liquid Assets Portfolio, Institutional Class*			-			6,837,044			(6,835,086	)			-			(1,958	)			-			1,554
Total		$	1,227,488		$	69,452,474		$	(70,678,004	)		$	-		$	(1,958	)		$	-		$	19,499

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42

Invesco S&P 100 Equal Weight ETF (EQWL)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-8.02%
Alphabet, Inc., Class A(b)		206	$	277,420
Alphabet, Inc., Class C(b)		206		277,824
AT&T, Inc.		16,908		515,187
Charter Communications, Inc., Class A(b)		1,057		523,458
Comcast Corp., Class A		13,867		521,815
Facebook, Inc., Class A(b)		2,946		603,075
Netflix, Inc.(b)		1,248		523,973
Verizon Communications, Inc.		9,033		518,946
Walt Disney Co. (The)		4,952		535,559
				4,297,257
Consumer Discretionary-9.95%
Amazon.com, Inc.(b)		222		549,228
Booking Holdings, Inc.(b)		359		531,525
Ford Motor Co.		103,133		524,947
General Motors Co.		23,489		523,570
Home Depot, Inc. (The)		2,521		554,191
Lowe’s Cos., Inc.		5,438		569,631
McDonald’s Corp.		2,837		532,108
NIKE, Inc., Class B		5,873		512,008
Starbucks Corp.		6,849		525,524
Target Corp.		4,656		510,949
				5,333,681
Consumer Staples-10.42%
Altria Group, Inc.		12,926		507,346
Coca-Cola Co. (The)		10,987		504,193
Colgate-Palmolive Co.		7,192		505,382
Costco Wholesale Corp.		1,661		503,283
Kraft Heinz Co. (The)		18,003		546,031
Mondelez International, Inc., Class A		9,874		507,919
PepsiCo, Inc.		3,839		507,861
Philip Morris International, Inc.		6,773		505,266
Procter & Gamble Co. (The)		4,235		499,179
Walgreens Boots Alliance, Inc.		11,866		513,679
Walmart, Inc.		3,997		485,835
				5,585,974
Energy-6.56%
Chevron Corp.		6,058		557,336
ConocoPhillips		14,976		630,490
Exxon Mobil Corp.		12,218		567,770
Kinder Morgan, Inc.		35,273		537,208
Occidental Petroleum Corp.(c)		38,741		643,101
Schlumberger Ltd.		34,558		581,265
				3,517,170
Financials-15.31%
Allstate Corp. (The)		5,033		511,957
American Express Co.		6,042		551,333
American International Group, Inc.		21,553		548,093
Bank of America Corp.		22,682		545,502
Bank of New York Mellon Corp. (The)		14,123		530,177
Berkshire Hathaway, Inc., Class B(b)		2,762		517,488
BlackRock, Inc.		1,107		555,758
Capital One Financial Corp.		9,666		625,970
Citigroup, Inc.		11,618		564,170
Goldman Sachs Group, Inc. (The)		2,878		527,883

	Shares		Value
Financials-(continued)
JPMorgan Chase & Co.		5,548	$	531,277
MetLife, Inc.		15,972		576,270
Morgan Stanley		13,508		532,620
U.S. Bancorp		15,061		549,727
Wells Fargo & Co.		18,606		540,504
				8,208,729
Health Care-15.54%
Abbott Laboratories		5,500		506,495
AbbVie, Inc.		6,328		520,162
Allergan PLC		2,824		529,048
Amgen, Inc.		2,247		537,527
Biogen, Inc.(b)		1,542		457,712
Bristol-Myers Squibb Co.		8,714		529,898
CVS Health Corp.		8,334		512,958
Danaher Corp.		3,373		551,351
Eli Lilly and Co.		3,357		519,126
Gilead Sciences, Inc.		6,287		528,108
Johnson & Johnson		3,473		521,089
Medtronic PLC		5,110		498,889
Merck & Co., Inc.		6,327		501,984
Pfizer, Inc.		14,306		548,778
Thermo Fisher Scientific, Inc.		1,592		532,811
UnitedHealth Group, Inc.		1,817		531,418
				8,327,354
Industrials-11.82%
3M Co.		3,605		547,672
Boeing Co. (The)		3,429		483,558
Caterpillar, Inc.		4,540		528,365
Emerson Electric Co.		10,448		595,849
FedEx Corp.		4,229		536,110
General Dynamics Corp.		3,821		499,099
General Electric Co.		77,199		524,953
Honeywell International, Inc.		3,818		541,774
Lockheed Martin Corp.		1,315		511,614
Raytheon Technologies Corp.		7,992		517,962
Union Pacific Corp.		3,523		562,940
United Parcel Service, Inc., Class B		5,139		486,458
				6,336,354
Information Technology-14.19%
Accenture PLC, Class A		3,016		558,533
Adobe, Inc.(b)		1,535		542,837
Apple, Inc.		1,867		548,525
Cisco Systems, Inc.		12,430		526,783
Intel Corp.		8,748		524,705
International Business Machines Corp.		4,396		551,962
Mastercard, Inc., Class A		2,031		558,464
Microsoft Corp.		2,957		529,924
NVIDIA Corp.		1,806		527,858
Oracle Corp.		9,668		512,114
PayPal Holdings, Inc.(b)		4,721		580,683
QUALCOMM, Inc.		6,932		545,340
Texas Instruments, Inc.		4,650		539,726
Visa, Inc., Class A		3,115		556,713
				7,604,167

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43

Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)

April 30, 2020

	Shares		Value
Materials-2.29%
Dow, Inc.		15,800	$	579,702
DuPont de Nemours, Inc.		13,765		647,230
				1,226,932
Real Estate-2.09%
American Tower Corp.		2,078		494,564
Simon Property Group, Inc.		9,409		628,239
				1,122,803
Utilities-3.77%
Duke Energy Corp.		5,861		496,192
Exelon Corp.		13,737		509,368
NextEra Energy, Inc.		2,144		495,522
Southern Co. (The)		9,188		521,235
				2,022,317
Total Common Stocks & Other Equity Interests (Cost $55,280,367)				53,582,738
Money Market Funds-0.14%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $75,061)		75,061		75,061
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $55,355,428)				53,657,799

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.02%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $12,523)		12,523	$	12,523
TOTAL INVESTMENTS IN SECURITIES-100.12% (Cost $55,367,951)				53,670,322
OTHER ASSETS LESS LIABILITIES-(0.12)%				(66,537	)
NET ASSETS-100.00%			$	53,603,785

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market   Funds:
Invesco Premier U.S. Government Money   Portfolio, Institutional Class		$	83,718		$	3,885,326		$	(3,893,983	)		$	-		$	-		$	75,061		$	1,728
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency Portfolio,   Institutional Class*			144,018			1,771,451			(1,915,469	)			-			-			-			601
Invesco Liquid Assets Portfolio, Institutional   Class*			48,006			417,482			(465,516	)			-			28			-			220
Invesco Private Government Fund			-			399,249			(386,726	)			-			-			12,523			-
Total		$	275,742		$	6,473,508		$	(6,661,694	)		$	-		$	28		$	87,584		$	2,549

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44

Invesco S&P 500 GARP ETF (SPGP)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-4.96%
Alphabet, Inc., Class A(b)		3,754	$	5,055,512
Comcast Corp., Class A		76,750		2,888,102
Discovery, Inc., Class C(b)		118,988		2,428,545
ViacomCBS, Inc., Class B		99,892		1,724,136
				12,096,295
Consumer Discretionary-14.57%
Best Buy Co., Inc.		39,713		3,047,178
Booking Holdings, Inc.(b)		2,383		3,528,198
BorgWarner, Inc.		78,146		2,232,631
Carnival Corp.		67,912		1,079,801
D.R. Horton, Inc.		64,600		3,050,412
Lennar Corp., Class A		61,907		3,099,684
Norwegian Cruise Line Holdings Ltd.(b)		66,025		1,082,810
NVR, Inc.(b)		1,086		3,366,600
PulteGroup, Inc.		157,918		4,464,342
Ross Stores, Inc.		28,293		2,584,848
Tractor Supply Co.		34,061		3,454,807
Ulta Beauty, Inc.(b)		21,004		4,577,192
				35,568,503
Consumer Staples-1.41%
Kroger Co. (The)		109,062		3,447,450
Energy-6.40%
Chevron Corp.		28,084		2,583,728
Concho Resources, Inc.		62,140		3,524,581
HollyFrontier Corp.		70,553		2,331,071
Marathon Petroleum Corp.		65,728		2,108,554
Phillips 66		33,710		2,466,561
Valero Energy Corp.		41,222		2,611,414
				15,625,909
Financials-17.01%
American Express Co.		27,811		2,537,754
Capital One Financial Corp.		30,167		1,953,615
Charles Schwab Corp. (The)		87,263		3,291,560
Citizens Financial Group, Inc.		95,502		2,138,290
Comerica, Inc.		49,488		1,725,152
Discover Financial Services		36,675		1,575,925
E*TRADE Financial Corp.		131,257		5,330,347
Hartford Financial Services Group, Inc. (The)		50,691		1,925,751
Lincoln National Corp.		58,683		2,081,486
Progressive Corp. (The)		57,921		4,477,293
Raymond James Financial, Inc.		40,851		2,692,898
Regions Financial Corp.		187,974		2,020,721
SVB Financial Group(b)		22,023		4,254,183
T. Rowe Price Group, Inc.		25,015		2,892,484
Zions Bancorporation N.A		83,040		2,624,894
				41,522,353
Health Care-11.03%
Alexion Pharmaceuticals, Inc.(b)		29,973		3,221,198
Biogen, Inc.(b)		11,309		3,356,850
Bristol-Myers Squibb Co.		61,002		3,709,532
Mettler-Toledo International, Inc.(b)		4,070		2,930,156
Regeneron Pharmaceuticals, Inc.(b)		12,526		6,587,173

	Shares		Value
Health Care-(continued)
Stryker Corp.		17,884	$	3,334,114
UnitedHealth Group, Inc.		12,888		3,769,353
				26,908,376
Industrials-14.96%
Alaska Air Group, Inc.		50,478		1,641,545
Allegion PLC		27,486		2,763,442
American Airlines Group, Inc.(c)		119,749		1,438,186
Copart, Inc.(b)		49,874		3,995,406
Cummins, Inc.		17,722		2,897,547
Deere & Co.		22,671		3,288,655
J.B. Hunt Transport Services, Inc.		31,414		3,176,584
Lockheed Martin Corp.		9,140		3,556,008
Northrop Grumman Corp.		9,736		3,219,403
Parker-Hannifin Corp.		14,953		2,364,368
Quanta Services, Inc.		126,842		4,611,975
United Rentals, Inc.(b)		27,797		3,571,915
				36,525,034
Information Technology-24.45%
Apple, Inc.		12,596		3,700,705
Applied Materials, Inc.		72,280		3,590,870
Arista Networks, Inc.(b)		33,359		7,315,629
Citrix Systems, Inc.		28,281		4,101,028
Cognizant Technology Solutions Corp., Class A		50,587		2,935,058
Fortinet, Inc.(b)		57,415		6,185,892
Intel Corp.		54,198		3,250,796
Intuit, Inc.		14,275		3,851,538
KLA Corp.		23,515		3,858,576
Lam Research Corp.		18,018		4,599,635
Mastercard, Inc., Class A		15,721		4,322,803
Microsoft Corp.		23,744		4,255,162
Visa, Inc., Class A		25,382		4,536,271
Xilinx, Inc.		36,359		3,177,777
				59,681,740
Materials-3.47%
Celanese Corp.		34,103		2,832,936
LyondellBasell Industries N.V., Class A		36,327		2,105,150
Nucor Corp.		85,953		3,540,404
				8,478,490
Real Estate-1.67%
CBRE Group, Inc., Class A(b)		94,933		4,075,474
Total Common Stocks & Other Equity Interests (Cost $297,125,803)				243,929,624
Money Market Funds-0.09%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $211,406)		211,406		211,406
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $297,337,209)				244,141,030

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45

Invesco S&P 500 GARP ETF (SPGP)–(continued)

April 30, 2020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.58%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $1,415,763)		1,415,763	$	1,415,763
TOTAL INVESTMENTS IN SECURITIES-100.60% (Cost $298,752,972)				245,556,793
OTHER ASSETS LESS LIABILITIES-(0.60)%				(1,469,185	)
NET ASSETS-100.00%			$	244,087,608

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market   Funds:
Invesco Premier U.S. Government Money   Portfolio, Institutional Class		$	72,452		$	6,882,991		$	(6,744,037	)		$	-		$	-			$	211,406		$	3,676
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency Portfolio,   Institutional Class*			3,583,972			16,025,523			(19,609,495	)			-			-				-			11,325
Invesco Liquid Assets Portfolio,   Institutional Class*			1,194,678			4,354,695			(5,548,685	)			-			(688	)			-			4,061
Invesco Private Government Fund			-			2,668,162			(1,252,399	)			-			-				1,415,763			1
Total		$	4,851,102		$	29,931,371		$	(33,154,616	)		$	-		$	(688	)		$	1,627,169		$	19,063

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46

Invesco S&P 500 Value with Momentum ETF (SPVM)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-5.71%
AT&T, Inc.		15,230	$	464,058
Comcast Corp., Class A		10,464		393,760
DISH Network Corp., Class A(b)		18,785		469,907
Omnicom Group, Inc.		5,590		318,798
T-Mobile US, Inc.(b)		5,846		513,279
Verizon Communications, Inc.		6,305		362,222
				2,522,024
Consumer Discretionary-14.21%
Best Buy Co., Inc.		8,124		623,354
CarMax, Inc.(b)		4,986		367,219
D.R. Horton, Inc.		10,911		515,217
General Motors Co.		37,570		837,435
Genuine Parts Co.		4,827		382,685
Lennar Corp., Class A		14,944		748,246
LKQ Corp.(b)		14,399		376,534
Mohawk Industries, Inc.(b)		5,341		468,513
Norwegian Cruise Line Holdings Ltd.(b)		10,561		173,200
PulteGroup, Inc.		15,747		445,168
Royal Caribbean Cruises Ltd.		4,109		192,178
Target Corp.		3,566		391,333
Whirlpool Corp.		6,784		758,044
				6,279,126
Consumer Staples-4.13%
JM Smucker Co. (The)		5,004		575,010
Sysco Corp.		5,133		288,834
Tyson Foods, Inc., Class A		7,045		438,129
Walmart, Inc.		4,301		522,786
				1,824,759
Energy-4.69%
Chevron Corp.		5,100		469,200
Kinder Morgan, Inc.		24,352		370,881
Phillips 66		8,059		589,677
Valero Energy Corp.		10,144		642,622
				2,072,380
Financials-32.55%
Aflac, Inc.		11,833		440,661
Allstate Corp. (The)		6,357		646,634
American International Group, Inc.		16,397		416,976
Ameriprise Financial, Inc.		3,015		346,544
Assurant, Inc.		4,618		490,616
Bank of America Corp.		18,757		451,106
Berkshire Hathaway, Inc., Class B(b)		2,397		449,102
Capital One Financial Corp.		9,075		587,697
Chubb Ltd.		3,719		401,689
Cincinnati Financial Corp.		4,111		270,504
Citigroup, Inc.		11,059		537,025
Discover Financial Services		6,554		281,625
Everest Re Group Ltd.		2,123		367,555
Fifth Third Bancorp		24,916		465,680
Globe Life, Inc.		5,068		417,299
Hartford Financial Services Group, Inc. (The)		11,554		438,936
Huntington Bancshares, Inc.		39,650		366,366
JPMorgan Chase & Co.		3,801		363,984
Loews Corp.		15,611		541,077

	Shares		Value
Financials-(continued)
MetLife, Inc.		24,591	$	887,243
Morgan Stanley		15,642		616,764
Northern Trust Corp.		3,735		295,663
People’s United Financial, Inc.		44,360		562,928
PNC Financial Services Group, Inc. (The)		3,472		370,358
Principal Financial Group, Inc.		16,425		598,034
Prudential Financial, Inc.		12,756		795,592
Raymond James Financial, Inc.		6,456		425,580
Synchrony Financial		19,326		382,462
Travelers Cos., Inc. (The)		4,973		503,317
Truist Financial Corp.		10,274		383,426
U.S. Bancorp		7,763		283,350
				14,385,793
Health Care-2.53%
HCA Healthcare, Inc.		2,866		314,916
Quest Diagnostics, Inc.		3,804		418,859
Universal Health Services, Inc., Class B		3,641		384,817
				1,118,592
Industrials-13.15%
Alaska Air Group, Inc.		9,380		305,038
Caterpillar, Inc.		2,942		342,390
Cummins, Inc.		3,046		498,021
Deere & Co.		2,441		354,091
Delta Air Lines, Inc.		14,848		384,712
Eaton Corp. PLC		4,843		404,391
Howmet Aerospace, Inc.		12,744		166,564
Jacobs Engineering Group, Inc.		6,936		573,954
Johnson Controls International PLC		18,028		524,795
PACCAR, Inc.		7,306		505,794
Quanta Services, Inc.		21,159		769,341
Snap-on, Inc.		2,830		368,721
Southwest Airlines Co.		9,430		294,688
United Airlines Holdings, Inc.(b)		10,768		318,517
				5,811,017
Information Technology-7.38%
Hewlett Packard Enterprise Co.		35,390		356,023
Intel Corp.		6,764		405,705
Leidos Holdings, Inc.		4,426		437,333
Micron Technology, Inc.(b)		15,052		720,840
Seagate Technology PLC		8,569		428,022
TE Connectivity Ltd.		4,142		304,271
Western Union Co. (The)		14,468		275,905
Xerox Holdings Corp.		18,290		334,524
				3,262,623
Materials-2.95%
Newmont Corp.		15,111		898,802
Packaging Corp. of America		4,164		402,451
				1,301,253
Real Estate-0.86%
CBRE Group, Inc., Class A(b)		8,836		379,329
Utilities-11.74%
CenterPoint Energy, Inc.		22,429		381,966
Consolidated Edison, Inc.		5,413		426,544
DTE Energy Co.		3,467		359,667

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

47

Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)

April 30, 2020

	Shares		Value
Utilities-(continued)
Duke Energy Corp.		5,775	$	488,911
Evergy, Inc.		6,466		377,808
Exelon Corp.		14,034		520,381
NiSource, Inc.		16,193		406,606
NRG Energy, Inc.		11,757		394,212
Pinnacle West Capital Corp.		5,140		395,729
PPL Corp.		13,969		355,092
Public Service Enterprise Group, Inc.		6,800		344,828
Sempra Energy		2,595		321,391
Southern Co. (The)		7,312		414,810
				5,187,945
Total Common Stocks & Other Equity Interests (Cost $54,750,896)				44,144,841

	Shares		Value
Money Market Funds-0.28%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $124,965)		124,965	$	124,965
TOTAL INVESTMENTS IN SECURITIES-100.18% (Cost $54,875,861)				44,269,806
OTHER ASSETS LESS LIABILITIES-(0.18)%				(79,336	)
NET ASSETS-100.00%			$	44,190,470

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market   Funds:
Invesco Premier U.S. Government Money   Portfolio, Institutional Class		$	65,834		$	3,358,883		$	(3,299,752	)		$	-		$	-			$	124,965		$	2,070
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Government & Agency Portfolio,   Institutional Class*			-			1,491,817			(1,491,817	)			-			-				-			328
Invesco Liquid Assets Portfolio,   Institutional Class*			-			501,255			(501,202	)			-			(53	)			-			124
Total		$	65,834		$	5,351,955		$	(5,292,771	)		$	-		$	(53	)		$	124,965		$	2,522

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48

Invesco S&P MidCap Momentum ETF (XMMO)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-4.08%
Cable One, Inc.		9,203	$	17,604,050
New York Times Co. (The), Class A		110,188		3,583,314
				21,187,364
Consumer Discretionary-13.84%
AutoNation, Inc.(b)		54,128		2,015,727
Choice Hotels International, Inc.		30,123		2,260,731
Churchill Downs, Inc.		42,839		4,293,324
Deckers Outdoor Corp.(b)		22,923		3,410,025
Domino’s Pizza, Inc.		40,776		14,758,058
Gentex Corp.		318,922		7,730,669
Helen of Troy Ltd.(b)		32,056		5,266,160
KB Home		113,287		2,972,651
Murphy USA, Inc.(b)		26,775		2,859,570
Papa John’s International, Inc.		23,626		1,699,182
Pool Corp.		53,329		11,287,616
Service Corp. International		193,427		7,106,508
Taylor Morrison Home Corp., Class A(b)		151,696		2,207,177
Tempur Sealy International, Inc.(b)		45,721		2,457,504
TRI Pointe Group, Inc.(b)		129,138		1,482,504
				71,807,406
Consumer Staples-2.42%
Boston Beer Co., Inc. (The), Class A(b)		7,190		3,354,207
Casey’s General Stores, Inc.		38,209		5,785,225
Flowers Foods, Inc.		153,379		3,417,284
				12,556,716
Financials-7.33%
Brown & Brown, Inc.		428,266		15,379,032
FactSet Research Systems, Inc.		31,821		8,750,775
First American Financial Corp.		107,183		4,943,280
RenaissanceRe Holdings Ltd. (Bermuda)		43,060		6,287,191
RLI Corp.		37,124		2,703,741
				38,064,019
Health Care-18.63%
Amedisys, Inc.(b)		38,190		7,033,070
Arrowhead Pharmaceuticals, Inc.(b)		124,662		4,292,113
Bio-Rad Laboratories, Inc., Class A(b)		22,110		9,730,611
Catalent, Inc.(b)		135,039		9,337,947
Chemed Corp.		20,506		8,542,185
Encompass Health Corp.		92,021		6,096,391
Haemonetics Corp.(b)		48,035		5,465,422
Masimo Corp.(b)		50,966		10,902,137
Prestige Consumer Healthcare, Inc.(b)		52,209		2,124,384
Repligen Corp.(b)		51,225		5,949,784
Syneos Health, Inc.(b)		83,111		4,636,763
West Pharmaceutical Services, Inc.		119,226		22,564,713
				96,675,520
Industrials-17.49%
AECOM(b)		241,429		8,754,215
Axon Enterprise, Inc.(b)		61,048		4,438,800
Carlisle Cos., Inc.		55,101		6,665,017
Colfax Corp.(b)(c)		74,443		1,919,885
FTI Consulting, Inc.(b)		58,446		7,443,683
Generac Holdings, Inc.(b)		114,530		11,159,803
Hubbell, Inc.		49,428		6,150,326

	Shares		Value
Industrials-(continued)
MSA Safety, Inc.		36,458	$	4,102,619
Stericycle, Inc.(b)		89,642		4,374,530
Teledyne Technologies, Inc.(b)		58,527		19,060,488
Tetra Tech, Inc.		68,372		5,147,044
Watsco, Inc.		29,203		4,701,391
XPO Logistics, Inc.(b)		102,615		6,848,525
				90,766,326
Information Technology-20.27%
CACI International, Inc., Class A(b)		32,750		8,192,085
Ceridian HCM Holding, Inc.(b)		121,566		7,168,747
Cirrus Logic, Inc.(b)		84,650		6,399,540
CoreLogic, Inc.		79,764		3,064,533
Fair Isaac Corp.(b)		41,868		14,776,892
KBR, Inc.		160,417		3,250,048
Lumentum Holdings, Inc.(b)		93,356		7,553,434
Manhattan Associates, Inc.(b)		55,786		3,957,459
SolarEdge Technologies, Inc.(b)		88,971		9,928,274
Synaptics, Inc.(b)		36,551		2,390,070
SYNNEX Corp.		38,377		3,360,290
Teradyne, Inc.		196,449		12,285,920
Tyler Technologies, Inc.(b)		71,414		22,901,756
				105,229,048
Materials-1.10%
Scotts Miracle-Gro Co. (The)		45,975		5,702,279
Real Estate-11.50%
Camden Property Trust		88,268		7,773,763
CyrusOne, Inc.		112,118		7,865,078
EastGroup Properties, Inc.		48,979		5,191,774
First Industrial Realty Trust, Inc.		136,156		5,142,612
Healthcare Realty Trust, Inc.		119,326		3,506,991
Lamar Advertising Co., Class A		77,798		4,485,055
Life Storage, Inc.		44,441		3,892,587
Medical Properties Trust, Inc.		545,901		9,356,743
Omega Healthcare Investors, Inc.		220,239		6,419,967
Sabra Health Care REIT, Inc.		192,413		2,466,734
Spirit Realty Capital, Inc.		116,454		3,582,125
				59,683,429
Utilities-3.31%
Essential Utilities, Inc.		235,729		9,851,115
Hawaiian Electric Industries, Inc.		118,758		4,687,378
PNM Resources, Inc.		65,737		2,661,691
				17,200,184
Total Common Stocks & Other Equity Interests (Cost $501,008,838)				518,872,291
Money Market Funds-0.07%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $388,090)		388,090		388,090
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $501,396,928)				519,260,381

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

49

Invesco S&P MidCap Momentum ETF (XMMO)–(continued)

April 30, 2020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.36%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $1,859,473)		1,859,473	$	1,859,473
TOTAL INVESTMENTS IN SECURITIES-100.40% (Cost $503,256,401)				521,119,854
OTHER ASSETS LESS LIABILITIES-(0.40)%				(2,072,190	)
NET ASSETS-100.00%			$	519,047,664

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	652,119		$	23,516,693		$	(23,780,722	)		$	-		$	-			$	388,090		$	8,197
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			1,281,604			109,747,179			(111,028,783	)			-			-				-			62,506
Invesco Liquid Assets Portfolio, Institutional Class*			427,205			31,471,382			(31,897,834	)			-			(753	)			-			22,451
Invesco Private Government Fund			-			1,961,412			(101,939	)			-			-				1,859,473			1
Total		$	2,360,928		$	166,696,666		$	(166,809,278	)		$	-		$	(753	)		$	2,247,563		$	93,155

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

50

Invesco S&P MidCap Quality ETF (XMHQ)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Consumer Discretionary-9.88%
Churchill Downs, Inc.		1,978	$	198,235
Cracker Barrel Old Country Store, Inc.		1,578		153,697
Deckers Outdoor Corp.(b)		2,329		346,462
Dillard’s, Inc., Class A(c)		591		17,423
Gentex Corp.		16,601		402,408
Helen of Troy Ltd.(b)		1,406		230,978
Pool Corp.		2,457		520,049
Texas Roadhouse, Inc.		3,808		179,319
Williams-Sonoma, Inc.(c)		4,534		280,382
				2,328,953
Consumer Staples-1.95%
Boston Beer Co., Inc. (The), Class A(b)		595		277,573
Lancaster Colony Corp.		1,101		148,228
Tootsie Roll Industries, Inc.(c)		946		33,233
				459,034
Energy-0.85%
EQT Corp.(c)		13,714		200,087
Financials-18.02%
Bank of Hawaii Corp.		2,550		173,859
Cathay General Bancorp		4,584		127,985
CNO Financial Group, Inc.		8,648		121,591
East West Bancorp, Inc.		8,888		311,702
Eaton Vance Corp.		7,819		286,957
Evercore, Inc., Class A		3,034		156,554
FactSet Research Systems, Inc.		3,065		842,875
First Horizon National Corp.(c)		18,427		167,317
Hanover Insurance Group, Inc. (The)		2,881		289,195
International Bancshares Corp.		3,694		107,089
Janus Henderson Group PLC (United Kingdom)		9,716		173,916
Mercury General Corp.		1,701		69,673
Old Republic International Corp.		16,743		267,051
Reinsurance Group of America, Inc.		3,885		406,682
SEI Investments Co.		8,413		428,727
Stifel Financial Corp.		4,522		200,234
Trustmark Corp.		4,406		117,244
				4,248,651
Health Care-15.81%
Allscripts Healthcare Solutions, Inc.(b)		11,375		73,938
Amedisys, Inc.(b)		2,161		397,970
Avanos Medical, Inc.(b)		2,986		92,715
Chemed Corp.		1,046		435,732
HealthEquity, Inc.(b)		4,632		260,643
Masimo Corp.(b)		3,050		652,425
Molina Healthcare, Inc.(b)		5,496		901,179
Patterson Cos., Inc.		4,242		77,544
West Pharmaceutical Services, Inc.		4,416		835,772
				3,727,918
Industrials-27.08%
Acuity Brands, Inc.		2,608		225,827
AGCO Corp.		3,578		189,061
Carlisle Cos., Inc.		3,528		426,747
Donaldson Co., Inc.		7,394		324,079
FTI Consulting, Inc.(b)		2,285		291,017
Graco, Inc.		11,546		515,644

	Shares		Value
Industrials-(continued)
Healthcare Services Group, Inc.		4,443	$	113,252
Herman Miller, Inc.		3,208		72,308
HNI Corp.		2,493		60,680
ITT, Inc.		5,136		270,770
Landstar System, Inc.		2,551		263,544
Lincoln Electric Holdings, Inc.		4,489		361,409
ManpowerGroup, Inc.		3,297		244,769
MSA Safety, Inc.		2,224		250,267
MSC Industrial Direct Co., Inc., Class A		2,800		166,992
Nordson Corp.		2,893		465,513
nVent Electric PLC		9,038		168,559
Oshkosh Corp.		4,181		282,343
Teledyne Technologies, Inc.(b)		2,122		691,072
Tetra Tech, Inc.		3,051		229,679
Toro Co. (The)		6,475		413,170
Trex Co., Inc.(b)		3,751		357,170
				6,383,872
Information Technology-20.44%
Ciena Corp.(b)		11,683		540,339
Cirrus Logic, Inc.(b)		3,088		233,453
Cognex Corp.		9,542		527,100
CommVault Systems, Inc.		2,569		109,671
Fair Isaac Corp.(b)		1,778		627,527
LiveRamp Holdings, Inc.(b)		7,383		279,520
Manhattan Associates, Inc.(b)		6,286		445,929
MKS Instruments, Inc.		2,876		288,262
Monolithic Power Systems, Inc.		2,184		436,603
Teradyne, Inc.		14,184		887,067
Universal Display Corp.		2,954		443,455
				4,818,926
Materials-4.73%
Cabot Corp.		3,067		103,941
NewMarket Corp.		516		212,303
Royal Gold, Inc.		3,860		472,966
Scotts Miracle-Gro Co. (The)		2,638		327,191
				1,116,401
Real Estate-1.24%
PS Business Parks, Inc.		1,230		158,781
Weingarten Realty Investors		7,394		134,497
				293,278
Total Common Stocks & Other Equity Interests (Cost $24,843,959)				23,577,120
Money Market Funds-0.48%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $113,570)		113,570		113,570
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.48% (Cost $24,957,529)				23,690,690

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

51

Invesco S&P MidCap Quality ETF (XMHQ)–(continued)

April 30, 2020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.79%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $658,378)		658,378	$	658,378
TOTAL INVESTMENTS IN SECURITIES-103.27% (Cost $25,615,907)				24,349,068
OTHER ASSETS LESS LIABILITIES-(3.27)%				(771,134	)
NET ASSETS-100.00%			$	23,577,934

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Ltd. *		$	14,764		$	9,539		$	(23,481	)		$	5,973		$	(6,795	)		$	-		$	208
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			118,097			763,156			(767,683	)			-			-				113,570			1,848
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			669,789			6,388,611			(7,058,400	)			-			-				-			7,246
Invesco Liquid Assets Portfolio, Institutional Class*			223,263			2,089,795			(2,312,970	)			-			(88	)			-			2,618
Invesco Private Government Fund			-			1,117,481			(459,103	)			-			-				658,378			-
Total		$	1,025,913		$	10,368,582		$	(10,621,637	)		$	5,973		$	(6,883	)		$	771,948		$	11,920

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

52

Invesco S&P MidCap Value with Momentum ETF (XMVM)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-1.01%
TEGNA, Inc.		42,248	$	452,899
Consumer Discretionary-14.86%
Aaron’s, Inc.		9,478		302,443
AutoNation, Inc.(b)		25,362		944,481
Bed Bath & Beyond, Inc.(c)		51,618		319,515
Brinker International, Inc.		13,093		304,805
Dana, Inc.		67,834		780,091
Dick’s Sporting Goods, Inc.		15,862		466,184
Dillard’s, Inc., Class A(c)		17,721		522,415
Graham Holdings Co., Class B		1,231		480,102
KB Home		22,700		595,648
Murphy USA, Inc.(b)		6,696		715,133
Toll Brothers, Inc.		24,296		583,590
TRI Pointe Group, Inc.(b)		59,526		683,359
				6,697,766
Consumer Staples-2.90%
BJ’s Wholesale Club Holdings, Inc.(b)		36,055		948,607
Pilgrim’s Pride Corp.(b)		16,312		358,864
				1,307,471
Energy-1.58%
World Fuel Services Corp.		28,557		713,925
Financials-34.28%
Alleghany Corp.		661		352,782
American Financial Group, Inc.		5,775		382,536
BancorpSouth Bank		19,890		435,392
Bank OZK		29,648		670,638
F.N.B. Corp.		73,724		596,427
First American Financial Corp.		10,771		496,758
Fulton Financial Corp.		40,008		467,694
Genworth Financial, Inc., Class A(b)		340,166		1,234,803
Hanover Insurance Group, Inc. (The)		4,765		478,311
International Bancshares Corp.		14,638		424,356
Kemper Corp.		10,766		723,690
Legg Mason, Inc.		16,516		822,992
Navient Corp.		72,684		553,852
New York Community Bancorp, Inc.		63,783		692,683
Old Republic International Corp.		39,170		624,761
Pinnacle Financial Partners, Inc.		11,652		468,993
Prosperity Bancshares, Inc.		9,190		550,757
Reinsurance Group of America, Inc.		5,824		609,656
RenaissanceRe Holdings Ltd. (Bermuda)		3,160		461,392
Selective Insurance Group, Inc.		8,428		422,496
Signature Bank		5,040		540,187
Sterling Bancorp		41,384		510,265
Stifel Financial Corp.		11,867		525,471
Trustmark Corp.		17,670		470,199
UMB Financial Corp.		9,018		458,475
United Bankshares, Inc.(c)		17,172		514,473
Valley National Bancorp		63,364		529,723
Washington Federal, Inc.		15,945		426,369
				15,446,131

	Shares		Value
Health Care-3.74%
Exelixis, Inc.(b)		31,670	$	782,091
Molina Healthcare, Inc.(b)		5,515		904,294
				1,686,385
Industrials-19.92%
AECOM(b)		15,472		561,015
AGCO Corp.		8,484		448,295
Avis Budget Group, Inc.(b)(c)		30,752		506,793
EMCOR Group, Inc.		7,738		491,595
GATX Corp.(c)		7,128		422,690
HNI Corp.		13,642		332,046
JetBlue Airways Corp.(b)		49,904		486,065
KAR Auction Services, Inc.		37,024		554,620
Knight-Swift Transportation Holdings, Inc.		19,540		726,497
ManpowerGroup, Inc.		11,619		862,595
MasTec, Inc.(b)		10,077		361,764
Oshkosh Corp.		7,609		513,836
Owens Corning		10,223		443,269
Regal Beloit Corp.		8,595		610,331
Timken Co. (The)		11,144		418,792
Trinity Industries, Inc.		31,619		609,930
Werner Enterprises, Inc.		15,583		625,190
				8,975,323
Information Technology-11.71%
Arrow Electronics, Inc.(b)		12,119		762,527
Avnet, Inc.		30,182		906,064
Jabil, Inc.		24,647		700,961
KBR, Inc.		19,104		387,047
SYNNEX Corp.		8,752		766,325
Tech Data Corp.(b)		8,518		1,197,971
Vishay Intertechnology, Inc.		33,481		555,450
				5,276,345
Materials-4.26%
Ashland Global Holdings, Inc.		7,399		456,444
Carpenter Technology Corp.		12,445		275,906
Reliance Steel & Aluminum Co.		6,474		579,941
Silgan Holdings, Inc.		17,613		607,648
				1,919,939
Real Estate-2.49%
Jones Lang LaSalle, Inc.		3,859		407,433
Mack-Cali Realty Corp.		33,949		549,635
Service Properties Trust		23,697		164,220
				1,121,288
Utilities-3.25%
MDU Resources Group, Inc.		19,113		429,278
Southwest Gas Holdings, Inc.		7,321		554,932
Spire, Inc.		6,554		478,180
				1,462,390
Total Common Stocks & Other Equity Interests (Cost $57,279,106)				45,059,862

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

53

Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)

April 30, 2020

	Shares		Value
Money Market Funds-0.27%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $120,521)		120,521	$	120,521
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.27% (Cost $57,399,627)				45,180,383
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.73%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $2,133,001)		2,133,001		2,133,001
TOTAL INVESTMENTS IN SECURITIES-105.00% (Cost $59,532,628)				47,313,384
OTHER ASSETS LESS LIABILITIES-(5.00)%				(2,253,418	)
NET ASSETS-100.00%			$	45,059,966

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Ltd. *		$	274,295		$	158,652		$	(417,979	)		$	61,462		$	(76,430	)		$	-		$	3,749
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			142,559			2,441,058			(2,463,096	)			-			-				120,521			1,912
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			473,759			33,853,152			(34,326,911	)			-			-				-			29,189
Invesco Liquid Assets Portfolio, Institutional Class*			157,769			9,791,565			(9,949,345	)			-			11				-			10,807
Invesco Private Government Fund			-			4,232,693			(2,099,692	)			-			-				2,133,001			1
Total		$	1,048,382		$	50,477,120		$	(49,257,023	)		$	61,462		$	(76,419	)		$	2,253,522		$	45,658

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

54

Invesco S&P SmallCap Momentum ETF (XSMO)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-4.45%
Cogent Communications Holdings, Inc.		28,103	$	2,355,875
Iridium Communications, Inc.(b)		33,355		750,654
TechTarget, Inc.(b)		9,339		217,785
				3,324,314
Consumer Discretionary-19.97%
America’s Car-Mart, Inc.(b)		2,262		149,179
Asbury Automotive Group, Inc.(b)		7,356		496,530
Buckle, Inc. (The)(c)		9,958		152,457
Cavco Industries, Inc.(b)		4,022		622,123
Century Communities, Inc.(b)		13,819		296,003
Group 1 Automotive, Inc.		7,785		440,553
Installed Building Products, Inc.(b)		10,515		518,495
Kontoor Brands, Inc.		13,863		269,081
LCI Industries		8,735		757,499
LGI Homes, Inc.(b)		8,149		493,666
Lithia Motors, Inc., Class A		9,202		1,017,373
M.D.C. Holdings, Inc.		24,702		722,534
M/I Homes, Inc.(b)		14,792		376,604
Meritage Homes Corp.(b)		18,319		962,847
PetMed Express, Inc.		5,939		235,006
Rent-A-Center, Inc.		15,320		304,945
Sonic Automotive, Inc., Class A		14,963		320,657
Stamps.com, Inc.(b)		5,062		801,163
Strategic Education, Inc.		6,747		1,074,797
TopBuild Corp.(b)		22,886		2,132,746
Universal Electronics, Inc.(b)		4,691		193,645
Wingstop, Inc.		11,749		1,377,805
Winnebago Industries, Inc.		18,020		799,547
YETI Holdings, Inc.(b)(c)		14,377		396,949
				14,912,204
Consumer Staples-1.52%
J&J Snack Foods Corp.		3,786		480,936
John B. Sanfilippo & Son, Inc.		2,299		188,817
Seneca Foods Corp., Class A(b)		2,085		75,018
Vector Group Ltd.		36,666		392,326
				1,137,097
Financials-7.80%
AMERISAFE, Inc.		5,916		376,672
eHealth, Inc.(b)		14,510		1,548,217
Invesco Mortgage Capital, Inc.(d)		66,362		201,741
Kinsale Capital Group, Inc.		13,891		1,508,840
KKR Real Estate Finance Trust, Inc.		7,536		118,918
Meta Financial Group, Inc.		15,972		294,204
New York Mortgage Trust, Inc.		127,208		277,313
PennyMac Mortgage Investment Trust		37,522		390,229
PRA Group, Inc.(b)		16,372		454,159
Redwood Trust, Inc.		64,548		264,647
Walker & Dunlop, Inc.		10,181		391,256
				5,826,196
Health Care-13.20%
Addus HomeCare Corp.(b)		4,059		328,860
AMN Healthcare Services, Inc.(b)		28,643		1,345,648
Anika Therapeutics, Inc.(b)		4,518		150,133
CONMED Corp.		12,314		910,128

	Shares		Value
Health Care-(continued)
Cutera, Inc.(b)		5,464	$	73,491
Cytokinetics, Inc.(b)(c)		30,817		465,645
Hanger, Inc.(b)		10,868		199,537
Heska Corp.(b)		2,163		153,140
Medpace Holdings, Inc.(b)		16,406		1,310,183
Momenta Pharmaceuticals, Inc.(b)		67,416		2,137,087
NeoGenomics, Inc.(b)		45,762		1,251,133
RadNet, Inc.(b)		21,166		298,864
Select Medical Holdings Corp.(b)		72,389		1,235,680
				9,859,529
Industrials-20.35%
AAON, Inc.		19,342		921,453
Aerojet Rocketdyne Holdings, Inc.(b)		31,040		1,276,986
Alamo Group, Inc.		3,051		300,340
Arcosa, Inc.		17,841		664,934
ESCO Technologies, Inc.		13,267		1,012,272
Exponent, Inc.		26,385		1,855,657
Federal Signal Corp.		21,539		580,045
Foundation Building Materials, Inc.(b)		7,623		89,189
Gibraltar Industries, Inc.(b)		13,282		614,957
GMS, Inc.(b)		12,402		227,949
Patrick Industries, Inc.		6,619		272,835
Saia, Inc.(b)		10,120		936,302
Simpson Manufacturing Co., Inc.		21,197		1,528,304
SPX Corp.(b)		14,240		542,971
Sunrun, Inc.(b)		24,959		350,175
Tennant Co.		5,650		334,311
UniFirst Corp.		7,072		1,189,157
Universal Forest Products, Inc.		30,408		1,250,377
Vicor Corp.(b)		7,023		373,413
Watts Water Technologies, Inc., Class A		10,698		881,515
				15,203,142
Information Technology-12.69%
Advanced Energy Industries, Inc.(b)		11,757		653,689
Agilysys, Inc.(b)		11,893		232,984
Cardtronics PLC, Class A(b)		12,337		282,517
CSG Systems International, Inc.		9,239		448,831
ExlService Holdings, Inc.(b)		14,581		900,085
FARO Technologies, Inc.(b)		5,961		327,199
FormFactor, Inc.(b)		34,568		805,434
Harmonic, Inc.(b)		25,554		148,213
Ichor Holdings Ltd.(b)		8,179		203,657
Itron, Inc.(b)		15,760		1,100,363
ManTech International Corp., Class A(c)		14,277		1,064,493
PDF Solutions, Inc.(b)		10,312		164,683
Perficient, Inc.(b)		16,738		582,985
Photronics, Inc.(b)		22,937		274,097
Power Integrations, Inc.		10,131		1,036,908
Rambus, Inc.(b)		50,909		637,890
TTEC Holdings, Inc.		4,924		191,938
Ultra Clean Holdings, Inc.(b)		22,811		419,494
				9,475,460
Materials-1.31%
Boise Cascade Co.		16,208		506,824
Innospec, Inc.		6,505		471,743
				978,567

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

55

Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)

April 30, 2020

	Shares		Value
Real Estate-14.73%
Agree Realty Corp.		16,743	$	1,090,137
Armada Hoffler Properties, Inc.		22,121		212,583
Community Healthcare Trust, Inc.		12,016		446,995
Easterly Government Properties, Inc.		49,981		1,344,989
Essential Properties Realty Trust, Inc.		48,623		714,272
Four Corners Property Trust, Inc.		22,347		500,349
Global Net Lease, Inc.		34,235		492,642
Independence Realty Trust, Inc.		50,471		508,243
Innovative Industrial Properties, Inc.(c)		4,891		383,748
Investors Real Estate Trust		4,862		304,507
iStar, Inc.		50,617		507,182
Kite Realty Group Trust		26,654		272,670
Lexington Realty Trust		95,641		999,448
LTC Properties, Inc.		11,065		393,914
National Storage Affiliates Trust		27,205		774,798
NexPoint Residential Trust, Inc.		9,669		290,747
RPT Realty		24,533		167,315
Safehold, Inc.		8,953		517,125
St. Joe Co. (The)(b)		13,566		248,258
Universal Health Realty Income Trust		7,807		835,037
				11,004,959
Utilities-3.96%
American States Water Co.		11,571		918,390
Avista Corp.		34,894		1,501,838
Northwest Natural Holding Co.		8,275		538,703
				2,958,931
Total Common Stocks & Other Equity Interests     (Cost $74,844,326)				74,680,399

	Shares		Value
Money Market Funds-0.19%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $138,802)		138,802	$	138,802
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.17% (Cost $74,983,128)				74,819,201
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.65%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $1,981,012)		1,981,012		1,981,012
TOTAL INVESTMENTS IN SECURITIES-102.82% (Cost $76,964,140)				76,800,213
OTHER ASSETS LESS LIABILITIES-(2.82)%				(2,106,521	)
NET ASSETS-100.00%			$	74,693,692

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Invesco Mortgage Capital, Inc.		$	-		$	970,088		$	(47,606	)		$	(684,640	)		$	(36,101	)		$	201,741		$	45,246
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class			142,181			4,040,164			(4,043,543	)			-				-				138,802			2,319
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			5,200,518			26,044,076			(31,244,594	)			-				-				-			33,173
Invesco Liquid Assets Portfolio, Institutional Class*			1,733,506			7,969,967			(9,703,357	)			-				(116	)			-			11,937
Invesco Private Government Fund			-			2,796,300			(815,288	)			-				-				1,981,012			1
Total		$	7,076,205		$	41,820,595		$	(45,854,388	)		$	(684,640	)		$	(36,217	)		$	2,321,555		$	92,676

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

56

Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)

April 30, 2020

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

57

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-0.86%
Scholastic Corp.		15,648	$	454,887
Consumer Discretionary-22.70%
Abercrombie & Fitch Co., Class A		50,639		535,761
Asbury Automotive Group, Inc.(b)		5,713		385,627
Cato Corp. (The), Class A		34,567		389,224
Century Communities, Inc.(b)		29,068		622,637
Conn’s, Inc.(b)(c)		59,780		404,113
Cooper Tire & Rubber Co.		21,790		461,730
Ethan Allen Interiors, Inc.		35,057		396,495
Genesco, Inc.(b)		14,393		272,459
Group 1 Automotive, Inc.		9,538		539,755
Haverty Furniture Cos., Inc.		30,381		411,055
Hibbett Sports, Inc.(b)		23,052		355,692
LGI Homes, Inc.(b)		6,772		410,248
Lithia Motors, Inc., Class A		4,094		452,633
M.D.C. Holdings, Inc.		14,528		424,944
M/I Homes, Inc.(b)		14,975		381,264
Meritage Homes Corp.(b)		9,219		484,551
Motorcar Parts of America, Inc.(b)(c)		24,421		347,511
Office Depot, Inc.		655,333		1,454,839
Red Robin Gourmet Burgers, Inc.(b)(c)		28,982		424,007
Rent-A-Center, Inc.		19,732		392,765
Shoe Carnival, Inc.(c)		16,226		383,258
Sonic Automotive, Inc., Class A		32,995		707,083
Unifi, Inc.(b)		23,721		245,512
Vera Bradley, Inc.(b)		51,224		282,244
Winnebago Industries, Inc.		10,743		476,667
Zumiez, Inc.(b)		16,068		339,678
				11,981,752
Consumer Staples-7.44%
Central Garden & Pet Co., Class A(b)		22,693		690,094
Fresh Del Monte Produce, Inc.		23,588		672,494
Seneca Foods Corp., Class A(b)		22,119		795,842
SpartanNash Co.		103,206		1,769,983
				3,928,413
Energy-3.00%
Archrock, Inc.		62,764		301,895
Era Group, Inc.(b)		93,510		478,771
Helix Energy Solutions Group, Inc.(b)		73,391		186,413
Matrix Service Co.(b)		31,720		331,157
Par Pacific Holdings, Inc.(b)		29,195		283,775
				1,582,011
Financials-26.05%
Ambac Financial Group, Inc.(b)		27,549		473,843
Ameris Bancorp		11,929		303,354
Apollo Commercial Real Estate Finance, Inc.		29,946		244,060
Columbia Banking System, Inc.		13,045		352,085
Customers Bancorp, Inc.(b)		26,625		339,735
Dime Community Bancshares, Inc.		25,872		425,077
Employers Holdings, Inc.		14,135		429,280
Encore Capital Group, Inc.(b)		18,687		485,488
Enova International, Inc.(b)		26,583		426,391
FGL Holdings		77,833		807,907
First Bancorp		57,188		333,406
First Commonwealth Financial Corp.		35,860		341,387

	Shares		Value
Financials-(continued)
First Midwest Bancorp, Inc.		26,639	$	393,724
Flagstar Bancorp, Inc.		15,506		401,760
Franklin Financial Network, Inc.		14,659		347,711
Granite Point Mortgage Trust, Inc.		31,835		158,538
Great Western Bancorp, Inc.		17,050		320,540
HomeStreet, Inc.		16,153		412,709
Hope Bancorp, Inc.		42,650		424,368
Horace Mann Educators Corp.		13,524		475,504
Invesco Mortgage Capital, Inc.(d)		31,601		96,067
KKR Real Estate Finance Trust, Inc.		27,869		439,773
New York Mortgage Trust, Inc.		89,092		194,221
Northfield Bancorp, Inc.		30,804		347,161
Northwest Bancshares, Inc.		30,785		326,629
OFG Bancorp		24,728		311,078
Old National Bancorp		31,229		442,515
Opus Bank		22,936		440,830
Pacific Premier Bancorp, Inc.		18,310		390,919
PennyMac Mortgage Investment Trust		27,443		285,407
Piper Sandler Cos		6,526		351,817
Provident Financial Services, Inc.		22,551		323,607
Redwood Trust, Inc.		34,715		142,332
Stewart Information Services Corp.		15,743		501,572
Veritex Holdings, Inc.		20,131		353,500
Virtus Investment Partners, Inc.		4,525		367,747
Waddell & Reed Financial, Inc., Class A(c)		36,815		535,658
				13,747,700
Health Care-2.41%
Lannett Co., Inc.(b)(c)		73,242		698,728
Magellan Health, Inc.(b)		9,449		573,838
				1,272,566
Industrials-17.69%
ABM Industries, Inc.		16,556		571,016
Aegion Corp.(b)		24,349		390,801
Apogee Enterprises, Inc.		12,841		262,470
Arcosa, Inc.		15,207		566,765
Astec Industries, Inc.		13,122		526,323
DXP Enterprises, Inc.(b)		14,318		213,625
Encore Wire Corp.		9,208		421,542
GMS, Inc.(b)		22,229		408,569
Griffon Corp.		30,410		499,028
Hub Group, Inc., Class A(b)		12,963		623,650
Kelly Services, Inc., Class A		57,610		890,075
Matson, Inc.		13,930		421,243
MYR Group, Inc.(b)		22,548		676,440
Park Aerospace Corp.		37,289		496,317
Patrick Industries, Inc.		10,978		452,513
Resources Connection, Inc.		35,603		387,361
SkyWest, Inc.		9,237		285,885
TrueBlue, Inc.(b)		29,802		462,825
Universal Forest Products, Inc.		10,099		415,271
Wabash National Corp.		44,284		363,129
				9,334,848
Information Technology-10.16%
Anixter International, Inc.(b)		7,839		727,929
Benchmark Electronics, Inc.		17,729		366,281
Daktronics, Inc.		95,090		429,807

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

58

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

April 30, 2020

	Shares		Value
Information Technology-(continued)
Insight Enterprises, Inc.(b)		10,129	$	549,903
KEMET Corp.		18,676		504,439
MTS Systems Corp.		10,940		232,694
Photronics, Inc.(b)		38,453		459,513
Sanmina Corp.(b)		24,394		676,446
SMART Global Holdings, Inc.(b)		17,434		440,906
Sykes Enterprises, Inc.(b)		14,195		406,403
TTM Technologies, Inc.(b)		49,052		568,513
				5,362,834
Materials-5.22%
Boise Cascade Co.		16,197		506,480
Hawkins, Inc.		11,796		441,524
Haynes International, Inc.		13,506		298,483
Koppers Holdings, Inc.(b)		13,290		209,450
Mercer International, Inc. (Germany)		59,147		596,202
Tredegar Corp.		25,727		423,981
US Concrete, Inc.(b)		14,410		276,384
				2,752,504
Real Estate-4.48%
Cedar Realty Trust, Inc.		265,477		278,751
Chatham Lodging Trust		28,430		213,509
DiamondRock Hospitality Co.		50,125		312,279
iStar, Inc.		65,507		656,380
Summit Hotel Properties, Inc.		46,062		279,136
Washington REIT		16,741		390,400
Xenia Hotels & Resorts, Inc.		24,301		235,720
				2,366,175
Total Common Stocks & Other Equity Interests     (Cost $71,415,492)				52,783,690

	Shares		Value
Money Market Funds-0.22%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $113,995)		113,995	$	113,995
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.23% (Cost $71,529,487)				52,897,685
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.27%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $2,256,766)		2,256,766		2,256,766
TOTAL INVESTMENTS IN SECURITIES-104.50% (Cost $73,786,253)				55,154,451
OTHER ASSETS LESS LIABILITIES-(4.50)%				(2,376,000	)
NET ASSETS-100.00%			$	52,778,451

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Invesco Mortgage Capital, Inc.	$	228,121	$	735,590	$	(400,452	)	$	(422,058	)	$	(45,134	)	$	96,067	$	12,230
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		125,271		5,640,159		(5,651,435	)		-			-			113,995		2,264
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*		2,936,817		29,073,492		(32,010,309	)		-			-			-		32,428

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

59

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

April 30, 2020

	Value April 30, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2020		Dividend Income
Invesco Liquid Assets Portfolio, Institutional Class*	$	978,939	$	8,616,427	$	(9,595,093	)	$	-		$	(273	)	$	-	$	11,859
Invesco Private Government Fund		-		4,474,326		(2,217,560	)		-			-			2,256,766		1
Total	$	4,269,148	$	48,539,994	$	(49,874,849	)	$	(422,058	)	$	(45,407	)	$	2,466,828	$	58,782

* At April 30, 2020, this security was no longer held.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

60

Invesco Zacks Mid-Cap ETF (CZA)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Consumer Discretionary-10.27%
Aptiv PLC(b)		50,717	$	3,527,367
D.R. Horton, Inc.		71,182		3,361,214
Dollar Tree, Inc.(b)		56,023		4,463,352
Fiat Chrysler Automobiles N.V. (United Kingdom)(b)		391,496		3,370,781
Garmin Ltd.		41,286		3,350,772
Levi Strauss & Co., Class A(c)		76,970		992,143
Yum! Brands, Inc.		56,141		4,852,267
				23,917,896
Consumer Staples-2.44%
Coca-Cola European Partners PLC (United Kingdom)		110,918		4,396,789
Pilgrim’s Pride Corp.(b)		58,120		1,278,640
				5,675,429
Energy-1.63%
Continental Resources, Inc.(c)		86,476		1,417,342
Pembina Pipeline Corp. (Canada)		103,598		2,376,538
				3,793,880
Financials-17.84%
American Financial Group, Inc.		15,733		1,042,154
Arch Capital Group Ltd.(b)		86,536		2,079,460
Arthur J. Gallagher & Co.		40,583		3,185,765
AXIS Capital Holdings Ltd.		19,903		728,450
Brown & Brown, Inc.		64,101		2,301,867
Citizens Financial Group, Inc.		88,507		1,981,672
CNA Financial Corp.		59,110		1,866,694
Credicorp Ltd. (Peru)		19,880		2,962,518
Discover Financial Services		45,711		1,964,202
Fifth Third Bancorp		129,806		2,426,074
Hartford Financial Services Group, Inc. (The)		78,019		2,963,942
Interactive Brokers Group, Inc., Class A		88,909		3,645,269
KeyCorp		190,468		2,218,952
M&T Bank Corp.		28,195		3,160,095
RenaissanceRe Holdings Ltd. (Bermuda)		9,386		1,370,450
Santander Consumer USA Holdings, Inc.(c)		59,321		924,814
SEI Investments Co.		30,895		1,574,409
State Street Corp.		81,466		5,135,617
				41,532,404
Health Care-9.68%
Bruker Corp.		32,281		1,269,289
Cardinal Health, Inc.		67,746		3,352,072
Charles River Laboratories International, Inc.(b)		9,756		1,411,401
Chemed Corp.		3,302		1,375,514
Cooper Cos., Inc. (The)		11,534		3,306,798
Hill-Rom Holdings, Inc.		12,956		1,457,420
Hologic, Inc.(b)		58,414		2,926,541
Varian Medical Systems, Inc.(b)		20,268		2,318,254
Zimmer Biomet Holdings, Inc.		42,847		5,128,786
				22,546,075
Industrials-17.07%
AMETEK, Inc.		48,809		4,093,611
Fortune Brands Home & Security, Inc.		28,225		1,360,445
Graco, Inc.		36,313		1,621,739

	Shares		Value
Industrials-(continued)
Hubbell, Inc.		11,388	$	1,417,009
IDEX Corp.		17,158		2,635,983
ITT, Inc.		17,895		943,424
Jacobs Engineering Group, Inc.		26,611		2,202,060
Nordson Corp.		11,426		1,838,558
PACCAR, Inc.		72,979		5,052,336
Parker-Hannifin Corp.		24,506		3,874,889
Pentair PLC		32,227		1,114,732
Rockwell Automation, Inc.		22,507		4,264,626
Schneider National, Inc., Class B		43,982		963,646
Textron, Inc.		42,511		1,120,590
Trane Technologies PLC		50,550		4,419,081
TransUnion		35,877		2,826,749
				39,749,478
Information Technology-11.63%
Arrow Electronics, Inc.(b)		17,099		1,075,869
ASE Technology Holding Co. Ltd., ADR (Taiwan)		454,047		1,975,104
CACI International, Inc., Class A(b)		5,221		1,305,981
CDK Global, Inc.		25,963		1,019,827
Dolby Laboratories, Inc., Class A		21,411		1,285,302
Euronet Worldwide, Inc.(b)		10,970		1,006,607
Gartner, Inc.(b)		17,279		2,052,918
Genpact Ltd.		38,935		1,340,532
KLA Corp.		29,056		4,767,799
Maxim Integrated Products, Inc.		57,620		3,167,948
SYNNEX Corp.		12,148		1,063,679
Ubiquiti, Inc.(c)		13,993		2,267,286
Xilinx, Inc.		54,231		4,739,789
				27,068,641
Materials-10.50%
Avery Dennison Corp.		18,161		2,004,793
Axalta Coating Systems Ltd.(b)		48,732		961,970
Ball Corp.		69,650		4,568,343
Celanese Corp.		25,091		2,084,309
CF Industries Holdings, Inc.		41,694		1,146,585
Corteva, Inc.		170,293		4,459,974
Crown Holdings, Inc.(b)		26,877		1,731,148
Eastman Chemical Co.		28,344		1,715,095
FMC Corp.		25,813		2,372,215
Martin Marietta Materials, Inc.		11,919		2,267,351
Westlake Chemical Corp.		26,214		1,138,998
				24,450,781
Real Estate-9.63%
Apartment Investment & Management Co., Class A		31,279		1,178,280
Boston Properties, Inc.		33,313		3,237,357
Camden Property Trust		20,734		1,826,043
Douglas Emmett, Inc.		36,893		1,124,868
Equity LifeStyle Properties, Inc.		40,047		2,415,235
Essex Property Trust, Inc.		14,454		3,528,221
Invitation Homes, Inc.		113,644		2,687,681
Mid-America Apartment Communities, Inc.		23,648		2,646,684
PS Business Parks, Inc.		5,939		766,666
Sun Communities, Inc.		22,421		3,013,382
				22,424,417

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

61

Invesco Zacks Mid-Cap ETF (CZA)–(continued)

April 30, 2020

	Shares		Value
Utilities-9.21%
AES Corp. (The)		142,981	$	1,894,498
Alliant Energy Corp.		50,636		2,458,378
Avangrid, Inc.		69,798		3,001,314
Black Hills Corp.		12,519		775,427
Brookfield Infrastructure Partners L.P. (Canada)		59,517		2,332,471
Clearway Energy, Inc., Class C		47,268		946,778
Evergy, Inc.		44,714		2,612,639
Fortis, Inc. (Canada)(c)		97,850		3,791,688
IDACORP, Inc.		10,487		962,497
MDU Resources Group, Inc.		40,574		911,292
ONE Gas, Inc.		11,303		900,962
Portland General Electric Co.		18,377		859,860
				21,447,804
Total Common Stocks & Other Equity Interests     (Cost $235,286,994)				232,606,805
Money Market Funds-0.18%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $414,215)		414,215		414,215
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateralfrom securities on loan)-100.08% (Cost $235,701,209)				233,021,020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.94%
Invesco Private Government Fund, 0.01%(d)(f)(g) (Cost $4,505,994)		4,505,994	$	4,505,994
TOTAL INVESTMENTS IN SECURITIES-102.02% (Cost $240,207,203)				237,527,014
OTHER ASSETS LESS LIABILITIES-(2.02)%				(4,692,229	)
NET ASSETS-100.00%			$	232,834,785

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at April 30, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	308,843		$	11,550,227		$	(11,444,855	)		$-		$	-			$	414,215		$	7,017
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			2,387,283			75,342,677			(77,729,960	)		-			-				-			46,667
Invesco Liquid Assets Portfolio, Institutional Class*			734,961			20,158,758			(20,893,340	)		-			(379	)			-			17,195
Invesco Private Government Fund			-			8,625,349			(4,119,355	)		-			-				4,505,994			2
Total		$	3,431,087		$	115,677,011		$	(114,187,510	)		$-		$	(379	)		$	4,920,209		$	70,881

* At April 30, 2020, this security was no longer held.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

62

Invesco Zacks Mid-Cap ETF (CZA)–(continued)

April 30, 2020

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(f)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

63

Invesco Zacks Multi-Asset Income ETF (CVY)

April 30, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-77.12%
Communication Services-2.43%
NetEase, Inc., ADR (China)		3,218	$	1,110,081
Telefonica S.A., ADR (Spain)(b)		173,272		790,121
ViacomCBS, Inc., Class B		65,988		1,138,953
				3,039,155
Consumer Discretionary-4.65%
Dick’s Sporting Goods, Inc.		27,210		799,702
General Motors Co.		52,665		1,173,903
Hanesbrands, Inc.		82,539		820,437
M.D.C. Holdings, Inc.		12,955		378,934
Penske Automotive Group, Inc.		11,412		410,604
Royal Caribbean Cruises Ltd.		18,557		867,911
Whirlpool Corp.		12,183		1,361,328
				5,812,819
Energy-15.56%
Arch Coal, Inc., Class A		10,932		319,105
BP Midstream Partners L.P.		93,526		1,069,937
Cabot Oil & Gas Corp.		114,360		2,472,463
CNX Midstream Partners L.P.		125,668		948,793
DCP Midstream, L.P.		116,493		1,060,086
Delek US Holdings, Inc.		44,150		1,030,902
Ecopetrol S.A., ADR (Colombia)		58,924		615,756
Enable Midstream Partners L.P.		279,988		1,271,146
Eni S.p.A., ADR (Italy)(b)		43,114		809,681
Enterprise Products Partners L.P.		36,709		644,610
Equinor ASA, ADR (Norway)		64,332		873,629
HollyFrontier Corp.		29,048		959,746
Magellan Midstream Partners L.P.		15,239		626,780
MPLX L.P.		70,466		1,275,435
Noble Midstream Partners L.P.		105,549		773,674
NuStar Energy L.P.		46,343		564,458
Phillips 66 Partners L.P.		12,423		528,599
Plains All American Pipeline L.P.		77,333		682,850
Royal Dutch Shell PLC, Class A, ADR (United Kingdom)(b)		32,148		1,065,063
TOTAL S.A., ADR (France)		25,906		910,596
USA Compression Partners L.P.		119,079		953,823
				19,457,132
Financials-28.83%
American International Group, Inc.		36,729		934,018
Associated Banc-Corp.		30,087		425,430
Banco Santander Brasil S.A., ADR (Brazil)		173,068		851,495
BancorpSouth Bank		20,527		449,336
Bank of New York Mellon Corp. (The)		40,167		1,507,869
Bank OZK		42,306		956,962
BankUnited, Inc.		17,555		347,765
BOK Financial Corp.		7,162		370,920
Chimera Investment Corp.(b)		38,101		296,045
CIT Group, Inc.		25,797		489,627
Citigroup, Inc.		24,107		1,170,636
Citizens Financial Group, Inc.		48,244		1,080,183
CNA Financial Corp.		12,116		382,623
Comerica, Inc.		29,257		1,019,899
Evercore, Inc., Class A		14,991		773,536
Fidelity National Financial, Inc.		26,222		709,305
First American Financial Corp.		17,911		826,055

	Shares		Value
Financials-(continued)
First Horizon National Corp.(b)		73,501	$	667,389
First Midwest Bancorp, Inc.		28,400		419,752
Hancock Whitney Corp.		15,091		315,553
Home BancShares, Inc.		30,260		463,886
Jefferies Financial Group, Inc.		51,159		701,901
JPMorgan Chase & Co.		13,241		1,267,958
KB Financial Group, Inc., ADR (South Korea)		28,319		796,897
Lincoln National Corp.		21,256		753,950
Lloyds Banking Group PLC, ADR (United Kingdom)		334,571		525,276
M&T Bank Corp.		10,730		1,202,618
Manulife Financial Corp. (Canada)		62,795		791,217
MetLife, Inc.		35,145		1,268,032
Mitsubishi UFJ Financial Group, Inc., ADR (Japan)		177,958		710,052
Navient Corp.		89,043		678,508
Pacific Premier Bancorp, Inc.		19,533		417,030
Prudential Financial, Inc.		19,900		1,241,163
Renasant Corp.		18,675		489,845
S&T Bancorp, Inc.		15,447		412,589
Santander Consumer USA Holdings, Inc.(b)		42,885		668,577
Simmons First National Corp., Class A		23,601		441,339
State Street Corp.		23,591		1,487,177
Sumitomo Mitsui Financial Group, Inc., ADR (Japan)		137,697		724,286
Synchrony Financial		54,011		1,068,878
Synovus Financial Corp.		34,385		722,429
TCF Financial Corp.		27,919		828,915
U.S. Bancorp		32,980		1,203,770
United Community Banks, Inc.		20,305		429,349
Unum Group		43,266		754,992
Webster Financial Corp.		26,294		742,806
Zions Bancorporation N.A.		39,464		1,247,457
				36,035,295
Health Care-2.13%
CVS Health Corp.		25,959		1,597,776
GlaxoSmithKline PLC, ADR (United Kingdom)		25,269		1,063,067
				2,660,843
Industrials-6.53%
Caterpillar, Inc.		12,950		1,507,121
Cummins, Inc.		10,377		1,696,639
Delta Air Lines, Inc.		32,644		845,806
Deluxe Corp.		14,724		414,775
GrafTech International Ltd.(b)		122,934		998,224
Hillenbrand, Inc.		22,025		461,424
Knoll, Inc.		28,204		328,859
Pitney Bowes, Inc.		164,346		580,141
Snap-on, Inc.		7,206		938,870
Wabash National Corp.		47,956		393,239
				8,165,098
Information Technology-3.45%
DXC Technology Co.		63,459		1,150,512
Hewlett Packard Enterprise Co.		125,388		1,261,403
Plantronics, Inc.(b)		40,753		575,432

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

64

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

April 30, 2020

	Shares		Value
Information Technology-(continued)
QIWI PLC, ADR (Russia)		63,353	$	774,174
Xerox Holdings Corp.		30,382		555,687
				4,317,208
Materials-4.96%
Eastman Chemical Co.		16,641		1,006,947
Nucor Corp.		37,169		1,530,991
PolyOne Corp.		42,584		991,781
Steel Dynamics, Inc.		39,487		958,350
SunCoke Energy, Inc.		103,719		326,715
Ternium S.A., ADR (Luxembourg)		70,281		955,119
Worthington Industries, Inc.		16,055		424,494
				6,194,397
Real Estate-8.58%
Easterly Government Properties, Inc.		22,687		610,507
Gaming and Leisure Properties, Inc.		33,567		947,932
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		15,012		420,186
Lamar Advertising Co., Class A		13,035		751,468
Life Storage, Inc.		12,705		1,112,831
Medical Properties Trust, Inc.		71,912		1,232,572
Newmark Group, Inc., Class A		52,151		202,346
Office Properties Income Trust		10,150		278,110
Omega Healthcare Investors, Inc.		38,011		1,108,021
RPT Realty		26,941		183,737
Ryman Hospitality Properties, Inc.		12,971		458,395
SL Green Realty Corp.		19,345		1,026,252
Spirit Realty Capital, Inc.		31,849		979,675
VICI Properties, Inc.		62,693		1,092,112
Washington REIT		13,890		323,915
				10,728,059
Total Common Stocks & Other Equity Interests     (Cost $132,272,271)				96,410,006
Preferred Stocks-12.56%
Financials-11.26%
American Equity Investment Life Holding Co., Series A, Pfd., 5.95%		71,303		1,656,369
Athene Holding Ltd., Series A, Pfd., 6.35%		28,459		690,700
Bank of America Corp., Series GG, Pfd., 6.00%		37,641		1,020,824
Capital One Financial Corp., Series I, Pfd., 5.00%		73,587		1,707,218
JPMorgan Chase & Co., Series DD, Pfd., 5.75%		49,194		1,311,020
JPMorgan Chase & Co., Series EE, Pfd., 6.00%		54,620		1,493,311
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13%		36,449		960,796
SVB Financial Group, Series A, Pfd., 5.25%		70,883		1,759,316
U.S. Bancorp, Series F, Pfd., 6.50%		32,226		870,424
Wells Fargo & Co., Class A, Series L, Conv Pfd., 7.50%		1,194		1,670,215
Wells Fargo & Co., Series Q, Pfd., 5.85%		37,042		936,792
				14,076,985

	Shares		Value
Utilities-1.30%
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25%		16,516	$	1,622,367
Total Preferred Stocks     (Cost $16,153,223)				15,699,352
Closed-End Funds-10.04%
AllianceBernstein Global High Income Fund, Inc.		79,425		768,834
Ares Dynamic Credit Allocation Fund, Inc.(b)		32,214		346,623
Barings Global Short Duration High Yield Fund		45,299		498,289
BlackRock Multi-Sector Income Trust		79,677		1,070,062
Blackstone/GSO Strategic Credit Fund		70,257		757,370
First Trust Intermediate Duration Preferred & Income Fund(b)		73,630		1,508,679
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.(b)		49,695		264,874
NexPoint Strategic Opportunities Fund		100,604		979,883
Nuveen Global High Income Fund		21,476		260,289
Nuveen Preferred & Income Opportunities Fund		80,904		660,986
Nuveen Preferred & Income Term Fund		20,332		419,449
PGIM Global High Yield Fund, Inc.		45,865		537,996
PGIM High Yield Bond Fund, Inc.		45,591		562,137
PIMCO Energy & Tactical Credit Opportunities Fund(b)		124,323		978,422
Pioneer High Income Trust		35,141		240,013
Templeton Emerging Markets Income Fund		86,795		646,623
Wells Fargo Income Opportunities Fund		67,269		458,102
Western Asset Global High Income Fund, Inc.		29,861		251,131
Western Asset High Income Fund II, Inc.		146,233		805,744
Western Asset High Yield Defined Opportunity Fund, Inc.		41,196		532,252
Total Closed-End Funds     (Cost $16,290,424)				12,547,758
Money Market Funds-0.11%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(c)(d) (Cost $135,923)		135,923		135,923
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $164,851,841)				124,793,039
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.89%
Invesco Private Government Fund, 0.01%(c)(e)(f) (Cost $6,119,212)		6,119,212		6,119,212
TOTAL INVESTMENTS IN SECURITIES-104.72% (Cost $170,971,053)				130,912,251
OTHER ASSETS LESS LIABILITIES-(4.72)%				(5,905,490	)
NET ASSETS-100.00%			$	125,006,761

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

65

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

April 30, 2020

Investment Abbreviations:

ADR    -American Depositary Receipt

Conv.  -Convertible

Pfd.    - Preferred

REIT   - Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at April 30, 2020.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2020.

	Value April 30, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)				Value April 30, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Premier U.S. Government Money Portfolio, Institutional Class		$	319,271		$	13,798,135		$	(13,981,483	)		$-		$	-			$	135,923		$	5,269
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class*			9,407,906			72,153,943			(81,561,849	)		-			-				-			75,319
Invesco Liquid Assets Portfolio, Institutional Class*			3,646,618			20,127,596			(23,773,987	)		-			(227	)			-			26,937
Invesco Private Government Fund			-			12,728,566			(6,609,354	)		-			-				6,119,212			3
Total		$	13,373,795		$	118,808,240		$	(125,926,673	)		$-		$	(227	)		$	6,255,135		$	107,528

* At April 30, 2020, this security was no longer held.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2020.

^(e)  The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

66

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67

Statements of Assets and Liabilities

April 30, 2020

	Invesco Dynamic Large Cap Growth ETF (PWB)				Invesco Dynamic Large Cap Value ETF (PWV)				Invesco S&P 100 Equal Weight ETF (EQWL)				Invesco S&P 500 GARP ETF (SPGP)
Assets:
Unaffiliated investments in securities, at value(a)		$	613,848,122			$	678,444,747			$	53,582,738			$	243,929,624
Affiliated investments in securities, at value			174,720				-				87,584				1,627,169
Cash			-				-				39				-
Receivable for:
Dividends			295,171				989,178				70,200				197,671
Securities lending			207				-				77				1,126
Investments sold			-				3,317,062				-				2,567,358
Fund shares sold			-				-				-				-
Foreign tax reclaims			-				-				-				-
Other assets			-				-				-				2,936
Total assets			614,318,220				682,750,987				53,740,638				248,325,884
Liabilities:
Due to custodian			2,117				75,757				-				-
Payable for:
Investments purchased			-				-				-				-
Collateral upon return of securities loaned			-				-				12,523				1,415,763
Fund shares repurchased			-				3,318,870				-				2,569,343
Accrued advisory fees			240,679				278,922				6,579				55,418
Accrued trustees’ and officer’s fees			67,979				93,633				33,597				33,519
Accrued expenses			154,213				274,958				84,154				164,233
Total liabilities			464,988				4,042,140				136,853				4,238,276
Net Assets		$	613,853,232			$	678,708,847			$	53,603,785			$	244,087,608
Net assets consist of:
Shares of beneficial interest		$	693,764,393			$	1,153,869,789			$	58,965,675			$	313,653,645
Distributable earnings (loss)			(79,911,161	)			(475,160,942	)			(5,361,890	)			(69,566,037	)
Net Assets		$	613,853,232			$	678,708,847			$	53,603,785			$	244,087,608
Shares outstanding (unlimited amount authorized, $0.01 par value)			12,550,000				20,450,000				1,000,000				4,750,000
Net asset value		$	48.91			$	33.19			$	53.60			$	51.39
Market price		$	48.93			$	33.23			$	53.54			$	51.43
Unaffiliated investments in securities, at cost		$	567,287,682			$	755,738,714			$	55,280,367			$	297,125,803
Affiliated investments in securities, at cost		$	174,720			$	-			$	87,584			$	1,627,169
(a) Includes securities on loan with an aggregate value of:		$	-			$	-			$	12,035			$	1,307,997

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

68

Invesco S&P 500 Value with Momentum ETF (SPVM)				Invesco S&P MidCap Momentum ETF (XMMO)				Invesco S&P MidCap Quality ETF (XMHQ)				Invesco S&P MidCap Value with Momentum ETF (XMVM)				Invesco S&P SmallCap Momentum ETF (XSMO)				Invesco S&P SmallCap Value with Momentum ETF (XSVM)				Invesco Zacks Mid-Cap ETF (CZA)				Invesco Zacks Multi-Asset Income ETF (CVY)
	$	44,144,841			$	518,872,291			$	23,577,120			$	45,059,862			$	74,478,658			$	52,687,623			$	232,606,805			$	124,657,116
		124,965				2,247,563				771,948				2,253,522				2,321,555				2,466,828				4,920,209				6,255,135
		36				6,298,086				-				-				-				-				646				61,077
		43,906				206,302				10,503				7,444				23,600				32,726				297,890				347,182
		-				420				145				2,988				578				636				4,940				11,483
		-				5,553,219				52,409				-				-				-				-				181,575
		-				-				-				-				1,695,494				-				-				-
		-				-				-				-				-				-				-				28,653
		-				-				-				-				911				-				-				-
		44,313,748				533,177,881				24,412,125				47,323,816				78,520,796				55,187,813				237,830,490				131,542,221
		-				-				-				-				-				-				-				-
		-				6,298,085				66,894				-				1,695,355				-				-				-
		-				1,859,473				658,378				2,133,001				1,981,012				2,256,766				4,505,994				6,119,212
		-				5,555,731				-				-				-				-				-				-
		14,592				116,618				5,341				18,054				31,600				34,071				104,651				69,027
		27,026				49,690				32,186				34,858				34,185				36,925				13,536				12,558
		81,660				250,620				71,392				77,937				84,952				81,600				371,524				334,663
		123,278				14,130,217				834,191				2,263,850				3,827,104				2,409,362				4,995,705				6,535,460
	$	44,190,470			$	519,047,664			$	23,577,934			$	45,059,966			$	74,693,692			$	52,778,451			$	232,834,785			$	125,006,761
	$	63,253,667			$	617,107,010			$	30,961,708			$	74,789,542			$	115,061,721			$	100,514,269			$	354,803,037			$	591,165,839
		(19,063,197	)			(98,059,346	)			(7,383,774	)			(29,729,576	)			(40,368,029	)			(47,735,818	)			(121,968,252	)			(466,159,078	)
	$	44,190,470			$	519,047,664			$	23,577,934			$	45,059,966			$	74,693,692			$	52,778,451			$	232,834,785			$	125,006,761
		1,400,000				9,600,000				500,000				1,750,000				2,300,000				2,300,000				4,050,000				7,900,800
	$	31.56			$	54.07			$	47.16			$	25.75			$	32.48			$	22.95			$	57.49			$	15.82
	$	31.62			$	54.17			$	47.33			$	25.81			$	32.56			$	22.92			$	57.59			$	15.84
	$	54,750,896			$	501,008,838			$	24,843,959			$	57,279,106			$	73,957,945			$	70,904,457			$	235,286,994			$	164,715,918
	$	124,965			$	2,247,563			$	771,948			$	2,253,522			$	3,006,195			$	2,881,796			$	4,920,209			$	6,255,135
	$	-			$	1,727,878			$	628,510			$	2,002,785			$	1,766,155			$	2,172,050			$	4,265,689			$	5,587,044

69

Statements of Operations

For the year ended April 30, 2020

	Invesco Dynamic Large Cap Growth ETF (PWB)				Invesco Dynamic Large Cap Value ETF (PWV)				Invesco S&P 100 Equal Weight ETF (EQWL)				Invesco S&P 500 GARP ETF (SPGP)
Investment income:
Unaffiliated dividend income		$	6,698,530			$	28,555,351			$	1,509,018			$	5,050,096
Affiliated dividend income			4,054				13,290				1,728				3,676
Securities lending income			2,283				76,705				1,266				4,798
Foreign withholding tax			(469	)			-				(105	)			-
Total investment income			6,704,398				28,645,346				1,511,907				5,058,570
Expenses:
Advisory fees			3,575,053				4,790,662				148,598				931,643
Sub-licensing fees			214,519				287,459				12,264				70,282
Accounting & administration fees			72,458				87,018				19,043				36,634
Professional fees			28,831				33,059				33,522				24,983
Custodian & transfer agent fees			11,892				92,526				2,402				2,440
Trustees’ and officer’s fees			3,085				1,095				1,606				5,782
Recapture (Note 3)			-				-				-				-
Proxy fees			10,652				12,170				5,379				6,834
Other expenses			53,781				82,068				14,440				17,610
Total expenses			3,970,271				5,386,057				237,254				1,096,208
Less: Waivers			(421	)			(1,533	)			(83,466	)			(458	)
Net expenses			3,969,850				5,384,524				153,788				1,095,750
Net investment income			2,734,548				23,260,822				1,358,119				3,962,820
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(29,939,202	)			(46,903,457	)			(1,312,346	)			(3,981,691	)
Affiliated investment securities			(1,141	)			(1,958	)			28				(688	)
Unaffiliated in-kind redemptions			31,573,968				67,859,038				9,089,679				25,356,657
Affiliated in-kind redemptions			-				-				-				-
Net realized gain (loss)			1,633,625				20,953,623				7,777,361				21,374,278
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(2,563,915	)			(111,369,858	)			(10,435,877	)			(72,293,220	)
Affiliated investment securities			-				-				-				-
Change in net unrealized appreciation (depreciation)			(2,563,915	)			(111,369,858	)			(10,435,877	)			(72,293,220	)
Net realized and unrealized gain (loss)			(930,290	)			(90,416,235	)			(2,658,516	)			(50,918,942	)
Net increase (decrease) in net assets resulting from operations		$	1,804,258			$	(67,155,413	)		$	(1,300,397	)		$	(46,956,122	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

70

Invesco S&P 500 Value with Momentum ETF (SPVM)				Invesco S&P MidCap Momentum ETF (XMMO)				Invesco S&P MidCap Quality ETF (XMHQ)				Invesco S&P MidCap Value with Momentum ETF (XMVM)				Invesco S&P SmallCap Momentum ETF (XSMO)				Invesco S&P SmallCap Value with Momentum ETF (XSVM)				Invesco Zacks Mid-Cap ETF (CZA)				Invesco Zacks Multi-Asset Income ETF (CVY)
	$	1,421,598			$	7,260,197			$	396,113			$	1,060,298			$	956,457			$	1,541,460			$	6,002,193			$	8,518,940
		2,070				8,197				2,056				5,661				47,565				14,494				7,017				5,269
		48				12,054				9,354				120,086				76,194				24,013				30,063				93,841
		-				-				(610	)			-				(2,019	)			(1,437	)			(80,934	)			(101,325	)
		1,423,716				7,280,448				406,913				1,186,045				1,078,197				1,578,530				5,958,339				8,516,725
		156,637				1,782,839				62,835				162,565				237,158				215,109				1,408,028				993,085
		11,704				140,770				4,921				11,246				18,571				14,985				398,141				273,475
		20,749				59,887				19,741				18,778				25,508				22,724				26,358				22,881
		23,597				26,315				22,989				23,205				23,539				23,732				27,411				27,972
		(332	)			6,096				8,873				3,103				1,296				319				(15,347	)			(21,179	)
		3,330				5,941				1,352				1,247				1,807				1,023				12,080				11,055
		-				21,413				-				-				-				-				-				-
		5,412				9,836				5,118				5,305				5,531				5,486				7,009				6,578
		20,029				33,570				15,293				18,928				14,200				14,198				40,221				47,153
		241,126				2,086,667				141,122				244,377				327,610				297,576				1,903,901				1,361,020
		(25,287	)			(884	)			(73,306	)			(20,667	)			(5,227	)			(3,048	)			(70,160	)			(70,180	)
		215,839				2,085,783				67,816				223,710				322,383				294,528				1,833,741				1,290,840
		1,207,877				5,194,665				339,097				962,335				755,814				1,284,002				4,124,598				7,225,885
		(3,604,557	)			(96,258,391	)			(1,482,480	)			(4,882,133	)			(26,512,164	)			(8,474,132	)			(60,319,294	)			(20,680,443	)
		(53	)			(753	)			(6,883	)			(77,033	)			(3,552	)			4,306				(379	)			(227	)
		10,254,675				74,894,492				5,175,153				1,858,985				12,654,885				7,926,055				24,565,462				6,929,639
		-				-				-				614				(32,665	)			(49,713	)			-				-
		6,650,065				(21,364,652	)			3,685,790				(3,099,567	)			(13,893,496	)			(593,484	)			(35,754,211	)			(13,751,031	)
		(16,203,911	)			(50,799,327	)			(5,276,206	)			(14,324,539	)			1,578,035				(18,084,600	)			(26,558,694	)			(45,415,395	)
		-				-				5,973				61,462				(684,640	)			(422,058	)			-				-
		(16,203,911	)			(50,799,327	)			(5,270,233	)			(14,263,077	)			893,395				(18,506,658	)			(26,558,694	)			(45,415,395	)
		(9,553,846	)			(72,163,979	)			(1,584,443	)			(17,362,644	)			(13,000,101	)			(19,100,142	)			(62,312,905	)			(59,166,426	)
	$	(8,345,969	)		$	(66,969,314	)		$	(1,245,346	)		$	(16,400,309	)		$	(12,244,287	)		$	(17,816,140	)		$	(58,188,307	)		$	(51,940,541	)

71

Statements of Changes in Net Assets

For the years ended April 30, 2020 and 2019

	Invesco Dynamic Large Cap Growth ETF (PWB)								Invesco Dynamic Large Cap Value ETF (PWV)
	2020				2019				2020				2019
Operations:
Net investment income		$	2,734,548			$	7,001,660			$	23,260,822			$	29,172,858
Net realized gain			1,633,625				105,973,106				20,953,623				13,398,749
Change in net unrealized appreciation (depreciation)			(2,563,915	)			(35,132,757	)			(111,369,858	)			(6,337,818	)
Net increase (decrease) in net assets resulting from operations			1,804,258				77,842,009				(67,155,413	)			36,233,789
Distributions to Shareholders from:
Distributable earnings			(3,959,644	)			(6,443,887	)			(23,553,592	)			(30,425,316	)
Shareholder Transactions:
Proceeds from shares sold			178,104,838				1,092,157,365				649,013,031				1,132,813,955
Value of shares repurchased			(320,152,787	)			(975,214,347	)			(920,957,180	)			(1,470,780,669	)
Net increase (decrease) in net assets resulting from share transactions			(142,047,949	)			116,943,018				(271,944,149	)			(337,966,714	)
Net increase (decrease) in net assets			(144,203,335	)			188,341,140				(362,653,154	)			(332,158,241	)
Net assets:
Beginning of year			758,056,567				569,715,427				1,041,362,001				1,373,520,242
End of year		$	613,853,232			$	758,056,567			$	678,708,847			$	1,041,362,001
Changes in Shares Outstanding:
Shares sold			3,700,000				23,450,000				16,750,000				30,700,000
Shares repurchased			(6,700,000	)			(21,050,000	)			(24,650,000	)			(40,400,000	)
Shares outstanding, beginning of year			15,550,000				13,150,000				28,350,000				38,050,000
Shares outstanding, end of year			12,550,000				15,550,000				20,450,000				28,350,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

72

Invesco S&P 100 Equal Weight ETF (EQWL)								Invesco S&P 500 GARP ETF (SPGP)								Invesco S&P 500 Value with Momentum ETF (SPVM)
2020				2019				2020				2019				2020				2019
	$	1,358,119			$	1,294,737			$	3,962,820			$	2,317,449			$	1,207,877			$	2,730,514
		7,777,361				2,149,351				21,374,278				64,597,541				6,650,065				6,205,794
		(10,435,877	)			2,515,237				(72,293,220	)			(28,437,893	)			(16,203,911	)			(688,220	)
		(1,300,397	)			5,959,325				(46,956,122	)			38,477,097				(8,345,969	)			8,248,088
		(1,428,681	)			(1,304,748	)			(3,901,450	)			(2,249,583	)			(1,457,710	)			(2,896,174	)
		31,109,175				7,797,449				642,533,001				185,270,437				57,047,832				37,879,375
		(34,525,038	)			(12,935,448	)			(576,675,930	)			(200,765,120	)			(99,062,800	)			(51,760,892	)
		(3,415,863	)			(5,137,999	)			65,857,071				(15,494,683	)			(42,014,968	)			(13,881,517	)
		(6,144,941	)			(483,422	)			14,999,499				20,732,831				(51,818,647	)			(8,529,603	)
		59,748,726				60,232,148				229,088,109				208,355,278				96,009,117				104,538,720
	$	53,603,785			$	59,748,726			$	244,087,608			$	229,088,109			$	44,190,470			$	96,009,117
		550,000				150,000				10,900,000				3,550,000				1,450,000				1,000,000
		(600,000	)			(250,000	)			(10,300,000	)			(3,750,000	)			(2,450,000	)			(1,350,000	)
		1,050,000				1,150,000				4,150,000				4,350,000				2,400,000				2,750,000
		1,000,000				1,050,000				4,750,000				4,150,000				1,400,000				2,400,000

73

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2020 and 2019

	Invesco S&P MidCap Momentum ETF (XMMO)						Invesco S&P MidCap Quality ETF (XMHQ)
	2020			2019			2020			2019
Operations:
Net investment income	$	5,194,665		$	361,214		$	339,097		$	330,122
Net realized gain (loss)		(21,364,652	)		30,078,199			3,685,790			134,306
Change in net unrealized appreciation (depreciation)		(50,799,327	)		48,819,462			(5,270,233	)		1,534,003
Net increase (decrease) in net assets resulting from operations		(66,969,314	)		79,258,875			(1,245,346	)		1,998,431
Distributions to Shareholders from:
Distributable earnings		(5,444,864	)		(462,502	)		(380,076	)		(332,865	)
Shareholder Transactions:
Proceeds from shares sold		820,038,691			563,499,131			25,271,317			4,602,453
Value of shares repurchased		(854,475,733	)		(148,655,440	)		(25,440,250	)		(4,540,537	)
Net increase (decrease) in net assets resulting from share transactions		(34,437,042	)		414,843,691			(168,933	)		61,916
Net increase (decrease) in net assets		(106,851,220	)		493,640,064			(1,794,355	)		1,727,482
Net assets:
Beginning of year		625,898,884			132,258,820			25,372,289			23,644,807
End of year	$	519,047,664		$	625,898,884		$	23,577,934		$	25,372,289
Changes in Shares Outstanding:
Shares sold		13,800,000			10,700,000			500,000			100,000
Shares repurchased		(14,800,000	)		(3,000,000	)		(500,000	)		(100,000	)
Shares outstanding, beginning of year		10,600,000			2,900,000			500,000			500,000
Shares outstanding, end of year		9,600,000			10,600,000			500,000			500,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

74

Invesco S&P MidCap Value with Momentum ETF (XMVM)								Invesco S&P SmallCap Momentum ETF (XSMO)								Invesco S&P SmallCap Value with Momentum ETF (XSVM)
2020				2019				2020				2019				2020				2019
	$	962,335			$	1,318,181			$	755,814			$	295,957			$	1,284,002			$	1,400,869
		(3,099,567	)			1,111,056				(13,893,496	)			10,609,298				(593,484	)			5,829,672
		(14,263,077	)			1,644,497				893,395				(8,272,119	)			(18,506,658	)			(4,276,176	)
		(16,400,309	)			4,073,734				(12,244,287	)			2,633,136				(17,816,140	)			2,954,365
		(1,210,276	)			(1,232,093	)			(991,067	)			(300,605	)			(1,515,253	)			(1,557,211	)
		90,418,608				22,829,725				66,730,263				95,646,223				65,680,011				35,535,262
		(79,556,774	)			(19,891,008	)			(68,295,726	)			(56,698,990	)			(72,363,809	)			(31,021,428	)
		10,861,834				2,938,717				(1,565,463	)			38,947,233				(6,683,798	)			4,513,834
		(6,748,751	)			5,780,358				(14,800,817	)			41,279,764				(26,015,191	)			5,910,988
		51,808,717				46,028,359				89,494,509				48,214,745				78,793,642				72,882,654
	$	45,059,966			$	51,808,717			$	74,693,692			$	89,494,509			$	52,778,451			$	78,793,642
		2,750,000				750,000				1,800,000				2,550,000				2,150,000				1,150,000
		(2,600,000	)			(650,000	)			(1,900,000	)			(1,600,000	)			(2,450,000	)			(950,000	)
		1,600,000				1,500,000				2,400,000				1,450,000				2,600,000				2,400,000
		1,750,000				1,600,000				2,300,000				2,400,000				2,300,000				2,600,000

75

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2020 and 2019

	Invesco Zacks Mid-Cap ETF (CZA)								Invesco Zacks Multi-Asset Income ETF (CVY)
	2020				2019				2020				2019
Operations:
Net investment income		$	4,124,598			$	3,453,963			$	7,225,885			$	9,727,257
Net realized gain (loss)			(35,754,211	)			10,626,641				(13,751,031	)			(434,277	)
Change in net unrealized appreciation (depreciation)			(26,558,694	)			12,178,808				(45,415,395	)			1,699,362
Net increase (decrease) in net assets resulting from operations			(58,188,307	)			26,259,412				(51,940,541	)			10,992,342
Distributions to Shareholders from:
Distributable earnings			(4,349,983	)			(2,835,826	)			(6,961,730	)			(9,787,271	)
Shareholder Transactions:
Proceeds from shares sold			285,893,791				255,472,076				72,379,834				300,491,601
Value of shares repurchased			(255,539,330	)			(269,461,073	)			(117,691,114	)			(358,936,477	)
Net increase (decrease) in net assets resulting from share transactions			30,354,461				(13,988,997	)			(45,311,280	)			(58,444,876	)
Net increase (decrease) in net assets			(32,183,829	)			9,434,589				(104,213,551	)			(57,239,805	)
Net assets:
Beginning of year			265,018,614				255,584,025				229,220,312				286,460,117
End of year		$	232,834,785			$	265,018,614			$	125,006,761			$	229,220,312
Changes in Shares Outstanding:
Shares sold			3,850,000				3,800,000				3,150,000				13,550,000
Shares repurchased			(3,550,000	)			(4,000,000	)			(5,550,000	)			(16,350,000	)
Shares outstanding, beginning of year			3,750,000				3,950,000				10,300,800				13,100,800
Shares outstanding, end of year			4,050,000				3,750,000				7,900,800				10,300,800

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

76

Financial Highlights

Invesco Dynamic Large Cap Growth ETF (PWB)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	48.75		$	43.32		$	35.00		$	30.82		$	30.19
Net investment income(a)		0.19			0.48			0.27			0.24			0.19
Net realized and unrealized gain on investments		0.24			5.39			8.32			4.19			0.62
Total from investment operations		0.43			5.87			8.59			4.43			0.81
Distributions to shareholders from:
Net investment income		(0.27	)		(0.44	)		(0.27	)		(0.25	)		(0.18	)
Net asset value at end of year	$	48.91		$	48.75		$	43.32		$	35.00		$	30.82
Market price at end of year(b)	$	48.93		$	48.77		$	43.38		$	35.02		$	30.81
Net Asset Value Total Return(c)		0.92	%		13.69	%		24.63	%		14.46	%		2.70	%
Market Price Total Return(c)		0.91	%		13.57	%		24.73	%		14.57	%		2.73	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	613,853		$	758,057		$	569,715		$	441,053		$	443,752
Ratio to average net assets of:
Expenses, after Waivers		0.56	%		0.55	%		0.57	%		0.57	%		0.57	%
Expenses, prior to Waivers		0.56	%		0.55	%		0.57	%		0.57	%		0.57	%
Net investment income		0.38	%		1.06	%		0.68	%		0.74	%		0.64	%
Portfolio turnover rate(d)		166	%		181	%		119	%		116	%		97	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco Dynamic Large Cap Value ETF (PWV)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	36.73		$	36.10		$	35.26		$	30.01		$	31.43
Net investment income(a)		0.91			0.84			0.73			0.67			0.73
Net realized and unrealized gain (loss) on investments		(3.52	)		0.68			0.83			5.28			(1.43	)
Total from investment operations		(2.61	)		1.52			1.56			5.95			(0.70	)
Distributions to shareholders from:
Net investment income		(0.93	)		(0.89	)		(0.72	)		(0.70	)		(0.72	)
Net asset value at end of year	$	33.19		$	36.73		$	36.10		$	35.26		$	30.01
Market price at end of year(b)	$	33.23		$	36.74		$	36.13		$	35.27		$	30.00
Net Asset Value Total Return(c)		(7.12	)%		4.32	%		4.39	%		20.06	%		(2.17	)%
Market Price Total Return(c)		(7.04	)%		4.26	%		4.44	%		20.14	%		(2.18	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	678,709		$	1,041,362		$	1,373,520		$	1,256,973		$	975,299
Ratio to average net assets of:
Expenses, after Waivers		0.56	%		0.55	%		0.56	%		0.56	%		0.57	%
Expenses, prior to Waivers		0.56	%		0.55	%		0.56	%		0.56	%		0.57	%
Net investment income		2.43	%		2.33	%		1.96	%		2.04	%		2.44	%
Portfolio turnover rate(d)		142	%		189	%		128	%		118	%		98	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

77

Financial Highlights–(continued)

Invesco S&P 100 Equal Weight ETF (EQWL)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	56.90		$	52.38		$	46.71		$	39.77		$	40.24
Net investment income(a)		1.30			1.14			0.88			0.74			0.78
Net realized and unrealized gain (loss) on investments		(3.22	)		4.52			5.63			6.95			(0.48	)
Total from investment operations		(1.92	)		5.66			6.51			7.69			0.30
Distributions to shareholders from:
Net investment income		(1.38	)		(1.14	)		(0.84	)		(0.75	)		(0.77	)
Net asset value at end of year	$	53.60		$	56.90		$	52.38		$	46.71		$	39.77
Market price at end of year(b)	$	53.54		$	56.91		$	52.42		$	46.75		$	39.73
Net Asset Value Total Return(c)		(3.34	)%		11.04	%		14.02	%		19.58	%		0.81	%
Market Price Total Return(c)		(3.46	)%		10.98	%		14.01	%		19.80	%		0.78	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	53,604		$	59,749		$	60,232		$	39,703		$	33,805
Ratio to average net assets of:
Expenses, after Waivers		0.26	%(d)		0.25	%		0.25	%		0.25	%		0.26	%
Expenses, prior to Waivers		0.40	%(d)		0.41	%		0.47	%		0.54	%		0.54	%
Net investment income		2.28	%(d)		2.13	%		1.74	%		1.74	%		1.99	%
Portfolio turnover rate(e)		51	%		24	%		32	%		27	%		101	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the years ended April 30, 2020 and April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

78

Financial Highlights–(continued)

Invesco S&P 500 GARP ETF (SPGP)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	55.20		$	47.90		$	38.49		$	32.92		$	33.84
Net investment income(a)		0.71			0.47			0.35			0.29			0.28
Net realized and unrealized gain (loss) on investments		(3.81	)		7.29			9.38			5.61			(0.91	)
Total from investment operations		(3.10	)		7.76			9.73			5.90			(0.63	)
Distributions to shareholders from:
Net investment income		(0.71	)		(0.46	)		(0.32	)		(0.33	)		(0.29	)
Net asset value at end of year	$	51.39		$	55.20		$	47.90		$	38.49		$	32.92
Market price at end of year(b)	$	51.43		$	55.18		$	47.94		$	38.50		$	32.92
Net Asset Value Total Return(c)		(5.56	)%		16.35	%		25.36	%		18.06	%		(1.89	)%
Market Price Total Return(c)		(5.45	)%		16.20	%		25.44	%		18.09	%		(1.83	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	244,088		$	229,088		$	208,355		$	146,256		$	151,415
Ratio to average net assets of:
Expenses, after Waivers		0.34	%		0.36	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.34	%		0.36	%		0.39	%		0.39	%		0.39	%
Net investment income		1.23	%		0.92	%		0.80	%		0.84	%		0.85	%
Portfolio turnover rate(d)		110	%		17	%		19	%		30	%		105	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the years ended April 30, 2020 and April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

79

Financial Highlights–(continued)

Invesco S&P 500 Value with Momentum ETF (SPVM)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	40.00		$	38.01		$	35.60		$	29.58		$	30.63
Net investment income(a)		0.87			1.03			0.93			0.73			0.80
Net realized and unrealized gain (loss) on investments		(8.26	)		2.06			2.28			6.13			(1.09	)
Total from investment operations		(7.39	)		3.09			3.21			6.86			(0.29	)
Distributions to shareholders from:
Net investment income		(1.05	)		(1.10	)		(0.80	)		(0.84	)		(0.76	)
Net asset value at end of year	$	31.56		$	40.00		$	38.01		$	35.60		$	29.58
Market price at end of year(b)	$	31.62		$	39.99		$	38.03		$	35.63		$	29.55
Net Asset Value Total Return(c)		(18.74	)%		8.40	%		9.07	%		23.47	%		(0.84	)%
Market Price Total Return(c)		(18.57	)%		8.31	%		9.04	%		23.69	%		(0.92	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	44,190		$	96,009		$	104,539		$	74,770		$	68,029
Ratio to average net assets of:
Expenses, after Waivers		0.40	%(d)		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.45	%(d)		0.41	%		0.44	%		0.46	%		0.55	%
Net investment income		2.24	%(d)		2.70	%		2.49	%		2.23	%		2.78	%
Portfolio turnover rate(e)		127	%		32	%		25	%		28	%		77	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the years ended April 30, 2020 and April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

80

Financial Highlights–(continued)

Invesco S&P MidCap Momentum ETF (XMMO)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	59.05		$	45.61		$	34.85		$	29.14		$	31.95
Net investment income(a)		0.49			0.06			0.02			0.09			0.07
Net realized and unrealized gain (loss) on investments		(4.92	)		13.47			10.79			5.70			(2.72	)
Total from investment operations		(4.43	)		13.53			10.81			5.79			(2.65	)
Distributions to shareholders from:
Net investment income		(0.55	)		(0.09	)		(0.05	)		(0.08	)		(0.16	)
Net asset value at end of year	$	54.07		$	59.05		$	45.61		$	34.85		$	29.14
Market price at end of year(b)	$	54.17		$	59.07		$	45.71		$	34.85		$	29.12
Net Asset Value Total Return(c)		(7.45	)%		29.72	%		31.05	%		19.89	%		(8.34	)%
Market Price Total Return(c)		(7.32	)%		29.48	%		31.34	%		19.98	%		(8.40	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	519,048		$	625,899		$	132,259		$	67,967		$	67,015
Ratio to average net assets of:
Expenses, after Waivers		0.34	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.34	%		0.39	%		0.43	%		0.46	%		0.44	%
Net investment income		0.84	%		0.12	%		0.05	%		0.30	%		0.25	%
Portfolio turnover rate(d)		194	%		30	%		29	%		49	%		147	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the years ended April 30, 2020 and April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

81

Financial Highlights–(continued)

Invesco S&P MidCap Quality ETF (XMHQ)

	Years Ended April 30,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	50.74		$	47.29		$	43.74		$	38.93		$	40.34
Net investment income(a)		0.67			0.66			0.60			0.54			0.56
Net realized and unrealized gain (loss) on investments		(3.49	)		3.46			3.53			4.86			(1.41	)
Total from investment operations		(2.82	)		4.12			4.13			5.40			(0.85	)
Distributions to shareholders from:
Net investment income		(0.76	)		(0.67	)		(0.58	)		(0.59	)		(0.56	)
Net asset value at end of year	$	47.16		$	50.74		$	47.29		$	43.74		$	38.93
Market price at end of year(b)	$	47.33		$	50.72		$	47.30		$	43.74		$	38.89
Net Asset Value Total Return(c)		(5.52	)%		8.85	%		9.50	%		14.00	%		(2.02	)%
Market Price Total Return(c)		(5.15	)%		8.78	%		9.52	%		14.11	%		(2.14	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	23,578		$	25,372		$	23,645		$	26,242		$	23,357
Ratio to average net assets of:
Expenses, after Waivers		0.27	%(d)		0.25	%		0.25	%		0.25	%		0.26	%
Expenses, prior to Waivers		0.56	%(d)		0.61	%		0.66	%		0.68	%		0.69	%
Net investment income		1.35	%(d)		1.36	%		1.31	%		1.32	%		1.50	%
Portfolio turnover rate(e)		130	%		30	%		28	%		36	%		135	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the years ended April 30, 2020 and April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

82

Financial Highlights–(continued)

Invesco S&P MidCap Value with Momentum ETF (XMVM)

	Years Ended April 30,
	2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of year		$	32.38			$	30.69			$	31.00			$	27.22			$	27.55
Net investment income(a)			0.54				0.84				0.69				0.68				0.68
Net realized and unrealized gain (loss) on investments			(6.49	)			1.64				(0.26	)			3.80				(0.37	)
Total from investment operations			(5.95	)			2.48				0.43				4.48				0.31
Distributions to shareholders from:
Net investment income			(0.68	)			(0.79	)			(0.74	)			(0.70	)			(0.64	)
Net asset value at end of year		$	25.75			$	32.38			$	30.69			$	31.00			$	27.22
Market price at end of year(b)		$	25.81			$	32.36			$	30.69			$	31.00			$	27.21
Net Asset Value Total Return(c)			(18.59	)%			8.36	%			1.39	%			16.60	%			1.35	%
Market Price Total Return(c)			(18.34	)%			8.30	%			1.39	%			16.64	%			1.39	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	45,060			$	51,809			$	46,028			$	68,203			$	50,364
Ratio to average net assets of:
Expenses, after Waivers			0.40	%(d)			0.39	%			0.39	%			0.39	%			0.39	%(e)
Expenses, prior to Waivers			0.44	%(d)			0.48	%			0.51	%			0.49	%			0.54	%(e)
Net investment income			1.72	%(d)			2.73	%			2.24	%			2.28	%			2.62	%
Portfolio turnover rate(f)			128	%			49	%			52	%			39	%			131	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the years ended April 30, 2020 and April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

83

Financial Highlights–(continued)

Invesco S&P SmallCap Momentum ETF (XSMO)

	Years Ended April 30,
	2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of year		$	37.29			$	33.25			$	28.50			$	23.23			$	25.22
Net investment income(a)			0.34				0.13				0.14				0.07				0.06
Net realized and unrealized gain (loss) on investments			(4.71	)			4.04				4.75				5.27				(1.93	)
Total from investment operations			(4.37	)			4.17				4.89				5.34				(1.87	)
Distributions to shareholders from:
Net investment income			(0.44	)			(0.13	)			(0.14	)			(0.07	)			(0.12	)
Net asset value at end of year		$	32.48			$	37.29			$	33.25			$	28.50			$	23.23
Market price at end of year(b)		$	32.56			$	37.31			$	33.31			$	28.49			$	23.26
Net Asset Value Total Return(c)			(11.70	)%			12.55	%			17.18	%			23.02	%			(7.47	)%
Market Price Total Return(c)			(11.53	)%			12.41	%			17.43	%			22.82	%			(7.31	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	74,694			$	89,495			$	48,215			$	34,195			$	26,719
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%(d)
Expenses, prior to Waivers			0.40	%			0.44	%			0.59	%			0.65	%			0.67	%(d)
Net investment income			0.92	%			0.37	%			0.47	%			0.29	%			0.27	%
Portfolio turnover rate(e)			180	%			44	%			43	%			55	%			144	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the years ended April 30, 2020 and April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

84

Financial Highlights–(continued)

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

	Years Ended April 30,
	2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of year		$	30.31			$	30.37			$	29.27			$	23.87			$	25.75
Net investment income(a)(b)			0.51				0.58				0.63				0.52				0.63
Net realized and unrealized gain (loss) on investments			(7.27	)			0.03				1.04				5.55				(1.91	)
Total from investment operations			(6.76	)			0.61				1.67				6.07				(1.28	)
Distributions to shareholders from:
Net investment income			(0.60	)			(0.67	)			(0.57	)			(0.67	)			(0.60	)
Net asset value at end of year		$	22.95			$	30.31			$	30.37			$	29.27			$	23.87
Market price at end of year(c)		$	22.92			$	30.30			$	30.40			$	29.26			$	23.88
Net Asset Value Total Return(d)			(22.43	)%			2.13	%			5.73	%			25.64	%			(4.93	)%
Market Price Total Return(d)			(22.51	)%			2.00	%			5.87	%			25.54	%			(4.90	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	52,778			$	78,794			$	72,883			$	83,415			$	59,668
Ratio to average net assets of:
Expenses, after Waivers			0.40	%(e)			0.39	%			0.39	%			0.39	%			0.39	%
Expenses, prior to Waivers			0.40	%(e)			0.44	%			0.46	%			0.46	%			0.50	%
Net investment income(b)			1.73	%(e)			1.88	%			2.12	%			1.90	%			2.67	%
Portfolio turnover rate(f)			136	%			52	%			56	%			50	%			137	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the years ended April 30, 2020 and April 30, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

85

Financial Highlights–(continued)

Invesco Zacks Mid-Cap ETF (CZA)

	Year Ended April 30,								Eight Months Ended April 30, 2018				Years Ended August 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	70.67			$	64.70			$	61.60			$	53.00			$	49.05			$	49.97
Net investment income(a)			1.03				0.90				0.53				0.81				0.87				0.50
Net realized and unrealized gain (loss) on investments			(13.14	)			5.82				3.29				8.81				3.73				(1.05	)
Total from investment operations			(12.11	)			6.72				3.82				9.62				4.60				(0.55	)
Distributions to shareholders from:
Net investment income			(1.07	)			(0.75	)			(0.72	)			(1.02	)			(0.65	)			(0.37	)
Net asset value at end of period		$	57.49			$	70.67			$	64.70			$	61.60			$	53.00			$	49.05
Market price at end of period		$	57.59	(b)		$	70.75	(b)		$	64.75	(b)		$	61.67			$	52.94			$	49.09
Net Asset Value Total Return(c)			(17.51	)%			10.68	%			6.19	%			18.40	%			9.53	%			(1.11	)%
Market Price Total Return(c)			(17.46	)%			10.72	%			6.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	232,835			$	265,019			$	255,584			$	203,284			$	143,100			$	149,597
Ratio to average net assets of:
Expenses, after Waivers			0.65	%(d)(e)			0.65	%(d)			0.65	%(f)			0.65	%			0.65	%			0.65	%
Expenses, prior to Waivers			0.68	%(d)(e)			0.70	%(d)			0.74	%(f)			0.74	%			0.74	%			0.73	%
Net investment income			1.46	%(e)			1.36	%			1.23	%(f)			1.43	%			1.78	%			1.01	%
Portfolio turnover rate(g)			144	%			170	%			136	%			181	%			172	%			164	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(e)  Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

86

Financial Highlights–(continued)

Invesco Zacks Multi-Asset Income ETF (CVY)

	Year Ended April 30,								Eight Months Ended April 30, 2018				Years Ended August 31,
	2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	22.25			$	21.87			$	21.11			$	19.75			$	19.92			$	26.06
Net investment income(a)(b)			0.77				0.81				0.49				0.80				0.87				1.30
Net realized and unrealized gain (loss) on investments			(6.45	)			0.38				0.94				1.46				(0.06	)			(6.10	)
Total from investment operations			(5.68	)			1.19				1.43				2.26				0.81				(4.80	)
Distributions to shareholders from:
Net investment income.			(0.75	)			(0.81	)			(0.59	)			(0.60	)			(0.98	)			(1.31	)
Return of capital			-				-				(0.08	)			(0.30	)			-				(0.03	)
Total distributions			(0.75	)			(0.81	)			(0.67	)			(0.90	)			(0.98	)			(1.34	)
Net asset value at end of period		$	15.82			$	22.25			$	21.87			$	21.11			$	19.75			$	19.92
Market price at end of period		$	15.84	(c)		$	22.27	(c)		$	21.87	(c)		$	21.08			$	19.74			$	19.89
Net Asset Value Total Return(d)			(25.93	)%			5.67	%			6.83	%			11.73	%			4.49	%			(18.90	)%
Market Price Total Return(d)			(25.91	)%			5.76	%			6.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	125,007			$	229,220			$	286,460			$	346,144			$	427,658			$	647,321
Ratio to average net assets of:
Expenses, after Waivers			0.65	%(e)(f)			0.65	%(e)			0.65	%(e)(g)			0.65	%			0.65	%			0.65	%
Expenses, prior to Waivers			0.69	%(e)(f)			0.71	%(e)			0.74	%(e)(g)			0.72	%			0.73	%			0.71	%
Net investment income(b)			3.64	%(f)			3.71	%			3.38	%(g)			3.93	%			4.62	%			5.68	%
Portfolio turnover rate(h)			203	%			196	%			142	%			203	%			228	%			213	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

^(c)  The mean between the last bid and ask prices.

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(f)  Ratios include non-recurring costs associated with a proxy statement of less than 0.005%.

^(g)  Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

87

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2020

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust on June 9, 2000 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco Dynamic Large Cap Growth ETF (PWB)	“Dynamic Large Cap Growth ETF”
Invesco Dynamic Large Cap Value ETF (PWV)	“Dynamic Large Cap Value ETF”
Invesco S&P 100 Equal Weight ETF (EQWL)	“S&P 100 Equal Weight ETF”
Invesco S&P 500 GARP ETF (SPGP)	“S&P 500 GARP ETF”
Invesco S&P 500 Value with Momentum ETF (SPVM)	“S&P 500 Value with Momentum ETF”
Invesco S&P MidCap Momentum ETF (XMMO)	“S&P MidCap Momentum ETF”
Invesco S&P MidCap Quality ETF (XMHQ)	“S&P MidCap Quality ETF”
Invesco S&P MidCap Value with Momentum ETF (XMVM)	“S&P MidCap Value with Momentum ETF”
Invesco S&P SmallCap Momentum ETF (XSMO)	“S&P SmallCap Momentum ETF”
Invesco S&P SmallCap Value with Momentum ETF (XSVM)	“S&P SmallCap Value with Momentum ETF”
Invesco Zacks Mid-Cap ETF (CZA)	“Zacks Mid-Cap ETF”
Invesco Zacks Multi-Asset Income ETF (CVY)	“Zacks Multi-Asset Income ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

Fund	Underlying Index
Dynamic Large Cap Growth ETF	Dynamic Large Cap Growth IntellidexSM Index
Dynamic Large Cap Value ETF	Dynamic Large Cap Value IntellidexSM Index
S&P 100 Equal Weight ETF	S&P 100® Equal Weight Index
S&P 500 GARP ETF	S&P 500® GARP Index
S&P 500 Value with Momentum ETF	S&P 500® High Momentum Value Index
S&P MidCap Momentum ETF	S&P MidCap 400® Momentum Index
S&P MidCap Quality ETF	S&P MidCap 400® Quality Index
S&P MidCap Value with Momentum ETF	S&P MidCap 400® High Momentum Value Index
S&P SmallCap Momentum ETF	S&P SmallCap 600 Momentum Index
S&P SmallCap Value with Momentum ETF	S&P SmallCap 600 High Momentum Value Index
Zacks Mid-Cap ETF	Zacks Mid-Cap Core Index
Zacks Multi-Asset Income ETF	Zacks Multi-Asset Income Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.

88

A.  Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent

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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B.  Other Risks

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each 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 each 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 each Fund and no other AP is able to step forward to create or redeem Creation Units, 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 each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Equity Risk. 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 each 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. 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.

Growth Risk. For certain Funds, the market values of “growth” securities may be more volatile than other types of investments. The returns on “growth” securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. Thus, the value of each Fund’s investments will vary and at times may be lower or higher than that of other types of investments.

Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Investing in ETFs and Other Investment Companies Risk. Because certain Funds may invest in ETFs and other investment companies, a Fund’s investment performance may depend on the investment performance of the funds in which it invests. An investment in an investment company is subject to the risks associated with that investment company. Certain Funds will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests (including costs and fees of the investment companies), while continuing to pay its own management fee to the Adviser. As a result, shareholders will absorb duplicate levels of fees with respect to a Fund’s investments in other investment companies.

Market Risk. Securities in the Underlying Index 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 Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

Momentum Investing Risk. For certain Funds, 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 have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously 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 a Fund may suffer.

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Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because Zacks Mid-Cap ETF and Zacks Multi-Asset Income ETF are non-diversified and can invest a greater portion of their 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 a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gain distributions to a Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

REIT Risk. REITs are securities that invest substantially all of their assets in real estate, trade like stocks and may qualify for special tax considerations. In addition to the risks pertaining to real estate investments more generally, such as declining property values or rising interest rates, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and a REIT’s shareholders will incur a proportionate share of those expenses.

Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which 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. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Value Risk. For certain Funds, “value” securities are subject to the risk that the 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 a Fund’s investments will vary and at times may be lower or higher than that of other types of investments.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other

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criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly (except for Zacks Mid-Cap ETF, which declares and pays dividends from net investment income, if any, to shareholders annually) and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Expenses of the Trust that are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Each Fund is responsible for all of its expenses, including, but not limited to, the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H. Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a

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risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF accrues daily and pays monthly to the Adviser an annual fee of 0.29% of the Fund’s average daily net assets. Each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF accrues daily and pays monthly to the Adviser an annual fee of 0.25% of the Fund’s average daily net assets. Each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF accrues daily and pays monthly to the Adviser an annual fee of 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each Fund, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) of each of S&P 500 GARP ETF, S&P 500 Value with Momentum ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF and S&P SmallCap Value with Momentum ETF from exceeding 0.39% of the Fund’s average daily net assets per year (the “Expense Cap”), through at least August 31, 2022. The Expense Cap for each of S&P 100 Equal Weight ETF and S&P MidCap Quality ETF is 0.25% of the Fund’s average daily net assets per year, through at least August 31, 2022. The Expense Cap for each of Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, Zacks Mid-Cap ETF, and Zacks Multi-Asset Income ETF is 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2022 and sub-licensing fees are excluded from the expenses subject to the Expense Cap for these Funds in addition to the excluded expenses above. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2022. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the fiscal year ended April 30, 2020 under this Expense Cap for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, S&P 500 GARP ETF and S&P MidCap Momentum ETF.

Through April 6, 2020, the Adviser agreed to reimburse Zacks Mid-Cap ETF and Zacks Multi-Asset Income ETF in the amount equal to the licensing fees that each Fund paid that caused the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed 0.65%.

Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

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For the fiscal year ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Dynamic Large Cap Growth ETF	$	421
Dynamic Large Cap Value ETF		1,533
S&P 100 Equal Weight ETF		83,466
S&P 500 GARP ETF		458
S&P 500 Value with Momentum ETF		25,287
S&P MidCap Momentum ETF		884
S&P MidCap Quality ETF		73,306
S&P MidCap Value with Momentum ETF		20,667
S&P SmallCap Momentum ETF		5,227
S&P SmallCap Value with Momentum ETF		3,048
Zacks Mid-Cap ETF		70,160
Zacks Multi-Asset Income ETF		70,180

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Funds, the amounts available for potential future recapture by the Adviser under the Expense Agreement and the expiration schedule as of April 30, 2020 are as follows:

	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/21		4/30/22		4/30/23
S&P 100 Equal Weight ETF	$	301,286	$	117,735	$	100,279	$	83,272
S&P 500 Value with Momentum ETF		94,456		44,708		24,689		25,059
S&P MidCap Quality ETF		267,298		105,995		88,198		73,105
S&P MidCap Value with Momentum ETF		130,245		64,988		44,814		20,443
S&P SmallCap Momentum ETF		121,691		78,817		37,890		4,984
S&P SmallCap Value with Momentum ETF		92,643		53,922		35,923		2,798
Zacks Mid-Cap ETF		221,163		36,226		115,557		69,380
Zacks Multi-Asset Income ETF		268,818		54,833		144,419		69,566

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):

Fund	Licensor
Dynamic Large Cap Growth ETF	ICE Data Indices, LLC
Dynamic Large Cap Value ETF	ICE Data Indices, LLC
S&P 100 Equal Weight ETF	S&P Dow Jones Indices LLC
S&P 500 GARP ETF	S&P Dow Jones Indices LLC
S&P 500 Value with Momentum ETF	S&P Dow Jones Indices LLC
S&P MidCap Momentum ETF	S&P Dow Jones Indices LLC
S&P MidCap Quality ETF	S&P Dow Jones Indices LLC
S&P MidCap Value with Momentum ETF	S&P Dow Jones Indices LLC
S&P SmallCap Momentum ETF	S&P Dow Jones Indices LLC
S&P SmallCap Value with Momentum ETF	S&P Dow Jones Indices LLC
Zacks Mid-Cap ETF	Zacks Investment Research, Inc.
Zacks Multi-Asset Income ETF	Zacks Investment Research, Inc.

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are required to pay the sub-licensing fees that are shown on the Statements of Operations. The

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Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

For the fiscal year ended April 30, 2020, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gains (Losses)
Dynamic Large Cap Growth ETF		$15,060,118		$13,832,036		$(1,500,853)
Dynamic Large Cap Value ETF		12,608,595		14,729,775		490,567

NOTE 5–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –	Prices are determined using quoted prices in an active market for identical assets.
Level 2 –	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Except for the Funds listed below, as of April 30, 2020, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
S&P 100 Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	53,582,738		$	-		$	-		$	53,582,738
Money Market Funds			75,061			12,523			-			87,584
Total Investments		$	53,657,799		$	12,523		$	-		$	53,670,322
S&P 500 GARP ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	243,929,624		$	-		$	-		$	243,929,624
Money Market Funds			211,406			1,415,763			-			1,627,169
Total Investments		$	244,141,030		$	1,415,763		$	-		$	245,556,793
S&P MidCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	518,872,291		$	-		$	-		$	518,872,291
Money Market Funds			388,090			1,859,473			-			2,247,563
Total Investments		$	519,260,381		$	1,859,473		$	-		$	521,119,854

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	Level 1			Level 2			Level 3			Total
S&P MidCap Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	23,577,120		$	-		$	-		$	23,577,120
Money Market Funds			113,570			658,378			-			771,948
Total Investments		$	23,690,690		$	658,378		$	-		$	24,349,068
S&P MidCap Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	45,059,862		$	-		$	-		$	45,059,862
Money Market Funds			120,521			2,133,001			-			2,253,522
Total Investments		$	45,180,383		$	2,133,001		$	-		$	47,313,384
S&P SmallCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	74,680,399		$	-		$	-		$	74,680,399
Money Market Funds			138,802			1,981,012			-			2,119,814
Total Investments		$	74,819,201		$	1,981,012		$	-		$	76,800,213
S&P SmallCap Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	52,783,690		$	-		$	-		$	52,783,690
Money Market Funds			113,995			2,256,766			-			2,370,761
Total Investments		$	52,897,685		$	2,256,766		$	-		$	55,154,451
Zacks Mid-Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	232,606,805		$	-		$	-		$	232,606,805
Money Market Funds			414,215			4,505,994			-			4,920,209
Total Investments		$	233,021,020		$	4,505,994		$	-		$	237,527,014
Zacks Multi-Asset Income ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	96,410,006		$	-		$	-		$	96,410,006
Preferred Stocks			15,699,352			-			-			15,699,352
Closed-End Funds			12,547,758			-			-			12,547,758
Money Market Funds			135,923			6,119,212			-			6,255,135
Total Investments		$	124,793,039		$	6,119,212		$	-		$	130,912,251

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2020 and 2019:

	2020		2019
	Ordinary		Ordinary
	Income		Income
Dynamic Large Cap Growth ETF	$	3,959,644	$	6,443,887
Dynamic Large Cap Value ETF		23,553,592		30,425,316
S&P 100 Equal Weight ETF		1,428,681		1,304,748
S&P 500 GARP ETF		3,901,450		2,249,583
S&P 500 Value with Momentum ETF		1,457,710		2,896,174
S&P MidCap Momentum ETF		5,444,864		462,502
S&P MidCap Quality ETF		380,076		332,865
S&P MidCap Value with Momentum ETF		1,210,276		1,232,093
S&P SmallCap Momentum ETF		991,067		300,605
S&P SmallCap Value with Momentum ETF		1,515,253		1,557,211
Zacks Mid-Cap ETF		4,349,983		2,835,826
Zacks Multi-Asset Income ETF		6,961,730		9,787,271

96

Tax Components of Net Assets at Fiscal Year-End:    

						Net
						Unrealized
	Undistributed		Temporary			Appreciation						Shares of
	Ordinary		Book/Tax			(Depreciation)-			Capital Loss			Beneficial		Total
	Income		Differences			Investments			Carryforwards			Interest		Net Assets
Dynamic Large Cap Growth ETF	$	1,443	$	(54,167	)	$	46,385,871		$	(126,244,308	)	$	693,764,393	$	613,853,232
Dynamic Large Cap Value ETF		1,336,198		(75,841	)		(84,791,966	)		(391,629,333	)		1,153,869,789		678,708,847
S&P 100 Equal Weight ETF		64,442		(26,512	)		(2,569,238	)		(2,830,582	)		58,965,675		53,603,785
S&P 500 GARP ETF		436,190		(23,760	)		(54,454,782	)		(15,523,685	)		313,653,645		244,087,608
S&P 500 Value with Momentum ETF		40,944		(19,989	)		(10,985,890	)		(8,098,262	)		63,253,667		44,190,470
S&P MidCap Momentum ETF		-		(37,342	)		14,839,861			(112,861,865	)		617,107,010		519,047,664
S&P MidCap Quality ETF		8,184		(25,536	)		(1,483,853	)		(5,882,569	)		30,961,708		23,577,934
S&P MidCap Value with Momentum ETF		32,501		(27,770	)		(12,469,232	)		(17,265,075	)		74,789,542		45,059,966
S&P SmallCap Momentum ETF		-		(26,936	)		(604,705	)		(39,736,388	)		115,061,721		74,693,692
S&P SmallCap Value with Momentum ETF		-		(29,641	)		(18,976,394	)		(28,729,783	)		100,514,269		52,778,451
Zacks Mid-Cap ETF		529,262		(74,189	)		(4,122,003	)		(118,301,322	)		354,803,037		232,834,785
Zacks Multi-Asset Income ETF		36,936		(736,454	)		(41,228,331	)		(424,231,229	)		591,165,839		125,006,761

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The following table presents available capital loss carryforwards for each Fund as of April 30, 2020:

	No expiration
	Short-Term		Long-Term		Total*
Dynamic Large Cap Growth ETF	$	126,244,308	$	-	$	126,244,308
Dynamic Large Cap Value ETF		339,419,567		52,209,766		391,629,333
S&P 100 Equal Weight ETF		1,220,925		1,609,657		2,830,582
S&P 500 GARP ETF		5,311,003		10,212,682		15,523,685
S&P 500 Value with Momentum ETF		4,069,540		4,028,722		8,098,262
S&P MidCap Momentum ETF		103,360,838		9,501,027		112,861,865
S&P MidCap Quality ETF		2,592,179		3,290,390		5,882,569
S&P MidCap Value with Momentum ETF		11,783,324		5,481,751		17,265,075
S&P SmallCap Momentum ETF		30,432,426		9,303,962		39,736,388
S&P SmallCap Value with Momentum ETF		15,394,159		13,335,624		28,729,783
Zacks Mid-Cap ETF		111,482,375		6,818,947		118,301,322
Zacks Multi-Asset Income ETF		350,341,874		73,889,355		424,231,229

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Dynamic Large Cap Growth ETF	$	1,179,427,417	$	1,179,153,822
Dynamic Large Cap Value ETF		1,328,696,787		1,329,387,554
S&P 100 Equal Weight ETF		29,712,929		30,176,227
S&P 500 GARP ETF		344,090,812		347,033,820
S&P 500 Value with Momentum ETF		72,083,587		71,529,258
S&P MidCap Momentum ETF		1,175,648,370		1,179,477,175
S&P MidCap Quality ETF		32,181,492		32,830,079
S&P MidCap Value with Momentum ETF		69,687,427		70,120,503
S&P SmallCap Momentum ETF		147,667,329		145,935,915

97

	Purchases		Sales
S&P SmallCap Value with Momentum ETF	$	99,480,529	$	99,139,815
Zacks Mid-Cap ETF		402,757,553		398,978,034
Zacks Multi-Asset Income ETF		405,447,988		398,207,342

For the fiscal year ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of		Value of
	Securities		Securities
	Received		Delivered
Dynamic Large Cap Growth ETF	$	178,076,632	$	321,872,082
Dynamic Large Cap Value ETF		647,308,996		918,247,508
S&P 100 Equal Weight ETF		31,075,871		34,079,337
S&P 500 GARP ETF		642,002,399		573,265,548
S&P 500 Value with Momentum ETF		56,758,647		99,500,797
S&P MidCap Momentum ETF		819,589,937		849,267,367
S&P MidCap Quality ETF		25,139,006		24,677,377
S&P MidCap Value with Momentum ETF		89,933,573		78,763,720
S&P SmallCap Momentum ETF		66,522,959		69,876,965
S&P SmallCap Value with Momentum ETF		65,186,009		72,157,205
Zacks Mid-Cap ETF		285,663,664		258,548,152
Zacks Multi-Asset Income ETF		65,109,873		114,940,555

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
Dynamic Large Cap Growth ETF	$	67,581,376	$	(21,195,505	)	$	46,385,871		$	567,636,971
Dynamic Large Cap Value ETF		16,407,475		(101,199,441	)		(84,791,966	)		763,236,713
S&P 100 Equal Weight ETF		4,520,645		(7,089,883	)		(2,569,238	)		56,239,560
S&P 500 GARP ETF		6,085,724		(60,540,506	)		(54,454,782	)		300,011,575
S&P 500 Value with Momentum ETF		757,278		(11,743,168	)		(10,985,890	)		55,255,696
S&P MidCap Momentum ETF		37,706,687		(22,866,826	)		14,839,861			506,279,993
S&P MidCap Quality ETF		1,534,969		(3,018,822	)		(1,483,853	)		25,832,921
S&P MidCap Value with Momentum ETF		838,124		(13,307,356	)		(12,469,232	)		59,782,616
S&P SmallCap Momentum ETF		5,206,168		(5,810,873	)		(604,705	)		77,404,918
S&P SmallCap Value with Momentum ETF		1,164,221		(20,140,615	)		(18,976,394	)		74,130,845
Zacks Mid-Cap ETF		18,897,115		(23,019,118	)		(4,122,003	)		241,649,017
Zacks Multi-Asset Income ETF		1,381,867		(42,610,198	)		(41,228,331	)		172,140,582

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended April 30, 2020, the reclassifications were as follows:

	Undistributed Net		Undistributed Net			Shares of
	Investment Income (Loss)		Realized Gain (Loss)			Beneficial Interest
Dynamic Large Cap Growth ETF		$             -		$(30,756,218	)		$30,756,218
Dynamic Large Cap Value ETF		-		(60,868,873	)		60,868,873
S&P 100 Equal Weight ETF		-		(8,945,981	)		8,945,981
S&P 500 GARP ETF		-		(22,931,674	)		22,931,674
S&P 500 Value with Momentum ETF		-		(9,829,722	)		9,829,722
S&P MidCap Momentum ETF		308,555		(70,673,398	)		70,364,843
S&P MidCap Quality ETF		113		(5,072,713	)		5,072,600

98

	Undistributed Net			Undistributed Net			Shares of
	Investment Income (Loss)			Realized Gain (Loss)			Beneficial Interest
S&P MidCap Value with Momentum ETF		$             -		$	(1,089,330	)	$	1,089,330
S&P SmallCap Momentum ETF		189,203			(11,466,350	)		11,277,147
S&P SmallCap Value with Momentum ETF		(62,039	)		(7,032,571	)		7,094,610
Zacks Mid-Cap ETF		156,386			(24,137,922	)		23,981,536
Zacks Multi-Asset Income ETF		(732,335	)		(5,661,269	)		6,393,604

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

99

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust and Shareholders of Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco S&P 100 Equal Weight ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Quality ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco S&P 100 Equal Weight ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Quality ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2020, the related statements of operations for the year ended April 30, 2020, the statements of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2020 (or for Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for each of the two years in the period ended April 30, 2020 and for the eight months ended April 30, 2018) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2020, and each of the financial highlights for each of the five years in the period ended April 30, 2020 (or for Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for each of the two years in the period ended April 30, 2020 and for the eight months ended April 30, 2018) in conformity with accounting principles generally accepted in the United States of America.

The financial statements of Invesco Zacks Mid-Cap ETF (Predecessor Fund Guggenheim Mid-Cap Core ETF) and Invesco Zacks Multi-Asset Income ETF (Predecessor Fund Guggenheim Multi-Asset Income ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 30, 2017, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 29, 2020

100

Report of Independent Registered Public Accounting Firm–(continued)

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

101

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.

In addition to the fees and expenses which the Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2019			April 30, 2020			Six-Month Period			Six-Month Period(1)
Invesco Dynamic Large Cap Growth ETF (PWB)
Actual		$	1,000.00		$	1,011.30		0.55	%		$	2.75
Hypothetical (5% return before expenses)			1,000.00			1,022.13		0.55				2.77
Invesco Dynamic Large Cap Value ETF (PWV)
Actual			1,000.00			859.50		0.56				2.59
Hypothetical (5% return before expenses)			1,000.00			1,022.08		0.56				2.82
Invesco S&P 100 Equal Weight ETF (EQWL)
Actual			1,000.00			932.10		0.24				1.15
Hypothetical (5% return before expenses)			1,000.00			1,023.67		0.24				1.21
Invesco S&P 500 GARP ETF (SPGP)
Actual			1,000.00			881.90		0.33				1.54
Hypothetical (5% return before expenses)			1,000.00			1,023.22		0.33				1.66

102

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value November 1, 2019			Ending Account Value April 30, 2020			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500 Value with Momentum ETF (SPVM)
Actual		$	1,000.00		$	786.30		0.38	%		$	1.69
Hypothetical (5% return before expenses)			1,000.00			1,022.97		0.38				1.91
Invesco S&P MidCap Momentum ETF (XMMO)
Actual			1,000.00			921.60		0.34				1.62
Hypothetical (5% return before expenses)			1,000.00			1,023.17		0.34				1.71
Invesco S&P MidCap Quality ETF (XMHQ)
Actual			1,000.00			937.40		0.23				1.11
Hypothetical (5% return before expenses)			1,000.00			1,023.72		0.23				1.16
Invesco S&P MidCap Value with Momentum ETF (XMVM)
Actual			1,000.00			778.60		0.38				1.68
Hypothetical (5% return before expenses)			1,000.00			1,022.97		0.38				1.91
Invesco S&P SmallCap Momentum ETF (XSMO)
Actual			1,000.00			860.90		0.38				1.76
Hypothetical (5% return before expenses)			1,000.00			1,022.97		0.38				1.91
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
Actual			1,000.00			747.10		0.38				1.65
Hypothetical (5% return before expenses)			1,000.00			1,022.97		0.38				1.91
Invesco Zacks Mid-Cap ETF (CZA)
Actual			1,000.00			793.90		0.65				2.90
Hypothetical (5% return before expenses)			1,000.00			1,021.63		0.65				3.27
Invesco Zacks Multi-Asset Income ETF (CVY)
Actual			1,000.00			722.70		0.64				2.74
Hypothetical (5% return before expenses)			1,000.00			1,021.68		0.64				3.22

⁽¹⁾ Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

103

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2020:

	Qualified Business Income*			Qualified Dividend Income*			Dividends-Received Deduction*
Invesco Dynamic Large Cap Growth ETF		0	%		100	%		100	%
Invesco Dynamic Large Cap Value ETF		0	%		100	%		100	%
Invesco S&P 100 Equal Weight ETF		0	%		100	%		100	%
Invesco S&P 500 GARP ETF		0	%		100	%		100	%
Invesco S&P 500 Value with Momentum ETF		0	%		100	%		100	%
Invesco S&P MidCap Momentum ETF		23	%		77	%		76	%
Invesco S&P MidCap Quality ETF		0	%		100	%		99	%
Invesco S&P MidCap Value with Momentum ETF		4	%		94	%		93	%
Invesco S&P SmallCap Momentum ETF		26	%		51	%		51	%
Invesco S&P SmallCap Value with Momentum ETF		10	%		90	%		90	%
Invesco Zacks Mid-Cap ETF		0	%		100	%		95	%
Invesco Zacks Multi-Asset Income ETF		8	%		76	%		63	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.    

104

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2003	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	215	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	215	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

105

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	215	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008-2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

106

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	215	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

107

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2006	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	215	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	215	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

108

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	215	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, NewYork-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

109

Trustees and Officers (continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	215	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2006	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	215	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

110

Trustees and Officers (continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	215	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

111

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary President and Principal Executive Officer	Since 2011 Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (May 2020-present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (June 2020-present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (June 2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

112

Trustees and Officers (continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During Past 5 Years
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

* This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected.

113

Approval of Investment Advisory Contracts

At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 49 series (each, a “Fund” and collectively, the “Funds”):

Invesco Aerospace & Defense ETF

Invesco BuyBack Achievers^TM ETF

Invesco Cleantech^TM ETF

Invesco Dividend Achievers^TM ETF

Invesco DWA Basic Materials Momentum ETF

Invesco DWA Consumer Cyclicals Momentum ETF

Invesco DWA Consumer Staples Momentum ETF

Invesco DWA Energy Momentum ETF

Invesco DWA Financial Momentum ETF

Invesco DWA Healthcare Momentum ETF

Invesco DWA Industrials Momentum ETF

Invesco DWA Momentum ETF

Invesco DWA Technology Momentum ETF

Invesco DWA Utilities Momentum ETF

Invesco Dynamic Biotechnology & Genome ETF

Invesco Dynamic Building & Construction ETF

Invesco Dynamic Energy Exploration & Production ETF

Invesco Dynamic Food & Beverage ETF

Invesco Dynamic Large Cap Growth ETF

Invesco Dynamic Large Cap Value ETF

Invesco Dynamic Leisure and Entertainment ETF

Invesco Dynamic Market ETF

Invesco Dynamic Media ETF

Invesco Dynamic Networking ETF

Invesco Dynamic Oil & Gas Services ETF

Invesco Dynamic Pharmaceuticals ETF

Invesco Dynamic Semiconductors ETF

Invesco Dynamic Software ETF

Invesco Financial Preferred ETF

Invesco FTSE RAFI US 1000 ETF

Invesco FTSE RAFI US 1500 Small-Mid ETF

Invesco Global Listed Private Equity ETF

Invesco Golden Dragon China ETF

Invesco High Yield Equity Dividend Achievers^TM ETF

Invesco International Dividend Achievers^TM ETF

Invesco S&P 100 Equal Weight ETF

Invesco S&P 500 GARP ETF

Invesco S&P 500^® Quality ETF

Invesco S&P 500 Value with Momentum ETF

Invesco S&P MidCap Momentum ETF

Invesco S&P MidCap Quality ETF

Invesco S&P MidCap Value with Momentum ETF

Invesco S&P SmallCap Momentum ETF

Invesco S&P SmallCap Value with Momentum ETF

Invesco S&P Spin-Off ETF

Invesco Water Resources ETF

Invesco WilderHill Clean Energy ETF

Invesco Zacks Mid-Cap ETF

Invesco Zacks Multi-Asset Income ETF

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction

114

Approval of Investment Advisory Contracts (continued)

on April 6, 2018 or May 18, 2018, as applicable, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for each Fund other than Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF, Invesco International Dividend Achievers^TM ETF, Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF, Invesco S&P SmallCap Value with Momentum ETF; Invesco S&P 100 Equal Weight ETF, Invesco S&P MidCap Quality ETF and Invesco S&P 500^® Quality ETF;

● 0.40% of the Fund’s average daily net assets for each of Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.29% of the Fund’s average daily net assets for each of Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25% of the Fund’s average daily net assets for each of Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15% of the Fund’s average daily net assets for Invesco S&P 500^® Quality ETF.

The Trustees noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund from exceeding the percentage of that Fund’s average daily net assets, at least until August 31, 2022, as set forth below:

● 0.60%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Aerospace & Defense ETF, Invesco BuyBack Achievers^TM ETF, Invesco Cleantech^TM ETF, Invesco DWA Momentum ETF, Invesco Dynamic Biotechnology & Genome ETF, Invesco Dynamic Building & Construction ETF, Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Food & Beverage ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Large Cap Value ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Dynamic Networking ETF, Invesco Dynamic Oil & Gas Services ETF, Invesco Dynamic Pharmaceuticals ETF, Invesco Dynamic Semiconductors ETF, Invesco Dynamic Software ETF, Invesco Financial Preferred ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco S&P Spin-Off ETF, Invesco Water Resources ETF, Invesco WilderHill Clean Energy ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF;

● 0.60%, excluding interest expenses, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dynamic Market ETF;

● 0.60%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco DWA Basic Materials Momentum ETF, Invesco DWA Consumer Cyclicals Momentum ETF, Invesco DWA Consumer Staples Momentum ETF, Invesco DWA Energy Momentum ETF, Invesco DWA Financial Momentum ETF, Invesco DWA Healthcare Momentum ETF, Invesco DWA Industrials Momentum ETF, Invesco DWA Technology Momentum ETF and Invesco DWA Utilities Momentum ETF;

115

Approval of Investment Advisory Contracts (continued)

● 0.50%, excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco Dividend Achievers^TM ETF, Invesco High Yield Equity Dividend Achievers^TM ETF and Invesco International Dividend Achievers^TM ETF;

● 0.39%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco FTSE RAFI US 1000 ETF, Invesco FTSE RAFI US 1500 Small-Mid ETF, Invesco S&P 500 GARP ETF, Invesco S&P 500 Value with Momentum ETF, Invesco S&P MidCap Momentum ETF, Invesco S&P MidCap Value with Momentum ETF, Invesco S&P SmallCap Momentum ETF and Invesco S&P SmallCap Value with Momentum ETF;

● 0.25%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 100 Equal Weight ETF and Invesco S&P MidCap Quality ETF; and

● 0.15%, excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses, for Invesco S&P 500^® Quality ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF				X
Invesco Buyback AchieversTM ETF				X
Invesco CleantechTM ETF				X
Invesco Dividend AchieversTM ETF				X
Invesco DWA Basic Materials Momentum ETF				X
Invesco DWA Consumer Cyclicals Momentum ETF				X
Invesco DWA Consumer Staples Momentum ETF				X
Invesco DWA Energy Momentum ETF				X
Invesco DWA Financial Momentum ETF				X
Invesco DWA Healthcare Momentum ETF				X
Invesco DWA Industrials Momentum ETF				X
Invesco DWA Momentum ETF				X
Invesco DWA Technology Momentum ETF				X
Invesco DWA Utilities Momentum ETF				X
Invesco Dynamic Biotechnology & Genome ETF				X
Invesco Dynamic Building & Construction ETF				X
Invesco Dynamic Energy Exploration & Production ETF				X
Invesco Dynamic Food & Beverage ETF				X
Invesco Dynamic Large Cap Growth ETF				X
Invesco Dynamic Large Cap Value ETF				X
Invesco Dynamic Leisure and Entertainment ETF				X
Invesco Dynamic Market ETF				X
Invesco Dynamic Media ETF				X
Invesco Dynamic Networking ETF				X

116

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF		X				X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF		X		N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF						X
Invesco International Dividend AchieversTM ETF		X				X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X				X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF		X		X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted those Funds for which sub-license fees are included in the Funds’ Expense Caps.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco Aerospace & Defense ETF					X
Invesco Buyback AchieversTM ETF					X
Invesco CleantechTM ETF					X
Invesco Dividend AchieversTM ETF			X		X
Invesco DWA Basic Materials Momentum ETF					X
Invesco DWA Consumer Cyclicals Momentum ETF					X

117

Approval of Investment Advisory Contracts (continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco DWA Consumer Staples Momentum ETF						X
Invesco DWA Energy Momentum ETF						X
Invesco DWA Financial Momentum ETF						X
Invesco DWA Healthcare Momentum ETF						X
Invesco DWA Industrials Momentum ETF						X
Invesco DWA Momentum ETF				X		X
Invesco DWA Technology Momentum ETF						X
Invesco DWA Utilities Momentum ETF						X
Invesco Dynamic Biotechnology & Genome ETF						X
Invesco Dynamic Building & Construction ETF						X
Invesco Dynamic Energy Exploration & Production ETF						X
Invesco Dynamic Food & Beverage ETF						X
Invesco Dynamic Large Cap Growth ETF						X
Invesco Dynamic Large Cap Value ETF						X
Invesco Dynamic Leisure and Entertainment ETF						X
Invesco Dynamic Market ETF						X
Invesco Dynamic Media ETF						X
Invesco Dynamic Networking ETF						X
Invesco Dynamic Oil & Gas Services ETF				N/A		X
Invesco Dynamic Pharmaceuticals ETF						X
Invesco Dynamic Semiconductors ETF						X
Invesco Dynamic Software ETF						X
Invesco Financial Preferred ETF				N/A		X
Invesco FTSE RAFI US 1000 ETF						X
Invesco FTSE RAFI US 1500 Small-Mid ETF						X
Invesco Global Listed Private Equity ETF				N/A		X
Invesco Golden Dragon China ETF				N/A		X
Invesco High Yield Equity Dividend AchieversTM ETF				X		X
Invesco International Dividend AchieversTM ETF						X
Invesco S&P 100 Equal Weight ETF						X
Invesco S&P 500 GARP ETF						X
Invesco S&P 500® Quality ETF		X		X		X
Invesco S&P 500 Value with Momentum ETF				X		X
Invesco S&P MidCap Momentum ETF		X				X
Invesco S&P MidCap Quality ETF						X
Invesco S&P MidCap Value with Momentum ETF				X		X
Invesco S&P SmallCap Momentum ETF						X
Invesco S&P SmallCap Value with Momentum ETF				X		X
Invesco S&P Spin-Off ETF						X
Invesco Water Resources ETF						X
Invesco WilderHill Clean Energy ETF						X
Invesco Zacks Mid-Cap ETF						X
Invesco Zacks Multi-Asset Income ETF						X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

118

Approval of Investment Advisory Contracts (continued)

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Energy Exploration & Production ETF, Invesco Dynamic Large Cap Growth ETF, Invesco Dynamic Leisure and Entertainment ETF, Invesco Dynamic Media ETF, Invesco Global Listed Private Equity ETF, Invesco S&P Spin-Off ETF, Invesco WilderHill Clean Energy ETF and Invesco Zacks Mid-Cap ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund, other than Invesco Dynamic Market ETF, for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

119

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year on as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-AR-5 invesco.com/ETFs

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended April 30, 2020.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

	Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2020	Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2019
Audit Fees	$  914,600	$  962,030
Audit-Related Fees	$  0	$  0
Tax Fees(1)	$  962,000	$  472,745
All Other Fees	$  0	$  0
Total Fees	$  1,876,600	$  1,434,775

⁽¹⁾ Tax Fees for the fiscal year ended April 30, 2020 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. Tax Fees for the fiscal year ended April 30, 2019 include fees billed for reviewing tax returns, 2018 excise tax returns and excise tax distributions calculations and reviewing the final tax returns for the three 2019 liquidated funds.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$701,000	$690,000
Tax Fees	$ 0	$ 0
All Other Fees	$ 0	$ 0
Total Fees	$701,000	$690,000

⁽¹⁾ Audit-Related Fees for the fiscal years ended 2020 and 2019 include fees billed related to reviewing controls at a service organization.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Policies and Procedures

As Adopted by the Audit Committee of the Invesco ETFs

Applicable to	Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”)
Risk Addressed by Policy	Approval of Audit and Non-Audit Services
Relevant Law and Other Sources	Sarbanes-Oxley Act of 2002; Regulation S-X.
Last Reviewed by Compliance for Accuracy	June 15, 2018

Approved/Adopted Date June 2009

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

Delegation

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Audit Services

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient

information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

1. Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:

a. The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

b. Any compensation arrangement or other agreement, such as a referral agreement, a referral

fee or

fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

2. Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and

3. Document the substance of its discussion with the Audit Committee.

All Other Auditor Services

The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement

between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.

Adopted:    June 26, 2009

Amended:    June 15, 2018

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

• Bookkeeping or other services related to the accounting records or financial statements of the audit client

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

Categorically Prohibited Non-Audit Services

• Management functions

• Human resources

• Broker-dealer, investment adviser, or investment banking services

• Legal services

• Expert services unrelated to the audit

• Any service or product provided for a contingent fee or a commission

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance

• Tax services for persons in financial reporting oversight roles at the Fund

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,727,000 for the fiscal year ended April 30, 2020 and $2,123,000 for the fiscal year ended April 30, 2019 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,390,000 for the fiscal year ended April 30, 2020 and $3,285,745 for the fiscal year ended April 30, 2019.

(h) With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $32 million and non-audit services of approximately $21 million for the fiscal year ended 2020. The Audit Committee considered this information in evaluating PwC’s independence.

During the reporting period, PwC advised the Registrant’s Audit Committee of the following matters for consideration under the SEC auditor independence rules. PwC advised the Audit Committee that four PwC Managers and one PwC Partner each held financial interests either directly or, in the case of the PwC Partner, indirectly through his spouse’s employee benefit plan, in investment companies within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. PwC noted, among other things, that the impermissible investments were disposed of by the individuals, the Funds’ engagement team was not aware of the investments, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the individuals either did not provide any audit services or did not provide services of any kind to the Registrant or its affiliates and the investments were not material to the net worth of each individual or their respective immediate family members. PwC considered these mitigating factors in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality has not been adversely affected by these matters as they relate to the audit of the Registrant and that it can continue to serve as the independent registered public accounting firm for the Funds

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b) Not applicable.

Item 6. Schedule of Investments.

(a) The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Code of Ethics is attached as Exhibit 99.CODEETH.
(a)(2)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section  302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section  906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Invesco Exchange-Traded Fund Trust

By: /s/ Anna Paglia                

Name:  Anna Paglia

Title:    President

Date:    July 8, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Anna Paglia                

Name:  Anna Paglia

Title:    President

Date:     July 8, 2020

By:/s/ Kelli Gallegos                

Name:  Kelli Gallegos

Title:    Treasurer

Date:    July 8, 2020

EX-99.CODE ETH

Exhibit 99.CODEETH

EXHIBIT (a)(1)

Invesco Family of ETFs

Code of Ethics for Principal Executive and Senior Financial Officers

Applicable to	Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively, the “Trusts”), including (unless otherwise specifically excluded), their respective series (each, a “Fund,” and collectively, the “Funds”).
Risk Addressed by Policy	Ethics Violations by Principals
Relevant Law and Other Sources	Investment Company Act of 1940; Sarbanes-Oxley Act of 2002
Effective Date	August 22, 2003
Last Amended Date	September 4, 2018

I.             PURPOSE

This Code of Ethics (the “Code”) for the series of the Trusts (with each series thereof being referred to herein as a “Fund,” and collectively as the “Funds”) applies to each Trust’s Principal Executive Officer, President, Principal Financial Officer and Treasurer (or persons performing similar functions) (collectively, the “Covered Officers,” each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

☐ honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

☐ full, fair, accurate, timely and understandable disclosure in reports and documents that a Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trusts;

☐ compliance with applicable laws and governmental rules and regulations;

☐ prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

☐ accountability for adherence to the Code.

The Code shall be administered by the chief legal officer of the Trusts (the “Chief Legal Officer”), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers¹ sought by a Covered Officer must be considered by the Board of the relevant Trust or Trusts. Any question about the application of the Code should be referred to the Trusts’ Chief Legal Officer.

¹  Item 2 of Form N-CSR defines “waiver” as “the approval by the registrant of a material departure from a provision of the code of ethics.”

II.        Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes, or appears to interfere, with the interests of, or his service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trusts.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trusts and already are subject to conflict of interest provisions in the Investment Company Act of 1940 as amended (“Investment Company Act”), and the Investment Advisers Act of 1940, as amended (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” (as defined in the Investment Company Act) of the Trusts or the Trusts’ investment adviser. The Trusts’ and their investment adviser’s and any sub-adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Legal Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trusts and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Trusts and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trusts’ Board of Trustees (“Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trusts.

Each Covered Officer must not:

☐ use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trusts whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Trusts;

☐ cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trusts; or

☐ use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Trusts to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must, at the time of signing this Code, report to the Chief Legal Officer all affiliations or significant business relationships outside of the Trusts and must update the report annually.

Conflict of interest situations should always be approved by the Chief Legal Officer and communicated to the relevant Trust or Trust’s Board. Any activity or relationship that would present such a conflict for a Covered Officer

would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer’s family living in the same household engages in such an activity or has such a relationship. Examples of these include:

☐ service or significant business relationships as a director on the board of any public or private company;

☐ accepting directly or indirectly, anything of value, including gifts and gratuities in excess of $100 per year from any person or entity with which the Trusts has current or prospective business dealings, not including occasional meals or tickets for theatre or sporting events or other similar entertainment; provided it is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

☐ any ownership interest in, or any consulting or employment relationship with, any of the Trusts’ service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

☐ a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III.         Disclosure and Compliance

Each Covered Officer should:

☐ familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Trusts;

☐ not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether within or outside the Trusts, including to the Trusts’ Trustees and auditors, or to governmental regulators and self-regulatory organizations;

☐ to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Trusts and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts; and

☐ promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.         Reporting and Accountability

Each Covered Officer must:

☐ upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he/she has received, read and understands the Code;

☐ annually thereafter affirm to the Board that he/she has complied with the requirements of the Code;

☐ not retaliate against any other Covered Officer, other officer or any employee of the Trusts or their affiliated persons for reports of potential violations that are made in good faith; and

☐ notify the Chief Legal Officer promptly if he/she knows or suspects of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Legal Officer shall maintain records of all activities related to this Code.

The Trusts will follow these procedures in investigating and enforcing this Code:

☐ the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him/her;

☐ if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;

☐ any matter that the Chief Legal Officer believes is a violation will be reported to the relevant Trust’s Audit Committee;

☐ if the Independent Trustees of the relevant Trusts concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

☐ the Independent Trustees of the relevant Trusts will be responsible for granting waivers of this Code, as appropriate; and

☐ any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.          Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts, the Trusts’ investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Trusts’ and their investment adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.        Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board of each Trusts, including a majority of Independent Trustees.

VII.       Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the Chief Legal Officer, Independent Trustees of the relevant Trust or Trusts and the Independent Trustees’ counsel, the relevant Trust or Trusts and those Trusts’ counsel and the senior management of the investment adviser and its counsel.

VIII.     Internal Use

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

Exhibit A

Persons Covered by this Code of Ethics

President and Principal Executive Officer — Anna Paglia

Treasurer and Principal Financial Officer — Kelli Gallegos

EX-99.CERT

Exhibit 99.CERT

EXHIBIT (a)(2)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Anna Paglia, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting

Date:    July 8, 2020	/s/ Anna Paglia
	Anna Paglia
	President

Exhibit 99.CERT

EXHIBIT (a)(2)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Kelli Gallegos, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:    July 8, 2020	/s/ Kelli Gallegos
	Kelli Gallegos
	Treasurer

EX-99.906CERT

Exhibit 99.906CERT

EXHIBIT (b)

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Invesco Exchange-Traded Fund Trust (the “Registrant”) on Form N-CSR for the period ended April 30, 2020 (the “Report”), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated:  July 8, 2020

/s/ Anna Paglia

Name:  Anna Paglia

Title:    President

Dated: July 8, 2020

/s/ Kelli Gallegos

Name:  Kelli Gallegos

Title:    Treasurer

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.